Brief
About the firm:
The firm was headed by an experienced CPA and had 2-3 team members. It was a typically small firm having mainly tax practice. It was a stable low fees practice.
The problem statements:
The owner was referred by another CPA client of Altobooks. So, he was very clear. He needed help with tax returns. He wanted to outsource few of the tax returns.
Solutions provided:
Altobooks assigned an experienced team to this firm. The team was also working for the client firm through which this referral came. Some interesting returned were prepared including some 1120H returns, which are typically not outsourced and very few people are able to prepare such tax returns with accuracy. These were done along with many tax returns 1040, 1065, 1120, 1120S, 1041 etc. for the firm.
Very interesting 1041 tax return:
What happened is a history. But we will try to talk about the history. At the fag end of extended season, a wealthy client with a costly divorce walked-into the firm and asked to do tax returns for his 10 trusts. There were multiple properties and income producing assets, each were partially owned by different trusts. It took hours for the owner to understand the structure of the trusts and property shares. He was really occupied by many other assignments. Skeptical he was, connected with the team leader at Altobooks and started explaining the trusts to him. In 5 minutes, the team leader provided a counter explanation and 10 trust returns were assigned to Altobooks team, which were delivered the next day. Though this seems a miracle, at Altobooks, these kind of incidences are common across all teams.
How the relationship was scaled up:
- Phase 1 – Very smooth start to DrakeTax. Just a few technical set up related bottlenecks were there and they were plugged into.
- Phase 2 – 2 tax returns were prepared the firm was satisfied with the output and delivery.
- Phase 3 – More than 40% of the tax returns were outsourced to Altobooks team.
Challenges:
Initial hiccups related to tech set up.
Reasons for success:
- Referral from a fellow CPA instilled confidence in the mind of the owner. So, he was very receptive and upbeat on outsourcing tax returns.
- Clear instructions and regular meetings calls with the Altobooks team.
- Timely and accurate delivery from Altobooks team.
Top services provided:
Varieties of tax return preparation services over DrakeTax
Contribution
After associating with the company, Altobooks team has taken following steps:
Phase 1 – Very smooth start to DrakeTax. Just a few technical set up related bottlenecks were there and they were plugged into.
Phase 2 – 2 tax returns were prepared the firm was satisfied with the output and delivery.
Phase 3 – More than 40% of the tax returns were outsourced to Altobooks team.
Services
Altobooks helped the firm file different kinds of tax returns over the course of few weeks. The tax returns ranged from simple 1040 returns to complex business tax returns and also included trust and HOA returns.
DrakeTax
