Outsourcing Tax Return Preparation for CPA Firms, EAs & Tax Attorneys

The world is changing, and your client’s demands are constantly growing. Top accounting firms have already taken the outsourcing path, and we need to accept the necessity of shifting all mundane tasks to the safe hands of offshore tax preparers. Yes, QX is equipped to manage both individual and business tax return outsourcing. Finding qualified staff can be difficult — outsourcing tax preparation to an experienced team with a quick turnaround time helps you prepare more returns without hiring additional team members. For individual tax returns, outsourced professionals can prepare Form 1040, taking into account various income sources, deductions, and credits. It typically includes documents such as W-2s, 1099s, records of estimated tax payments.

  • During the busy tax period, there will be an extra burden on the domestic staff force which may affect adversely in retaining the qualified staffs in the organization.
  • We have tax preparers with 1-2 years of experience going up to tax preparers who have spent many years preparing taxes.
  • All SurePrep outsourcing staff are required to complete a comprehensive 10-week training program.

In the rare case that a client raises an objection, that client’s return can simply be processed in our onshore facility. Outsourcing income tax preparation is a powerful way to supplement your 1040 practice. If you’re considering income tax outsourcing, you’ll find the information you need here. We’ll discuss what it is, who needs it, offshore vs. onshore options, and full vs. partial outsourcing. QX Accounting Services has been in the business of tax outsourcing for many years and kept in step with changing US tax legislation.

Preparation of taxes through an outsourced company

With experienced offshore tax preparers handling preparation and first-level reviews, your in-house team can perform higher-value advisory services. Tax preparers don’t just prepare, calculate, and file income tax returns on behalf of businesses and individuals but are also expected to deliver beyond these core tasks. Outsourcing your company’s tax return preparation to QX is a straightforward process.

Receive the tax expertise and capacity needed to support in-house staff during peak season compression by outsourcing high-volume transactional work to our tax preparers. Experience the benefits of outsourcing, without changing to accommodate an external process. Xpitax professionals use your existing processes and the same tax software you use today. You can also hire us for your day to day business accounting and bookkeeping activity so that you won’t get any backlog at the time of tax filing. They can help you not only in preparing the tax filing work but also can guide you in making strategic business decisions. There are chartered accountants and other bookkeeping professionals who can manage all your tax activities.

With us, you can stay on top of the tax season, knowing your clients’ taxes will be prepared by the best professionals with the right tools that meet the highest data security standards. CPA firms are constantly flooded with work, especially during tax season. Although this is the time of the year when they have the chance to boost their revenue, it isn’t as easy as presumed. Tax preparation can be demanding, and accounting firm owners must be well-versed with the prospect of always being pressed for time. Working long hours and wading through piles of files becomes your daily routine.

This common misconception about outsourced tax preparation services prevents CPA firms from reaping some amazing benefits. Outsourcing service companies will only charge you for the services they provide, and you will save up to 50% or more on operational costs. Rarely, the 7216 form may prompt a client to request additional clarification about your data security practices. A reputable income tax outsourcing service will have clear and transparent documentation about their security protocols.

Our managers will get in touch, discuss your tax preparation requirements in detail, and explain the process. You will also get a clear idea of the process by going through our migration process. Before you begin to prepare your income tax return, download and go through the following checklist…. Outsourcing tax prep internationally has been common practice for many years, but many misconceptions remain. Because our teams act as an extension of your in-house team and adjust to existing processes, there’s no need to change your existing processes. And with our SOC2 certifications, you know that engagement details and client information remain secure.

How SurePrep Outsourcing Works:

The reality is that some 1040 outsourcing services are performed onshore, others are offshore, and some vendors offer both options. One of the key advantages of working with outsourced tax professionals like KMK is their proficiency in various tax software platforms. KMK’s staff is well trained & proficient with software like Intuit Pro Connect, Lacerte, Ultra tax, Drake, CCH Axcess and practice management solutions like Tax Domme & Canopy to name a few. With this proficiency, KMK’s staff can easily integrate with the existing systems and processes of the CPA firms. Moreover, outsourced firms like KMK are also up-to-date with the latest tax laws and compliance requirements, reducing the risk of non-compliance due to outdated information.

Outsource Content Marketing: Unlocking Brand Potential & Digital Growth

There was a shortage of people and we struggled to find the talent that matched our values. They vary in experience and specialty, but on average, they have approximately 12 years of experience. We make sure the Pros attached to your account are capable of handling your specific needs. Instead, we provide upfront pricing to ensure transparency from the start.

Professional Tax Outsourcing Services

Real Estate involves managing the scheduled payments, one-time payments, pass-through payments, payment adjustments, accounts payable, and accounts receivable. With lot of accounts in the portfolio, it makes sense to involve the aid of an outside parties to help with the accounts payable activities. Per IRS’s recent estimates, about 144.3 million people pay taxes in the U.S.

Outsourcing tax preparation tasks can be a significant time-saver for CPA firms. By offloading the routine, yet time-consuming aspects of tax preparation, CPA firms can free up their in-house team to focus on more pressing and high-value tasks. Apart from satisfying your client requirements, tax preparation outsourcing will also help are bonds payable reported as a current liability if they mature in six months improve your client retention rates. Outsourcing your firm’s tax prep will free up more time so you can focus on growth & innovation and explore new specialized service offerings that will give your firm a competitive edge. The best outsourcing service provider would be able to exhibit a reasonably long and proven track record.

By analyzing the circumstances and interpreting the same you can know what all are the activities which need special attention and which tasks can be outsourced. Your business saves more when they work with us, than when you seek the services of a mainland tax accountant. Reduction in costs, ensure that your profit margin always keep soaring. Once relevant data has been entered into the software, the tax return is audited to verify that all the information received has been correctly entered, and accounted for.

Advisory and Consulting Services

When building your outsourcing strategy, you should prioritize the skills you are looking for and why. Clearly defining the expertise you need to add makes it easier to choose an outsourcing engagement model that matches your specific staffing needs. You have a wide range of outsourcing models to choose from, including those based on locations (onshore, nearshore, offshore, and onsite) and pricing.

By outsourcing tax preparation services, you can work with tax preparers with extensive experience and skillsets, expecting on-time and accurate deliverables. Yes, most outsourced tax preparation service providers can handle multiple state tax returns. Many of these services have the expertise and knowledge to prepare state tax returns in addition to federal tax returns. This can include compliance with different state tax laws and regulations. An outsourcing service provider should be able to solve your staffing woes by giving you access to highly skilled labor.