Patent ID: 7925553

Claim:
A system for preparing tax liability projections, comprising: a processor; a tax planning tool executing on the processor and configured to: obtain a previously filed tax return comprising tax data; generate a tax assumption for a future year related to a line item of the previously filed tax return; receive an update comprising a first new tax legislation and a second new tax legislation impacting the line item of the previously filed tax return; receive a selection from a user of the first new tax legislation and the second new tax legislation; calculate a first impact of the first new tax legislation and a second impact of the second new tax legislation; calculate a first tax liability projection based on the tax data, the tax assumption, the first impact of the first new tax legislation, and the second impact of the second new tax legislation; receive a de-selection from the user of the second new tax legislation that excludes the second impact of the second new tax legislation from the first tax liability projection; recalculate, after receiving the de-selection, the first tax liability projection based on the tax data, the tax assumption, and only the first impact of the first new tax legislation to generate a second tax liability projection; prepare an amendment to modify the previously filed tax return based on the second tax liability projection; and file the amendment with a tax authority.