02 Feb 2024

Outsourced Tax Preparation: A Step-by-Step Process

Introduction

Tax preparation services are the corner-stone of any CPA or accounting firm in the USA. However, of late, these services have been badly affected due to the shortage of accounting and tax professionals. Many accountants and tax professionals have already left their vocation due to several reasons including demanding workloads, lack of work-life balance, burnout, and concerns about career growth prospects and job security in the face of automation and AI.

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According to the Wall Street Journal, more than 300,000 accountants quit their jobs between 2019 and 2021. All this is significantly affecting the capabilities and profitability of CPA and accounting firms in the USA. This is making them look at other alternatives like outsourced tax preparation services to fill the talent gap and reap the benefits at the same time.

Outsourced tax preparation services enable Certified Public Accountants (CPAs), Enrolled Agents (EAs), and accounting firms to alleviate their workload by assigning routine tax preparation tasks to companies like KMK in countries such as India and benefit from lower costs. This allows them to concentrate on strategic endeavors that attract more clients, thereby maximizing their revenue potential.

Tax outsourcing services

Why Outsource Tax Preparation Services to India?

  • Substantial Cost Savings: When you partner with companies like KMK to hire tax consultants and tax preparation experts in India, you can slash your expenses by half compared to maintaining an in-house team. Our services offer savings of over 70%, enabling companies to efficiently manage their budgets and unlock significant profits.
  • Rich Talent Pool: India is renowned for its abundance of highly skilled, talented, and qualified young professionals, making it the ideal destination for outsourcing. Trust the leading tax preparation service providers in India to handle your tax return services with unmatched expertise.
  • Strategic Time Zone Advantage: Leverage the time zone difference between India and your location to ensure uninterrupted workflow. With KMK and other reputable outsourcing firms in India operating 24/7, your projects are completed on schedule and to the highest standards of quality.

The KMK Step-by-Step Process

KMK prides itself in providing an advanced yet affordable tax outsourcing services to clients in the USA. Our services are tailored to fast-track the process so that it suits your needs. Being sensitive to your time and business needs, we follow a tried and tested 3-step process as indicated below:

Step 1: Choose your engagement model: At this stage, you’re faced with choosing between two outsourcing models for tax preparation services:

  • Seasonal Model: This model is ideal for those needing seasonal help or uncertain about fixed hours. You’re charged based on the hours you hire someone on a dedicated basis during the busy season may it be busy tax season or audit season or yearend bookkeeping period.
  • Annual Model: Tailored to your specific needs, this model offers flexibility with two options: Full-Time & Part-Time. Full-Time tax preparers work 8 hours a day exclusively for you, while Part-Time tax preparers or bookkeepers would work for 4 hours a day and on a dedicated basis.

Step 2:  Handpick your tax preparers: Once you’ve selected your preferred model, you can handpick your tax preparer from screened CVs, considering expertise, industry knowledge, software proficiency, and experience. You can also conduct a one-on-one interview to assess skills and compatibility.

Step 3: Onboarding: Upon selection, the chosen tax preparer will onboard within 24-48 hours, initiating document collection via a secure portal. Unlike in-house hires, remote preparers require no additional training, having already undergone rigorous preparation for multiple tax seasons.

Why Choose KMK for your Tax Preparation Needs

At KMK, we offer comprehensive outsourced tax preparation services aimed at guiding you through the intricate landscape of taxation. Our team comprises seasoned tax professionals capable of handling tax preparation for federal, state, and local taxes.  Our team remains abreast of the latest regulations and tax laws, thereby ensuring that our clients receive accurate as well as timely advice. We take provide in delivering unmatched accuracy and precision in every tax return we manage. Our team of experienced tax professionals that include CPAs, EAs, and Cas, assure you that your financial affairs are in goods hands. You thus get peace of mind and complete confidence throughout the tax preparation process. Some of the services we offer are as below:

  • Individual Tax Returns
  • LLC/LLP/Partnership Tax Returns
  • C Corporation Tax Returns
  • S Corporation Tax Returns
  • Trust Tax Returns
  • Tax Planning & Advisory

Our tax preparation services are tailored to assist businesses and individuals in navigating the complexities of the U.S. tax system. Overall, KMK is dedicated to offering comprehensive, personalized tax preparation services. Our virtual tax preparation services are crafted to streamline the tax preparation process, making it as convenient and stress-free as possible.

Final Thoughts

As the landscape of tax preparation continues to evolve, outsourcing tax services presents itself as a pragmatic solution for firms navigating talent shortages and increasing complexities in taxation. By leveraging outsourcing options, firms can mitigate the challenges associated with staffing while benefiting from cost-effective solutions and access to a diverse talent pool. As you navigate the intricacies of tax compliance, trust in our expertise to guide you towards financial success. At KMK & Associates LLP, our advanced yet affordable outsourcing services are designed to streamline the tax preparation process, providing you with peace of mind and confidence in your financial affairs. Reach out today to explore how we can support your tax preparation needs and help you achieve your financial objectives.

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