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Capital Gains, Wealth Taxes, and Offshore Planning How High-Net-Worth Clients Should Prepare for 2026

The New Era of High-Net-Worth Tax Planning
As 2026 approaches, high-net-worth tax planning is no longer just about domestic capital gains, it’s about global wealth visibility and compliance.
The U.S. tax landscape is on the verge of a dramatic transformation. As key provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire in 2026, tax professionals are preparing for a more complex environment where capital gains taxes, wealth taxes, and cross-border compliance will dominate the conversation. For high-net-worth individuals (HNWIs), this means a significant shift in how their wealth is structured, reported, and preserved.
Adding to the challenge is the growing global footprint of affluent clients. Many now hold assets across multiple jurisdictions or engage with offshore entities, requiring meticulous coordination between domestic and offshore tax planning for CPAs. Navigating these layers of complexity demands more than traditional tax preparation, it requires proactive strategy, technological precision, and regulatory awareness.
This is where Unison Globus stands apart. As a trusted leader in outsourced tax preparation for CPAs and IRS-compliant tax services, Unison Globus empowers accounting firms to stay ahead of these evolving demands. With expertise spanning 1040, 1065, 1120, and 1041 tax filing support, multi-state tax preparation services, and FATCA and FBAR compliance support, our team ensures firms can confidently serve high-net-worth clients while maintaining full regulatory compliance.
As global wealth becomes increasingly interconnected, Unison Globus tax outsourcing provides the foundation for firms to offer seamless, cross-border tax compliance and offshore tax planning for CPA firms – helping clients protect their assets and optimize their global tax position in the new 2026 tax era.

What’s Changing in 2026: Capital Gains and Wealth Tax Outlook

As the expiration of the Tax Cuts and Jobs Act (TCJA) approaches, 2026 is set to reshape how high-net-worth clients plan and report their wealth. With potential increases in capital gains tax 2026 rates and growing political momentum behind a wealth tax 2026 USA proposal, proactive tax planning is no longer optional – it’s essential.

#1. The TCJA Sunset and Its Ripple Effect

The TCJA’s expiration will likely lead to higher top individual income tax rates and increased capital gains tax 2026 thresholds. For affluent individuals and families, this means a heavier tax burden on investment income, stock options, and long-term asset sales. Accounting firms must prepare for complex adjustments in 1040, 1065, and 1120 tax filing support, ensuring clients maintain compliance while optimizing gains realization strategies.

#2. Wealth Tax Discussions Gain Momentum

Lawmakers continue to debate new measures targeting high-value estates and unrealized gains. While the structure of a wealth tax 2026 USA remains uncertain, discussions indicate a move Atoward broader taxation of global wealth, especially for those with offshore trusts or cross-border portfolios. This creates new considerations in offshore tax planning for CPAs, requiring greater visibility into client asset structures and valuation methods.

#3. The IRS Tightens Its Focus

The IRS is intensifying efforts to monitor global wealth flows. Enhanced digital asset tracking, expanded FATCA and FBAR compliance support, and international collaboration under the Common Reporting Standard (CRS) are making offshore secrecy increasingly difficult. Firms providing tax advisory for high-net-worth clients must be equipped to manage both U.S. and global reporting obligations with precision and confidentiality.

#4. The Broader Impact on Wealth Structures

These upcoming shifts will directly affect investment strategies, estate planning, and offshore holdings. High-net-worth tax planning USA will require a coordinated approach that blends domestic and offshore accounting oversight. Firms leveraging Unison Globus tax outsourcing gain access to a specialized team proficient in IRS-compliant tax services, multi-state tax preparation services, and offshore bookkeeping for U.S. accounting firms, ensuring that every element of the client’s financial picture remains compliant and strategically aligned.

Outsourced accounting for CPA firms is not just about managing workload but it’s about delivering high-level advisory value. By partnering with Unison Globus, firms can stay ahead of the curve and guide their clients through the coming wave of cross-border tax compliance and policy reform with confidence.

The Global Factor: Offshore Assets and Cross-Border Challenges

As global wealth mobility accelerates, high-net-worth individuals are increasingly managing diversified portfolios that span multiple jurisdictions. This creates tremendous opportunity but also significant compliance and operational complexity. For CPA firms, serving clients with offshore holdings requires precision, coordination, and a deep understanding of global reporting standards.

Complex Reporting Obligations: FBAR, FATCA, and Beyond

For clients with offshore holdings, U.S. tax compliance goes far beyond domestic filings. The Foreign Bank Account Report (FBAR) and Foreign Account Tax Compliance Act (FATCA) require detailed disclosure of foreign accounts and assets. Noncompliance penalties can be severe up to 50% of the account balance per violation according to IRS enforcement data.

Accounting firms must ensure that every offshore transaction, account, and entity is properly tracked and reported under these evolving regulations. This is where Unison Globus’s IRS-compliant tax outsourcing delivers a decisive advantage. Our experts provide full FATCA and FBAR compliance support, helping CPA firms maintain accuracy, minimize risk exposure, and enhance client confidence.

Valuation, Currency, and Timing Challenges

Currency conversion rates, local valuation standards, and differing fiscal year-end dates add another layer of complexity to offshore tax planning for CPA firms. Even minor discrepancies in exchange rates or reporting timelines can distort taxable income and create compliance gaps. Through outsourced accounting for CPA firms, Unison Globus ensures every offshore transaction is reconciled with precision aligning local accounting practices with U.S. reporting standards.

Overcoming Operational Barriers

Cross-border tax advisory often encounters time-zone differences, communication gaps, and inconsistent data-sharing protocols. For firms managing high-net-worth clients across multiple regions, these barriers can hinder efficiency and accuracy. Unison Globus eliminates these challenges with secure digital collaboration tools, synchronized workflows, and continuous communication support ensuring seamless offshore accounting operations across global teams.

Data Security and Multi-Jurisdictional Coordination

With global data privacy regulations tightening (including GDPR and CCPA), protecting client data across jurisdictions has never been more critical. Unison Globus integrates IRS-compliant tax services with advanced cybersecurity measures and restricted-access systems. This enables firms to confidently manage offshore bookkeeping for U.S. accounting firms and multi-jurisdictional reporting without compromising confidentiality or compliance integrity.
Pro Tip:
Integrating onshore and offshore accounting systems helps firms
maintain accuracy and transparency for clients with global portfolios.

By combining local expertise with global compliance oversight, Unison Globus empowers firms to overcome offshore accounting challenges efficiently enabling CPAs to focus on delivering strategic tax advisory for high-net-worth clients while ensuring total regulatory compliance.

Partner with Unison Globus to prepare your
high-net-worth clients for 2026.

Don’t wait for 2026 tax changes to disrupt your workflow. Connect with Unison Globus now to align your accounting firm with seamless offshore bookkeeping, FATCA/FBAR compliance support, and high-net-worth advisory services. Contact Us   at +1 (407) 807-0100 or  [email protected]

Common Pitfalls in HNW and Offshore Tax Planning

Even seasoned accounting professionals can face unexpected hurdles when managing complex high-net-worth and offshore portfolios. The growing volume of international transactions, evolving reporting standards, and the expiration of TCJA provisions make accuracy more critical than ever. Below are some of the most frequent pitfalls CPA firms encounter and how proactive management can prevent them.

#1. Inconsistent Documentation or Missing Foreign-Income Data

Incomplete or mismatched data from foreign institutions can lead to underreporting or duplication of income. With IRS-compliant tax services and structured data workflows, firms can ensure complete and verifiable documentation for every client account.

#2. Mismanagement of Foreign Capital Gains or Loss Carryforwards

Tracking and reconciling offshore capital gains, especially with fluctuating currency values, requires precision. Errors in this area can distort taxable income and affect capital gains tax 2026 calculations. Partnering with Unison Globus tax outsourcing ensures accurate gain and loss reconciliation across jurisdictions.

#3. Inefficient Communication Between U.S. and Offshore Teams

Breakdowns in communication can delay filings and increase the risk of noncompliance. Streamlined collaboration through outsourced accounting for CPA firms helps maintain real-time visibility across global workflows.

#4. Overreliance on Manual Processes During Filing Season

Manual data entry and spreadsheet-based reconciliations heighten the risk of human error. With Unison Globus’s digital tax preparation systems, firms can automate 1040, 1065, 1120, and 1041 tax filing support while maintaining consistency across complex portfolios.

#5. Non-Compliance With Global Reporting Mandates

Failure to align with FATCA, FBAR, or other cross-border requirements can expose clients to audits, fines, or double taxation. Unison Globus ensures IRS-compliant tax outsourcing with full adherence to international reporting frameworks.
Avoidable Risk:
Misreporting offshore investment gains can trigger severe IRS penalties or double taxation.
By anticipating these pitfalls, firms can deliver stronger oversight, protect client wealth, and build long-term trust all while maintaining compliance with evolving 2026 tax regulations.

Strategies for Accountants and Firms: Preparing Clients for 2026

With major tax reforms approaching, accounting firms must adopt forward-looking strategies to safeguard client portfolios and enhance advisory value. The following actionable steps can help CPAs prepare high-net-worth clients for the new era of capital gains tax 2026 and potential wealth tax 2026 USA implications.

a. Perform a 2025 Wealth Audit

Before 2026 arrives, firms should conduct a full audit of each client’s wealth profile.

  • Review investment portfolios, trust structures, and foreign holdings for compliance and optimization.
  • Identify exposure to shifting capital gains rates, wealth tax thresholds, and offshore reporting mandates.
  • Assess existing filing frameworks – 1040, 1065, 1120, and 1041 tax filing support for potential adjustments.

This proactive audit enables more accurate high-net-worth tax planning and positions clients to minimize their taxable footprint under new legislation

 


b. Enhance Global Coordination

For clients with offshore investments, seamless coordination between onshore and offshore advisors is essential.

  • Adopt cloud-based platforms to enable secure, real-time collaboration.
  • Establish structured communication and document-control protocols across global offices.
  • Integrate systems for multi-state tax preparation services and cross-border compliance management.

Unified global coordination reduces duplication, enhances transparency, and ensures every entity aligns with IRS-compliant tax services.


c. Leverage Specialized Outsourcing Partners

Partnering with a dedicated outsourcing provider allows firms to scale efficiently while maintaining quality and compliance.

  • Unison Globus offers comprehensive support for outsourced accounting for CPA firms and offshore tax planning for CPAs combining accuracy, confidentiality, and round-the-clock service coverage.
  • With deep expertise in FATCA and FBAR compliance support, our team ensures firms meet global standards while delivering superior client outcomes.

Through Unison Globus tax outsourcing, firms gain the capacity to manage complex, cross-border portfolios with precision and reliability.

 

d. Strategic planning now can significantly reduce future tax liabilities.

Strategic planning now can significantly reduce future tax liabilities.

  • Employ tax-loss harvesting, charitable gifting, and offshore trust optimization to maximize post-tax returns.
  • Use data analytics and scenario planning to model different 2026 tax outcomes and guide informed client decisions.

By taking a proactive, data-driven approach, accounting firms can strengthen their advisory role while helping clients adapt to evolving domestic and global tax environments.

Technology and Compliance: The Technology-Enhanced Future

As the 2026 tax landscape grows more intricate, automation is transforming how firms manage high-net-worth and offshore accounts. Advanced tools now track global income streams, generate real-time tax projections, and flag compliance risks across jurisdictions enhancing accuracy and efficiency. For CPA firms leveraging IRS-compliant tax outsourcing, technology enables smarter, faster decision-making while reducing manual workload.
However, technology cannot replace professional judgment. Human oversight remains vital for ensuring ethical standards, interpreting complex tax codes, and safeguarding client integrity.
Technology streamlines cross-border tax management, but accountability still rests with qualified professionals.

Unison Globus: Managing a Global HNW Portfolio Efficiently

A mid-sized CPA firm in New York managing high-net-worth clients with global portfolios faced mounting complexity multi-jurisdictional reporting, currency-based capital gains tracking, and compliance documentation ahead of the 2026 tax changes. By partnering with Unison Globus tax outsourcing, the firm gained access to a dedicated offshore team with over 19 years of industry experience, specializing in IRS-compliant tax services, multi-state tax preparation, and offshore bookkeeping for U.S. accounting firms.
Unison Globus’s ISO-certified infrastructure, AI-enabled tax preparation systems, and cloud-based workflow management tools allowed the firm to manage cross-border accounting tasks securely and efficiently. Seamless coordination across time zones, real-time status tracking, and accurate multi-currency capital gains reporting transformed their operations.
Within one tax cycle, the firm reduced errors by 35%, improved turnaround time by 40%, and strengthened client confidence through transparent, audit-ready reporting. By integrating Unison Globus’s technology-driven outsourcing solutions, the CPA firm not only optimized productivity but also elevated its advisory value for high-net-worth clients in an increasingly complex global tax environment.

