Outsourcing Taxation Roles
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Phone Number
+1 628 254 0254
Email Address
info@safebooksglobal.com
Office Address (US)
30 N Gould St STE R Sheridan WY 82801
Office Address (India)
A 813, Mondeal Heights, SG Highway Road, Ahmedabad, 380015
OUR OUTSOURCED SERVICES
TAXATION ROLES
Outsourced taxation roles involve the hiring of outsourced services to take care of tedious tax processes and help organizations remain compliant with government regulations. Tax preparation, filing, consulting, and international taxation services are some of the roles.
With Safebooks Global, CPA firms can use the expertise of experienced professionals to ensure they are paying the right amount of taxes while also having confidence that their finances are handled efficiently and accurately. Outsourced taxation roles help reduce costs and give business owners peace of mind. This makes outsourcing taxation roles a valuable resource for businesses.
As CPA firms grow and evolve, the need to outsource taxation roles is becoming increasingly necessary. With a wealth of complex rules and regulations, it can be difficult for a business to keep up with all the requirements of filing taxes.
Safebooks Global is an outsourced tax preparation service provider that helps CPA firms free up time and resources while still effectively managing their taxes.
What is Outsourced Taxation?
Outsourced taxation is the process of having a third-party manage the day-to-day tasks associated with filing taxes. Ensuring compliance with applicable laws and regulations includes preparing and submitting returns, calculating tax liabilities, and providing advice on tax planning strategies. Outsourcing such roles can free up resources for businesses and allow them to focus on their core objectives.
CPA firms can rest assured that they are getting accurate advice and quality service at a fraction of the cost by entrusting their taxes to an experienced provider. By outsourcing your taxation roles you will be able to free up resources and ensure a high quality of service.
FORM 1040
Individual tax return form to be completed depending on the filing status of the taxpayer. Safebooks Global have expertise in completing various schedules as well as drafting workpapers.
Key Skills :
- Sch A - Itemized deduction (medical expenses, real estate taxes, personal taxes, mortgage interest on home/invested property, charitable contributions)
- Sch B- Dividend and interest along with disclosures of FinCEN forms
- Sch C - Self Employed Business Income (to be reported on Sch#1)- income and expenses from proprietorship business - used to report form 1099-NEC and 1099-Misc as well as expenses incurred to run this business.
- Sch D - Capital gain - to report capital gain/losses from trading of securities, crypto, disposal of asset, sale of home or sale of any capital asset
- Sch E - used to report: Income from Pass through Entities - Partnership or Scorp; Unreimbursed expenses incurred by the individuals for the pass through entities; Income/expenses from the rental activities (Airbnb, vacation home rental,etc).
- Preparing FBAR and Form 8938 Statement of Specified Foreign Financial Assets - report all the financial assets held in other countries
- And more Schedules
FORM 1040 NR
This is for non-resident aliens reporting there income earned in the United States – mostly used by non-permanent resident – visa holder or anyone who has income effectively connected to the USA with ITIN#
Key Skills :
- Ordinary and qualified dividends
- Scholarship and fellowship grants
- Capital gains or losses
- IRA, pension or annuity income
- Real estate or farm income
BUSINESS TAX RETURN:
PARTNERSHIP
Form 1065 is an information return used to report the income, gains, losses, deductions, credits, and other information from the operation of a partnership. Generally, a partnership doesn’t pay tax on its income but passes through any profits or losses to its partners. Partners must include partnership items on their tax or information returns.
OUR EXPERTISE:
- Issuing K-1
- Reporting K-2 to the IRS for any foreign income earned by the partnership
- Form 8804- a transmittal one for form 8805. Form 8804 is utilized to report the partnership’s total liability for the tax year as stipulated in section 1446. All taxes required by Form 8804 must be accompanied by a Form 8813 payment voucher.
