Three months ago, firms – and exhausted tax staff – celebrated the end of an extended busy season. However, celebrations may have been a little muted as many immediately turned their eyes towards extension season. And now, even as extension season ends, forward-thinking firms are looking towards the 2020 busy season. As Managers and Partners begin to plan tax strategy meetings, one of the topics typically discussed is the value of utilizing tax outsourcing services, and with good reason. Firms who utilize tax outsourcing services see an average increase of 8-15% in returns completed during tax season (based on an analysis of firms utilizing XCMWorkflow®).
Recent posts by Ray Barlow
3 min read
Having a successful partnership between the firm and its tax outsourcing partner takes more than just luck. It takes preparation and planning, even before the firm starts interviewing potential tax outsourcing companies. For those firms considering tax outsourcing services as part of their strategy, a tax outsourcing-specific plan should be made, as well.
5 min read
In reaction to the rapid spread of COVID-19, on March 24th, the Indian government passed mandated stay-at-home legislation for private businesses. For many tax outsourcing organizations, this meant temporarily pausing operations. A few outsourcing partners, like Xpitax, were able to implement business continuity plans and maintain security while operating in a reduced, work-from-home capacity.
5 min read
Tax outsourcing has come a long way from its nascent beginnings back in the early 2000s. We know that tax outsourcing works - firms that outsource complete anywhere from 8-15% more returns during tax season than those who do not (based on an analysis of firms utilizing XCMWorkflow).
Putting it into perspective, for a firm used to a max capacity of 2,500 returns during tax season, with outsourcing, that firm could process an additional 200-375 returns. How do you think an increase in capacity