Hassle - Free Tax Preparation for Individual and Business

ABOUT SERVICE

Tax is a crucial aspect of doing business in today’s globalised world. Tax filing season is one of the major concerns for most of the CPA firms and accounting firms. Be it the deadline approaching fast, staffing & infrastructure issues, our knowledge base in the USA tax keeps our clients on the forefront of their business. As per our experience with CPAs, filing for tax returns during the pinnacle of the season by individuals or businesses can be a daunting task. ASC with its tax team ensures a smooth tax filing procedure for individuals as well as businesses.

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Outsource Tax Preparation Services

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Increase tax return

Increase tax return preparation turnaround time by more than 50% while ensuring continuous consultancy and advisory for meeting the Tax compliances.

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Focus on strategic services

Allow Accounting & CPA firms to focus on high value-added services such as Tax Planning and Advisory services, which are more lucrative.

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Boast Recovery Rate

Increase recovery rate (i.e. Revenue/Employment cost of full-time employees) by avoiding hiring tax professional during busy tax season who remains more or less ideal during off-season.

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Standardize Service

Experienced outsourcing partners like ASC not only prepare returns but also standardize and streamline workflow e.g. organizing work papers and supporting documents in digital folders.

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Enhanced Efficiency

In a nutshell, Accounting & CPA firms can offer better client service and increase efficiency with lower staff cost which ultimately increase the firm’s profitability.

Our Tax Preparation Process

RECEIPT OF DOCUMENTS

We receive tax organizer/source documents/financial statements and identify the missing information.

VERIFICATION FOR 3C’S

Analyse documents for 3C’s i.e. Correctness, Consistency and Completeness

TAX PREPARATION

Sending estimates & Using the client’s Tax software, we enter data into the software in accordance with Tax laws

REVIEW & SUBMIT

Balance sheet & Accuracy and validity of return is reviewed and submit the PDFs to the client for approval

CONFIRMATION AND FILLING

After receiving confirmation from client, submission of the return to revenue authority

What we need for Tax Return Preparation?

Particulars Individual Partnership Corporation Non Profit Estate & Gift Tax
Copy of Last year Return filed with IRS
Form W – 2
Form 1099
If there is business income also, we need Summary of Accounts:          
1. Copy of Accounting File if Books of Accounts have been kept by Business.
2. In case no Accounts maintained then accounts information Filled on Template to be provided by FinTax)
Other information which you think relevant for Tax Preparation and not recorded in Accounting Books (e.g. Changes in shareholding, working place, nature of work, correspondence with IRS or change in last IRS return made etc.)

Professional Tax Software Used by ASC

Tax Preparation Outsourcing FAQs

Whenever we think of delegating our responsibility to someone, many questions come to our mind. Based on our experience with some CPA firms, we have identified some commonly asked questions:

How to securely share documents and client’s confidential information?

We always encourage our clients to use private cloud server for sharing documents over public emails (e.g. Gmail, Hotmail etc.) or cloud (G-Drive, Box, Dropbox etc.). Some of our client has their private cloud and document sharing platform.

Our clients, who don’t have their own platform, we suggest using our own document management portal. Using our portal, we create an account of our client wherein their people and ASC’s team members have different permission rights to access and process documents. Our team arranges all the documents or data folder in the cloud portal.

What about security of your client’s documents in the possession of the outsourcing partner?

Being an outsourcing partner, we always consider security and confidentiality at priority. This is the reason, rather than depending on third party service provider, we have developed our own Document Management Portal which give utmost level of security of client data.

Moving one step ahead, we also offer hosting our portal on our clients Virtual Private Server. This way our client can assign viewing rights for documents not only to us but also to other stakeholders while the documents still remain in their possession and control.

Is it compulsory to obtain client’s consent before using outsourcing services for tax preparations?

AICPA covers issue of using tax return preparation outsourcing service Rule 301 “Confidential Client Information”. It provides that, using tax return preparation outsourcing services will not be considered as the release of client’s confidential details and hence doesn’t require specific client approval. Moreover, specific client approval isn’t required if the member enters into a service agreement with the tax preparation outsourcing company to maintain the confidentiality of its client’s details and implementation of appropriate procedures by the service provider to prevent the unauthorized access of the client’s confidential information is reasonably assured by the member.

However, in case of individual clients (Form 1040), IRS section 7216 requires taxpayers to sign a form to agree and give consent for the disclosure. You can check Revenue Procedure 2013-14, section 5.04(e) to check the how to draft the consent form. Otherwise, you can contact us to receive the standard template of the consent form.

In our experience with our associate CPA’s and Authorised Tax Agents, we have observed that when taxpayers trust their CPA or Authorised Tax Agents, they also understand the workload that CPA’s or Authorised Tax Agents have during the tax season. Therefore, generally taxpayers don’t mind CPA’s taking some support from Tax Preparation Outsourcing Service Partner like ASC to have stability in work specifically during the tax season.

Is there any additional disguised cost of the outsourcing tax preparation services apart from agreed professional charges?

We charge only for what is agreed and delivered. Apart from the professional charges, we don’t have any other hidden charges. Our service agreement and policies are very transparent and free of any ambiguity which helps us provide wide range of services from Accounting, Tax Preparation to Business Analysis and Virtual CFO.

According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.