17 Apr 2014

Say Goodbye to Spreadsheets with the New Tax Refund Calculator

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Create Tax Refund Scenarios in CaseLink Office

With the new Tax Refund Calculator available in the latest release of CaseLink Office, you can easily determine what portion of tax refunds should be part of the bankruptcy estate from right inside your case administration software. The calculator also helps you to get the most out of your cases by running numbers on multiple “what if” debtor scenarios. Calculations can be saved for further review or printed out in order to view full versions of debtor tax reports – all without having to export data out of CaseLink Office or maintain the information in separate spreadsheets. To see how the new tax refund calculator can help you with your cases, to learn more read below.

Accessing the Tax Refund Calculator

The Tax Refund Turnover Calculator in CaseLink Office can be accessed by clicking on the Assets tab, and then on the Tax Refund Calculator link under the ‘Assets’ sub-menu, as seen below.


Highlights of Using the Tax Refund Calculator

You will find that the Tax Refund Calculator is simple to navigate. With easy to access features and built in flexibility, you will see that this calculator has more features available to you then you will ever use. We will highlight each of the features available to you with the tax refund calculator.

Summary Screen

The Summary table shows an overall view of the final values calculated when using the Tax Refund Calculator. The sections following the Summary are laid out in a way that is similar to the way trustees would enter their information into Excel spreadsheets. Click on the ‘+’ or ‘-‘ symbol on each blue title bar to expand or collapse the sections.



Tax Credit

In this section, you can enter any tax credit items the debtor or estate may have received.  Clicking on the ‘Calculate’ button sums up all tax credit values entered. Any tax credits will reduce the amount available to the bankruptcy estate.


IRS Refund Turnover

This section calculates the tax refund portions that should be turned over to the estate, debtor and spouse (if spouse is not included in bankruptcy filing). Using the calculated results, the final portion of IRS refund that needs to be turned over to the bankruptcy estate can be determined.


State Tax Refund Turnover Section

In this section, you can enter the petition date, tax year or choose to have this information default to the same values as those in the IRS Refund Turnover section (shown above).


Asset Buyback Section

If the debtor has agreed to an arrangement where he would use his portion of tax refund to buy back certain assets, enter those asset(s) and their values here. You can select to either accept the remaining value of the asset or enter an adjustment to that value.


Fees and Expenses Section

If the trustee incurred any fees or expenses while pursuing the tax refunds, those items can be entered in this section. The total amount in this section will be deducted from the debtor’s portion of the tax refund.


Printing Reports

In the Print screen function, the user can print either a full report or the IRS Refund Intercept letter.  Values in these reports are automatically retrieved from calculations performed in the main Tax Refund Calculator screen.



To learn in more detail what the tax refund calculator can do,  please contact you Account Manager or the BMS Support Center via email or call 800-634-7734 ext. 6.