Tax Preparation
Manages the process of gathering data, preparing, reviewing, and filing tax returns and payments.
Workflow Stages
Data Collection
Gather all financial data, supporting schedules, and documentation needed for tax preparation.
Inputs
- Financial statements
- Supporting schedules
- Prior year tax returns
Outputs
- Tax data package assembled
- Missing information list
- Data requests sent to departments
Return Preparation
Prepare the tax return using the collected data, applying current tax law and optimizing the position.
Inputs
- Tax data package
- Tax software
- Current tax law guidance
Outputs
- Draft tax return
- Tax calculation workpapers
- Optimization opportunities identified
Internal Review
A senior team member reviews the return for accuracy, compliance, and optimization.
Inputs
- Draft tax return
- Workpapers
- Review checklist
Outputs
- Review comments
- Corrections applied
- Reviewed return ready for external review if applicable
Decision Points
- • Are there positions requiring external tax advisor review?
External Advisor Review
If applicable, engage external tax advisors to review complex positions or the complete return.
Inputs
- Reviewed tax return
- Complex position summaries
- Questions from internal review
Outputs
- Advisor review comments
- Position confirmations
- Final return approved for filing
Filing and Payment
File the tax return and process any associated tax payment by the deadline.
Inputs
- Approved final return
- Filing platform access
- Payment authorization
Outputs
- Return filed with confirmation receipt
- Tax payment processed
- Filing records archived
Frequently Asked Questions
Who is responsible for tax strategy decisions?
Tax strategy decisions are made collaboratively by the finance director and external tax advisors, with final approval from the CFO for significant positions.
How are tax law changes incorporated?
The tax team monitors legislative changes throughout the year and updates preparation procedures and calculations to reflect current law before each filing.
What happens if a filing deadline cannot be met?
An extension request is filed before the original deadline. Extensions typically provide additional months to file but do not extend the payment deadline for estimated taxes.
Ready to implement this workflow in your business?
Our team can implement this workflow into your business operations with custom tools and training.