Conclusion: Building a Future-Ready HNW Advisory Model

As 2026 approaches, accounting firms face a dual imperative: navigate evolving U.S. tax shifts, including capital gains tax 2026 and potential wealth tax 2026 USA, while managing increasingly complex global portfolios. High-net-worth clients demand precise, compliant, and strategically coordinated advisory services that bridge domestic and offshore tax planning.
Unison Globus serves as a strategic outsourcing and advisory ally, delivering IRS-compliant tax outsourcing, multi-state tax preparation services, and streamlined offshore bookkeeping for U.S. accounting firms. By leveraging our expertise, firms can reduce errors, enhance efficiency, and elevate client trust.
Download checklist for Capital Gains, Wealth Taxes, and Offshore Planning
Categories
Tax Preparation

Outsourcing Tax Preparation to India: A Guide for US CPA Firms

Explore how Unison Globus can help U.S. CPA firms outsource tax preparation to India for cost savings, operational scalability, and enhanced client service. Learn about the benefits of partnering with a trusted outsourcing provider for seamless, efficient tax solutions. The U.S. tax landscape has always been intricate, shaped by evolving regulations and an increasing demand for precise, timely tax preparation. As tax deadlines tighten and compliance requirements grow more complex, Certified Public Accountants (CPAs) are increasingly seeking ways to streamline operations without compromising on accuracy or client service.
One of the most effective strategies to achieve this is outsourcing tax preparation to global partners, with India emerging as a leading destination for offshore tax preparation services.
In this guide, we’ll explore the growing trend of tax outsourcing solutions and examine why U.S. CPA firms are turning to India to address the challenges of tax preparation. Whether you’re considering outsourced tax services for the first time or looking to optimize your existing CPA firm outsourcing strategy, this blog will offer valuable insights into why India has become the go-to hub for outsourced tax services for CPA firms, offering unmatched expertise, cost-efficiency, and scalability during peak tax seasons.

Why India ? The Advantage of Outsourcing Tax Preparation

India has long been recognized as a global powerhouse in outsourcing, and its role in the tax preparation outsourcing sector is no exception. As U.S. CPA firms face increasing pressure to deliver timely and accurate services, India offers a strategic advantage for firms looking to optimize operations. Here’s why India is the preferred choice for tax outsourcing solutions:

Skilled Workforce with Expertise in U.S. Tax Law and IRS Compliance:

India boasts a highly educated workforce that is well-versed in the complexities of U.S. tax laws and IRS compliance. Whether it’s preparing individual returns like 1040 or business returns such as 1120 and 1065, Indian outsourcing partners bring a wealth of knowledge and experience in handling U.S.-specific tax requirements. This deep expertise ensures that tax returns are not only accurate but also aligned with ever-evolving IRS regulations.

Cost Efficiency and Scalability Without Compromising Quality:

One of the most compelling reasons CPA firms are increasingly outsourcing to India is the significant cost savings it offers. By outsourcing, firms can reduce operational overheads such as hiring full-time staff or investing in costly infrastructure – without sacrificing quality. Indian partners also offer scalability, meaning that as your firm grows or experiences spikes during busy seasons like tax season outsourcing, they can quickly ramp up capacity to meet your needs without additional stress on your in-house team.

Time Zone Advantage for Faster Turnaround and Quicker Client Response:

The time zone difference between the U.S. and India becomes a strategic asset, especially during peak periods like tax season. While U.S. firms are offline, Indian outsourcing teams can continue working on your tax returns, offering faster turnaround times and ensuring quicker responses to your client needs. This round-the-clock productivity can make a significant difference in meeting tight deadlines, ensuring your firm can deliver exceptional service even during the busiest times of the year

Secure, Paperless Workflows with Industry-Leading Data Protection:

Security is a top priority when dealing with sensitive tax information. Indian outsourcing providers are committed to maintaining the highest standards of data security. Many adhere to strict protocols like SOC 2 and ISO certifications, ensuring your clients’ sensitive data is always protected. Additionally, India-based outsourcing partners embrace paperless workflows, reducing the risk of data breaches and providing an efficient, environmentally friendly solution to handling documents.

What Services Can Be Outsourced?

When you choose to outsource tax preparation to India, you gain access to a wide range of services that help lighten your firm’s workload and expand its capabilities. Here are the key services you can confidently outsource:

Individual and Business Tax Return Preparation

Outsourcing partners can handle all aspects of tax return preparation, from individual returns like 1040 to corporate returns such as 1120 and partnership returns like 1065. With Indian teams trained in IRS compliance, you can ensure that every return is accurate, timely, and filed according to the latest tax laws.

Tax Extensions, Estimated Payments, and IRS Notice Responses

Managing critical tax deadlines is no small task. An outsourcing partner can handle the administrative burden of filing tax extensions, processing estimated payments, and responding to IRS notices, allowing your in-house team to focus on more complex client needs and strategic advisory work.

Bookkeeping, Payroll, and Sales Tax Filings

Many Indian outsourcing providers extend their services beyond tax preparation to include essential accounting functions such as bookkeeping, payroll processing, and sales tax filings. This allows CPA firms to offer a comprehensive suite of services to their clients, all without the need for additional in-house personnel.

Audit Support and Client Advisory Documentation

Outsourced teams can assist in preparing detailed audit support materials and client advisory documentation, enabling your in-house professionals to focus on high-value, strategic advisory services. Whether you need detailed reports for audits or comprehensive client plans, Indian outsourcing partners are equipped to handle these tasks efficiently and accurately.
Read Also: Top Considerations for Choosing an Offshoring Accounting and Tax Partner in India

Benefits for CPA Firms and Small Businesses

Outsourcing tax preparation provides a wealth of advantages for CPA firms and small businesses, driving efficiencies, enhancing service offerings, and improving overall profitability. By leveraging the expertise of offshore tax preparation partners, firms can experience substantial operational improvements. Here’s how:

Reduced Operational Costs

Outsourcing enables CPA firms to significantly cut operational costs. With tax outsourcing solutions, firms no longer need to hire temporary or seasonal staff, nor do they need to invest heavily in technology or infrastructure to manage peak workloads. By delegating tax preparation tasks to a reliable outsourcing partner, firms can allocate resources more efficiently and reinvest savings into areas that generate long-term growth.

Increased Capacity During Tax Season

Tax season can be a daunting period for CPA firms, as workloads spike and deadlines loom. Tax season outsourcing allows firms to scale their operations without the hassle of hiring additional full-time staff. Whether it’s preparing a higher volume of returns or handling more complex tax issues, outsourcing gives your firm the flexibility to increase capacity precisely when you need it most, ensuring your clients receive timely and accurate service.

Improved Accuracy and Compliance

With the complexity of U.S. tax codes and ever-changing IRS regulations, accuracy and compliance are non-negotiable. By partnering with an experienced outsourcing provider like Unison Globus, you benefit from a team that is highly skilled in navigating IRS rules and regulations. This expertise reduces the risk of errors and ensures your clients’ tax returns are filed with the utmost accuracy, minimizing the risk of audits, penalties, and other compliance issues.

Focus on Client Advisory and Strategic Services

Outsourcing non-core tasks like tax preparation frees up your in-house team to focus on more valuable activities. By removing the burden of routine tax filing, your professionals can dedicate more time to client advisory and strategic planning, offering higher-value services that help build long-term client relationships. With more time to invest in business consulting, financial planning, and tax-saving strategies, you can position your firm as a trusted advisor rather than just a tax preparer.

Potential Challenges and How to Mitigate Them

While outsourcing offers substantial benefits, it’s important to address potential challenges:
 
  • Data Security Concerns Data security is paramount. By partnering with a SOC 2 or ISO-certified outsourcing provider, you can ensure that your clients’ sensitive data is protected with industry-leading security measures.
  • Communication Gaps Clear communication is key. Establishing Standard Operating Procedures (SOPs) and using collaboration tools like cloud-based project management platforms can mitigate any communication issues that may arise.
  • Quality Control To maintain high service standards, implement robust review processes and Service Level Agreements (SLAs) to ensure quality and timeliness of the work delivered by your outsourcing partner.

Ready to elevate your firm’s performance?

Reach out to Unison Globus today to discover how our customized tax outsourcing solutions can streamline your operations, reduce costs, and enable your firm to provide even more strategic value to your clients. Contact Us

Potential Challenges and How to Mitigate Them

While outsourcing offers substantial benefits, it’s important to address potential challenges:
  • Data Security Concerns
    Data security is paramount. By partnering with a SOC 2 or ISO-certified outsourcing provider, you can ensure that your clients’ sensitive data is protected with industry-leading security measures.
  • Communication Gaps
    Clear communication is key. Establishing Standard Operating Procedures (SOPs) and using collaboration tools like cloud-based project management platforms can mitigate any communication issues that may arise.
  • Quality Control
    To maintain high service standards, implement robust review processes and Service Level Agreements (SLAs) to ensure quality and timeliness of the work delivered by your outsourcing parter.

Choosing the Right Tax Preparation Outsourcing Partner

When selecting an outsourcing partner for CPA firms, it’s essential to evaluate:
Selecting the right outsourcing partner for CPA firms is a critical decision that can directly impact your firm’s efficiency, compliance, and overall success. To ensure a smooth collaboration, you must carefully evaluate potential partners on several key criteria. Here’s what to look for:

Experience and Certifications

When considering an outsourcing partner, it’s crucial to prioritize experience in U.S. tax preparation and a deep understanding of IRS compliance. Your ideal partner should have a proven track record of handling a range of tax forms (e.g., 1040, 1120, 1065) and be up to date with the latest tax laws and regulations. Additionally, look for certifications such as SOC 2 and ISO that demonstrate a commitment to security and quality. These credentials provide assurance that your partner has the expertise to manage your clients’ sensitive financial data with the highest level of professionalism.

Client References and Case Studies

Reliability and trustworthiness are essential when outsourcing tax services. Request client testimonials, case studies, or references from firms with similar needs to gauge your potential partner’s performance and reliability. Reading about real-world experiences from other CPA firms can give you valuable insights into the outsourcing provider’s ability to meet deadlines, maintain accuracy, and scale services during peak periods like tax season.

Trial Projects for Workflow and Quality Assessment

Before entering into a long-term agreement, start with a trial project. This allows you to assess the outsourcing partner’s quality of work, communication, and workflow management in real-time. A trial project helps you identify potential issues early, whether related to turnaround times, communication gaps, or quality control. This hands-on evaluation ensures that you’re partnering with a provider who meets your expectations, offering you peace of mind before committing to a full-scale outsourcing arrangement.
Read Also:10 Proven Ways to Outsource Tax Preparation for U.S. CPA Firms

Best Practices for Outsourcing Tax Preparation to India

To ensure a seamless outsourcing experience when partnering with offshore tax services in India, following industry best practices is key. By taking a proactive and strategic approach, CPA firms can maximize the benefits of outsourcing while minimizing potential risks. Here’s how to ensure your tax outsourcing partnership is successful:

Start Early:

Timing is crucial when it comes to outsourcing tax preparation. Initiate the process early (ideally from October to December) to allow for a smooth onboarding experience. Starting early gives you and your partner ample time to establish workflows, train teams, and address any potential challenges before the busy tax season kicks in. Early preparation helps avoid the rush, ensuring quality results and timely tax return submissions.

Align Workflows and Expectations Across Teams:

Effective collaboration between your in-house team and the outsourced team is crucial. Aligning workflows, timelines, and procedures ensures that both teams understand their roles and responsibilities. This alignment prevents delays, improves efficiency, and guarantees that client deadlines are met with precision. Establish Standard Operating Procedures (SOPs) to clearly define each step in the tax preparation process, from document collection to final filing.

Utilize Secure Portals for File Sharing and Communication:

Data security is a top priority in tax preparation. To protect sensitive client data, use secure cloud-based portals for file sharing and communication. Ensure that your outsourcing partner adheres to industry-leading security standards, such as SOC 2 or ISO certifications, to safeguard your firm’s and clients’ information. A secure, paperless system not only improves efficiency but also helps mitigate data breaches, maintaining confidentiality and compliance with privacy regulations.

Schedule Regular Check-Ins and Performance Reviews:

Maintaining ongoing communication is critical to a successful outsourcing relationship. Schedule regular check-ins and performance reviews with your outsourcing partner to evaluate progress, address concerns, and make necessary adjustments. These reviews help identify potential issues early, such as workflow bottlenecks or missed deadlines, ensuring that your firm stays on track and delivers high-quality service to clients. Regular communication fosters continuous improvement and strengthens the partnership.
Read Also: Accounting Outsourcing 101: The Ultimate Guide for CPA and Accounting Firms

Why Hire an Outsourced Tax Preparation Partner in India?

Outsourcing tax preparation to India offers a strategic advantage for CPA firms looking to optimize operations, reduce costs, and enhance service offerings. By partnering with an experienced outsourcing provider like Unison Globus, your firm can leverage several key benefits, allowing you to scale effectively and provide exceptional client service. Here’s why Unison Globus should be your trusted partner for tax outsourcing solutions:
  • Strategic Advantage for Scaling: India offers flexibility in engagement models, whether you need seasonal, full-time, or project-based support.
  • Access to Specialized Tax Teams: Benefit from a team with specialized knowledge in tax preparation for CPA firms.
  • Operational Flexibility: Scale up or down depending on your needs, ensuring that you only pay for the resources you need
Read Also: Step by Step Process for Outsourcing Tax Preparation Services to Unison Globus

Why Choose Unison Globus?

Unison Globus is the ideal partner for CPA firms seeking reliable, scalable, and secure outsourcing solutions. Here’s why:

Expertise in U.S. Taxation

With a dedicated team skilled in U.S. tax codes and IRS compliance, Unison Globus ensures accurate and timely tax return preparation, minimizing errors and ensuring compliance.

Security & Compliance

Adhering to strict SOC 2 and ISO standards, Unison Globus protects your clients’ sensitive data with secure, paperless workflows, giving you peace of mind.

Tailored Solutions

Offering flexible engagement models like seasonal, full-time, or project-based — Unison Globus adapts to your firm’s needs, ensuring optimal resource allocation during peak seasons or year-round support.

Seamless Integration

Unison Globus integrates seamlessly with popular tax software like Drake, Quicken, Zoho Books, Xero, and Sage, ensuring smooth workflows and easy collaboration with your in-house team.

Long-Term Partnership

Committed to building long-term, growth-focused partnerships, Unison Globus helps your firm scale efficiently while maintaining high standards of quality and client service.

