Tax season is challenging for all taxpayers, particularly business firms. Despite knowing that, some of them put off their tax returns until the very last minute. Taxpayers should consider the difficulties they might encounter during tax season and potential solutions in advance which can help them to reduce IRS penalties, emotional stress, and the likelihood of errors.
Tax preparation has always been problematic due to frequently changing tax laws, errors while filing, lack of documents, security threat and amended returns are some frequently faced problems that are encountered while filing tax returns. The IRS maintains ignorance of tax law as a justification for mistakes as completely unacceptable at the same time correction of errors on tax returns might cost heavy penalties and interest. Therefore, outsourcing is preferable to taking chances.
Dealing with tax returns in absence of a professional, procrastination while filing, demand for extensions and managing related obligations all can be very stressful, challenging and distracting and cause you to lose focus on your business. However, collaborating with a competent tax professional can reap a variety of benefits while filing tax returns, ranging from best practices and advice, timely tax schedule preparation, timely filing of tax, to remaining constantly updated and complying with new tax reforms. Ultimately, all of it saves your precious business time. Outsourcing for any purpose is consistently successful irrespective of the size of the firm.
Corient is one such outsourcing firm that provides the best of skilled resources and technology to help businesses survive in the ever changing world. They support accountants and businesses across spectrum by providing customised accounting, payroll, consulting, back office, analytics, management information services by blending best of both people and technology.
The benefits of navigating tax season through outsourcing includes-
- Availability of highly skilled and knowledgeable tax professionals
- Free access to the most recent procedures and technology to guarantee the security and accuracy of financial data.
- Reduces risks associated with miscalculations, internal frauds and biassed checks.
- Time and money saving and allows businesses to capitalise on free time.
- Customised solutions to increase scalability and flexibility
- Simpler data collection which is one simple glaring advantage important for filing tax seamlessly.
They provide our range of business and income tax services for firms and individuals across the spectrum including corporate firms, NGOs, fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate, partnership business, domestic corporation, S corporation etc. They can file forms 1041, 990, 1065, 1120, 1040, 1120S and 706. Their devoted tax experts can assist you in completing all of your tax filing requirements accurately and on schedule. Their major services include state, local, payroll, and federal income taxes.
The firm provides personalised tax experience to their customers by providing them with a specialised tax accountant who can assist them with tax planning and tax return filing throughout the year. While adhering to IRS guidelines, they make every effort to reduce your tax obligation.
Other than the business and tax services they also help in the preparation of payroll returns, preparation of sales and use tax returns for states and provide sales and use tax services which include sales tax administration, preparation and filing of tax returns, transfer of tax obligations, reduction in processing costs and potential errors, electronic administration of exemption certificates, maintenance of audit trails and responses to audit requests.
They can assist you in navigating the complexity of sales and use tax, filing your returns accurately and on time, and preparing documents and remitting payments on your behalf. Additionally, they have a group of payroll specialists that make sure to electronically deliver tax payments on schedule.
Their dedicated tax team can help you get all of your tax filings completed accurately and timely. As an outsourcing company they also have strict security measures in place to ensure there are no data breaches while filing returns. They are cyber essential certified, which helps them to guard against the most common cyber threats and demonstrate their commitment to cyber security. Their security measures include physical security and controls, secure communications network, ISO certifications, updated security compliances, dedicated IT team on standby.
Using a tax outsourcing service shouldn’t be a last-resort measure. Instead, it should be a carefully considered strategic decision that is made after careful consideration. Making Corient a part of your strategic journey to handle your tax filings will not only lead to better tax filings but also to best accounting practices in your firm that will make your firm more compliant with the future.