Press release

EYTaxSpace™ brings enhanced compliance technology to partnerships

New York, 12 December, 2013

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Partnership system standardizes, automates and integrates through innovative technology

In response to the specific requirements of an intricate and multi-faceted business sector, Ernst & Young LLP announces the release of the Partnership version of EYTaxSpace™, its innovative platform for compliance and reporting.

The new EYTaxSpace™ Partnership system helps clients simplify and streamline processes to collect, receive, access and use their information for compliance and reporting. It provides complete flexibility to configure, run and review allocations as needed, supporting typical and more complex methodologies for partnerships. It offers fully customizable footnotes, cover letters and other documents, delivering materials suitable for importing to investor web portals, document management systems or any other secure locations.

“We recognized the complex partnership environment requires specifically tailored technology to coordinate data from multiple entities along with compliance and reporting activities,” said Doug Mastrangeli, Americas Leader of Tax Technology & Tax Technology Services for the global EY organization. “We combined the most advanced technology with partnership tools and capabilities that support clients from first data collection to final return.”

This end-to-end compliance platform is set up to provide data gathering, tax adjustments, allocations, tax packaging and tax return filing – all enhancing the efficiency and the integration of data and processes that span the tax life cycle while providing real-time status tracking via embedded workflow management. The full suite of web-based tools enhances accessibility, transparency and collaboration between the partnership stakeholders and the EY tax team.

“Offering a standardized approach to integrate planning, reporting, compliance and controversy, EY is taking unique and critical steps to help clients reduce risk and improve operational efficiency,” says Carolyn Bailey, US Director of Global Compliance and Reporting services for Ernst & Young LLP. “We can collect data and use it wherever necessary, driving greater consistency of information gathered, analyzed and produced by the tax function.”

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

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This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.