Yes, QX is equipped to manage both individual and business tax return outsourcing. Tax Season is the time when accounting firms try to boost revenue by doing as many tax jobs as possible. It is also the time when firms scramble to find seasonal talent to prepare all the tax returns outstanding check list coming their way. On average, prepared tax returns with review notes are returned within 12—36 hours of submission. And it’s not necessary to change existing processes — Xpitax will follow your firm’s existing processes and uses the same tax prep software you’re using today.

  • Although this is the time of the year when they have the chance to boost their revenue, it isn’t as easy as presumed.
  • SurePrep has processed hundreds of thousands of outsourced returns since the 7216 language change in 2014, and our clients have reported little effect.
  • Lastly, we submit Tax Returns and Computation PDF files to clients for their review with our comments, observation, and queries.
  • As a result, you’ll need a 7216 consent form signature from your clients before outsourcing their returns offshore.
  • Rarely, the 7216 form may prompt a client to request additional clarification about your data security practices.

Workloads have grown as tax laws have changed, and overworked staffs spend too much time on low-level tasks. While additional resources would help, the high demand for tax professionals in specialized areas makes it difficult to recruit and retain talent. Given these challenges, it is no surprise that companies are seeking cost-effective solutions that provide them with all the expertise they need, when and where they need it. With so much uncertainty, companies are leaning on Vertex to support their end-to-end indirect tax processes. No matter how your business or tax staff needs may change, you can count on our team of experienced professionals to keep your compliance and filing requirements in check. Partner with a trusted service provider for tax return preparation outsourcing and steer your CPA firm toward a more streamlined, efficient, and profitable tax season.

State tax provisions can be complex, involving properly interpreting intricate statutes and regulations and performing complicated calculations. This includes determining a business’ state tax accrual for financial reporting purposes and analyzing and addressing state-related uncertain tax positions. Enabling tax preparers, CPAs and enrolled agents to seamlessly manage large volumes of tax preparation and compliance workload.

TAX PROFICIENCY

Utilize Xpitax and stop worrying about seasonal staff; hire, train, and retain experienced tax staff and managers as W2 employees who support your firms goals and priorities. From the ground up, our network of tax accountants is entirely composed of licensed CPAs and EAs that are located within the U.S. These Pros have the experience and capability to facilitate any scope of work and can use the same software as your firm. However, the increasing complexity of national and international tax systems and advancements in technology are gradually changing this social contract.

  • On receiving information, we first check the previous year’s return (if any) to re-confirm on completeness of the information and take note of carrying forward balances if any.
  • Measuring the benefits and progress and assessing the risks of your firm’s outsourcing model can help you take corrective steps at the right time if staffing expectations aren’t being met.
  • Our expert accountants can help you with every aspect of bookkeeping, including cash management, preparing account statements, and reporting accounts receivable or accounts payable.
  • In some cases, a vendor will assist with more material state filings, while in others, outsourcing the entire state income tax return process makes sense for businesses with small tax departments.

Different states and localities may have separate filing deadlines, forms and methods. Vertex offers 40+ years of sales & use tax expertise, including industry-leading sales and use tax software and a team of reliable experts. Our Vertex Outsourcing Services provides companies with a proven solution to handle indirect tax processes and compliance in the United States and Canada. Most finance departments today have a heightened focus on controlling costs and making wise investments in personnel and technology while at the same time improving controls and governance. Outsourcing the highly administrative process of sales and use tax returns and payments can be a cost-effective way to achieve both.

Embracing Digital Transformation in Accounting and Finance

We offer easily scalable services that are optimized to manage multiple projects simultaneously. Don’t be shy about embracing the use of temporary staffing solutions to alleviate the challenges posed by a demanding labor market. I consent to processing of my personal data entered above for Datamatics Business Solutions to contact me and receive occasional marketing communications. We help you achieve Tax season compliance with multi-level support from our back-office.

Outsourcing tax preparation to an experienced team with quick turnaround time helps you prepare more returns without hiring additional team members. Count on an outsourcing provider whose core competency and focus is compliance. Our professionals are dedicated to maintaining consistency and efficiency for your tax returns process and indirect tax compliance. Managed services include tax return preparation, filing and tax payment, and notice management, as well as services for exemption certificate validation, collection, and storage.

Get a Free Strategy to Transform Your Business Operations

We offer a variety of engagement models for clients to choose from, to suit their custom requirements. This guide aims to make the tax season more productive for CPAs, EAs and other accounting professionals. Increase efficiency for your business by outsourcing the end-to-end sales and use tax compliance process. An Identity Protection (IP) PIN is a six-digit number that prevents someone else from filing a tax return using a taxpayer’s Social Security number or Individual Taxpayer Identification Number. It helps the IRS verify the taxpayer’s identity when they file an electronic or paper tax return.

Advisory and Consulting Services

When you outsource to a company like QX, comprehensive data security measures will be ensured, and you will also have access to high-quality talent with excellent communication skills. Every year, CPAs and accounting firms receive hundreds of tax returns to be prepared and filed before it is due. Apart from taking up a lot of time and effort, tax preparation also leads to severe burnout for accountants and takes a toll on their mental health. Sadly, they cannot also turn down such requests as it could affect their business and revenue. This approach optimizes resource allocation, enhances overall efficiency and ensures that the internal tax department can effectively contribute to the organization’s broader strategic goals.

Save your time and cost:

Fast forward 10 years when COVID-19 hit the world and turned the workforce upside down. The following year, the Great Resignation affected many small businesses, from restaurants to tax and accounting firms. Some of those who applied did not show up for the interview; others requested a $100,000 starting salary plus benefits or were not even qualified for the position. RSM US LLP is a limited liability partnership and the U.S. member firm of RSM International, a global network of independent assurance, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other.

We have been helping CPAs, accountants, and EAs manage the tax preparation needs of their clients for almost a decade. QXAS has built solid expertise in US tax legislation and keeps up to speed with all the changes. Accounting firms need to have some clear key performance indicators to help them decide if their outsourcing engagement model is working well. Measuring the benefits and progress and assessing the risks of your firm’s outsourcing model can help you take corrective steps at the right time if staffing expectations aren’t being met. First, outsourcing provided the capacity for our team to communicate and meet with clients by having the data entry completed.

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. Therefore, for any business, startup, or individual in the USA considering outsourcing tax accounting in December, proceed with confidence! It presents a viable solution to navigate the tax season smoothly and excellently. Just ensure thoughtful planning and a wise choice of your outsourcing partner, and you’ll enjoy the advantages of a streamlined and stress-free tax season. It is imperative for CPA and accounting firms to thoroughly analyze the benefits that outsourcing might offer and how it aligns with their specific needs.

Let’s explore the scope of tax return outsourcing for accounting firms in the USA and understand the service in detail. While I knew we could assign five tax returns to the outsourcing firm per day, I did not realize their three-day turnaround would turn into seven- to 10-days during the busiest time of tax season. We should have been bolder to request an update on the progress of those files that were taking longer than we had expected. Practically speaking, this also means working with a vendor to determine the appropriate timeline for the project. Setting the right timeline can help a company file the necessary state extensions and get ahead of potential complications.