Corporations need tax and compliance support throughout the year. Understanding the benefits of working with a tax provider can help you make the right decisions for your company.
The tax and regulatory environment of your business are tied to your industry. Finance, Retail, Manufacturing—each specialized sector requires business professionals attuned to that industry. Just as you would not use a divorce attorney to work out a tax controversy with the Internal Revenue Service (IRS), business owners are wise to consider the expertise of accountants and specialty tax practices before entering a service agreement.
Consider these points if you are already using a tax service or if you are thinking about outsourcing your tax preparation:
- The outsourcing question: Outsourcing is a popular means to obtain specialist services without the payroll expense. You may already employ an accounting unit that works well for your situation. You may also be looking for economies without a decline in service. If your company is growing at a rate that demands more tax expertise, considering an outside provider may be a lower-cost solution than boosting staff to accommodate.
- Tech: A reputable business tax service may be able to give you access to a secure, end-to-end platform that allows you to maintain tax compliance, run detailed reports, maintain financial compliance, and take a deeper dive into your financial or tax strategy. Rather than invest in legacy infrastructure, outsourcing vendors usually allow you real-time agility in dealing with taxes, payroll tax issues, document management, and other compliance concerns.
- Taxes: Professionally prepared business or personal tax returns can reduce error and give you insight into tax law and rules that can reduce your tax liability.
You remain responsible for the accuracy of tax returns prepared on your behalf. If you are considering an outsourced vendor for your tax or payroll services, reputation and reliability are critical when choosing a tax practice. The homework you do ahead of time to select a tax preparation service will show in the service you receive and the peace of mind (or lack thereof) that you experience as a result of your choice.
Despite best efforts, if your tax return is challenged, or you are notified about an IRS audit or potential tax litigation, be sure to speak with a trusted tax attorney about your options.
Dealing with an employment tax dispute or criminal tax audit?
Serving clients from offices in Chicago and Cleveland, the tax group at Robert J. Fedor, Esq., LLC helps you respond strategically to questions concerning offshore tax assets, failure to file returns, and other compliance questions. Call 800-579-0997 or contact us today.