When your business partners with an outsourced tax expert, the capture of tax credits and savings should not be the only benefit you receive: Internal-use tax software is an instrumental tool for increasing transparency as you work on tax projects and on improving your firm’s productivity.
As you consider partnering with a tax consultant, keep in mind that enhanced tax software is a key component influencing the success of your engagement. Learn more about how R&D project management software helps your firm optimize the credit process.
R&D Tax Software Offers Greater Transparency
With the right tax software, employees at your firm are able to see what your tax consultant partners are working on in real time. Your company gains control over tax projects and works as the decision-maker regarding deadlines, responsibilities and other scheduling criteria.
Businesses also choose the extent to which they outsource R&D credit projects when they use internal project management software. Your company decides whether to outsource a project entirely or outsource just a portion of the project.
Increased control of your tax savings strategies means that your business manages costs instead of letting outsourced partners determine your budget. The end result is greater success in capturing R&D tax credits while maximizing savings on each project.
Tax Software Allows You To Focus On Collaboration
By providing a single platform for all users, your tax strategy software enables collaboration on R&D projects rather than the disconnection that often occurs when tax consultants and employees at your firm work on tasks separately.
Real-time collaboration between internal personnel and outside parties such as your tax preparer, financial auditor or R&D technical service provider is made possible with an effective software program. Utilize client portals to update other users quickly and store documentation such as tax forms and supplemental data.
Tax Software Provides Advanced Audit Support
Whether your business is seeking to quell client fears of an audit or working to improve procedures in the event of an audit, tax software with audit support resources provides numerous advantages.
Your chosen software should include a technology platform that facilitates securing and storing required documentation contemporaneously. You should also be able to generate and store standard deliverables in compliance with IRS standard Information Document Requests while conforming to IRS audit procedures included as part of the software.
Partnering with an outsourced tax expert has helped many businesses maximize tax savings through the effective capture of R&D credits. However, your tax consultant is also able to offer guidance on tax savings strategies such as employment incentives, green building incentives, cost-segregation studies and audit support.
CTI's tax experts are available to answer your questions about our proprietary project management software and other tax issues.
Find out if your business qualifies for research and development tax credits by taking our quiz to assess your eligibility.