- Calculation of estimated tax withhold for non-resident partner (non- resident state as well as non-resident in USA)
- Calculating the state apportionment and preparing each state K-1
- Calculating the recourse and non-recourse liability of each partner
- Preparation of Form 8805 -Foreign Partner's Information Statement of Section 1446 Withholding Tax
- Preparing form K-3 and issuing it to each partner
S-CORP
Form 1120-S to report the income, gains, losses, deductions, credits, and other information of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
OUR EXPERTISE:
- Filing election form 2553 - Election by a Small Business Corporation.
- Issuing K-1 to each partner
- Making sure that the state apportionments are correct
- Preparing from 7203 and basis calculation workpaper
- If it an SMLLC then advising the client to prepare the correct form for federal and state returns.
C-CORP
Form 1120 – all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file F 1, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income.
OUR EXPERTISE:
- Making sure that the state apportionments are correct
- Preparing each state tax return
- Form 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations - reporting income of the foreign corporation held by the entity
- Form 8992 - GILTI tax calculation
- Preparing FBAR and Form 8938 Statement of Specified Foreign Financial Assets - report all the financial assets held in other countries
BENEFITS OF OUTSOURCING TAXATION ROLES FOR CPA FIRMS
Outsourcing taxation roles can provide CPA Firms with a range of benefits. By outsourcing your taxation roles, you can reduce costs, increase quality of service, and free up resources for more important tasks, so it’s the ideal solution for any CPA firms looking for tax efficiency.
Quality Advice
Our outsourcing tax professionals have the necessary knowledge and expertise to give accurate advice and ensure compliance with applicable laws and regulations.
Cost Reduction
Accounting firms can save money by outsourcing their tax work as they don't need to hire and train in-house personnel to manage their taxes.
Flexibility
Outsourced taxation allows CPA firms to be flexible and switch providers quickly.
Resource Freeing
The CPA firm can focus on their core objectives without having to worry about managing their clients taxes.
Finding a Reputable Provider for Your Tax Preparation outsourcing
Finding a reputable provider for your CPA firms needs can be difficult. There are certain things that need to be considered in order to choose the right outsourcing accounting firm for taxation roles.
There are many steps that can be taken to ensure your online business meets the most stringent requirements and to ensure your accounting and tax systems are in line with best practices and compliance. Make sure you know what those steps are before you start out.
Offshore Tax Team
Outsourcing Tax Services
Research: You must research the different outsourcing tax firms and compare their services, fees, and packages.
Check Credentials: Check the credentials of the outsourcing tax company to make sure they are licensed and accredited in your jurisdiction.
Ask Questions: Asking questions will help you understand exactly what tax services are included in the package and any additional costs that may apply.
Contractual Agreement: The agreements should clearly outline the responsibilities of each party as well as any contingencies or liability involved in working.
Compare services: Understand what each CPA firm offers such as filing accuracy, cost savings opportunities from effective tax rates, and compliance with applicable laws and regulations.
Review software options: Research the different types of software available and assess the performance against your specific needs.
Consider future requirements: When outsourcing to tax professionals, think ahead to predict any changes in staff numbers or tax-filing systems that may be necessary in the future; this will help you choose a provider that can adapt with your CPA firm as it grows.
You should consider these considerations when selecting a CPA firm, determining the quality of service you receive and the value for money you pay. It’s important to research the providers to make an informed decision that meets your needs and helps you remain compliant with taxation laws.
OUR Tech EXPERTISE
TAX SOFTWARES WE WORK WITH
Our team has hands on experience with the best tax preparer software that provides our clients with the best outsourced tax preparation services.
OUR PROCESS
Get outsourced tax preparation with Safebooks Global
We at Safebooks Global believe that having access to qualified professionals is key to success. By partnering our CPA experts, we can ensure that you receive top quality outsourced tax staffing solutions.
Our outsourced team has years of experience working with CPA and EA firms across diverse industry which means your chances of missing deadlines are eliminated with our experienced professionals.
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INDUSTRY WE SERVE
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