Frequently Asked Questions On CPA
Ans.: CPA will assign the Tax Returns to be prepared via e-Mail.
Ans.: This is purely dependent on the Workload of a CPA & at the same time, availability of Source Documents for preparation and completion of a particular return.
Ans.: Knowing the sensitivity & confidentiality of the work, we opt only secure means to share these documents such as Smart Vault, FTP (File Transfer Protocol), Drop box, etc.
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.
Ans.: For this purpose we will require the Tax Return of previous year. We do a comprehensive study of Last Year’s Tax Return, which facilitates us to identify which Source Documents are missing and will be needed to complete the tax return.
Ans.: Firstly, we will input all the available data in respective Tax Software and once this is done we will convey the missing documents along with open points, if any. This process will not take more than one working day.
Ans.: We have already worked on Tax Software’s viz. Ultra Tax, Intuit Tax Online, ATX, etc. Working on any new Tax Software is never a bottleneck for BFAG as all our staffs are highly adaptable when it comes to software.
In one of the earlier question you answered that; ‘A Comprehensive Review of Last Year’s Return’ will be done. How you deal with those Tax Returns for which no prior year return is available?
Ans.: As CPA will be in direct contact with all the Clients, in such type of Tax Returns CPA will provide some insights on nature of client, a variety of income sources, any particular requirements by client, etc. We will take this as a base and on the same guidelines we will prepare the Tax Return.
How do you deal with the Tax returns for which no source documents are pending and no open points are there?
Ans.: Such types of tax returns are prepared in less than a days’ time after the assignment. Draft copy of the tax returns will be uploaded to concerned folder of the above mentioned secure portals. CPA will review such draft copies of Tax Returns and will convey whether the return is complete in all respect or if any changes are required.
How do you deal with Tax Returns for which source documents are pending or any open points are there?
Ans.: As said earlier, firstly we will input all the available source documents in respective Tax Software. After conveying the required information to CPA, he/she will ask the same from client. As soon as CPA receives all the required information from the client, it will be uploaded to secured portal and will be conveyed to us. From this point we will take it forward and complete the return & draft copy of the tax return will be uploaded to client’s folder.
Ans.: It all depends on the availability of source documents. If all the documents are in hand, return preparation will not take more than one working day. On the other hand if any documents are missing, then it all depends on the response of the client to a CPA. From our experience, generally clients do respond in one or two working days. So in such cases the whole process will take three working days.
If at any point of time CPA wants to know the real time status of their work, then how can he obtain the same?
Ans.: While dealing with numerous CPA’s, we understood that though everyone is specialized in diversified activities, their pain area is similar; Status of the Outsourced Activity. To overcome this problem, we have come forward with the simple solution of preparation of real time Activity/Status Report. This report will be prepared in Excel spreadsheet of Google Drive so that it will be accessible to both the parties (CPA & BFAG) at any point of time. This report will mention all the activities viz. Date of Assignment, Starting Date of an assignment, Completion Date of an assignment, Current status such as WIP, Missing Documents, Open Points, etc. which will give the real time status of any particular return.
Ans.: for details please visit our website www.bostonfagroup.com and refer our data security page.
Ans.: for details please visit our website www.bostonfagroup.com , alternatively you can also write to;
firstname.lastname@example.org / email@example.com
or call us on +1 609 937 7291.