Tax Preparation Process

Our Tax Preparation Process

We start with receiving all the information, documents, current year’s tax organizers and financial statements from the client via secured file sharing portal. On receiving information, we first check previous year’s return (if any) to re-confirm on completeness of the information and take note of carry forward balances if any. Before start entering data into the tax software, we analyse and double check balance sheet, profit & loss statement and other relevant data received from client for 3C’s i.e. Correctness, Consistency & Completeness so that apparent mismatch can be identified and corrected before commencing return preparation process.

After satisfying on accuracy of the details received, we login into the client’s system and tax software and then give treatment of all items into the tax software including deductions, credits, carry forward balances etc. Lastly, we submit Tax Return and Computation’s PDF files to client for their review with our comments, observation and queries. Upon receiving confirmation from client, we make all required correction and then return is filed.

Our Tax Preparation Process


At this stage, a basic understanding of the clients’ business or profession is developed on various parameters, which inter-alia, include nature of business or profession, nature of income viz. income from salaries, income from business or profession, rent income from house property or any other assets, dividend income, etc.


Once the information is collected, a detailed analysis of such information for 3C i.e. correctness, consistency and completeness, is made by us to check whether all the information required to be reported in the tax return has been collected or not. Our team contacts you to obtain any balance information.


After collecting and analyzing the information, relevant form of tax return is selected based upon the category and filing status of the person and nature of income. Such information is also filled in the required software in accordance with the tax laws, and a draft of the same is prepared.


Once the draft of the tax return is prepared, such draft along with the annexures in the form of financial statements etc. is shared with the client for his/her approval and comments. Any comments/observations made by the client are suitably considered and are taken care of before finalizing the return.


After the client gives the approval to file tax return, our team proceeds to file the same. Once the return is filed with the IRS, we check and confirm it with you, and proceed towards closing the case and recording the return for the next three years for your convenience.

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.)