Integration with Existing Services

Outsourcing partners can easily integrate with your in-house teams and existing systems, ensuring a smooth workflow. With compatibility across major tax software (e.g., Drake, Quicken, Xero), outsourcing becomes a seamless extension of your firm’s operations.

How Outsourcing Tax Prep to India Can Transform Your CPA Firm!

The Future of Tax Preparation Outsourcing

As the tax preparation landscape evolves, the integration of automation and AI into outsourcing services is expected to grow. This will further streamline the process, reduce errors, and enhance overall efficiency, making outsourcing an even more attractive option for CPA firms.
The future of tax preparation outsourcing is set to be defined by technological advancements, with automation and artificial intelligence (AI) playing pivotal roles in shaping the industry. As the tax landscape continues to evolve, here’s how these innovations will redefine outsourcing for CPA firms:

Automation for Efficiency and Accuracy

Automation is transforming tax preparation by streamlining routine tasks such as data entry, document categorization, and tax form generation. This not only speeds up the process but also significantly reduces the risk of human error, ensuring higher accuracy and faster turnaround times. For CPA firms, this means less time spent on administrative tasks and more focus on value-added services like client advisory and strategic tax planning.

AI-Powered Decision Making

AI is enhancing the accuracy of tax preparation by leveraging machine learning to identify patterns, predict tax liabilities, and automatically flag potential compliance issues. These AI-driven insights enable outsourcing partners to deliver a higher level of precision in tax return preparation, minimizing risks related to IRS audits and tax penalties. For firms outsourcing to India, this technology allows them to meet complex tax demands with greater speed and confidence.

Improved Client Experience

AI and automation not only benefit tax professionals but also enhance the client experience. With faster processing times and more accurate returns, CPA firms can provide clients with real-time updates and proactive solutions. This, in turn, helps CPA firms differentiate themselves in a competitive market, positioning them as forward-thinking, tech-savvy partners.

Scalability and Flexibility

As automation and AI improve the efficiency of tax preparation processes, CPA firms can scale operations effortlessly without proportional increases in overhead costs. Whether it’s ramping up during tax season or managing year-round workloads, the combination of offshore outsourcing and technology ensures your firm remains agile, efficient, and ready for future growth.

The Long-Term Outlook: Sustainable Growth

In the long run, AI-driven outsourcing will allow firms to transition from purely transactional work to higher-value strategic services. By leveraging technology, CPA firms can build more sustainable, scalable business models, while also offering enhanced tax advisory and client-facing solutions. Unison Globus, with its deep integration of automation and AI tools, ensures that your outsourcing needs are future-proof, offering long-term value and growth potential.

On A Final Note

Outsourcing tax preparation to India offers significant benefits, from cost savings to operational scalability, and can enhance your firm’s ability to serve clients during the busy tax season. By choosing a reliable outsourcing partner like Unison Globus, you can improve your firm’s efficiency and focus on strategic, advisory services that add value to your clients.

Ready to take the next step?

Contact Unison Globus today to explore how our tax outsourcing solutions can help your firm scale efficiently and provide exceptional service to your clients.
Outsourcing tax preparation to India is not just a cost-saving strategy but it’s a transformative approach to boosting your firm’s efficiency, scalability, and ability to deliver exceptional client service. With the right outsourcing partner like Unison Globus, you gain access to a highly skilled team, cutting-edge technology, and flexible solutions that can help you meet peak demands during tax season while freeing up your in-house resources to focus on high-value advisory services.
As the tax landscape continues to evolve, partnering with a trusted outsourcing provider ensures that your firm stays ahead of the curve – enhancing compliance, reducing errors, and increasing capacity without the added overhead.
Categories
Tax Preparation

The CPA’s Guide to OBBBA Tax Reform and IRS Updates for 2025

When President Trump started talking about his “One Big Beautiful Bill”, many people found the phrase unusual. It sounded more like campaign-style language than the title of serious legislation. Yet here we are in 2025, and that phrase has become reality. The One Big Beautiful Bill Act (OBBBA) is now in effect, reshaping tax rules for businesses, individuals, and the professionals who guide them.
The name may raise eyebrows, but the impact is anything but lighthearted. OBBBA introduces significant shifts in deductions, credits, and IRS compliance updates, with ripple effects across nearly every aspect of tax planning. For CPAs, EAs, and accounting firms, this year is less about routine filing and more about adapting to IRS tax updates 2025 that will directly affect clients.
This blog highlights the most relevant changes, explains what they mean for business tax compliance 2025, and shows how CPAs can turn OBBBA from a challenge into an opportunity to strengthen their advisory role.

OBBBA 2025: Key IRS Tax Updates CPAs Can’t Ignore

The One Big Beautiful Bill Act (OBBBA) has shifted more than headlines. For CPAs, EAs, and accounting firms, it means real adjustments in how clients plan, report, and comply in 2025. While many provisions read like technical code changes, they translate into new conversations about deductions, credits, and business tax compliance 2025. Here are the updates that matter most.

01. Standard Deduction and Tax Brackets

The IRS inflation adjustments for 2025 raise the standard deduction to $15,000 for single filers, $30,000 for married filing jointly, and $22,500 for heads of household. The top 37 percent tax bracket now begins at $626,350 for single filers and $751,600 for joint filers. These shifts affect withholding, estimated taxes, and client expectations.

02. Alternative Minimum Tax (AMT)

The AMT exemption increases to $88,100 for single filers and $137,000 for joint filers. Phaseouts begin at $626,350 (single) and $1,252,700 (joint). This relieves pressure on many upper-middle-income households that previously fell into AMT.

03. Retirement Contributions

For 2025, the 401(k) and similar plan limit is $23,500, up from $23,000 in 2024. IRA limits remain at $7,000, with an unchanged $1,000 catch-up contribution for taxpayers over 50. CPAs can guide clients on maximizing retirement-related tax deductions for seniors and working professionals.

04. New Deductions for Working Americans

OBBBA introduces two first-time provisions that directly affect wage earners:
  • Overtime Deduction: Employees may deduct up to $12,500 (single) or $25,000 (joint) in overtime pay, subject to income limits.
  • Car Loan Interest Deduction: Up to $10,000 annually may be deducted for interest on qualifying vehicle loans issued after December 31, 2024.

Both deductions have income phaseouts, making them prime areas for CPA tax advisory and planning strategies.

05. Expanded Senior Relief

Seniors aged 65 and older now qualify for an additional $6,000 deduction per individual, in addition to the regular extra standard deduction. The benefit phases out for higher-income taxpayers but will be valuable for many retirees and their advisors.

06. Business Investment Incentives

OBBBA restores 100 percent bonus depreciation for qualified property placed in service after January 19, 2025. This is a significant opportunity for business tax planning strategies tied to capital expenditures.
Note: Section 179 expensing limits have been raised under OBBBA, but the IRS has not yet released final thresholds. Early commentary points to a $2.5 million cap with a $4 million phaseout, but firms should wait for official confirmation before applying these figures.

Quick Reference: OBBBA & IRS 2025 Highlights

Provision 2025 Update
Standard Deduction $15,000 single, $30,000 joint, $22,500 HoH
Top Bracket 37% above $626,350 single / $751,600 joint
AMT Exemption $88,100 single / $137,000 joint
401(k) Limit $23,500
Overtime Deduction $12,500 single / $25,000 joint
Car Loan Interest Up to $10,000 annually
Senior Bonus Deduction $6,000 per eligible taxpayer
Bonus Depreciation 100% restored after Jan 19, 2025
Section 179 Expensing Raised, final IRS numbers pending*
*Pending confirmation: reported increase to $2.5M cap with ~$4M phaseout.
Note: All figures in the table below are based on the IRS’s official inflation adjustments and published guidance for tax year 2025. These updates, along with new provisions under the One Big Beautiful Bill Act (OBBBA), form the basis for strategic tax planning this season.

What These Changes Mean for CPA Firms

OBBBA is more than a set of new deductions and credits. For firms already balancing tight deadlines and rising client expectations, these changes compound existing challenges. The effect is less about memorizing thresholds and more about how firms reconfigure their approach to compliance, planning, and client service.

01. A Shift from Filing to Forecasting

Clients will not see OBBBA as a set of technical adjustments. They will want to know, “How does this affect my tax bill?” and “What should I do differently this year?” That expectation moves CPAs from passive compliance into active forecasting. To deliver, firms need to embed CPA tax planning 2025 into their workflows, not treat it as an afterthought.

02. Increased Advisory Pressure

The overtime deduction, car loan interest deduction, and senior bonus relief are headline-grabbing changes. They may not apply universally, but they will trigger a wave of client questions. Firms that only answer reactively risk getting buried. Firms that prepare structured CPA tax advisory guidance in advance can use these provisions as touchpoints to deepen client relationships.

03. Compliance Complexity That Cannot Be Ignored

Every inflation adjustment and expanded deduction brings new documentation and substantiation requirements. For example, the overtime deduction requires proof of qualifying wages, and the car loan deduction comes with conditions around timing and loan type. Firms that tighten their business tax compliance 2025 processes will protect clients from penalties and avoid costly rework during audit season.

04. The Capacity Challenge

These changes arrive in a season when firms are already short on staff and heavy on deadlines. More nuanced planning plus expanded compliance checks mean more hours. Without relief, firms risk slipping into “deadline triage mode.” This is where a robust CPA firm tax planning checklist and smart resource allocation become survival tools, not nice-to-haves.

05. A Strategic Opportunity

Reforms of this scale always create winners and laggards. Firms that adopt new business tax planning strategies early can show clients they are proactive, authoritative, and indispensable. Those that treat OBBBA as “just another set of forms” may survive filing season but will miss the chance to differentiate in a crowded market.

Ready to Strengthen
Your Tax Season Strategy?

Unison Globus delivers scalable, expert-driven tax preparation services tailored for CPA firms navigating OBBBA and IRS compliance updates. From high-volume returns to strategic planning support, we help you stay ahead of deadlines and client expectations—without overhead.

Let’s simplify complexity and elevate your advisory impact. Talk to our team →

Staying Ahead: A CPA Tax Planning Checklist for 2025

Checklists for CPAs can’t just be boxes to tick. To be useful in 2025, they need to anchor firm-wide strategy while addressing the granular compliance details One Big Beautiful Bill Act 2025 (OBBBA) brings. Think of this as both a planning framework and a capacity safeguard for your team.

01. Translate OBBBA Into Firm Workflows

Do not just distribute IRS memos. Recode the new rules directly into your templates, tax prep software, and client intake processes. For example, add prompts for overtime and car loan interest deductions at the onboarding stage so your staff capture eligibility early. This reduces rework later and strengthens business tax compliance 2025.

02. Segment Clients by Impact

Not every client will benefit from every provision. Seniors may be eligible for the new $6,000 deduction, while small businesses are more affected by bonus depreciation and Section 179 changes. Build segmented CPA firm tax planning checklists that flag which provisions matter most by client type. This avoids blanket communications and shows advisory depth.

03. Stress-Test Tax Planning Scenarios

Run “what if” models for clients who might be on the margin of eligibility. For example, phaseouts on the overtime deduction, senior bonus deduction, or tax credits for families and small businesses will catch some by surprise. Using IRS-approved tax strategies for 2025, show clients how income timing, retirement contributions, or entity decisions could keep them inside the benefit window.

04. Reallocate Firm Capacity Early

OBBBA amplifies the paperwork load. Waiting until March to scramble for staff is a losing strategy. Assign senior staff to high-value advisory conversations and shift routine compliance to outsourced tax preparation or offshore teams. This ensures partners are free to focus on CPA tax advisory rather than overtime data entry.

05. Elevate Client Communication

Do not bury these updates in fine print. Clients will hear about overtime deductions and car loan interest breaks on the news. They expect their CPA to explain how it applies—or does not—to them. Use simple client-facing explainers, with examples tied to actual planning strategies. This positions you as proactive, not reactive.

OBBBA’s Effect on Small Business Tax Compliance

For small business owners, OBBBA is less about legislative fine print and more about how their everyday financial decisions will be taxed. CPAs are the ones responsible for turning the new rules into practical guidance. Here are the keyways the Act is reshaping small business tax compliance in 2025:
  • Capital investments now require strategic timing. The restoration of 100 percent bonus depreciation creates strong incentives for immediate purchases. However, not every client should expense everything at once. CPAs must run side-by-side scenarios to determine whether accelerating deductions in 2025 benefits the business more than spreading them across future growth years.
  • Uncertainty around Section 179 calls for cautious planning. While OBBBA raises the expensing limit, final IRS thresholds are not yet confirmed. A business that assumes a $2.5 million cap without verification risks misalignment in its tax strategy. The best approach is for CPAs to prepare “if/then” models so clients are ready regardless of where the IRS finalizes the limit. This is a key tax law change for accounting firms to monitor.
  • Expanded credits will not benefit every business equally. Family-owned entities and smaller firms may qualify for new relief, but eligibility rules vary by structure and income. A sole proprietor may see one outcome, while an S corporation experiences another. CPAs should map credits to client profiles rather than assuming broad applicability. This is where business tax planning strategies become essential.
  • Compliance errors will carry higher costs. The overtime deduction and car loan interest deduction are appealing but come with strict substantiation requirements. Casual or incomplete recordkeeping by small business owners could lead to disallowed deductions or even audits. Firms should establish clear documentation processes for clients before the busy season begins. These are critical IRS compliance updates for accounting firms.
  • Proactive advisory is the real differentiator. Small business owners will hear about “new deductions” in the news and expect their CPA to explain whether they qualify. Firms that translate the fine print into actionable business tax planning strategies will strengthen client trust, while those that stick to transactional filing risk being seen as replaceable. This is the impact of OBBBA on small businesses.

