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Outsourcing Tax Preparation Helps You Beat Tax Deadlines
Author: Amitaabh Saboo
Tax preparation, defined simply, is the act of preparing and filing of tax returns for individuals and Corporations with State and Federal Government. Pertinent information, especially all liabilities, deductions and exemptions for taxation, is given by the taxpayer to a government tax collecting agency. As a rule, individuals and organizations want to pay their taxes on time to be free of any tax liability and penalties. Tax preparation may be accomplished by the taxpayer, with the help of tax preparation software, a CPA, or a tax preparation firm.
Tax preparation firms draw on their knowledge of tax codes and laws to prepare their client’s tax returns, making sure clients pay no more than the necessary taxes. The work involves a substantial amount of research and attention to detail. Many accounting firms – and CPAs – carry out tax preparation outsourcing.
Outsourcing is the act of subcontracting a process or part of a process previously done within a company to a third-party. Many processes including accounting, bookkeeping and tax preparation are currently outsourced. Tax preparation outsourcing firms are commonly located offshore. Most outsourcing work is done by professionals in developing countries. These countries normally have vast highly qualified and trained labor.
Outsourcing tax preparation is a profitable option now. The client benefits from being spared the investment on recruiting, training and retaining in-house tax preparers. Sometimes, after great expenditure on recruitment and training a company soon finds that it can not subsidize the salaries and benefits required to keep the tax preparers employed. Money saved by outsourcing tax preparation can then be invested in core areas of the client’s business, thus increasing profitability.
Outsourcing tax preparation also saves the time and effort of the company’s existing staff, thus allowing them to concentrate on core areas of the business. With tax preparation subcontracted to a third-party, the client company can devote more time and effort on meeting its customers’ demands, resulting in enhanced profitability. Since tax preparation firms specialize in the service and their reputation banks on timely and efficient service, the client company is assured of meeting tax deadlines. By outsourcing tax preparation, one need never lose sleep over tax returns.
However, outsourcing tax preparation may not be so simple. There are a few outsourcing firms to choose online. A bit of scouting is needed to find the outsourcing firm best suited and beneficial to the client. Firstly, check for competence and reliability. Reputation and endorsements also help. Among online firms, look out for the security features that the firms have in place. Make certain that the security measures of the outsourcing company are stringent enough to protect its customer identity and data. Normally all mid-sized or large firms have several layers of security to ensure that your data is private and protected. In fact, in most cases the outsourcing firm has much more security than the outsourcer’s company itself.
Article Source: http://www.articlesbase.com/outsourcing-articles/outsourcing-tax-preparation-helps-you-beat-tax-deadlines-356427.html
About the Author
Many offshore accounting firms and CPAs offer Outsourcing Tax Preparation. There are many reputed Tax Preparation Outsourcing Firms that cater to small and medium businesses and CPA Firms worldwide.
What Shall I Do? Resign?
!
Right Heres The Story..
I Work In A Very Small Accountants Practise Office..
There Is A Senior Partner, A Partner, Qualified Accountant, A Lady Who Passed Her AAT Technician Not Long Ago. Part Time Lady Who Comes In 2 Half Days A Week She Types Letter For The Partner And Answers The Phones When She’s In Think She Might Do Some Tax Work Too? And Then Theres The Partners Wife Who Does Tax Work Who Comes In Part Time. Doesnt Do A Set Amount Of Hourse..
And Then There’s Mee
I Dont Really Have A Job Title. I Was Doing An Apprenticeship In Accounting.. But I Have Just Failed My Second Year. So My Training Provider Will Not Fund Me Anymore And My Work Won’t Let Me Do Day Release..
I Sometimes Prepare Small Accounts, & Vat Returns
I Am Responsible For Filing, Answering The Door And Phone, General Office Duties..
I Am Not Enjoying Working Here Any More. As I Am Not Getting Any Accounts Expereince Anymore. I Suppose This Is Because I Failed My Second Year. But This Has Been Going On For Ages. And I Have Told My Boss But Nothing Has Improved.
I Have Decided I Want To Leave.. I Am Looking For A New Job Hopefully One With More Accountancy Work I Can Do. & Better Pay.
Net Pay – I am Receiving £571 A Month.. And I Have Seen Jobs With Better Pay With What I Am Doing Now.
The Problem Is.. I Do Not Know How To Go About Things..
Because I Have Not Received A Job Offer.
I Was Thinking I Hand My Notice In On Tuesday (I have a day off monday)
And Tell Them I Am Leaving The 24 October.
I Have Not Been Giving A Contract So Can I Just Leave When Ever?
Not That My Boss Or Any Of The Staff Have Told Me.. But I Have Found Out There Is A Vacancy For My Company And The Job Description Covers All The Stuff I Do At The Moment.
I Found Out Because Some One Phoned Up About The Vacancy. So I Asked One Of The Girls In My Office. And She Said That The Lady Who Does Part Time Is Leaving Because They Need Someone Full Time. And I Also Found Out There Hiring Someone To Come In And Do A Few Account Jobs.. So Where Do I Stand?
I Havent Always Got On With The Boss & The Staff Sometimes Get Funny With Me. And I Have A Warning Already So Most Probly Is Best To Leave..?
Do You Thinks It Fair To Leave Before They Have A New Person Leaving.
And Am I Stupid For Not Finding A Another Job Yet.
I Have Only Done This Because I Want To Have A Break First Before Starting A New Job.
Thanks To All The Advice I Get
Sorry to everyone who could not read my question, because of the capitals. I do not write like this when I am in work. I just thought it would stand out more?
What If someone has offered me a job? and they want an immediate start. Would I not be able to accept it because I have not given my company any notice?
Am I a victim of “Payroll Fraud”? Should I be treated as an Employee rather than an Independent Contractor?
Unfortunately I had to quit my job today. I’m working as an appraiser’s assistant appraising Real Estate in NY. Although appraisers usually own their own businesses, in order for one to become an appraiser you must first apprentice under a certified appraiser for a period of 2 years with an appraiser assistant license. My employer has a firm with 4 people on his staff. We all have set schedules, and he requires us to do work a certain way. He offered to pay me hourly, rather than on a “split fee” basis.
He claims on top of receiving my hourly wage, he will give me a 1099 at the end of the year. I was a little shocked at this since I am not the owner of the company, and have very little to write off as I stay in the office, and use his company car if I need to be on the road. My accountant feels he is being cheap and is trying to avoid payroll tax. I told him I wouldn’t mind getting a 1099 if he were to raise my pay an additional 7 or 8% to cover my Social Security and Medicare withholding. He said this would not work, as it wouldn’t be fair to his other employees as he is giving all of them 1099′s. As per the IRS website, it indicates that I would be classified as an employee who should receive a W2 based on my job description.
Do I have the right to feel victimized? I feel as if he was trying to be a pushover for his own self benefit. I told him it wouldn’t work for me, and I didn’t find it very ethical based on the job description and his unworthiness to compensate me for the taxes imposed on me. What can I / Should I do?
First of all, let me thank you for doing some research about employees vs. independent contractors beforehand. It’s nice to see someone serious about being informed!
Since your boss sets your hours and work under his close supervision and control, you are not an independent contractor. Your boss should have been paying you as an employee. You can report him to the IRS. See the link for more information.