You read it right…the 1040 review itself. CPA firms across the country are outsourcing compliance processes in order to gain time to focus on more strategic (and profitable) services. While it makes a lot of sense for firms to outsource tax preparation, what about the1040 review?
1040 returns can easily be prepared by a 3rd party, but they still must be reviewed. The 1040 review is often the most time consuming and expensive part of the entire process, because it requires the time of managers and partners who have higher billing rates. These same managers and partners struggle with the bottleneck this creates.
But, what if you could route a prepared return to expert tax accountants to do the 1040 review for you?
How much time would that save you? What impact would it have for you to be able to invest that time into other areas of your practice?
What if you only had to touch the return at the very end of the process to do a brief exception review with confidence that the return was accurate? Would this put you in a better position to see the big picture story inside the return and focus your time on higher value client conversations?
Verified by TaxExact™ is a service designed exclusively to address the 1040 review. It’s simple, secure, and accurate. Here’s how it works.
- You drop off the preparer’s copy of the return along with a pdf of client source documents in our secure portal.
- Our experienced reviewers perform the technical review using proprietary TaxExact® technology, verifying all totals that are correct and calling out any discrepancies. All discrepancies are accompanied by review notes with a link to the area where they were found.
- The reviewed return is delivered securely back to you via our TaxExact technology with notes and visibility to this year’s totals, last year’s totals, and a variance.
The Secret Sauce
Our tax accountants use a unique methodology and a proprietary software tool for reviewing 1040s. Instead of ticking and tieing, which doesn’t protect from human error, they recreate an independent expectation of the return using automation that verifies all totals that are correct. By using technology to automatically verify all totals, we are able to zero in immediately on potential errors and discrepancies and provide detailed review notes with links to the specific area of the return.
This empowers firm final reviewers to touch the return once with confidence that is correct and with more time to focus on advisory opportunities within the return that could result in more business.
10/15 is almost here…
And, we are ready for you. With a recently expanded team to meet increasing demand for firms who want to outsource their 1040 reviews, we have limited capacity still available for this upcoming 10/15 deadline.
Schedule a quick call today to find out how to give yourself precious time back to maintain your sanity this extension season!
BONUS!!! Using Verified by TaxExact also includes full review notes to help educate the original preparer.
