Certified public accountants (CPAs) offer tremendous value to their clients. In addition to expert tax advice, CPAs can also represent their clients directly before the IRS. CPAs offer enhanced services because they passed a rigorous testing process that earns them the CPA distinction, as opposed to a regular accountant.
For these reasons, taxpayers in need of tax planning, tax advice and help with tax issues and complex returns gravitate to tax accountants who have earned the CPA distinction.
If you are staring at the July 15th modified tax deadline, hiring a CPA to prepare a return that provides the maximum tax advantage is probably a priority, especially if you have tax questions or are facing a labor-intensive filing process. However, in the COVID-19 era, many people are rightfully concerned about face-to-face appointments. The threat of a second wave has become real as many states continue to experience exponential COVID-19 case growth. Reducing the spread requires social distancing, and CPAs across the country are doing their part.
Did you know that CPAs can handle your tax preparation virtually?
There is no need to choose between receiving the tax service you need and protecting your health. The process is simple, smooth and seamless. There is no difference between doing the tax preparation virtually or face to face, except remote tax filing protects your health while allowing you to get tax preparation off your to-do list from the comfort of your home.
The Virtual Tax Preparation Process
Getting the process started is as easy as making a call to or emailing your CPA. The CPA’s office will schedule a telephone or Zoom appointment with the accountant. During this appointment, the CPA will review your situation, answer any questions and interview you to determine what tax deductions and strategies will minimize your tax liability.
The CPA will need all relevant documents, such as W2s, 1099s, profit & loss statements and documentation that supports deductions. Clients can submit these items by uploading them to the CPA’s secure website. Because they handle financial documents, CPAs use top cybersecurity technology and protocols.
Next, the CPA prepares your tax return and sends you a copy through the secure system. After reviewing the return, you have the opportunity to ask any questions or provide any information you may have forgotten. If the return is ready for submission the IRS, you can sign electronically and the accounting firm will file it on your behalf. Those who owe money can submit payment through the secure system, while those receiving a refund can opt for electronic transfer to their bank.
Virtual Tax Planning
CPAs offer much more than tax preparation. They also provide proactive tax planning, which enhances after tax earnings and household net income. To help their clients make tax-smart decisions that reduce their liability, CPAs start by reviewing previous tax returns to look for potential areas of improvement, such as increased contributions to tax-advantaged retirement plans, tax loss harvesting of securities and asset depreciation for business owners.
CPAs employ a forward-thinking approach to tax planning. The last thing you want to do is wait until just before tax time to address your return and submit it in a rush. Firstly, this means you were unaware of your tax liability until the last minute and that can lead to some nasty surprises. Secondly, rush filings are prone to errors, ranging from simple computation to overlooked deductions. Thirdly, last minute filings allow for no tax planning, such as adjusting retirement savings contributions to maximize tax efficiency.
CPAs have expertise in all types of tax planning, including the following:
• Income tax smoothing
• Tax bracket analysis and management
• Business structure analysis
• Roth conversion decision making
• Tax loss harvesting
• Stock option tax planning
• RMD acceleration studies
• Retirement plan savings analysis and maximization
• Capital gains tax reduction
All types of businesses have needed to adjust in the COVID-19 era, and CPA firms provide no exception. With virtual tax preparation, clients can receive the expertise of a CPA without having to risk exposure to the virus. CPAs provide comprehensive service that includes tax planning and preparation. They can also represent clients in negotiations with the IRS. The age of COVID-19 has brought with it vast challenges, but by hiring a CPA for virtual tax preparation, your taxes wont be one of them.
If you are looking for a trusted and experienced CPA and Tax Firm in the Canton area, Tax Avenger is among the best. With more than 18 years of experience in accounting and taxation both locally and internationally, our commitment to exceptional customer service ensures you are in good hands.
Now with our remote filing services, it couldn’t be any easier to file your taxes while you stay safe at home. We provide efficient, cost-effective accounting and tax services including, business accounting services, individual tax preparation, financial and tax consulting to payroll services, and so much more. We are here to help, call us for a Free Consultation!