Is Your CPA Firm Ready for the Busy Tax Season? [Infographic]

Busy tax season is here again, and CPAs worldwide are now on their toes, busy preparing their clients’ tax files. Many CPAs would agree that this would be a little different from the previous ones due to several disruptions caused by the pandemic and its after-effects.

When it comes to tax preparation, remember that it is more tedious than filing returns for individuals or businesses. It is complex because of the meticulous examination of the financial activity for a specific period it demands. This is why hiring a third-party service provider to prepare your clients’ taxes comes into play. 

We understand that with the havoc of taxes, you may face productivity issues. Working overtime, temporary recruiting, ad hoc uninformed technology integration, and so on are just a few of the standard techniques accounting companies have used to combat this issue.

Moreover, stimulus checks, PPC loans, tax law amendments, etc., are some of the primary reasons this tax season is becoming more challenging for CPAs and CPA firms. Hence, they are finding new ways to get things done quickly, like virtual tax preparation services for CPA firms.

What is Tax Preparation Outsourcing?

Tax preparation involves the creation of tax returns for individuals or businesses, and it is a demanding and intricate process that necessitates a thorough review of financial transactions over a specified period. Tax preparation outsourcing refers to the practice of hiring an external service provider to handle the tax preparation tasks for your clients. The challenge of productivity has persisted for a while, and traditional methods employed by accounting firms to address this issue have included ad hoc or temporary recruitment, overtime work, haphazard adoption of technology, and similar strategies.

Common Challenges and Tips for CPAs to Stay Ahead in Tax Busy Season