Tackling OBBBA with the Right Support

The real challenge of OBBBA is not the wording of the law. It is the strain it places on CPA firms that already operate under intense deadlines and capacity limits. To meet the demands of tax season 2025, firms need more than awareness. They need a strategy for support that combines people, process, and technology.

01. Strengthening Operational Readiness

The new tax deductions for businesses and credits introduced by OBBBA require tighter workflows than in past seasons. Overtime and car loan interest deductions will only stand if the documentation is complete. Bonus depreciation will need to be tracked and applied consistently. Firms that update their processes and integrate the changes into their systems now will face fewer disputes with the IRS later. This is less about memorizing new thresholds and more about building operational discipline into compliance.

02. Designing Capacity With Intention

Tax reform has a way of exposing the limits of a firm’s staffing model. CPAs cannot afford to have senior staff tied up in routine preparation when clients are asking bigger questions about planning and eligibility. Building capacity through outsourced tax preparation allows firms to protect their experts’ time. In practice, this means partners can focus on scenario modeling and strategic advice while external teams absorb the workload of high-volume compliance.

03. Managing Risk Through Stronger Systems

Every new provision under OBBBA comes with greater risk of misinterpretation or misreporting. A client who casually claims overtime deductions without proper records is not just creating a filing error—they are creating exposure. Firms that build structured review systems, train staff on the new provisions, and monitor IRS guidance closely will reduce that exposure significantly. Risk management must be proactive, not reactive.

04. Protecting Client Relationships

For clients, the story of OBBBA is simple: they hear about “new deductions” on the news and expect their CPA to explain how it applies to them. The firms that can respond quickly, in plain language, will stand out. This is not just about compliance but about perception. Clients are evaluating whether their CPA is keeping up with tax law changes for accounting firms and whether they are getting guidance, not just filings. Firms that invest in support now will protect and even elevate their advisory reputation.

Why Unison Globus?

OBBBA has made 2025 a year where capacity and precision matter more than ever. Many providers can offer additional hands, but few can deliver the depth of expertise CPA firms actually need. This is where Unison Globus stands apart.

Specialists for CPAs and Firms

We do not serve individuals directly. Our services are built exclusively for CPAs, EAs, and accounting firms. That means every workflow, from tax preparation to review, is designed to integrate with your practice and meet the compliance demands of U.S. regulations.

Scalable Support When You Need It Most

Tax season deadlines do not wait. With our offshore staffing model, you can expand your team’s capacity quickly without the overhead of hiring and training. Whether it is high-volume compliance work or review-ready tax returns, we help firms deliver on a scale.

Quality You Can Rely On

Our teams are trained in U.S. tax law and updated continuously on IRS changes, including those introduced under OBBBA. Processes are built with IRS compliance support at the core, so you can trust that every file is accurate, consistent, and audit ready.

More Time for Advisory

By taking on routine preparation, Unison Globus gives firms the ability to redirect senior staff toward strategic planning and client-facing conversations. This is where firms strengthen relationships, expand advisory services, and demonstrate value beyond compliance.

Proven Track Record

We have supported firms across the United States through past tax reforms, capacity crunches, and busy season bottlenecks. The result is consistent: our partners protect compliance, keep clients satisfied, and find new room to grow.

Conclusion

The One Big Beautiful Bill Act has raised the stakes for tax season 2025. For CPAs and accounting firms, the challenge is not only to stay compliant but to deliver clarity and confidence to clients in a shifting landscape.
Firms that prepare early, structure their capacity wisely, and keep pace with IRS guidance will turn OBBBA from a compliance burden into an opportunity to strengthen client trust. With Unison Globus as your partner, you gain the scale, expertise, and support needed to stay ahead of change while focusing on the advisory work that sets your firm apart.
Let’s make OBBBA an opportunity, not a hurdle. Connect with Unison Globus today.

FAQs: CPA Tax Planning & OBBBA 2025

OBBBA is a comprehensive tax reform law that introduces new deductions, credits, and compliance updates for individuals and businesses. It significantly impacts CPA firms, especially in areas like bonus depreciation, overtime deductions, and senior tax relief.

CPA firms must adapt to new IRS compliance updates, including changes to standard deductions, AMT thresholds, and documentation requirements. The law shifts the focus from routine filing to strategic tax planning and advisory services.

A robust checklist should cover client segmentation, workflow updates, capacity planning, and proactive communication. It should also include guidance on IRS-approved tax strategies for 2025, especially under OBBBA.

Businesses benefit from restored 100% bonus depreciation, increased Section 179 expensing limits, and potential tax credits for families and small businesses. These changes require strategic timing and documentation.

Yes. OBBBA introduces deductions for overtime pay and car loan interest, subject to income phaseouts. These are designed to offer tax relief for working Americans and require proper substantiation.

Seniors aged 65+ can claim an additional $6,000 deduction per individual, on top of the standard senior deduction. This is part of expanded tax deductions for seniors under OBBBA.

Firms should integrate new rules into their systems, train staff, and establish review protocols. Staying current with IRS tax changes and documentation standards is essential to avoid penalties.

Misreporting deductions like overtime or car loan interest can lead to audits or disallowed claims. CPA firms must ensure clients meet eligibility and maintain proper records to manage risk.
Small businesses must reassess capital investment timing, credit eligibility, and documentation practices. The impact of OBBBA on small businesses is significant, requiring tailored planning strategies.
Strategies include income timing, entity restructuring, retirement contributions, and leveraging new deductions. CPA firms should use scenario modeling to help clients maximize benefits.
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Home Tax Preparation

Tax Extension 2025: IRS Guidelines and CPA Strategies Before September 15

As the 2025 tax season moves into its final phase, CPAs and accounting firms are preparing for one of the most critical deadlines of the year: the IRS tax extension deadline on September 15, 2025, applies to partnerships and S corporations that filed Form 7004. For individuals and corporations, this date also marks the third quarter estimated tax payment deadline not the extension filing deadline. While extensions give taxpayers more time to file, they also come with strict requirements, evolving IRS guidelines, and increased compliance risks.
For firms, this period is not just about paperwork. It is about safeguarding clients from late filing penalties, ensuring compliance with both federal and state tax rules, and staying ahead of IRS notices such as CP59 and CP59SN. With new provisions like disaster relief tax extensions, CPAs must approach this season with precision.
This guide from Unison Globus provides a clear breakdown of the IRS tax extension process for 2025, covering forms like Form 4868 for individuals and Form 7004 for businesses, key deadlines, common mistakes to avoid, and best practices for firms managing heavy extension workloads.
By following these guidelines, CPAs and EAs can ensure clients file accurately, minimize penalties, and maintain peace of mind before September 15.

What Is a Tax Extension?

A tax extension gives taxpayers additional time to file their return, but it does not extend the deadline for paying taxes owed. This distinction is where many clients get confused, and CPAS must explain the difference clearly.
The IRS provides two primary forms for filing an extension in 2025:
  • Form 4868: For individual taxpayers who need extra time to file their personal income tax return.
  • Form 7004: For businesses such as S-Corporations, Partnerships, and certain trusts that require more time to submit their returns.
When approved, an extension typically grants up to six additional months to file. However, all tax payments are still due by the original deadline, which is April 15 for individuals and March 17 for most businesses.
Failing to pay by the original deadline can trigger late payment penalties and interest, even if the return is filed on time after the extension. This is why CPAs should guide clients to make estimated payments alongside the extension request.
Read Also: CPA Tax Calendar: Key Deadlines for Estimated Payments and Extensions 

Key IRS Guidelines for 2025

Here are the critical updates CPAs and accounting firms must keep in mind for the 2025 extension season:

01. Final Federal Filing Deadlines

  • October 15, 2025: Last date for individual taxpayers who filed Form 4868 to submit their extended 2024 income tax returns.
  • September 15, 2025: Deadline for extended business returns filed with Form 7004, which applies to entities such as S Corporations and Partnerships.

02. Filing Preferences and Payment Reminders

  • The IRS recommends e-filing with direct deposit because it reduces errors, shortens refund times, and provides digital confirmation of filing.
  • An extension gives more time to file but not more time to pay. Taxes owed are still due by the original deadline of April 15, 2025, for individuals and March 17, 2025, for most businesses. Payments made after these dates may incur penalties and interest.

03. IRS Notices and Compliance Checks

  • The IRS has started sending Notice CP59SN to taxpayers whose returns are not on file. CPAs should help clients verify whether their extension was received and respond quickly if action is required.
  • In some cases, taxpayers may receive notice despite having filed correctly. CPAs can assist by checking IRS transcripts or e-Services and responding with proof of extension filing.

04. Disaster Relief Extensions

  • The IRS continues to provide extra time for taxpayers in federally declared disaster areas. For instance, some affected regions now have deadlines extended into early 2026.
  • A July 2025 tax relief law introduced a streamlined process that allows eligible individuals and businesses in disaster areas to automatically receive a 120-day postponement of filing and payment deadlines.

05. Heightened IRS Scrutiny

  • The IRS has increased its focus on non-filers and late payers for the 2025 season. Penalties for late payment are typically 0.5 percent of the unpaid tax per month, up to 25 percent, and interest accrues until the balance is settled.
  • CPAs should advise clients to make estimated tax payments when filing for an extension. Paying as much as possible by the original deadline helps reduce both penalties and interest.

Clarifying the September 15 Deadline: Extension vs. Estimated Payments

  • For Businesses: September 15, 2025, is the final deadline for S Corporations and Partnerships that filed Form 7004 to submit their extended 2024 tax returns.
  • For Individuals: This date is not the extension deadline. It is the third quarter estimated tax payment deadline for self-employed individuals, freelancers, and others with income not subject to withholding.
  • For Corporations: Calendar-year C Corporations must also make their Q3 estimated tax payment by this date.

Reminder: The deadline to file an extended individual tax return is October 15, 2025, if Form 4868 was submitted by April 15.

Read Also: S Corporation vs C Corporation: A Side-by-Side Comparison

Updated IRS Deadlines for 2025: What CPAs Must Know

The IRS has made key adjustments to 2025 tax deadlines that CPAs should be aware of:
Entity Type Form Original Deadline Extension Deadline Change/Note
S Corporations 1120-S March 15, 2025 September 15, 2025 March 15 is a Saturday → deadline moved to March 17, 2025
Partnerships 1065 March 15, 2025 September 15, 2025 Same as above
C Corporations 1120 April 15, 2025 October 15, 2025 No change
Individuals 1040 + 4868 April 15, 2025 October 15, 2025 No change
Multi-member LLCs 1065 March 15, 2025 September 15, 2025 Deadline moved to March 17
Single-member LLCs 1040 + Sch C April 15, 2025 October 15, 2025 No change
Note: These deadlines apply to calendar-year filers. Fiscal-year filers may have different due dates.

Also, under the July 2025 tax relief law, taxpayers in federally declared disaster areas automatically receive a 120-day extension for both filing and payment.

Read Also: Key IRS Tax Forms and Updates for Smooth Filing

How CPAs Can Prevent Common Mistakes During Tax Extension Season

During extension season, errors are less about forms and more about habits. CPAs can prevent costly missteps by:
  • Setting clear expectations: Many clients believe an extension solves everything. A quick upfront explanation prevents surprises about payments or penalties later.
  • Providing estimated tax guidance: Even when documents are incomplete, offering a payment estimate reduces penalty exposure and eases client anxiety.
  • Encouraging early action: Proactive outreach helps avoid the last-minute rush that often leads to missed deadlines or overlooked details.
  • Standardizing communication on notices: A simple process for uploading IRS letters into a secure portal keeps nothing from slipping through the cracks.
  • Monitoring multi-state clients: Centralized checklists help ensure that state-level filings and payments are handled alongside federal obligations.
Implementing these proactive steps can ensure smoother filing and prevent surprises for clients – making CPAs an indispensable resource during tax extension season. Reframing extension season as a proactive process helps CPAs keep clients compliant and reinforce their role as trusted advisors.
Read Also: Avoid 10 Common Accounting Mistakes with Expert Tips USA

IRS Payment Options for Clients Who Owe

For many taxpayers, filing under extension does not eliminate the need to pay. If clients still owe taxes, CPAs can guide them through the following IRS-approved payment solutions:

01. IRS Direct Pay

  • A secure online tool that allows direct payments from a checking or savings account.
  • No fees and immediate confirmation provided.

02. Electronic Federal Tax Payment System (EFTPS)

  • A reliable option for businesses and frequent payers.
  • Requires enrollment but allows scheduling future payments.

03. Online Payment Agreements

  • Ideal for taxpayers unable to pay in full.
  • Installment plans spread payments out and reduces the risk of enforced collection.

04. Short-Term Payment Extensions

  • The IRS may grant up to 120 extra days to pay in full.
  • Interest still accrues, but late payment penalties are reduced.

05. Credit or Debit Card Payments

  • Payments can be made via IRS-authorized processors.
  • Transaction fees apply but offer flexibility when other funds are tight.
Encouraging clients to pay as much as possible by the original deadline helps reduce penalties and interest. CPAs can play a proactive role by matching the right payment method to each client’s financial situation.

Need expert help with
your extension workload?

Unison Globus offers tailored CPA tax extension support with secure, scalable offshore staffing designed to ease peak-season pressures.

