How will the actual tax return preparation work be initiated?
Ans.: You can assign the tax returns to be prepared via e-mail. We provide a dedicated e-mail id.
Will these returns be assigned one-by-one or in bulk?
Ans.: This is purely dependent on the workload and the availability of the source / supporting documents for preparation and completion of returns.
What is the process to share the “source documents”?
Ans.: Knowing the sensitivity & confidentiality of the work, we opt for only extremely secure means to share these documents such as Smart Vault, FTP (File Transfer Protocol), Drop box, etc.
How do you locate these source documents within a particular portal?
Ans.: In the first mail regarding assignment of tax returns, we request you to mention the path where the Client Folder containing the source documents are located.
How do you verify if the available source documents are complete in all respects?
Ans.: We conduct a comprehensive study of the previous year’s tax return; this helps us to identify missing source documents that will be needed to complete the tax return.
How will you obtain the missing Source Documents?
Ans.: Firstly, we input all the available data in the respective tax software and once this is done, convey the missing documents along with open points, if any. This process will not take much time.
Which Tax Software do you use?
Ans.: We have worked on multiple tax software, including Ultra Tax, Intuit Tax Online, and ATX , to name a few. We are highly adaptable and working on any new tax software is never a bottleneck for us.
How you deal with those tax returns for which no prior year return is available?
Ans.: As the person in direct contact with the client, we obtain insights on the nature of the client, the variety of income sources, specific client requirements, etc., from you. In case no tax returns for the previous years is available, we use your inputs / guidelines to prepare the tax returns.
How do you deal with the tax returns for which no source documents are pending and there are no open points?
Ans.: Such types of tax returns are prepared in less than a day’s time after the assignment. A draft copy of the tax returns will be uploaded on a secure portal. You can then review the draft returns and revert with changes, if any.
How do you deal with those tax returns for which the source documents are pending or there are open points?
Ans.: All the available source documents are entered in the tax software, highlighting the missing information. You can then obtain the necessary information from the client and upload in onto the secure portal. We then take the documents forward to complete the return and upload the draft for review.
What is the time taken to complete this entire process?
Ans.: It depends on the availability of the source documents. If all the documents are available, return preparation does not take much time. On the other hand, if any documents are missing, from our experience we estimate that it takes one or two working days to obtain the necessary information; so the whole process would take about three working days.
How can the CPA obtain a real-time status of their work at any point in time?
Ans.: We offer a real-time Activity/Status Report. This is an excel spread-sheet on Google Drive, which is accessible to both the parties (CPA & BFAG) at any point in time. This report details all the activities, including date of assignment, start date, completion date, current status, missing documents, open points, etc., in real-time.