How to cope with the high volume of tax returns effectively in 2023?

1
(No Transcript)
2
How to cope with the high volume of tax returns
effectively in 2023?
0
1
-3
www.capactix.com/
3
Challenges of the Tax Season
www.capactix.com/
4
Dealing with the Rush Due to the stringent
deadlines for tax filing, CPA firms need to
prepare and submit tax returns within 2.5 months.
Dealing with Sales Tax Clients have started
shopping across borders even more and the number
increases by the second. So, CPAs need to be
aware as the Sales Tax Rates differ from state to
state. Dealing with Tax Updates The IRS
recently updated that the Reporting Rules have
been changed for Form 1099-K. So, CPAs are
required to always be on the lookout for updates.
Mistakes can be consequential. Dealing with new
Business Models Technology has revolutionized
the way businesses perform operations. Firms have
switched to E-commerce or online modes of
operations. This impacts CPA firms as they need
to invest in training.   Dealing with
Customizations Every client has different
requirements and needs that if not fulfilled,
will lead to client loss. So, managing the staff
in order to satisfy every clients requirements
gets frustrating. 
www.capactix.com/
5
Dealing with Software Updates Tax software has
constantly been updated every year in order to
maximize the efficiency of operations. Certain
updates require thorough training.  Dealing with
Talent Acquisition Tax Preparers are
professionals with optimum expertise. So, given
the competition in this industry, its always a
challenge to retain them.  
www.capactix.com/
6
Tips to cope with the high volume of tax returns
7
-5
-4
www.capactix.com/
7
How are integers divided?
5
Here are a few tips which will help you cope with
the high volume of tax returns coming your way. 

• Plan and Strategize 

• Stack up your Arsenal 

• Sharpen Your Axe 

3
www.capactix.com/
8
Plan and Strategize
The first step to successfully completing any
given task is to plan and strategize it. The
battle is either won or lost first on the
mind. So, CPAs need to invest time in
understanding the scope of work. They need to
know the total number of tax returns that they
are supposed to file. They need to know the
differences in the business models and operations
that their clients have.   This also includes
knowing the exact number of tax preparers they
have so that they are able to allocate tasks and
clients accordingly. Its best to organize the
tasks in order of their respective deadlines and
how complex they are.
0
4
www.capactix.com/
9
Heres a basic checklist that CPA firms should
keep in mind before you start filling them. 

• The total number of tax returns to file. 
• The total number of tax preparers they have. 
• Prioritize the tax returns based on their
  complexity. 
• If you need more manpower, plan talent
  acquisition or outsourcing.  

www.capactix.com/
10
Stack up your Arsenal 
Its very common to see CPAs reach out to clients
at the eleventh hour asking for crucial documents
that were not submitted before. We learn from our
mistakes. So, the best way to avoid such
last-second mishaps is to make a list of all the
deliverables that you will need from the client
beforehand. And then let them know about
it.   That way you wont have to worry about
missing documents. This is a very important step
that you cant afford to miss before filing
taxes. There are multiple ways you can secure all
the needed documents from your clients.  
0
4
www.capactix.com/
11

• Online Portal (Secured) 
• Microsoft Teams (SharePoint) 
• Tax Organisers 

Also, dont forget to keep proper track of the
documents provided by the clients, by giving
proper naming conventions which will help you
remember the file locations always.    Also
read Tax Tips for 2023 Tax Season Make Your Tax
Process Effortless
www.capactix.com/
12
Sharpen Your Axe 
As mentioned above, the IRS updates its rules
every tax season, now the changes may differ on
the severity of the impact it has on your
operations. But regardless of that, you must make
sure that your tax preparers are trained in
advance. Your tax preparers can start
understanding the updates before the tax season
starts. You can hire Tax Professionals or
veterans who have an understanding of tax
policies and rules in depth, to train and teach
your staff. They will be able to give you a list
of best practices as they have seen decades of
tax season.   If this is done right, then while
preparing taxes your tax preparers will be ready
to overcome hurdles caused by the changes and
updates in the tax policies.  
0
4
www.capactix.com/
13
To Conclude 
This blog just sums up a few of the best ways you
can cope with the high volume of tax returns
coming your way. There might be many more tactics
that you personally have discovered and have been
implementing successfully. As experts in tax
preparation, it is very important for you to
prepare a strategy that involves a mixture of
best practices that help you maximize your
efforts.   Tax Seasons can be very unpleasant if
you do not take these things into consideration.
America is booming with new businesses. And the
pandemic has accelerated that growth manifold.
So, the scope of work will increase every year.
And that is a good thing as CPA firms are getting
more opportunities to prove their worth and
increase their goodwill in the market.  Experienc
e a Profitable Tax Season by partnering with
CapActix, a leading tax return preparation
outsourcing service provider.  
0
4
www.capactix.com/
14

• Why CapActix? 

CapActix is a leading offshore staffing company,
we have partnered with 150 clients and have
helped them sail through difficult tax seasons.
We have come across clients with different
business models, which have equipped our
accountants with technical expertise that enables
them to manage our clients tax preparation
needs.   If you have not made up your mind yet,
dont worry. You can opt-in for a Free 15 Hour
Trial. Post that if you are satisfied with our
tax preparers, you can choose if you want to go
for an outsourcing model or hiring model.   Our
outsourcing model has a fixed rate, whereas our
hiring model has 3 different modes. Full-Time,
Part-Time, and Flexible Hours.   If you want
more information, fix a call with our Business
Head and get all your questions answered by
scheduling a meeting. Click here to schedule
meeting .
-3
www.capactix.com/
15
Connect With Us
Contact US
USA 1 201-778-0509
Dubai 971 58-249-7106
Australia 610425-383-594
India 91 902-304-4337
East Africa 256 772-420-075
www.capactix.com/