BillSoft (News - Alert), a local provider in the indirect tax technology industry, announced that its flagship product, EZTax has been named a winner of a 2011 INTERNET TELEPHONY Product of the Year Award.

According to BillSoft, EZTax is the most comprehensive transaction tax package available. According to its maker, EZTax has been designed to save thousands of hours in tax research. EZTax is capable of calculating tax at an astonishing rate of 1.8 billion transactions per hour. As compared to competitor products, EZTax performed 80 to 125 times faster in UNIX and NT environments respectively.

According to BillSoft, EZTax has processed up to 2.36 billion tax transactions and calculates hundreds of taxes for more than 70,000 tax jurisdictions, and handles tax rates for more than 85 countries.

EZTax provides tax rates and logic for a wide variety of products including long distance telephone, wireless and cellular telephone, local telephone, utilities, sales and use, shipping, web hosting, cable and satellite television, satellite communications, Internet usage and Voice over IP (VoIP).

EZTax helps companies save hundreds of dollars in expensive tax errors each year. Another major advantage with EZTax is that it can easily be integrated into the client’s existing software, using a DLL, shared object, shared library, or shared executable using a well-documented set of API calls.

“We are honored to receive this award. We pride ourselves in bringing the best products to the marketplace, and the marketplace has shown that EZTax is unparalleled in the indirect tax industry. And we continue to bring the best thinking and products to our customers,” BillSoft’s founder and CEO Tim Lopatofsky noted in a statement.

TMC (News - Alert) CEO Rich Tehrani congratulated the entire team at BillSoft for their commitment to advancing IP communication technologies.

“I am happy to grant BillSoft with a Product of the Year Award. The editors of INTERNET TELEPHONY have verified that EZTax displays quality and innovation plus provides real needs in the marketplace,” Tehrani said in a statement.

2011 Product of the Year winners are published in the January/February 2012 issue of INTERNET TELEPHONY magazine.

In August 2011, BillSoft announced that it processed 2.36 billion tax transactions using its EZTax licensed product. BillSoft also reportedly signed 86 new contracts between August 2010 and July 2011, and reported annual growth of 18 percent and net profit of 9 percent for its fiscal year that ended March 31, 2011.