Contact Unison Globus today to discover how our offshore solutions can help your firm stay compliant, efficient, and stress-free this extension season. Get in touch now

State vs. Federal Tax Extensions: What You Need to File on Time

A federal tax extension does not automatically apply at the state level. CPAs should be aware of the key differences:
Aspect Federal Tax Extension State Tax Extension
Forms Form 4868 (Individuals) and Form 7004 (Businesses) Many states require their own extension forms, or accept the federal form (e.g., Form 4868 for individuals), but state-specific forms and processes must be checked.
Deadlines September 15, for businesses (Form 7004) and October 15, for individuals (Form 4868) State deadlines vary. While some states align with federal deadlines (e.g., September 15), others may have earlier or later due dates. CPAs should verify state-specific deadlines.
Payments Taxes due by April 15 (individuals) or March 15 (businesses), even with an extension State balances are calculated separately. Payments are generally due by the state’s original deadline, although some states may offer different rules for payment extensions or allow grace periods.
Automatic Coverage Federal extension applies nationwide Federal extension applies nationwide, but not all states accept it automatically. Separate state extension forms may be required.
Multi-State Clients Single federal extension covers all taxpayers CPAs must track each jurisdiction’s rules to ensure full multi-state tax compliance, as states may have different forms, deadlines, or rules.

CPA Tip: Avoid confusion between the September 15 estimated tax payment deadline and the October 15 individual extension deadline. Many clients mistakenly believe they have until September 15 to file their personal returns, when in fact, this is the deadline for estimated tax payments for individuals. The actual deadline to file an extended individual return is October 15, 2025. Clear communication with clients is essential to prevent penalties for late filing or missed payments.

Best Practices for Accounting Firms During Extension Season

Managing the September 15 deadline can feel like a second peak of tax season. Firms that stay proactive and organized can reduce stress while improving client service. Here are key strategies:
  • Communicate early and often: Remind clients about the upcoming deadlines and clarify what an extension does and does not cover.
  • Use secure portals: Collect and share documents through encrypted platforms to avoid delays and protect client data.
  • Standardize checklists: Maintain an internal CPA checklist for September 15 deadlines to track forms, payments, and state-level requirements.
  • Prioritize complex clients: Handle multi-state or high-liability cases first to avoid bottlenecks later in the season.
  • Leverage technology: Automation tools for reminders, e-filing, and document tracking can help streamline your accounting firm extension strategy.
  • Consider outsourcing: Offshore tax preparation services allow firms to manage high volumes without sacrificing accuracy, especially when deadlines converge.
By following these best practices, firms can turn the extension season from a stress point into an opportunity to reinforce client trust and efficiency.

How Unison Globus Supports CPAs During Tax Extension Season

Tax extension season often feels like a second busy season, with heavy workloads and tight deadlines converging in August and September. This is where Unison Globus steps into provides comprehensive support for CPA firms across the U.S.

Our offshore teams specialize in:

  • Expert tax preparation for forms including 1040, 1120, 1065, 1041, and 1099
  • IRS-compliant documentation that minimizes errors and ensures smooth audits
  • Secure, paperless workflows with encrypted client portals to streamline communication
  • Scalable staffing models to help firms handle seasonal surges without increasing overhead

With offshore tax support for CPAs, firms gain the capacity to:

  • Meet the September 15 tax extension deadline with confidence
  • Reduce turnaround times during peak filing periods
  • Stay compliant with both IRS extension filing 2025 requirements and state-level rules
  • Focus more on advisory and client strategy instead of routine paperwork
At Unison Globus, we act as an extension of your firm, delivering the accuracy, efficiency, and peace of mind you need during one of the most demanding times of the year.

Final Thoughts: Preparing for a Stress-Free Extension Season

As the September 15, 2025 tax extension deadline rapidly approaches, CPAs and accounting firms must act quickly to ensure clients remain compliant and avoid penalties. Staying ahead of IRS guidelines, tracking state-specific requirements, and advising clients on payment options are critical to managing this busy season effectively.
By focusing on clear communication, secure workflows, and well-organized checklists, firms can turn this high-pressure period into an opportunity to build stronger client relationships. Leveraging expert support, whether through advanced technology or specialized offshore teams – ensures that no return is missed and compliance remains intact.
Categories
Accounting Tax Preparation

Get Ready for Tax Season: Your Complete Preparation Checklist

For CPAs, EAs, and accounting firms, tax season is the most demanding time of the year. With numerous deadlines, evolving tax laws, and high client expectations, preparation is key to ensuring smooth operations. By staying organized and leveraging the right tools, firms can increase efficiency, reduce stress, and enhance client satisfaction.
At Unison Globus, we specialize in providing outsourced tax preparation, bookkeeping, and CPA support services to help firms navigate the complexities of tax season with ease. Our CPA services are designed to assist accounting firms in managing high-volume tax filings, ensuring compliance, and optimizing operational efficiency.
This guide provides a step-by-step tax preparation checklist, covering key deadlines, essential document organization, technology integration, tax law updates, client communication strategies, and workload management tips. Whether you’re an independent CPA or part of a growing accounting firm, this checklist will help you stay ahead during tax season.

Understanding Key Deadlines

The accounting industry has witnessed a seismic transformation in recent years, shaped by rapid technological advancements, evolving client expectations, and an increased emphasis on advisory services. These changes present both challenges and opportunities for CPA firms to redefine their roles and enhance their value proposition.

01. Examples of Non-Accounting Talent

Missing tax deadlines can result in consequences and unnecessary stress. Here are some critical dates to remember:
  • January 31, 2025 – Deadline for employers to issue W-2s and 1099s to employees and independent contractors.
  • March 15, 2025 – Filing deadline for S corporations (Form 1120-S) and partnerships (Form 1065).
  • Marketing Professionals: Experts in branding, client outreach, and digital marketing to help firms grow their client base.
  • April 15, 2025 – Individual tax returns (Form 1040), C corporation tax returns (Form 1120), and first quarter estimated tax payments are due.
  • June 15, 2025 – Second quarter estimated tax payments due.
  • September 15, 2025 – Third quarter estimated tax payments and extended deadlines for S corporations and partnerships.
  • October 15, 2025 – Final deadline for extended individual tax returns (Form 1040).
Read Also: Tax Planning for Individuals: The Proven Guide for 2025

02. State Tax Deadlines

Each state has its own tax deadlines and requirements. CPAs and accounting firms should verify:
  • State-specific tax filing dates
  • Quarterly estimated tax deadlines
  • Unique state regulations affecting deductions, credits, and compliance
By maintaining an updated state tax deadline calendar, firms can proactively manage client filings and avoid last-minute complications.

Organizing Client Information

01. Gathering Necessary Documents

Clients should provide all relevant financial documents in a timely manner. A tax document checklist should include:
  • Income-related documents: W-2s, 1099s, K-1s, and investment statements
  • Expense records: Mortgage interest (Form 1098), business expense receipts, and medical bills
  • Tax compliance forms: Prior-year tax returns, state-specific tax documents, and IRS correspondence
Tip: Encourage clients to use secure portals for document submission to ensure data security and streamline the collection process.

02. Implementing a Document Management System

A digital document management system simplifies tax season preparation by:
  • Reducing paper clutter and improving accessibility
  • Enhancing data security with encrypted storage
  • Facilitating quick retrieval of client records

03. Recommended tools:

  • Canopy – Secure cloud-based tax document storage
  • Drake Documents – Integrated solution for CPAs
  • Smart Vault – Easy file sharing for accountants

Investing in the best document management software for accountants ensures seamless client data organization.

Section 3: Leveraging Technology

01. Tax Preparation Software

  • Choosing the right tax software is crucial for accuracy and efficiency. Best tax preparation software for 2025 should offer:
  • Automated tax calculations for reduced errors
  • Seamless e-filing for federal and state tax returns
  • Client portals for secure document exchange
Top picks for CPAs:
  • UltraTax CS – Comprehensive tax compliance
  • Lacerte – Best for complex tax returns
  • Drake Tax – Affordable and user-friendly

02. Automation Tools for Efficiency

Using tax automation tools can help accounting firms streamline repetitive tasks, including:

  • Automated data entry – Reduces manual errors
  • AI-powered tax review – Identifies compliance issues
  • Automated client reminders – Keeps clients on track Facilitating quick retrieval of client records
Recommended tax automation tools:
  • TaxDome – CRM & workflow automation
  • Xero Tax – Cloud-based tax automation
  • Karbon – AI-driven accounting workflow
By integrating tax software for CPAs and automation tools, firms can save time, enhance accuracy, and improve client service.
Read Also: Assurance in Numbers: Dissecting Internal and External Audits During Tax Season

Staying Informed of Tax Law Changes

Recruiting the right talent requires a thoughtful strategy:

01. Federal Tax Law Updates for 2025

Recent IRS tax law changes impact deductions, credits, and filing requirements. Key updates include:

  • Changes to standard deductions and tax brackets
  • Modifications to business tax credits
  • New IRS compliance requirements
  • Stay informed: Subscribe to IRS updates and leverage tax research platforms like Checkpoint or Bloomberg Tax.

02. State Tax Law Changes

Tax regulations vary by state, with new laws affecting:

  • State-specific deductions and credits
  • Compliance rules for remote workers
  • Updates on corporate tax rates
Tip: Use state tax tracking tools like Avalara or CCH Answer Connect to stay up to date.

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Enhancing Client Communication

01. Effective Communication Strategies

Clear and proactive communication helps manage client expectations. Best practices include:
  • Sending tax reminders via email or text
  • Hosting webinars on tax law changes
  • Providing FAQs to address common tax concerns
Recommended tools for client communication:
  • Practice Ignition – Automates client engagement
  • Slack or Microsoft Teams – Improves internal and client collaboration
Client Education Resources Educating clients about tax season improves compliance and trust. Provide:
  • Downloadable tax preparation checklists
  • Informative tax planning newsletters
  • One-on-one tax season consultations
Tip: Offer a “Subscribe for Tax Tips” option to keep clients engaged year-round.

Managing Workload and Stress

01. Time Management Techniques

To avoid burnout, CPAs and accounting firms should:
  • Prioritize high-value tasks and batch similar work
  • Set realistic client expectations
  • Take breaks to maintain focus

02. Delegation and Outsourcing

Outsourcing non-core tasks can help firms stay efficient. Consider:
  • Outsourcing tax preparation to reliable third-party providers
  • Hiring seasonal staff for administrative work
  • Using virtual assistants for appointment scheduling

Why outsource?

  • Reduces workload during peak season
  • Improves turnaround time for clients
  • Allow firms to focus on high-level advisory services
Read Also: Taming Tax Season: Solutions for CPA Firms Facing Talent Shortages

Conclusion

Preparing for tax season requires a proactive approach. By staying ahead of deadlines, implementing efficient document management, leveraging tax software, keeping up with tax law changes, and maintaining strong client communication, CPAs and accounting firms can streamline their workflow and enhance client satisfaction.
With the right strategies, tax season doesn’t have to be stressful, let Unison Globus assist you optimize your tax preparation process!s

Master TAX Season - Your Ultimate Preparation Checklist Get Ready for Tax Season

Categories
Tax Preparation

Tax Planning for Individuals: The Proven Guide for 2025

As another tax year approaches, it’s time for individuals to prepare by reviewing tax laws, adjusting strategies, and ensuring compliance with new legislation. Effective tax planning is essential to minimize liabilities and maximize savings. For CPAs, EAs, and accounting firms supporting individuals through these complexities, having a comprehensive guide can be invaluable. This article provides updated insights to help individuals, and their tax advisors optimize tax planning strategies for the coming year.

Understanding Tax Planning 01

Tax planning involves analyzing an individual’s financial situation to minimize tax liabilities while adhering to legal obligations. This process includes taking advantage of deductions, credits, and strategic timing of income and expenses. Implementing these strategies early can open investment opportunities, reduce risks, and promote long-term financial stability.

Standard Deduction vs. Itemized Deductions 02

A critical decision in tax planning is whether to take the standard deduction or itemize. Here’s what’s new for the upcoming tax year:

Standard Deduction:

The IRS adjusts the standard deduction annually to reflect inflation. For 2024, the deduction rates are as follows:

  • Single: $13,850
  • Married, Joint Filing: $27,700
  • Married, Separate Filing: $13,850
  • Head of Household: $20,800

Standard deductions are simpler but may not offer the maximum tax benefit for all taxpayers. Itemizing can be advantageous if eligible deductions exceed the standard deduction amount. CPAs should evaluate each client's circumstances to decide the best approach.

Read Also: Maximizing Deductions and Credits: A Comprehensive Guide to Tax Savings

Key Tax Planning Strategies 03

To make tax planning more effective, consider the following strategies tailored for individuals:

01. Maximize Retirement Contributions

Increasing contributions to retirement accounts can reduce taxable income, especially for those with higher incomes. Here’s how to make the most of retirement contributions:

  • 401(k) Plans: Individuals under 50 can contribute up to $22,500 in 2024. Those over 50 can make an additional $7,500 in catch-up contributions.
  • IRA Contributions: Individuals can contribute up to $6,500 ($7,500 if over 50) to a traditional IRA, which may be tax-deductible depending on income level and participation in employer-sponsored plans.
  • Roth IRA Conversions: For those expecting higher tax rates in the future, converting a traditional IRA to a Roth IRA may offer significant tax savings by paying taxes now at potentially lower rates.

02. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Tax-advantaged health accounts offer another way to reduce taxable income while covering medical expenses. For 2024, HSA contribution limits are:

  • Individual: $4,150
  • Family: $8,300
  • Catch-Up (55 or older): Additional $1,000

Funds in HSAs grow tax-free and roll over each year, unlike FSAs, which have a use-it-or-lose-it policy. Encourage clients to maximize HSA contributions if they have a high-deductible health plan and monitor FSA balances closely to avoid forfeiture.

03. Charitable Contributions

Charitable giving offers tax benefits, especially for individuals who itemize. As of 2024, taxpayers can deduct cash donations up to 60% of their adjusted gross income (AGI). Consider the following to maximize charitable deductions:

  • Donor-Advised Funds (DAFs): Setting up a DAF allows individuals to make a large, tax-deductible donation in one year while distributing funds to charities over time.
  • Qualified Charitable Distributions (QCDs): Individuals over 70½ can make direct transfers from IRAs to charities, reducing taxable income without affecting itemized deductions.

