➡️ Personal Tax Return: Verify Organizer is complete with corresponding docs, and move all docs to the right folder under the right year
➡️ Business Return: If the client is a Bookkeeping Clients, please request the Financials from the BAM
- If the Client is not a Bookkeeping Client, we should ask for the P&L and Balance sheet of the Year we are preparing the Tax for and move them under the right folder under the right year
➡️ Once we get all docs needed the project status will be changed to the next Stage "In progress"
In progress Check list
Business Checklist:
➡️ Verify Tax Year B/S beginning balance matches prior tax return
➡️ Check B/S for distributions/Owner Withdrawals
➡️ Create new client on PC/or select existing name and enter all data
➡️ For new clients enter the depreciation schedule from the last filed tax return
Personal Checklist:
➡️ Create new client on PC/or select existing name and enter all data from the Organizer and any docs supplied
➡️ Enter Form Data in the Tax program
Personal W/C Checklist
➡️ Create new client on PC/or select existing name and enter all data from the Organizer and any docs supplied
➡️ Enter Organizer data into PC directly
➡️ Enter Schedule C Business Assets, Milage, Home Office, data if Applicable
➡️ Enter Form Data in PC source data entry program
➡️ Enter Schedule C Business P&L Data, Enter QBI data for Schedule C
➡️ Mark Schedule C Active Participation
Once The Prep Phase is Done, You change the status to "Review"
Review
A Task is created for the Tax Reviewer to fully review the whole tax Return for accuracy and to help reduce the tax bill
➡️ After the review and before sending the return to the client for the e-signature, make sure to attaches the 2553 form (if applicable)
➡️ Send it to the client for review and e-signature, plus send the installment agreement letter if they Owe money!
➡️ Last change the project status to the stage "E-Sign"
E-Sign
➡️ The Preparer will Wait on the Client Approved and Signature
➡️ Prepare the Installment Agreement and verify bank information if needed
➡️ Move the Project to the stage "Signed"
Signed
➡️ The Reviewer will Submit the E-File to the IRS
➡️ And move the Project to the stage "E-Filed"
E-Filed
➡️ The Tax Preparer Will Verify if Accepted By IRS
➡️ Verify if Accepted by the State
➡️ If rejected try to resolve the problem if you can't move the project to the stage "Rejected" for the Reviewer to try to fix, they will decide if to fix and file or Paper File (if it's a Paper File, they will move it to the "Paper File" stage and then the Tax preparer will have to print the return, and mail it to the client to paper file it)
➡️ Once the Return is Filed and accepted it's moved to the stage "Done"
Update The System
➡️ In the Case if the Client is our Bookkeeping Client, CAM will create a task for the BAM to Update the books with any changes made by the tax preparer and book depreciation and amortization expenses and then final close
➡️ The Tax Preparer will upload the Final Tax Return, Balance Sheet, and Profit & Loss Statement to the client portal, and notify the client that their return has been filed and the documents are available in their portal.
➡️ Update the related fields in FunnelsLAB: Year Status, etc
➡️ If Everything is complete, Mark the Opportunity as WON!!