1 / 15

How to cope with the high volume of tax returns effectively in 2023

As the era of paper-filed tax returns is coming to an end, taxpayers and tax professionals have started filing taxes electronically more now than ever.

capactix
Download Presentation

How to cope with the high volume of tax returns effectively in 2023

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 0 • +1 How to cope with the high volume of tax returns effectively in 2023? • -3 www.capactix.com/

  2. Challenges of the Tax Season www.capactix.com/

  3. Dealing with the Rush: Due to the stringent deadlines for tax filing, CPA firms need to prepare and submit tax returns within 2.5 months. Dealing with Sales Tax: Clients have started shopping across borders even more and the number increases by the second. So, CPAs need to be aware as the Sales Tax Rates differ from state to state. Dealing with Tax Updates: The IRS recently updated that the Reporting Rules have been changed for Form 1099-K. So, CPAs are required to always be on the lookout for updates. Mistakes can be consequential. Dealing with new Business Models: Technology has revolutionized the way businesses perform operations. Firms have switched to E-commerce or online modes of operations. This impacts CPA firms as they need to invest in training.   Dealing with Customizations: Every client has different requirements and needs that if not fulfilled, will lead to client loss. So, managing the staff in order to satisfy every client’s requirements gets frustrating.  www.capactix.com/

  4. Dealing with Software Updates: Tax software has constantly been updated every year in order to maximize the efficiency of operations. Certain updates require thorough training.  Dealing with Talent Acquisition: Tax Preparers are professionals with optimum expertise. So, given the competition in this industry, it’s always a challenge to retain them.   www.capactix.com/

  5. +7 Tips to cope with the high volume of tax returns • -5 • -4 www.capactix.com/

  6. Plan and Strategize Stack up your Arsenal Sharpen Your Axe How are integers divided? • +5 Here are a few tips which will help you cope with the high volume of tax returns coming your way.  • +3 www.capactix.com/

  7. Plan and Strategize The first step to successfully completing any given task is to plan and strategize it. The battle is either won or lost first on the mind. So, CPAs need to invest time in understanding the scope of work. They need to know the total number of tax returns that they are supposed to file. They need to know the differences in the business models and operations that their clients have.   This also includes knowing the exact number of tax preparers they have so that they are able to allocate tasks and clients accordingly. It’s best to organize the tasks in order of their respective deadlines and how complex they are. • 0 • +4 www.capactix.com/

  8. Here’s a basic checklist that CPA firms should keep in mind before you start filling them.  The total number of tax returns to file.  The total number of tax preparers they have.  Prioritize the tax returns based on their complexity.  If you need more manpower, plan talent acquisition or outsourcing.   www.capactix.com/

  9. Stack up your Arsenal  It’s very common to see CPAs reach out to clients at the eleventh hour asking for crucial documents that were not submitted before. We learn from our mistakes. So, the best way to avoid such last-second mishaps is to make a list of all the deliverables that you will need from the client beforehand. And then let them know about it.   That way you won’t have to worry about missing documents. This is a very important step that you can’t afford to miss before filing taxes. There are multiple ways you can secure all the needed documents from your clients.   • 0 • +4 www.capactix.com/

  10. Online Portal (Secured)  Microsoft Teams (SharePoint)  Tax Organisers Also, don’t forget to keep proper track of the documents provided by the clients, by giving proper naming conventions which will help you remember the file locations always.    Also read Tax Tips for 2023 Tax Season: Make Your Tax Process Effortless www.capactix.com/

  11. Sharpen Your Axe  As mentioned above, the IRS updates its rules every tax season, now the changes may differ on the severity of the impact it has on your operations. But regardless of that, you must make sure that your tax preparers are trained in advance. Your tax preparers can start understanding the updates before the tax season starts. You canhire Tax Professionalsor veterans who have an understanding of tax policies and rules in depth, to train and teach your staff. They will be able to give you a list of best practices as they have seen decades of tax season.   If this is done right, then while preparing taxes your tax preparers will be ready to overcome hurdles caused by the changes and updates in the tax policies.   • 0 • +4 www.capactix.com/

  12. To Conclude  This blog just sums up a few of the best ways you can cope with the high volume of tax returns coming your way. There might be many more tactics that you personally have discovered and have been implementing successfully. As experts in tax preparation, it is very important for you to prepare a strategy that involves a mixture of best practices that help you maximize your efforts.   Tax Seasons can be very unpleasant if you do not take these things into consideration. America is booming with new businesses. And the pandemic has accelerated that growth manifold. So, the scope of work will increase every year. And that is a good thing as CPA firms are getting more opportunities to prove their worth and increase their goodwill in the market.  Experience a Profitable Tax Season by partnering with CapActix, a leading tax return preparation outsourcing service provider.   • 0 • +4 www.capactix.com/

  13. Why CapActix?  CapActix is a leading offshore staffing company, we have partnered with 150+ clients and have helped them sail through difficult tax seasons. We have come across clients with different business models, which have equipped our accountants with technical expertise that enables them to manage our clients’ tax preparation needs.   If you have not made up your mind yet, don’t worry. You can opt-in for a Free 15 Hour Trial. Post that if you are satisfied with our tax preparers, you can choose if you want to go for an outsourcing model or hiring model.   Our outsourcing model has a fixed rate, whereas our hiring model has 3 different modes. Full-Time, Part-Time, and Flexible Hours. If you want more information, fix a call with our Business Head and get all your questions answered by scheduling a meeting. Click here to schedule meeting . • -3 www.capactix.com/

  14. Connect With Us Contact US USA +1 201-778-0509 Dubai +971 58-249-7106 Australia +610425-383-594 India +91 902-304-4337 East Africa +256 772-420-075 www.capactix.com/

More Related