04. Capital Gains and Losses Management

Individuals can reduce taxable income by strategically managing investment gains and losses. Strategies include:

  • Harvesting Losses: Selling investments at a loss can offset capital gains, reducing overall tax liability.
  • Deferring Gains: Postponing the sale of high-performing assets until the next tax year can help individuals manage income and potentially fall into a lower tax bracket.
  • 1031 Exchanges: For real estate investors, deferring capital gains through a 1031 exchange allows reinvestment in like-kind property without immediate tax consequences.

05. Timing Income and Expenses

Managing the timing of income and expenses allows individuals to control their taxable income more effectively. Here are some strategies:

  • Bonus Deferral: For those in high-income brackets, deferring end-of-year bonuses until January can reduce the current year’s tax liability.
  • Medical and Charitable Deductions: By bunching deductible expenses like medical bills and charitable contributions into a single tax year, individuals may benefit more from itemizing.

06. Consider the Net Investment Income Tax (NIIT)

For individuals with significant investment income, the NIIT applies an additional 3.8% tax on net investment income if their AGI exceeds certain thresholds ($200,000 for single filers, $250,000 for joint filers). Here’s how to reduce NIIT:

  • Adjusting AGI: Maximizing retirement contributions and adjusting investment timing can help manage AGI levels.
  • Qualified Dividends and Long-Term Gains: Favor investments that yield qualified dividends or long-term gains, as these are generally taxed at a lower rate.

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Documentation and Record-Keeping Essentials 04

Proper documentation is critical in case of an IRS audit, especially with increased scrutiny on high earners. The IRS typically recommends keeping records for at least three years, but certain situations require longer retention:
  • Three Years: Standard retention for income tax returns.
  • Six Years: For individuals who underreport income by more than 25%.
  • Seven Years: For losses on “worthless” securities or bad debt deductions.

Encourage clients to organize records under categories such as income, deductions, homeownership, investments, and retirement accounts to simplify tax filing.

Why Early Planning Matters 05

Starting tax planning early helps individuals avoid last-minute stress and maximizes the benefits of their tax strategy. It also ensures they can adjust for legislative changes, especially if new laws impact deductions, credits, or tax rates. Late planning can lead to missed opportunities and potential penalties, so CPA firms should emphasize proactive planning with clients.
Read Also: The Ultimate Tax Preparation Checklist

Consider Professional Assistance

Tax planning for individuals can be intricate and time-consuming. Professional guidance from a CPA or outsourced accounting team ensures individuals make the most of available deductions, comply with tax laws, and avoid common mistakes.
Unison Globus provides expert tax preparation and planning services for individuals and firms, combining knowledge and experience to simplify the tax process. Our team is dedicated to helping individuals optimize their tax positions, manage year-end filings, and keep up with legislative changes.

Ready to simplify your tax planning?

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Categories
Tax Preparation

Top Reasons Why Hiring a Seasonal Tax Preparer Boosts Productivity for CPA Firms

As the tax season approaches, CPA firms brace themselves for a period marked by increased workloads, tight deadlines, and client demands for accuracy and timely filings. For many firms, the solution to maintaining quality and efficiency during this peak time lies in hiring seasonal tax preparers. Leveraging skilled professionals on a temporary basis has become an effective strategy for CPA firms looking to balance workloads, manage resources, and provide optimal service.

This guide explores the key benefits of hiring seasonal tax preparers and offers insights on how this approach can help CPA firms remain competitive and productive in the busy tax season.

Understanding Your Motivation and Purpose

Seasonal tax preparers offer CPA firms the flexibility to adapt to fluctuating demand. During tax season, firms can experience a surge in workload, requiring extra hands to manage tasks such as data entry, tax filing, and reviewing client documents. Seasonal preparers provide support without long-term commitment, allowing firms to maintain a lean workforce during off-peak months and scale up when needed.

By bringing in experienced seasonal professionals, firms can meet client demands efficiently without overburdening their core team. This strategy also enhances job satisfaction, as full-time staff are less likely to face burnout or excessive overtime.

Boosting Productivity Through Specialized Expertise

Seasonal tax preparers are often highly skilled professionals with specialized knowledge of tax regulations, filing procedures, and compliance requirements. They come prepared to jump into the tax season’s high-volume tasks with minimal training, helping firms manage complex returns and deliver prompt, high-quality service.

Additionally, many seasonal tax preparers stay up-to-date with the latest tax laws, which can help firms ensure compliance and avoid costly errors. By leveraging their expertise, CPA firms can enhance productivity and minimize the risk of errors or missed deadlines.

Cost-Efficiency and Resource Optimization

Hiring full-time employees to handle seasonal workloads can lead to underutilized resources and increased costs once tax season ends. With seasonal tax preparers, firms pay only for the time and expertise needed during peak periods. This approach reduces expenses associated with hiring, onboarding, and providing benefits to full-time staff.

Moreover, temporary hires allow firms to allocate their budget towards additional resources or technology, optimizing overall operations and improving service quality. For CPA firms seeking to reduce operational costs without sacrificing quality, seasonal tax preparers are a cost-effective solution.
Read Also: Step by Step Process for Outsourcing Tax Preparation Services to Unison Globus

Minimizing Burnout Among Full-Time Staff

Tax season is synonymous with long hours, tight deadlines, and high expectations, often leading to burnout among full-time staff. Overworking employees can have long-term consequences, such as decreased morale, reduced productivity, and increased turnover. By hiring seasonal tax preparers, CPA firms can distribute the workload more evenly, alleviating pressure on their core team and promoting a healthier work-life balance.

Reducing stress among full-time employees also enhances team morale, as they can focus on higher-value tasks without feeling overwhelmed by volume-driven responsibilities. Ultimately, a balanced workforce during tax season leads to better retention rates and a more positive work environment.

Enhancing Client Satisfaction with Timely Service

CPA firms’ clients depend on accurate and timely tax preparation to avoid penalties, ensure compliance, and maximize tax savings. By hiring seasonal tax preparers, firms can maintain shorter turnaround times, handle larger volumes of work, and meet deadlines with ease. This not only demonstrates reliability but also enhances client trust and satisfaction.

Seasonal tax preparers enable firms to deliver exceptional client service by handling routine tasks and ensuring all filings are completed accurately and on time. For clients, knowing their CPA firm has the resources to manage their taxes, even during peak periods, adds significant value.

Access to Fresh Perspectives and Diverse Skill Sets

Seasonal hires bring a variety of experiences and perspectives from working with different firms, industries, and client profiles. This diversity can be advantageous for CPA firms looking to innovate and improve their processes. Seasonal preparers often have insights on best practices and can offer valuable feedback on workflow efficiency, technology usage, and client management.

This influx of new ideas allows firms to refine their processes, adopt more efficient techniques, and continuously improve their service delivery. In a fast-evolving field like accounting, access to diverse skills and perspectives can provide a competitive edge.

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Seamless Integration with Outsourced Accounting Teams

Many CPA firms that already work with outsourced accounting teams find it beneficial to hire seasonal tax preparers to complement their existing outsourcing strategy. Seasonal preparers can easily integrate with outsourced teams, bridging gaps and ensuring smooth workflows during peak periods. This approach enables firms to leverage the advantages of both in-house and outsourced expertise, enhancing overall efficiency and productivity.

Working with both outsourced and seasonal teams allows firms to build a versatile workforce that can adapt to changing client demands and deliver comprehensive tax services year-rounds.

Making the Most of Seasonal Tax Preparers: Key Considerations

To maximize the benefits of hiring seasonal tax preparers, CPA firms should follow a strategic approach:

01. Start Recruiting Early:

Begin the hiring process well before tax season to secure the most qualified candidates. Competition for skilled seasonal preparers is high, so early recruitment ensures your firm has access to top talent.

02. Provide Clear Training and Expectations:

While seasonal tax preparers often come with significant experience, providing a brief orientation ensures alignment with your firm’s processes, technology, and client expectations. Clear communication on roles and responsibilities helps them integrate smoothly into your team.

03. Leverage Technology for Efficient Collaboration:

Ensure seasonal preparers have access to the necessary accounting software and collaborative tools. Cloud-based accounting platforms, for example, allow them to work remotely and securely, facilitating seamless teamwork and data sharing.

04. Create a Positive Work Environment:

Treating seasonal hires as valued team members encourages loyalty, enhances productivity, and may lead to them returning for future tax seasons. Recognizing their contributions fosters a supportive environment that benefits the entire team.

Increase Firm’s Productivity with Seasonal Expertise

Hiring seasonal tax preparers is a strategic decision that allows CPA firms to manage tax season efficiently while maintaining high-quality service. By bringing on temporary experts, firms can optimize costs, prevent employee burnout, and ensure client satisfaction even during peak periods.
In the fast-paced accounting industry, adapting to seasonal demands with flexible and skilled professionals is essential for growth and long-term success. Unison Globus specializes in providing outsourced tax preparation services tailored to CPA firms, empowering your team to navigate tax season with confidence and efficiency.

Ready to enhance your productivity this tax season?

Contact Unison Globus for expert seasonal support that will elevate your practice.
Categories
Tax Preparation

Step by Step Process for Outsourcing Tax Preparation Services to Unison Globus

Outsourcing tax preparation can be a strategic move to enhance efficiency, reduce costs, and focus on core business operations. At Unison Globus, we offer comprehensive outsourcing solutions tailored to CPA and accounting firms’ needs. Here’s a detailed guide to our step-by-step process for outsourcing tax preparation services to Unison Globus.

Pathway to Effective Tax Preparation Outsourcing

01 01. Initial Engagement – Laying the Foundation

Our journey begins with a comprehensive engagement proposal. This document outlines the services, terms, and other vital information, providing a clear understanding of what to expect from our partnership. Our team will then request last year’s paperwork, including signed copies, tax returns, and key documents, ensuring we have all the necessary details to get started.

02 02. Software Assessment – Choosing the Right Billing Solutions

We know that every business has unique needs. That’s why we take the time to assess the most suitable billing software for your operations. Whether you’re using a current system or require a fresh start, we ensure your business processes remain efficient and user-friendly.

03 03. Agreement and Documentation – Finalizing the Partnership

Once you review the terms, we follow up to finalize and sign the agreement. For new entities, we determine incorporation requirements and gather additional documentation to confirm operational status. This step guarantees compliance and sets the stage for a seamless tax preparation experience.

04 04. Data Transfer and Integration – Seamless Transition to Our Systems

If you’re migrating from an existing software, our experts handle the transfer of data into the new system, minimizing operational disruptions. We then select and configure the best-fit accounting and tax software tailored to your business’s needs, setting up essential features like a new chart of accounts.

05 05. Formalizing Contact Information – Ensuring Effective Communication

We collect your contact details and mailing address to formalize and authorize our approach. This step is crucial for maintaining transparency and effective communication throughout our engagement.

06 06. Comprehensive Onboarding – Our Checklist for Success

Client onboarding is a pivotal stage for operational efficiency. To ensure a smooth process, we follow a comprehensive checklist that includes:
  • Planning the transition: Aligning the process with your business goals.
  • System upgrades: Upgrading systems to meet your specific requirements.
  • Data collection: Facilitating a seamless transition by gathering essential information.
  • Secure information transfers: Implementing safe data transfers for peace of mind.
  • Policy development: Establishing policies to guide our engagement effectively.
  • Stakeholder communication: Keeping key players informed and involved.
  • Process implementation: Transitioning operations smoothly without disruption.
  • Legal compliance: Ensuring adherence to regulations at every step.

07 07. Transition Strategy Audit – Reviewing and Refining the Process

To ensure everything is on track, we conduct a thorough audit and analysis of the transition strategy. Our team identifies potential issues and recommends corrective measures to ensure a smooth transition.

08 08. Post-Engagement Support – Ongoing Excellence and Follow-Up

Our commitment to excellence doesn’t end once the transition is complete. We assist with post-engagement reviews, conduct follow-up meetings, and maintain transparency and accountability to ensure your ongoing satisfaction.

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What to Expect from Your Side: Easy and Protected Onboarding

We value our clients’ time and security, making your part in the onboarding process simple yet effective:
Provide Essential Documents Gather and securely share necessary documents, such as previous tax returns and incorporation records.
Collaborate on Software Selection Share preferences regarding billing and accounting software to help us tailor the best solutions for your needs.
Clear CommunicationMaintain open communication to ensure a smooth exchange of information.
Adopt the New Systems Integrate and familiarize yourself with the new accounting systems we put in place, equipping your business for success.
Next Steps: Now that you’re familiar with the onboarding process, let’s explore the flexible engagement models that Unison Globus offers for your tax preparation needs.

Flexible Engagement Models and the Unison Globus Workflow

Step 1: Choose Your Engagement Model – Flexibility to Suit Your Needs

At Unison Globus, we understand that every firm has unique requirements. That’s why we offer two flexible models for outsourcing tax preparation services:

1. Per Return Model

This model is ideal for seasonal support when you're unsure about the fixed number of hours needed. You can outsource a specific number of tax returns as and when you need assistance.

  • Pricing: We charge a fixed base price for the initial hours. If the preparation takes longer, an hourly rate applies for the extra hours.

2. Hire a Tax Preparer

For a more dedicated approach, this model allows you to hire a remote tax preparer who works exclusively for you, mirroring your in-house staff. We offer three variations to suit your needs:

  • Full-Time: A tax preparer works 8 hours daily, providing:
    • The opportunity to interview and select the remote staff before hiring.
    • Daily timesheet submissions for full transparency.
    • Constant monitoring to prevent errors and ensure quality.
    • Full control over task allocation.
  • Part-Time: A part-time tax preparer works 4 hours daily, offering the same benefits as full-time but with reduced hours.
  • Hourly: For those uncertain about workload, this model charges only for the hours worked by the remote tax preparer, making it a cost-effective and flexible solution.

