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7-Point Checklist For Smooth Tax Season

CHECKLIST FOR A A SMOOTH ТАХ SEASON Tax season has come and its hitting like a storm to accountants, CPAS, and firms. It is going to be s time full of pressure and stress. Hence, we have created a checklist for better planning that will ensure a smooth tax season. 1. Documents Required One of the common mistakes that most of the people make is forgetting a required document. All the necessary documents should be with you and in one place. The materials you may require are Identification docs, Proof of Income (Employment income, Investment income, Social security benefits, and others), Expense-related proofs (IRA contributions, Medical expenses, Union dues, Charity, etc.), Paid taxes proofs, and Proof of losses. 2. Safety With every tax season comes the tax-scam season. Hence, security is also an essential aspect of tax preparation. So, make sure that you know how IRS will contact you (IRS will send an official letter before reaching you), how to avoid suspicious offers and emails, should file your taxes early, and how to secure network (online scammers may attack your data and info). 3. Mistakes To Avoid Some mistakes are common among accountants and accounting firms which should be avoided. Such mistakes are Missing or Wrong Information on the forms, Incorrect Math (errors in calculations while preparing taxes), Procrastination (delaying in the filling of returns which may result in identity theft), and Not Reporting All the Income. 4. Ensure Productivity Productivity is an essential factor that decides whether you will be able to finish the job before time or not. To be more productive you must Get Organised (advance planning can ensure finishing work on time and quickly), Update Your Technology (with right technology productivity can be improved like using cloud technology), Regular Breaks (breaks are essential for refreshing your mind and boosting energy and focus), Reward Top Achievers (a motivated employee always work harder and better). 5. Fun At Work Tax season can be full of stress and business. Hence it's important to ensure employees enjoy doing work. And, for that, you may initiate some Fun Games and Activities at work, Celebrate Employee Birthdays and Anniversaries, Host Communal Meals, and Create An Enjoyable Workspace. 6. Use of Cloud Accounting Cloud accounting is an excellent option to ensure a smooth tax season for accountants, CPAS, and firms. It will help you many ways like in Expense Control ('pay as you go' allows you to pay for what and how much you are using a service), Multi-user Collaboration feature (one can collaborate with its clients and team members on cloud anytime and anywhere). Also, there's No Data Loss (cloud services providers ensure that there's no data loss as there is regular data backup facility), Latest Technology (cloud services make sure your software is up to date without interrupting the work). 7. Steps After Tax Season Even after the tax season gets over, the work doesn't get ends. Some things can be done to make the best of the post-tax season. Accountants and CPAS can Do A Post Tax Season Analysis, Consulting And Financial Advising (can offer consultations and advice to firms and entrepreneurs), Host Seminars And Workshops (can host seminars and workshops about tax preparing and software), Can Market Yourself (can start focusing on the marketing of your firm and create new marketing strategies). Have you checked all the columns? Ace Cloud Hosting

7-Point Checklist For Smooth Tax Season

shared by aditi90 on May 06
Tax Season is a stressful and daunting period in every CPAs' and accountants' life. But if you have a plan beforehand then preparing and filing of taxes becomes efficient. Here is a checklist cons...


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