How US CPAs can Prepare for the 2021 Tax Season

Yes, you read that right – tax season is around the corner yet again.

The 2020 tax season was one for the record books, with changing deadlines (7/15), rules (ex: CARES Act), and more brought on by the COVID-19 pandemic. 2021 will have its own complexities and challenges.

It’s always the busiest time of year for CPAs, and perhaps even more so during these unprecedented times. But fear not — we’re here to help you complete those challenging forms such as 8938, FinCEN 114, Dual-Status Federal tax returns, Part-Year state tax returns, 3520, 3520A, 8621, 2555, 1116 etc. during this upcoming 2021 tax season.

The importance of accounting has remained true throughout the pandemic crisis as more and more businesses are seeking outside consultations regarding PPP management and overall fiscal health.

We are seeing a huge number of US Accountancy practices adapting to the post-pandemic landscape by outsourcing many different functions such as Annual Reporting, Extended Tax Returns Preparation, Sales & Use Tax etc. Outsourcing brings with it the flexibility, agility and access to a superior skill set that is available 24*7 even during challenging times.

SandMartin’s Tax Returns Preparation Services

At SandMartin, we are an experienced and leading Outsourcing provider of Tax Returns Preparation Services to US CPA firms.

SandMartin ensures a smooth tax filing procedure for individuals as well as businesses. Our expertise in the field ensures hassle free documentation and on time delivery ensures guaranteed cost and time savings for individuals as well as businesses.

SandMartin’s Tax Returns Preparation Services Includes

• Individual: Form 1040, Form 1040NR, Form 1040A etc.
• Partnership: Form 1065 and K-1
• Corporation: Form 1120, Form 1120S and Form 1120A
• Estates & Trusts: Form 1041
• Extensions: 4868, 2350, State extensions
• Specialized forms: FBAR/FinCEN 114, 8938, 3520, 3520A, 8621, 2555

 Software Expertise: 

Drake, CCH – ProSystem, CCH Axcess, Intuit’s ProSeries & Lacerte, ATX, Ultra Tax, Turbo Tax etc.

Other Software: PDF Flyer, Asana, Accounting CS Workpapers, JIRA etc.

Our robust US Taxation team is well trained and qualified. We regularly upgrade our skills and knowledge in leading tax software and statutory laws through on-going training. By outsourcing to us, CPA firms can reduce costs by up to 50%-60%. You will have more time to focus on your core operations and reduce stress, besides saving on cost.

Expand Your Horizons and Provide Better Client Value Proposition

Across the United States, a Sage survey suggests 79% of accountants say that client expectations have expanded to include the provision of business and finance consultancy, while 86% say clients are increasingly demanding greater flexibility within their budget to access the services of most importance to their business.

You can concentrate on improving client relationships while we manage your tax processing functions. We have plenty of experience in all types of tax reporting and preparation for CPA. You are assured of quick turnaround time and secured delivery of work when you outsource to us.

CPAs will need to offer services beyond the traditional tax returns preparation and filling to the business impacted by Covid. Some examples include business development consulting, audit, IRS Audit, retirement planning, business roundtables, estate planning, Interim Chief Financial Officers.

CPAs must take advantage of areas they can leverage to improve efficiency and reduce costs in order to allow more time and human resources to focus on providing advisory services to clients on more complex areas and most importantly training staff on these areas.

 A Final Thought

At the end of the day, no matter how prepared a CPA is, tax season is likely to be crunch time for accounting professionals. The help of the right resources when mixed with the right approach can help you deliver the kind of experience and value that will keep your clients coming back year after year, and more importantly, month after month.

Drop us an email on info@sandmartin.com or you can also fill out the contact form to know further about our expertise and capabilities in providing Tax Returns Preparation services to US CPA firms. Our US outsourcing expert will be happy to schedule a call to discuss solution for your unique requirement.