Step 2: Choose the Tax Preparer That Fits Your Firm’s Needs – Tailored Expertise for You

One of the biggest advantages of outsourcing with Unison Globus is the ability to handpick the tax preparer you want. We provide you with a selection of CVs for review based on your criteria, such as core tax expertise, industry-specific knowledge, software experience, or extensive training under tax reviewers.

Benefits of Choosing Your Tax Preparer:

  • Core Tax Expertise: Select a remote staff member with expertise aligned with your clients' needs.
  • Industry Knowledge: Choose a tax expert experienced in your specific industry.
  • Software Proficiency: opt for a remote staff proficient in the tax software you use.
  • Experience: Hire professionals trained under seasoned tax reviewers for 5+ years.

Step 3: Conduct a 1-on-1 Interview – Ensuring the Right Fit for Your Firm

After selecting potential candidates, conduct a 1-on-1 interview to assess their skills. Ask theoretical and practical questions to evaluate their expertise, ensuring they meet your firm’s standards before onboarding.

Step 4: Welcome the Tax Preparer Onboard – Seamless Integration into Your Team

Once finalized, the tax preparer joins your team within 24-48 hours. They begin by securely collecting documents through a remote access portal. No extra training is needed as our tax preparers are seasoned professionals experienced in multiple tax seasons.

Take the first step toward a hassle-free tax preparation journey now!

Unlock the full potential of your firm's operations with Unison Globus's expert outsourcing solutions. Our flexible engagement models and dedicated team of tax professionals are here to streamline your processes, ensuring compliance and peace of mind.

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    Unison Globus: Streamlining Your
    Tax and Accounting Solutions

    Our diverse range of outsourcing CPA services caters to every aspect of your tax and accounting needs:
    Our services are delivered with a commitment to data security, quality, and transparency, ensuring peace of mind for your firm.

    The Process Workflow at Unison Globus

    We prioritize security, efficiency, and seamless outsourcing with our workflow’s three key aspects:

    1. Access

    • Cloud: Our remote staff securely logs into your software to access client documents.
    • RDP Access: Staff connects to your computer via a remote desktop connection, logging out after the work is done.

    2. Communication

    • Immediate Response: Using tools like Email, Skype, Slack, Microsoft Teams, and SharePoint, our staff ensures prompt communication and 24-hour turnaround time due to our Indian Time Zone advantage.

    3. Task Monitoring

    • Timesheet: Daily timesheets provide complete visibility of the remote staff's work.
    • Review Meetings: Regular meetings allow you to assign further tasks, resolve queries, and monitor progress.

    Why Choose Unison Globus for Your Outsourcing Needs?

    Unison Globus offers tailored outsourcing services designed to streamline operations, reduce costs, and ensure compliance. Our flexible models, expert team, and transparent workflow make us your go-to partner for a hassle-free outsourcing experience.

    Let’s Get Started on
    Your Outsourcing Journey!
    Make your tax preparation process
    more efficient, secure, and
    cost-effective with Unison Globus.

    Whether you need seasonal support or a full-time tax preparer, we have the right solution for you.

    Contact us now to discuss your requirements and discover how our tailored outsourcing services can benefit your firm.

    Optimize your tax preparation process—partner with Unison Globus today! Contact

    Tips for a Successful Outsourcing Experience with Unison Globus

    01 01. Organize Your Documents

    Before starting the outsourcing process, gather all the necessary tax-related documents, including previous year tax returns, financial statements, and other relevant paperwork. Having these documents ready will facilitate a smoother transition.

    02 02. Define Clear Objectives:

    Outline what you aim to achieve by outsourcing your tax preparation. Whether it’s cost-saving, improved accuracy, or handling a seasonal workload, clear objectives will help tailor the outsourcing process to meet your business needs effectively.

    03 03. Communicate Your Preferences:

    Share your preferences regarding billing software, accounting processes, and reporting formats. This will allow Unison Globus to align their services with your existing workflows, ensuring seamless integration.

    04 04. Select the Right Engagement Model

    Assess your current workload and future projections to choose the most suitable engagement model. If you anticipate seasonal spikes, the Per Return model may work best. For continuous support, consider hiring a full-time or part-time tax preparer.

    05 05. Be Open to a Flexible Approach

    Outsourcing offers flexibility, so be open to adjusting your engagement model as your business needs evolve. Regularly assess the outsourced tasks to ensure they align with your firm’s goals and make changes if necessary.

    06 06. Take Advantage of the Interview Process

    Use the 1-on-1 interview step to thoroughly assess the tax preparer’s expertise and compatibility with your firm. Ask relevant theoretical and practical questions to gauge their knowledge and experience in your specific industry.

    07 07. Set Clear Communication Channels

    Establish preferred communication tools, such as Email, Skype, or Microsoft Teams, to stay connected with the remote tax preparer. Regular communication ensures alignment and quick resolution of any queries.

    08 08. Review Timesheets Regularly

    Monitor the timesheets provided by Unison Globus’s remote staff. This will give you insights into their work progress, helping you make informed decisions on workload allocation and task prioritization.

    09 09. Utilize the Secure Access System

    Rest assured that Unison Globus follows strict security measures. Use the secure access portals and cloud login systems recommended by their team to protect your clients’ sensitive financial information.

    10 10. Schedule Regular Review Meetings

    Set up periodic meetings to review the progress and provide feedback. These sessions are an excellent opportunity to discuss any adjustments, address concerns, and align on upcoming tasks.

    11 11. Stay Involved

    Even though the tax preparation tasks are outsourced, staying involved in the process helps maintain control over your operations and ensures that the service meets your standards.

    Ready to get started?

    Connect with Unison Globus today and take the first step toward an expertly managed tax preparation process.
    Categories
    Accounting and Bookkeeping Management Accounting Payroll Tax Preparation

    Useful List of Accounting Services for Small Business in 2024

    As small business owners, wearing many hats is inevitable. However, juggling essential tasks like accounting alongside day-to-day business operations can become overwhelming. The relevance of professional accounting services remains unchanged for businesses of all sizes, but for small businesses, efficient accounting is crucial for sustaining growth and compliance.
    While outsourcing accounting might feel like a leap, it is a cost-effective solution for small businesses that lack the resources to hire full-time professionals. Unison Globus offers tailored solutions to simplify your accounting needs, helping you stay focused on your business goals. Below is a list of critical accounting services your small business can benefit from in 2024.

    Detailed Descriptions of Each Service

    01 01. Bookkeeping Services

    Precise bookkeeping is the backbone of any business’s financial strength. It involves systematically recording financial transactions to ensure smooth accounting processes. Partnering with outsourced bookkeeping services ensures your records are kept up-to-date, helping you stay on track with cash flow and financial planning. By engaging with expert accountants and bookkeepers, you gain access to professionals who can manage your books using advanced software, ensuring efficiency and accuracy.

    02 02. Monthly Accounting Activities

    Monthly accounting reviews provide valuable insights into your financial standing. These reviews help detect early issues and enable informed decision-making for the future. Small business owners can benefit from accounting outsourcing services USA, ensuring that timely reports are generated and monthly financial statements prepared by experienced professionals.

    03 03. Tax Preparation and Filing

    Staying compliant with tax regulations is non-negotiable for small businesses. An understanding of common tax deductions and proper filing ensures you avoid penalties and save money. Engaging outsourced CPA services offers the expertise needed to manage tax-related obligations efficiently. Whether it’s navigating tax season or preparing returns, outsourced accounting services USA can help streamline the process.

    04 04. Payroll Processing

    Payroll management is often more complex than it appears. Ensuring on-time payments, compliance with tax regulations, and accurate payroll reporting are vital. Outsourced bookkeeping & accounting services help manage payroll smoothly, allowing you to focus on core business activities while ensuring compliance and proper tax filing.

    05 05. Financial Planning and Analysis

    Strategic financial planning plays a pivotal role in guiding business growth. With financial planning and analysis, businesses can make data-driven decisions based on in-depth financial insights. For example, using remote accounting services can provide regular financial forecasts and analyses that align with your business goals, aiding in long-term sustainability.

    06 06. Outsourced CPA Services

    Hiring a full-time CPA may not be feasible for small businesses due to cost. However, outsourcing to a bookkeeping outsourcing firm or CPA allows you to access expert advice at a fraction of the cost. These services provide advisory support, periodic reviews, and assistance in making strategic financial decisions.

    07 07. Forensic Accounting Needs

    Protecting your business from fraud is essential. Forensic accounting helps detect discrepancies and misstatements, identifying potential fraud early. By engaging with outsourced accounting services, small businesses can implement necessary safeguards and maintain financial integrity.

    Looking for Expert Accounting Solutions?

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    Benefits of Using Professional Accounting Services

    The benefits of professional accounting services go beyond accuracy. They help small businesses stay compliant, avoid penalties, and make informed financial decisions. By outsourcing, you reduce the burden of in-house accounting while gaining access to expertise and technology solutions that enhance your financial processes.

    Comparison of In-House vs. Outsourced Accounting

    While in-house accounting provides control, it can be resource-intensive and costly for small businesses. Outsourced bookkeeping solutions offer flexibility, cost savings, and access to expert accountants without the overheads of full-time staff. Additionally, outsourcing allows small businesses to scale operations as needed without compromising quality.
    Aspect In-House Accounting Outsourced Accounting
    Cost Requires full-time salaries, benefits, and office space, leading to higher overheads. More cost-effective, with flexible payment options based on the scope of services. No additional costs for office space or employee benefits.
    Control Full control over accounting processes with direct oversight of staff. Access to experienced professionals, with the option to customize services. Regular updates and reports maintain transparency
    Scalability Limited by the capacity of the in-house team; hiring more staff can be expensive and time-consuming. Easily scalable to meet the changing needs of the business without hiring new employees. Can expand or reduce services as required.
    Expertise Limited to the knowledge and experience of the in-house staff. Ongoing training may be needed. Access to a wide range of experts with specialized skills in accounting, tax, and bookkeeping, who stay up-to-date with industry trends.
    Technology Integration May require significant investment in software and tools, plus training for staff. Outsourced firms use the latest accounting technology and software, with no additional costs for setup or training.
    Compliance & Regulation In-house teams may need regular updates and training to stay compliant with changing regulations. Outsourced providers ensure compliance with the latest tax and financial regulations, reducing the risk of penalties.
    Time Commitment Business owners need to dedicate time to managing and overseeing the accounting team. Outsourcing frees up time for business owners to focus on core activities while receiving timely updates on financial matters.
    Flexibility In-house accounting teams may not be able to adapt quickly to changing business needs. Outsourced accounting provides flexibility to adjust services based on seasonal or market changes.
    Hiring & Training Requires time and resources to hire, train, and retain qualified accountants. No need to hire or train. Outsourced firms provide a ready-made team of professionals with experience in your industry.
    Read Also: https://unisonglobus.com/accounting-vs-bookkeeping-infographic/

    Tips for Choosing the Right Accounting Service

    Selecting the right accounting partner is essential. Look for bookkeeping firms that specialize in small business needs, offer competitive pricing, and have a strong track record. A good partner will provide personalized services, from outsourced bookkeeping for CPAs to payroll management, ensuring all aspects of your accounting are covered.

    Pro Tips for Choosing the Right Accounting Service

    Specialization in Your Industry Choose a firm that understands the unique challenges and requirements of your industry. Specialized accounting services ensure they are well-versed in the specific tax laws, compliance regulations, and financial reporting standards that apply to your business.
    Scalable Solutions As your business expands, your accounting needs will advance. Look for firms that offer scalable accounting solutions—from basic bookkeeping to advanced financial analysis—so you can easily adjust the level of service based on your business’s growth without switching providers.
    Technology-Driven ServicesOpt for firms that integrate cloud-based accounting software and use the latest technology for secure, real-time access to your financial data. This will help you stay updated with your accounting reports, access your data on the go, and ensure your business uses cutting-edge solutions for better financial management.
    Transparent Pricing Structure Ensure the accounting service provides a transparent pricing model with no hidden fees. Whether they offer hourly rates, fixed fees, or package deals, it’s crucial to understand what’s included in the service and how additional costs may arise as your needs grow.
    Proven Track Record & Reputation Verify the firm’s experience by looking into their track record with businesses similar to yours. Client testimonials, reviews, and case studies can provide insights into how well they handle small business accounting needs and their success in delivering results.
    Certifications & Qualifications Ensure that the accountants you work with have the proper certifications (e.g., CPAs, CAs, or EAs). Certified professionals provide assurance that they are held to high standards of competency and ethics, which is crucial for accurate reporting and regulatory compliance.
    Comprehensive Service Offerings Choose a firm that offers a full suite of accounting services, including payroll management, tax preparation, bookkeeping, and financial advisory services. This ensures all aspects of your accounting are covered, reducing the need for multiple service providers and streamlining your operations.
    Communication & Responsiveness Look for a partner who is responsive and communicative. Timely responses, regular check-ins, and easy access to financial reports are critical. A good accounting partner should feel like an extension of your team, keeping you updated and informed at all times.
    Data Security Measures With increasing concerns around data breaches, ensure your accounting partner follows strict data security protocols to protect sensitive financial information. Opt for firms that use encrypted systems and have robust cybersecurity measures in place.
    Proactive Financial GuidanceA good accounting service doesn’t just handle your numbers; they act as strategic advisors for your business. Look for firms that offer proactive guidance, helping you identify cost-saving opportunities, improve profitability, and plan for future growth with data-driven insights.

