tax-season-2020-covid19

2020 is an unforgettable year, which each one of us would definitely like to forget for sure! It has been a hell of a year so far, and all eyes are on a recovery phase with high hopes of return to normalcy in the quickest time possible, which probably might not be quick enough though.

One area which cannot be overlooked even during such a pandemic is tax compliances. While we try to cope with lifestyle changes, new working styles including Work-From-Home, adapting to new remote-working technologies, and in addition, most importantly, protecting ourselves and our near and dear ones from this outbreak, we should not forget that the new tax filing due date is slowly but steadily creeping onto us.

New Filing and Payment Deadlines

Amid all the COVID-19 troubles, taxpayers should not forget that the new tax filing due date is less than two months away. While the entire world is trying to come to terms with the COVID-19 situation, the IRS was kind enough give taxpayers additional time to keep current with their tax filings. Most federal tax filing and payment deadlines ranging from April 1, 2020, to July 14, 2020, are postponed to July 15, 2020. The postponements are automatic and apply to all taxpayers.

The IRS is maintaining a very informative webpage (click here) for keeping us updated regarding the filing deadlines. Almost every filing which was due between the dates April 1, 2020, to July 14, 2020 is now due on July 15, 2020.

Initor Global – Your Back-Office Work Buddy

Initor Global Services is a leading global accounting company providing Finance and Accounting (F&A) as well as Taxation outsourcing services to CPA firms based in the USA. We have been assisting a huge number of large and small CPA firms with a host of back-office services including preparation of various tax returns. Our aim has always been to provide the top-notch services to CPAs and EAs practicing in the United States of America and sharing their tax season workload. It is indeed challenging to build and maintain a tax workforce that fulfills your needs in diverse areas such as Individual Tax Returns, Partnership Tax Returns, Corporation Tax Returns, etc. That’s why it might be best for CPAs and accounting firms – and for tax professionals such as Enrolled Agents and others – to outsource their tax functions. This is where Initor Global comes into the picture.

Why Initor Global?

Today, CPAs and accounting firms need to devote their resources and time to their core business activities. We are your best choice when it comes to tax returns preparation, advisory services, solving complex business problems, etc. with the integration and standardization of operations, including increasing efficiency and reducing costs. With highly qualified professionals, we help CPA firms and other tax professionals to effectively manage compliance-related requirements. Our tax outsourcing services gives you the visibility and control that you want. With Initor Global, you will experience consistent, flexible and quality services with tax compliances.

Key Areas Where Initor Global Can Benefit Your Firm:

Your association with Initor Global will lead to the following benefits:

  1. Cost Reduction – CPA firms can reduce costs by a considerable margin.
  2. Technology Enablement – Enhance efficiency of your tax function using technology-enabled solutions.
  3. Process Standardization – Practical solutions to clients based on standard processes.
  4. Access to Human Talent – Get access to pool of talented tax and accounting professionals having up-to-date knowledge of legislation changes.
  5. Confidentiality of Information – Industry-best practices to ensure security and confidentiality of information.


What Can Initor Global Help You With?

As the new deadline of 15th July, 2020 approaches, Initor Global can assist your firm with tax preparation services which may include the below filings –

  • Individuals – Form 1040, Form 1040-NR, Form 1040-SR.
  • Corporations – Form 1120, Form 1120S
  • Partnerships – Form 1065
  • Estates and Trusts – Form 1041
  • Non-profit Organizations – Form 990
  • Expat tax filing along with Form 2555

In addition to the above stated tax preparation services, Initor Global also has the expertise and experience in assisting CPA firms with the following services –

  • Routine Accounting & Bookkeeping
  • Management Accounting and Reporting
  • Payroll-related Services
  • Corporate Secretarial Services

Initor Global is also extending its services to CPA firms to assist with any new filings emerging from the changes in tax laws or introduction of new laws requiring additional compliances, such as –

  • Paycheck Protection Program (PPP) Application Assistance
  • PPP Forgiveness Application Assistance
  • Employee Retention Credit Computations and Paperwork


Software We Use for Tax Return Preparation:

Initor Global has qualified staff having extensive experience in tax returns preparation using almost all the leading software available in the market today including, but not limited to, the below –

  • CCH Axcess
  • Drake Software
  • Intuit Lacerte
  • Intuit Turbotax
  • Intuit ProConnect
  • ProSeries
  • ATX
  • UltraTax CS


Interested To Know More? Get In Touch!

Initor Global is helping a vast number of firms with their back-office work, and would definitely be pleased to assist your business as well to get the benefits that we provide. Please visit our webpage to get in touch with us. We are also offering a 30-Minute “No Obligation Call” to explain in detail how our business arrangement works.

Disclaimer

The information contained within this article is provided for informational purposes only and is not intended to be a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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15th of July - The New Finish Line for 2020
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15th of July - The New Finish Line for 2020
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The new tax filing due date of 15th July, 2020 is stealthily creeping on to us while we are trying to cope with the ongoing COVID-19 pandemic.
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Initor Global
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