Establish contact and gather client's basic information
2
Request previous year's tax documents and financial statements
3
Compare current financial statements with previous year's
4
Review the validity of tax deductions and credits
5
Evaluate any major changes in company's finances
6
Prepare preliminary tax return document
7
Approval: Manager for preliminary tax return document
8
Discuss the preliminary document with the client
9
Revise and finalize tax return document according to client feedback
10
Compute the company's tax liability or refund
11
Present the final tax return document to client for approval
12
Approval: Client for final tax return document
13
Complete IRS e-filing process
14
Confirm the submission with the client
15
Ensure receipt of confirmation from IRS
16
File away all documentation securely
17
Schedule meeting for tax planning for the next year
Establish contact and gather client's basic information
In this task, establish contact with the client to gather basic information needed for the tax return. This includes the client's contact details, business information, and any specific requirements they may have. The goal is to ensure a smooth communication process and gather all necessary information to proceed with the tax return.
Request previous year's tax documents and financial statements
In this task, request the client to provide the previous year's tax documents and financial statements. These documents are essential for accurate tax return preparation. Make sure to specify the required documents and provide guidance on how to submit them. Prompt communication and clear instructions will ensure the timely acquisition of necessary information.
1
Income Statements
2
Balance Sheets
3
Tax Forms
4
Bank Statements
5
Receipts
Compare current financial statements with previous year's
In this task, compare the current financial statements with the previous year's documents provided by the client. This helps identify any discrepancies or significant changes in the company's financial position. Pay attention to key financial ratios, revenue, expenses, and asset values. By performing this comparison, you can ensure the accuracy of the tax return.
1
Income Statements
2
Balance Sheets
3
Cash Flow Statements
4
Statement of Retained Earnings
5
Notes to Financial Statements
1
Increase in Revenue
2
Decrease in Expenses
3
Change in Assets
4
Change in Liabilities
5
Change in Equity
Review the validity of tax deductions and credits
In this task, review the validity of tax deductions and credits claimed by the client. Carefully analyze the supporting documentation provided and ensure that all deductions and credits comply with relevant tax regulations. Proper scrutiny will help avoid penalties or audits due to incorrect claims.
1
Home Office Expenses
2
Business Travel Costs
3
Charitable Donations
4
Educational Expenses
5
Retirement Contributions
1
Receipts
2
Invoices
3
Contracts
4
Bank Statements
5
Pay Stubs
Evaluate any major changes in company's finances
In this task, evaluate any major changes in the company's finances that could impact the tax return. Consider factors such as mergers, acquisitions, divestitures, or changes in business structure. Identifying and understanding these changes will enable accurate reporting and appropriate tax treatment.
1
Mergers
2
Acquisitions
3
Divestitures
4
Changes in Business Structure
5
Significant Investment/Disinvestment
Prepare preliminary tax return document
In this task, prepare the preliminary tax return document based on the gathered information and financial statements. Ensure accuracy and completeness of the tax return, adhering to applicable tax laws and regulations. Attention to detail and expertise in tax preparation are essential for a reliable and comprehensive preliminary document.
Approval: Manager for preliminary tax return document
Will be submitted for approval:
Prepare preliminary tax return document
Will be submitted
Discuss the preliminary document with the client
In this task, discuss the preliminary tax return document with the client. Go over the details and address any questions or concerns they may have. Seek their input and ensure their understanding of the tax return. Open communication and client engagement will contribute to a collaborative and accurate tax return process.
1
Satisfied with the Tax Return
2
Requesting Changes
3
Require Clarification
4
Additional Information Provided
5
Dissatisfied with the Tax Return
Revise and finalize tax return document according to client feedback
In this task, revise and finalize the tax return document based on the client's feedback. Incorporate requested changes, clarify any concerns, and address additional information provided by the client. Collaborative communication and attention to detail will ensure an accurate and agreed-upon final tax return.
Compute the company's tax liability or refund
In this task, compute the company's tax liability or refund based on the finalized tax return. Utilize relevant tax laws, regulations, and current tax rates to accurately calculate the tax amount owed or refundable. Pay attention to various factors such as deductions, credits, and exemptions to ensure an accurate computation.
1
Taxable Income Calculation
2
Tax Rate Application
3
Deduction and Credit Calculation
4
Final Tax Liability or Refund
1
Business Expenses
2
Depreciation Deductions
3
Health Insurance Premiums
4
Retirement Contributions
5
Charitable Contributions
Present the final tax return document to client for approval
In this task, present the final tax return document to the client for their approval. Explain the computations, tax liability, or refund amount in a clear and concise manner. Provide any necessary supporting documentation and address any remaining questions or concerns the client may have.
1
Approved
2
Requesting Changes
3
Require Clarification
4
Additional Information Provided
5
Disapproved
Approval: Client for final tax return document
Will be submitted for approval:
Discuss the preliminary document with the client
Will be submitted
Revise and finalize tax return document according to client feedback
Will be submitted
Compute the company's tax liability or refund
Will be submitted
Present the final tax return document to client for approval
Will be submitted
Complete IRS e-filing process
In this task, complete the IRS e-filing process to submit the tax return electronically. Follow the designated procedures and ensure compliance with IRS regulations. Verify all the information entered before submission to avoid errors or rejections during the e-filing process.
Confirm the submission with the client
In this task, confirm the submission of the tax return with the client. Notify them that the tax return has been successfully e-filed to the IRS. Provide them with any necessary confirmation details or documents for their records.
Ensure receipt of confirmation from IRS
In this task, ensure the receipt of confirmation from the IRS regarding the submitted tax return. Verify that the IRS has accepted and processed the tax return without any issues. If any discrepancies or rejections occur, take the necessary steps to address them promptly.
1
Received Confirmation Email
2
Verified Tax Return Status
3
Addressed any Discrepancies
4
Filed Amendments (if necessary)
5
Notified Client of Confirmation
File away all documentation securely
In this task, file away all tax documentation securely for record-keeping purposes. Ensure the proper organization, labeling, and storage of all documents related to the tax return. Implement appropriate security measures to protect the confidentiality and integrity of the information.
1
Physical Filing Cabinet
2
Secure Cloud Storage
3
Encrypted External Hard Drive
4
Off-Site Storage Facility
5
Digital Document Management System
Schedule meeting for tax planning for the next year
In this task, schedule a meeting with the client to discuss tax planning for the next year. Engage in proactive tax planning to minimize tax liabilities, maximize deductions, and take advantage of potential tax-saving opportunities. Set a date and time for the meeting to ensure early planning and effective tax management.
