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 more serious task of preparation of 2015 Tax Returns. For accounting firms around the world it is always a fine balancing act to decide whether off season staffing patterns can be stretched to rush season period or it will be more prudent to outsource tax preparation and do what they are best at – get more quality customers on board and continue to offer value to existing clients.

By opting for outsourcing there is an increase in billable hours per tax professionals while getting 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 and 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 United States of America, Canada, the United Kingdom 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? As experts in this field, let us tell you how –

• 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 for USA clients Individual Form 1040, Form 1040A and Form 1040EZ, Partnership: 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.

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.