Today, with the current handling of technology development, sales and business operations, the tax filing and income tax returns submissions are a tough task to execute for businesses as well as the individual taxpayers.
On the other side, small and medium sized business companies, CPAs and tax firms around the globe struggle with time limitations, while the period of busy tax seasons. However, they also deal with the reduced operation during the off-season.
Outsourced tax services includes tax validation, the liability calculation, returns preparation, managing forms, and certifications. An outsourced company can assist you with the complications faced at the time of an exceptionally packed in tax season.
Tax preparation outsourcing services can get better effectiveness and productivity by releasing your company’s engaged resources to focus on better value customer service and get needed work-life balance by achieving finer client and employee satisfaction.
Our Tax Preparation Services
FEDERAL TAX PREPARATION SERVICES
- Individual Income Taxes
- 'C' Corporation Income Taxes
- S' Corporation Income Taxes
- Partnership Income Taxes
- Fiduciary Income Taxes
- Non-Profit Corporation Taxes
- Heavy Equipment Use Taxes
- Non-Resident Tax Return Preparation
- Small Business Tax Return Preparation
STATE TAX RETURN SERVICES
- Corporation Income Tax Returns
- Partnership Income Tax Returns
- Intangible Tax Returns
- Tangible Tax Returns
- Charter/Franchise Tax Returns
- Capital gains taxes
- Gift Tax Return Preparation
Our Tax Preparation Process
1. Sending Scanned Documents
It starts with sending us scanned documents. We supply you with our standard format to send the relevant data either in the form of PDF files, MDI or e-fax messenger. Once we receive the files, our trained tax professionals enter the information into a tax software of your own choosing
2. Entry of Tax Return Data and Auditing
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
3. Review of Return
Next, the returns are transmitted using ASP/FTP to your firm for review. You'll receive complete returns, including any questions or comments the preparer thought to be necessary. You are free to request as many modifications as you might need
4. Submitting Final Copy of the Tax Returns to the Clients
Once you firm reviews and finalizes the tax returns, we update the tax file and send you a final copy for income tax return filing before the due date
Software`s Used for US Clients
- Intuit’s QuickBooks accounting software
- Intuit’s Lacerte
- Intuit’s ProSeries
- Ultra-Tax, ATX
- Turbo Tax
- ProSystem fx ® Suite – CCH
Software Used for Canadian Clients:
Software Used for Australian
- Thomson Reuters
- CCH ProSystem Tax
Software Used for the UK Clients:
- Thomson Reuters
- CCH Software
- Sage (UK) Ltd
- IRIS Software Ltd
What makes our tax returns services so unique?
The expertise and knowledge with an experienced income tax outsourcing company is always on the higher side as they do the same work “day and night.” They have greater commitments to their multiple clients.
By outsourcing tax return preparation to India, you are getting a trusted partner who will hold up you and enthusiastically dig out your requirements, is it a high refund or a smaller legal tax-related liability.
An experienced financial services company will have the expertise to deal with all types of tax reporting for small businesses. You can be completely confident of secured work delivery, and use of better tax software’s when you outsource to an experienced company.
So you can have the luxury to concentrate on getting better and better with your client relationships, business operations and futuristic corporate planning, while outsourcing company is managing your tax processing tasks from the backend.
An experienced team is well skilled and competent. Companies on a regular basis upgrade the knowledge and skills of their employee team at every level. They need to be updated with the latest softwares and statutory laws through continuous training, webinars, and seminars.
By sending work to an experienced company, a business can reduce its costs up to 40% to 60%. You can timely focus on your core business operations and reduce strain, in addition to saving the costs.
Preparation of taxes through an outsourced company
The company will go through your balance sheets and other critical data to organize all required items correctly. While to put in order and process your tax returns, the company will analyze and understand the till date profit and loss. Additionally, they will go through the taxability details in regards to your different accounts
Before the tax season, they converse regarding their keen observations, industry or market viewpoints and let you know how to move forward with the current and futuristic tax arrangements smoothly.
Tax preparation company usually receive data related to tax returns in one of the approaches which comprise of remote access based, secured server based or email based. They examine the information and feed it into software of your preference.
The services also include auditing of the information to make sure that it is accurately accounted for and go through the defined process. After that, they convey the returns back to you by the transmission process you select.
When the returns reaches you, you can review, modify and conclude the details as needed and return it to them. They then update your files and forward the closing copy to you for the final filing.
Some companies also offer free pilot project services; you can even try them and then take the final decision.
Benefits of Outsourcing To Us
Chances are, you're paying more for tax preparation each year. And as a small business with a goal of getting better returns and lowering expenses, you need to cut down on your tax preparation cost. That small changes alone can have a positive effect on the health of your business as you grind everyday to increase revenue.
That's where Outsourcing Insight comes in. A place where you can get a customized tax preparation and tax processing services using Industry leading software like the Intuit, Lacerte, Creative Solution, Ultratax, ATX and Drake
There are cases where documents related are lost due to carelessness by the in-house staff. Whereas if the outsourced tax service is utilised, they will ensure the documents are kept correctly as well as tracked properly.
Access to superior resources makes access to analytics for areas which can be enhanced, while you deal with a tax outsourcing companies. You will have access to the updated technology and skilled staff without in fact hiring them.
By using the services of outsourcing companies improved processes and procedures can be created with lesser efforts. This will assist in having improved relations with creditors and avoiding penalties due to late or non-payment.
60% saved in tax preparation cost
Your business saves more when they work with us than when you seek the services of a mainland tax accountant. That small reduction in cost ensures that your profit margin always remains high.
Time savingsIf you went to prepare the tax on your own, it can take you more than 4 days to complete the task at hand. Keep in mind that you have several forms and you'll need to organize them. Then keep in mind that you may need to cross check everything once again for small little errors. If you have never done this before, you can't for sure have a clue of everything at hand. We can help you save this time
Reduction in errors
Tax is a complicated process that needs special attention and a keen eye for details. Any errors on your return, you're subject to an audit and it may not go well with you. That's why we at Outsourcing Insight want you to have peace of mind when you are submitting your return. The risk for an error usually increases with every form you want to fill.
Consistency is something that is engrained out DNA. Our team of professional CPAs and Service provider to follow the same tax processing and tax processing methodology with a goal of tax compliance and meeting filing deadline.
Some of the limitations of outsourcing
It is much simpler to control the in-house employees or staff working on the different tax preparation processes. On the other hand, there is a chance of making errors due to the communication or collaboration gap while working with an outsourcing team.
There are also chances of raising privacy issues while working with partner company. Even though the 3rd party companies will give the complete guarantee in relation to the safety of your data, but it is easier said than done to rely on them fully. Data security will also be a concern in case you choose to work with a CPA near you.
The processes or the procedures followed by the outsourcing company would be different from the technique developed earlier by the in-house employee or staff. So there is always a probability of duplication of data entries taking place in these procedures.
Outsourcing tax preparation allows you to focus on your business and execute revenue generating processes, while they manage all the required complexities of tax preparation as well as the processing. An experienced outsourcing company will always follow quality assurance protocols and consider deadlines which do not affect his client’s work.
At Outsourcing Insight we like to examine your balance sheets, Identify, and interpret every detail for accurate and faster filling for returns.
More importantly, we would like to give you suggestion and advice based on our findings. We go further and spend time classifying and interpreting P/L items that help you in making business decisions in regards to sales and expenses
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