Tax Preparation Offshore
Accounting firms, CPAs and EAs partner with GKM to prepare tax return preparation services offshore. Sourcing of tax return preparation tasks helps increase profits, streamline workflows, improve efficiency and enhance client-focused services of firms during the tax season.
The most important advantage is freedom from the task of hiring and training additional resources during the tax season, thus saving payroll & other overhead costs, freeing up valuable internal resources for higher-end value added services.
GKM is conversant with most of the widely used tax preparation software, such as Thomson Reuters UltraTax, Intuit ProSeries, Intuit Lacerte, Wolters Kluwer’s ATX, CCH Axcess, CCH ProSystem, TaxWise, Turbo Tax, Tax Act, TaxSlayer among others.
GKM’s experienced professional staff has the ability to learn any other tax software clients use, and prepare returns accurately.
Sourcing your tax return preparation services can improve turnaround times, and ensure you get a completed return on hand within 1-3 business days. This will in turn add to your client’s delight, when they find that you are able to deliver their return within a short time span, and meet their compliance needs in quick time.
Firms will then be able to take in new clients all through the tax season, and beyond, without turning away / losing existing clients. In addition, this serves as a wellness boost to your internal staff members, who can afford to work close-to-normal hours, and maintain a healthy work-life balance during the tax season.
The accounting firms need not change any of their engagement rules to fit our process – they can retain the final review and return filing tasks so their clients still remain under their care.
GKM’s tax team is continuously trained by CPAs using case studies and developmental tools. Every return undergoes a rigorous second review before being sent back to the CPA / Accountant / EA for a final review.
ProSeries / ProConnect is one of the best in the industry for professional tax solutions. It ensures 100% accuracy in compliant tax filing. Compatibility with QuickBooks makes year-end accounting easier, and user-friendly. It has the benefit of in-built e-filing technology and enables quick data input to simplify the entire data entry process, tax calculation, and e-filing.
Lacerte is another highly efficient tax software used widely. It is available on the cloud too, and can be integrated with QuickBooks as well, making it a reliable partner for tax return preparation and filing.
Drake is another tax software that is user-friendly, robust and cost effective for firms. It’s customizable reporting interface, and other distinctive features such as audit support, optimum savings and loan calculator, Quick Estimator and a simplified build-up to filing the returns are noteworthy features.
UltraTax can be used within the server, or hosted on the cloud. It is a powerful application with easy access, significant reduction in workflow time and simplified implementation. The software provides access to federal, state, and local tax programs including 1040 individual, 1120 corporate, 1065 partnerships, 1041 estates, and trusts and multi-state returns.
The specifications of the software include simultaneous access to up to 4 screens, enabling viewing of forms, prior year input data, current input at the same time.
Other Tax Preparation Software we use
ATX comes as a desktop solution that includes a library of tax compliance forms. This software allows for a seamless efficient workflow for of tax management.
Wolters Kluwer’s CCH Axcess, CCH ProSystem, TaxWise are other leading tax return preparation software that find wide usage among accounting firms, CPAs and EAs.
How to submit tax source documents to GKM?
Starting with GKM is easy, fast and secure.
Through the Internet
- You can choose to opt for processing straight from your server – the most preferred by our clients.
- You save the source documents and client tax organizer on an online e-file cabinet or upload to GKM’s secure server.
- GKM uses the Virtual Office / SAAS online tool / cloud to login and prepare the tax return, and complete the workpapers.
- You can login to Virtual office / SAAS online / Cloud to access the updated tax return on your computer.
- The second option is to utilize the cloud services to subscribe to your software – this is
fast becoming a preferred option among accountants.
- You scan and place the source document and the client tax organizer on your computer.
- GKM uses a secure remote desktop access device to connect to your computer to complete your tax return.
- You can access and review the updated tax return on your computer.
What should I tell my client about who is preparing their returns?
IRS mandated consent letter has to be signed by the end client. The consent wording has to be incorporated into your standard letter sent with organizer for individual clients.
An AICPA ruling clarifies that utilizing outside services for processing client tax returns would not be deemed revealing of confidential client information, and would therefore not require specific client consent. (https://www.aicpa.org/interestareas/professionalethics/resources/tools/downloadabledocuments/basisforconclusionsoffshore.pdf)
Also, specific client consent would not be necessitated in case the AICPA member enters into a contract with the outside service provider to maintain the confidentiality of the client’s information and the member is reasonably assured that the service provider has appropriate procedures in place to prevent the unauthorized release of confidential client information. This holds good for business returns. However, for individual returns, as per IRS Section 7216, the taxpayer must agree, and sign the consent letter. (https://www.irs.gov/tax-professionals/section-7216-frequently-asked-questions)
Please check the link https://www.irs.gov/pub/irs-drop/rp-13-14.pdf for specific language that must be included in the consent form.
The end clients are sure to understand that their accountant / CPA / EA is doing a final review before filing of their return. Thus, the final responsibility of the return lies with the accountant / CPA / EA, and they are sure to do a thorough job, being accountable to their client. GKM has been offering customized tax return preparation, bookkeeping and compilation services over the past 20+ years. Thus, GKM can be your one-stop shop for all solutions to make your practice efficient, and more profitable.
You can rest assured that you pay only for the actual work done, with the onus on hiring, training and effective deployment of resources, all with GKM. We assure you that your business will attract more top-tier talent, who can be utilized for core business building tasks instead of the routine non-core work.
Have an inquiry? Schedule a call with a member of the GKM helpdesk
for a free initial consultation : https://calendly.com/gkminc
GKM’s offshore tax return preparation services include the following:
- Individual Tax Return Preparation – Form 1040, 1040A, 1040NR, 1040EZ
- Fiduciaries Tax Return Preparation – Form 1041
- Business Tax Return Preparation – Form 1120, 1120S
- Partnership Tax Return Preparation – Form 1065
- Non-Profits & Charities Tax Return Preparation – Form 990
- Estate & Gift Tax Return Preparation – Form 706
The other deliverables include:
- Arrangement of source documents in digital file cabinet / client Portal
- Tax calculation worksheets
- Entry/Import of tax data into tax software
- Preparation of draft tax returns
- Review of returns
To discuss further,
108 West 13th Street,
Wilmington, Delaware 19801,