    Industry-Specific Accounting Services

    Different industries have unique accounting requirements. Unison Globus offers specialized services across various sectors, from tech startups to e-commerce and manufacturing. Each industry benefits from tailored accounting services that address specific compliance and reporting needs.
    Finance & Insurance
    Real Estate, Rental & Leasing
    Advisory & Financial Service
    Research and Development
    Arts & Entertainment
    For more details, visit our Market Page.

    Technology Integration in Accounting

    Modern accounting is driven by technology. Outsourced accounting services incorporate advanced software and tools to enhance data security, improve reporting accuracy, and streamline processes. Investing in technology-driven accounting and bookkeeping outsourcing services ensures your business stays ahead in an increasingly digital world.

    At Unison Globus

    From bookkeeping to tax preparation, we offer scalable and fitted services to assistance your business thrives.

    Connect with us today to get started!

    Get in Touch!

      Common Accounting Mistakes to Avoid

      Small businesses often make common accounting errors such as improper record-keeping, missing tax deadlines, and poor cash flow management. Engaging with bookkeeping service providers ensures you avoid these pitfalls. Professional accountants help keep your financial records in order, ensuring timely reporting and filing.
      Common Accounting Mistakes to Avoid:
      Inaccurate Record-Keeping: Keep all financial records up to date and organized to prevent discrepancies.
      Tip: Use cloud-based accounting software for real-time updates.
      Not Reconciling Accounts: Regularly reconcile your bank accounts to catch errors or fraud early.
      Tip: Schedule monthly reconciliations with professional bookkeepers.
      Missing Tax Deadlines: Ensure timely filing to avoid penalties.
      Tip: Automate tax reminders and rely on professional accountants to handle tax compliance.
      Poor Cash Flow Management: Monitor your cash flow regularly to avoid liquidity issues.
      Tip: Create monthly cash flow forecasts with the help of expert accountants.
      Mixing Personal and Business Finances: Always keep personal and business accounts separate.
      Tip: Set up dedicated business accounts and track every transaction accurately.
      Read Also: https://unisonglobus.com/common-accounting-mistakes-and-how-to-avoid-them-expert-tips/

      How to Maximize the Value of Accounting Services

      To get the most from your accounting services, ensure regular communication with your accounting partner. Regular financial reviews, budget adjustments, and strategic planning sessions are essential. Outsource bookkeeping and accounting services that offer tailored advice and proactive solutions to enhance business growth.

      On the whole

      Accounting plays a crucial role in the success of any small business. With the right outsourced accounting services USA, you can streamline financial operations, stay compliant, and make better business decisions. Unison Globus is here to support your journey with customized, cost-effective accounting solutions. Our outsourced bookkeeping services and expert CPAs can help you maintain financial health, grow your business, and stay ahead in 2024. Contact us today to learn how we can assist your business in achieving its goals!

      FAQs on Accounting Services for Small Businesses

      01 01. What is the difference between bookkeeping and accounting?

      Bookkeeping involves recording daily financial transactions, such as sales and expenses. Accounting includes interpreting, classifying, analyzing, reporting, and summarizing financial data to provide deeper insights into your business.

      Read more: https://unisonglobus.com/accounting-vs-bookkeeping-infographic/

      02 02. Why should I separate my business and personal finances?

      Separating business and personal finances simplifies tax preparation, protects personal assets from business liabilities, and makes it easier to track business expenses and cash flow. It’s a fundamental step in maintaining financial clarity and compliance.

      03 03. How often should I review my financial statements?

      Reviewing your financial statements monthly ensures accuracy and enables informed business decisions. Regular reviews allow you to identify trends, adjust strategies, and address any issues early on.

      04 04. What are the benefits of outsourcing accounting services?

      Outsourcing saves time, reduces costs, and provides access to expert advice, ensuring tax compliance and accurate financial management. It allows business owners to focus on growth while experienced professionals handle the accounting workload.

      05 05. How can cloud-based accounting services benefit my business?

      Cloud-based accounting services offer anytime, anywhere access to real-time financial data, improved collaboration, enhanced data security, and cost savings. These services integrate advanced technology, enabling better financial decision-making.

      06 06. What should I look for when choosing an accounting service provider?

      Look for a provider with industry-specific expertise, a range of scalable services, advanced technology integration, and a strong reputation for communication. A good accounting partner will tailor services to your business needs and be responsive and transparent.

      07 07. Can I prepare my company’s taxes myself?

      While possible, hiring a professional accountant ensures accuracy, maximizes deductions, and keeps you compliant with ever-changing tax laws. Accountants provide valuable strategic advice that can improve financial outcomes.

      08 08. How much does it cost to hire an accountant?

      The cost varies on the services you expect, the complexity of your business, and the accountant’s experience. Always compare pricing and services to find an accounting partner that fits your budget and delivers value.
      Read Also: https://unisonglobus.com/how-much-does-it-cost-to-hire-a-cpa/

      Connect with Unison Globus

      At Unison Globus, we specialize in helping small businesses navigate their accounting needs with expert solutions, scalability, and advanced technology integration. Whether you need bookkeeping, tax services, or financial analysis, our team is here to support your growth with personalized services. Contact us today to learn how Unison Globus can be your trusted accounting partner!
      Categories
      Auditing Tax Preparation

      Assurance in Numbers: Dissecting Internal and External Audits During Tax Season

      With tax season on the horizon, the emphasis on financial transparency, accuracy, and compliance intensifies. Achieving these critical attributes necessitates thorough auditing—a fundamental process for examining and verifying financial records. Internal and external audits, while both vital, serve distinct functions within this framework. This article explores the differences between these two types of audits, emphasizing their unique roles during the crucial tax season.
      At Unison Globus, we excel in delivering top-tier Audit & Assurance Services, guiding organizations through the complexities of financial oversight. Our extensive expertise in outsourced taxation and accounting services makes us a trusted partner for CPAs, EAs, and accounting firms throughout the USA. Our professional yet approachable approach highlights our proficiency in accounting, taxation, and outsourcing, all while remaining customer-focused and helpful. As we delve into the distinctions between internal and external audits, we will illustrate how Unison Globus can support your audit needs, ensuring your organization stays compliant and transparent during tax season and beyond.

      What are Internal Audits?

      Internal audits are conducted by an organization’s own team of auditors or by certified internal auditors from specialized internal audit services. Their main goal is to assess and enhance the effectiveness of internal controls, risk management, and governance processes. Unlike external audits, internal audits are a continuous process, aimed at providing ongoing evaluations and improvements.

      Key Features of Internal Audits:

      Purpose Focus on strengthening internal controls, improving risk management, and enhancing governance processes.
      Frequency Performed regularly throughout the year, ensuring continuous oversight and improvement
      ScopeComprehensive, covering a wide range of organizational activities and processes.
      Reporting Findings are communicated to management and the board of directors to support strategic decision-making and operational enhancements.

      Ensure Compliance with
      Unison Globus

      Expert Audit & Assurance Services and Financial Statement Audits.

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      What are External Audits?

      External audits are conducted by independent audit firms to provide an unbiased verification of an organization’s financial statements. These audits are crucial during tax season, as they validate the accuracy and completeness of financial reports, ensuring compliance with accounting standards and regulatory requirements.

      Key Features of External Audits:

      PurposeEnsure the reliability and accuracy of financial statements, enhancing credibility with stakeholders.
      FrequencyTypically conducted annually or as mandated by regulatory authorities.
      ScopePrimarily focuses on financial records and statements, assessing their fairness and compliance.
      ReportingResults are presented in an audit report shared with stakeholders, including shareholders, regulators, and the public

      Internal vs. External Audits

      When it comes to financial transparency and accountability, internal and external audits are essential. Understanding their differences in focus, scope, objectives, and goals is crucial for CPA firms in providing exemplary service tailored to client needs. Knowing how external audits work can help internal auditors better prepare and ensure compliance with regulatory requirements. According to the Institute of Internal Auditors’ Global Perspectives and Insights report, several key differences exist between internal and external audits.

      Benefits of Internal Audits

      • Enhanced Internal Controls: Internal audits identify weaknesses in internal controls and recommend necessary improvements.
      • Effective Risk Management: They help recognize potential risks and develop strategies to mitigate them.
      • Operational Efficiency: Internal audits provide insights into operational inefficiencies, suggesting ways to boost productivity and effectiveness.

      Benefits of External Audits

      • Increased Credibility: External audits add credibility to financial statements, strengthening stakeholder trust and confidence.
      • Regulatory Compliance: They ensure that the organization adheres to relevant laws and regulations, crucial during tax season.
      • Fraud Detection: External audits play a significant role in detecting and preventing fraudulent activities through an objective review of financial records.

      Audit Purpose

      Internal Audit:

      Objective: Internal audits analyze and improve organizational controls and performance. They evaluate the organization’s entire risk and control landscape, assess risk management effectiveness, and consider implications for strategy and performance. Internal audits identify risks that could prevent an organization from achieving its goals and proactively recommend improvements to mitigate these risks.

      External Audit:

      Objective: Internal audits analyze and improve organizational controls and performance. They evaluate the organization’s entire risk and control landscape, assess risk management effectiveness, and consider implications for strategy and performance. Internal audits identify risks that could prevent an organization from achieving its goals and proactively recommend improvements to mitigate these risks.

      Audit Focus

      Internal Audit:

      Scope: Internal audits assess organizational health holistically, determining whether business practices support strategic objectives and identifying risks that could impact those objectives.

      External Audit:

      Scope: External audits, conducted by regulatory agencies or government auditors, look for compliance deficiencies or violations. They focus on whether the organization’s financial accounts accurately and fairly represent its performance, primarily through a backward-looking and reactive approach

      Audit Scope

      Internal Audit:

      Coverage: Internal audits provide insights and suggestions to management covering all governance, risk, and control processes. They are preventative and ongoing

      External Audit:

      Coverage: External audits typically occur annually or at least once every five years. For compliance audits, the scope is determined by the regulatory body conducting the audit and is limited to financial statements.

      Primary Audience

      Internal Audit:

      Reporting: Internal audits report directly to the board of directors, senior management, the audit committee, and other groups within the organization’s governance structure, providing governance assurance.

      External Audit:

      Reporting: Internal audits report directly to the board of directors, senior management, the audit committee, and other groups within the organization’s governance structure, providing governance assurance.

      Auditor Skills

      Internal Audit:

      Qualifications: Internal auditors come from various academic and professional backgrounds. Objectivity and independent assurance are key principles, even though internal auditors are employees of the organization they audit.

      External Audit:

      Qualifications: External auditors are certified accountants (for financial audits), compliance professionals, or government employees (for compliance audits). They may be requested by customers to verify that an organization meets their requirements.

      Employment Relationship

      Internal Audit:

      Independence: Internal auditors report to senior management, the audit committee, and the board rather than the business areas being audited. They maintain objectivity by avoiding professional or personal involvement with the areas being audited.

      External Audit:

      Independence: External auditors are not employees of the organization being audited. Despite the different purposes and outcomes of internal and external audits, they can share information to avoid duplication and enhance audit coverage.

      Focus and Scope

      Internal Audit:

      Focus: Internal audits focus on identifying potential risk areas, evaluating the effectiveness of internal controls, and improving internal processes. CPA firms can use internal audits to provide management with insights and recommendations for enhancing financial controls.

      External Audit:

      Focus: External audits evaluate the accuracy and reliability of financial statements and ensure compliance with applicable laws and regulations. CPA firms conducting external audits provide assurance to stakeholders, such as shareholders and regulators.

      Objectives and Goals

      Internal Audit:

      Objective: The primary objective of internal audits is to help the organization improve its internal processes, identify risk areas, and ensure compliance with internal policies and procedures. They help clients enhance internal processes and mitigate potential risks.

      External Audit:

      Objective: External audits assure stakeholders that financial statements are accurate and reliable and that the organization complies with applicable laws and regulations.

      Standards and Regulations

      Internal and external audits adhere to different standards and regulations, which are crucial to understand. Internal audits follow internal policies and procedures, guided by standards like the International Standards for the Professional Practice of Internal Auditing (IPPF) and the Institute of Internal Auditors (IIA) standards. External audits adhere to standards like Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), Generally Accepted Auditing Standards (GAAS), and the Sarbanes-Oxley Act (SOX).

      Stakeholders and Reporting

      Internal audits are conducted for management and the board of directors, with results reported to these stakeholders. External audits cater to a broader range of stakeholders, including shareholders, regulators, and creditors, with results reported in the company’s financial statements.

      Pros, Cons, and Impact

      Internal Audit:

      • Pros: Comprehensive review of operations and processes, risk management, and governance. Helps identify and mitigate risks, improve internal controls, and enhance operational efficiency.
      • Cons: Potential lack of independence and objectivity, limited expertise in certain areas, and less oversight than external audits.
      • Impact on CPA Firms: Offering internal audit services can expand service offerings and help clients improve internal controls and risk management.

      External Audit:

      • Pros: Independent assessment of financial statements, ensuring compliance with standards, identifying material misstatements, and improving financial statement accuracy.
      • Cons: Higher cost, less in-depth review of operations, and potential disruption during the audit process.
      • Impact on CPA Firms: Offering external audit services can be a significant revenue stream, but maintaining independence and objectivity is critical.

      Conclusion

      Both internal and external audits are essential for ensuring financial transparency and accountability. CPA firms can help clients choose the right audit service for their needs and offer additional support in areas like bookkeeping, tax preparation, and financial reporting. By partnering with Unison Globus, firms can provide a comprehensive range of financial services, ensuring clients’ financial reporting and compliance needs are expertly managed. With your firm’s auditing expertise and Unison Globus’ outsourcing services, clients can achieve their financial goals with confidence.