When your business partners with an outsourced tax expert, you will not only receive expert advice but also the tax software necessary to support the process of capturing tax incentives. Internal-use tax software is an instrumental tool for increasing transparency as you work on tax projects and on improving your firm’s productivity.
Your professional tax solution should transform your R&D tax credit process into a structured plan that takes advantage of technological advances to capture tax savings simply and more efficiently.
Working with an outsourced tax expert, your company gains complete access to the technological system. Throughout the duration of your engagement and even if you change service providers, your firm’s data and history remain under your control. Your business should own your tax solution.Keep in mind that enhanced tax software is a key component influencing the success of your engagement and the amount of tax savings earned. Learn more about how R&D project management software helps your firm optimize the credit process.
Tax Software Offers Greater Transparency
With the right tax software, employees at your firm have full transparency to see in real-time what the outsourced tax team is working on. Transparency gives your company full control over tax projects and the tax software works as the decision-maker regarding deadlines, responsibilities and other scheduling criteria.
Businesses also choose the extent to which they outsource R&D tax 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.
Tax Software Allows You To Focus On Collaboration
By providing one 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. Ultimately, this collaboration saves your company time and money.
Real-time collaboration between internal personnel and outside parties such as your tax preparer, financial auditor or R&D technical service provider assists in minimizing inefficiencies. 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 both securing and storing required documentation. 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.
Considering a partnership with an outsourced tax expert? Reach out to Corporate Tax Incentives to uncover your maximum tax savings this year.
Ready to learn more about claiming research and development tax credits? Discover tips from tax experts on how to make R&D credits work for your business.