As tax season begins, businesses are encouraged to take proactive steps to simplify the filing process, making it faster and more efficient for their CPA. 
Set Up Your IRS Online Account
The IRS Online Account is an essential resource for businesses. This tool provides essential information that can streamline the tax filing process and reduce the need for back-and-forth communication.
Through the IRS Online Account, businesses can easily access:
- Prior year returns and payment history
- Wage and income transcripts
- Balance statements and payment plans
- IRS notices and updates
Organize Financial Records
Providing your CPA with well-organized financial records is one of the best ways to expedite the tax filing process. Gather and organize the following:
- Income Statements: Sales, investments, and other revenue sources.
- Expense Documentation: Receipts for rent, payroll, and other deductions.
- Employee and Contractor Forms: W-2s and 1099s.
- Tax Payment Records: Documentation of estimated tax payments.
Well-kept records will help you avoid delays and errors.
Share Key Business Updates
Significant changes in your business can affect your tax filings. Be sure to share any updates regarding:
- New hires, layoffs, or payroll adjustments.
- Expansions, property changes, or asset sales.
- Changes in revenue streams or business structure.
These updates help ensure accurate filings and customized strategies.
Communicate Early
Share your records and updates with your CPA as soon as possible. Early communication allows them to:
- File accurately and efficiently.
- Identify tax-saving opportunities.
- Resolve potential issues ahead of deadlines.
Final Thoughts
Preparation makes tax season easier for everyone. By setting up your IRS Online Account, organizing records, and staying in touch, your CPA will be able to file your taxes smoothly and efficiently this tax season.
Need assistance with your taxes? Contact us today.
