AE Terms Flashcards
What are the discount opportunities available to firms?
- Higher upfront payment (50% upfront = 2.5% discount, 100% upfront = 5% discount)
- Volume: Breaks at over 150 and up
What happens when someone submits a basic 1040 but ends up sending in a K1 etc with the client information?
Gets pushed up to standard 1040 rate
What schedules are included in the basic 1040s?
A, B, D, E (no rentals or K1s on E for basic tho)
Which foreign form do we not charge an additional fee for if the reasoning for filing the form is driven by the client’s brokerage account?
Form 1116
What do we at Taxfyle need/don’t do in order to do work papers? What type of entry’s can our pros handle?
We do not do any adjusting journal entries and new a clean trial balance. We do tax entries but do not do any book adjusting entries. For example we do depreciation and amortization
Form 1040? Filing & Extension Date
Individual Tax Return - April 15, Extension Oct 15
Form 1120S? Filing & Extension Date
S-Corp Tax Return - March 15
Form 1065? Filing Date
Partnership Tax Return - March 15
Form 1120?
C-Corp Tax Return
Form 1041? Filing Date?
Trust and Estate, April 15
Form 990?
Non Profit Return
Why should firms be outsourcing
- Lack of qualified employees - we can replace that staff or senior level preparer
- Cost of accounting professionals - Training, benefits, raises, recruiting fees and typically leave the firm early
- General decline in accountants
- Tax compliance is becoming more and more a fixed fee
What pushback can you give if they say they have interns?
- Quality across the board is going down.
- Were giving them higher quality at almost the same cost.
What two forms do K1s spit out of? Which form do they flow into?
Spit out of 1120s and 1065 and flow through to 1040s.
CCH Axcess Tax - Cloud or Desktop? Do we do Backup Files? Can we remote login?
Cloud Version. We will not do backup files. Can remote login.
CCH ProSystems FX - Cloud or Desktop? Do we do Backup Files?
Desktop Version. We will not do backup files. Can remote login, but only through a virtual desktop.
UltraTax CS - Cloud or Desktop? Do we do Backup Files?
Both Cloud & Desktop. could do backup files. Can remote login. Should ask how our pros will access their system.
Lacerte - Cloud or Desktop? Do we do backup files?
Desktop. Can do backup files. Remote through virtual login.
Intuit ProConnect - Cloud or Desktop? Do we do backup files?
Cloud based. No backup files.
Do our pros handle crypto currency? If so, which schedule is it on and where does it fit into pricing?
Yes, Schedule D and it is included in the base price option.
What type of background check do our pros go through?
Criminal Background check, not financial
What is our pro retention rate?
93%
Can our pros interact directly with a firm’s clients and if so how many returns does a firm have to do to qualify for the service?
Yes but we require at least 500 returns committed per year.
What happens after a contract is signed? What is the next step for the firm and Taxfyle
- Kickoff Call: with sales, CS team and firm
- Pro Expectations Call: A call where we introduce the firm to the pros to set expectations and see if they are a good fit.
