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Tax Preparation Process FAQs

Tax preparation in five easy steps

Tax Preparation Process

Taxes can be stressful enough under the best circumstances, so we try to make the process as convenient as possible. Our preparation process is broken down into five easy steps:

  1. Interview and Information Gathering,
  2. Tax Preparation,
  3. Senior Level Completeness and Accuracy Review,
  4. Compilation, and
  5. Delivery.

 

Interview and Information Gathering

  • Each new or existing client will be provided with the following;
  • Tax Organizer,
  • Questionnaire,
  • Worksheets,
  • Credits Information and Best Practices Information.

Tax Organizer: For existing client the paper tax organizer will provide the amounts based on last year’s returns and a space for this year.  Think of it like a numbers checklist, so you can review your amounts for last year and a blank space for this year’s amounts.   For those who are interested, we can also provide you with a digital tax organizer which will allow you to complete the information digitally.  For new client, we will provide you a generic tax organizer, the first year.

Questionnaire:  Each client (existing or new) is required to complete a questionnaire.  It is a number of pages of yes and no questions.  The questions are designed to be answered not, unless it applies to you.  If you answer yes, we are likely to pursue this line of questioning further.  These are questions designed to find additional deductions and questions designed to keep you out of trouble.

Worksheets:  We will supply you with both standard worksheet such as non-cash contributions, dependent care deduction, and deduction worksheets that are specific to your industry.  The industry worksheets are the typical deductions that we would expect for someone in your industry.  After your first year, this information will all be incorporated into the existing client tax organizer.

Credit Information and Best Practices:  We will provide you information on any available credits in the state as well as information regarding deduction support practices.

Appointment

You can meet with us in person or simply drop off your forms, records, and other documents.  You can also e-mail or fax us your files or paperwork. A face-to-face meeting, in the first year has the advantage of giving us the chance to become more familiar with your business.  This will help us discover every deduction you're entitled to, and to make sure that your documentation is complete. If you believe you have many unusual transactions or have other issues that may require extra time, please mention that when you contact us to make your appointment. We'll make every effort to accommodate your schedule.

Here are a few points to keep in mind to help the process go more smoothly:

  • If your records and receipts are kept manually, for example kept loose in a folder or box, some bookkeeping will be required to sort through and organize the documents. The more organized you can be, the better.
  • For business bookkeeping, we'll need a reconciled trial balance in which total debits equal total credits, and cash balances agree with the reconciled cash balances at year end. Other balance sheet items, such as accounts receivable and accounts payable must equal the detailed listing of receivables or payables at year-end, and equity accounts should be reconciled to the equity reported on the prior year's balance sheet.

Tax Preparation

Once we have substantially (at least 80%) of your information, we will prepare your returns.  During the course of the preparation, it will likely be discovered that we need additional information or have questions about the information supplied.  We will prepare an information request which will be emailed to you. We ask that you respond with the additional documentation or support requested or answered the questions on the missing information request, quickly.  The preparer will follow a checklist to insure consistency and accuracy. Once the return is complete, it will go into the review process.

Senior Level Completeness and Accuracy Review

Once the return has been completed by the tax preparer, it will be review by a senior level reviewer.   Again using a checklist, the senior level reviewer will review the information presented for preparation to the tax return prepared.  At this level we are looking at both what is on the return but also what isn’t.  We are looking for additional tax planning and tax reductions strategies as well as audit triggers.  Once the return is reviewed and complete, it will be forwarded for compilation.

Compilation

Our administrative staff will compile the return, including any required supporting documentation and flag all areas needing a signature.   They will address any envelopes (payment vouchers, estimated payments, etc), so you do not have to do anything but sign and send.  Once ready for delivery, the staff will notify you of the outcome, information about what needs to be done and where/when you can expect delivery.

Delivery

The returns will be delivered to the office that is most convenient to you.  When you are ready to pick up, just arrive and ask the receptionist for your returns.  They will be in a sealed envelope with your name on them.  The letter in the front describes what needs to be done with the returns. At this point, you have also received an email with information on what things need to be done to complete the filing process. You will have forms that need to be signed and mailed or efile forms that needs to be signed (by both taxpayer and spouse) and left with the office or faxed to our office at 866-580-4844.

 

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