Cogneesol: Tax Preparation Experts Reveal the Finest Ways to Prepare the 2015 Tax Returns

It is now that time of the year when the focus shifts to the preparation of 2015 Tax Returns. For accounting firms, it is a fine balancing act to decide whether off season staffing patterns can be stretched. This decision is crucial for rush season period. It will be more prudent to outsource tax preparation and do what you are best at. With more more quality customers on board, you can continue to offer value to existing clients.

By opting for outsourcing there is an increase in billable hours per tax professionals. It also helps to achieve cost benefits through wage differentials between countries.

Once the decision is taken to opt for outsourcing the next step is to get the right vendor. And it is here that Cogneesol has a lot to offer… We provide highly specialized tax preparation services. Our team of experts are always in sync with the changing tax laws of other countries.

We cater to clients from all over the world, especially the US, Canada, UK and Australia. Benchmarks of excellence set by our tax preparation professionals are definitely hard to match.

What then are the finest ways to prepare the 2015 tax returns? 

• Know what services are offered by specific vendors when you outsource tax preparation for 2015

This is important as choosing a specialist agency ensures accuracy and timely submission of returns. For example, Cogneesol offers USA clients Individual Form 1040, Form 1040A and Form 1040EZ. For partnership firms, we offer: Form No. 1065 and K-1and Corporation: Form 1120, Form 1120A and Form 1120S (for statutory corporations). Similarly for the UK we have Individual: SA100, Business: SA800, Corporation: CT600 and Value Added Tax: VAT100.

• Know what software is being used by the outsourced agency

This too is very crucial as forms and returns are not standardized and neither is the software. Get to the bottom of it, match the returns you have in mind with the software on offer and then take a call on the agency.

In this regard, Cogneesol offers Intuits ProSeries , Intuit’s Lacerte, Creative Solutions’ Ultra-Tax, Turbo Tax, ATX and ProSystem fx ® Suite – CCH for the United States and CCH Software, IRIS Software Ltd, Sage (UK) Ltd, Thomson Reuters for the United Kingdom. The software we use perfectly complements the tax preparation activity of the concerned country.

• Know the tax preparation process being followed and choose what is convenient

Accounting firms that outsource tax preparation in 2015 can bank on one of the two systems. The first is the remote access based tax return. All relevant and necessary documents are uploaded to the outsourced agency’s server through a highly secured remote desk top service. After tax preparation is complete, the details are uploaded back to the systems.

In the second system, the tax preparer gets the data similarly as the first option but prepares the return with in-house Tax Prep Software as quickbooksonline.com. The outsourcing firms have to simply download the completed return and update their systems. Both approaches are equally effective and secure.

Bottom Line

In conclusion, the insights shared by the tax preparation experts at Cogneesol provide valuable guidance. Those  looking to navigate the intricacies of preparing their 2015 tax returns, we’ve your back. It is evident that meticulous planning, attention to detail, and staying up-to-date with the latest tax regulations are essential. By following the finest practices outlined in this blog, individuals and businesses can maximize their tax savings, minimize potential errors, and ensure compliance with tax laws.

The year 2015 might seem like a distant memory, but the importance of correctly filing your tax returns for that year remains relevant. The expertise offered by Cogneesol can not only help you meet your tax obligations but also potentially uncover opportunities for tax refunds and deductions you might have missed.

With their guidance, you can navigate the complex world of tax preparation with confidence and efficiency, ensuring that your financial health is well taken care of. These tips given by us on the finest ways for outsourcing tax preparation in 2015 are just indicative and not by any means comprehensive. To know more, get in touch with us at +1 646-688-2821.