Choosing the right tax resolution firm for your IT company

The explosion of IT companies corresponds to the reliance of technology to both society and the economy.

Information technology (IT) has become one of the most important branches of world’s economy. This is the reason why there are so many IT companies around the globe.

Obviously, this situation leads to fierce competition and IT companies are looking for ways to become more productive and efficient. One of these ways is to outsource certain business activities like taking care of accounting and taxes.

>See also: Google survive billion Euro tax scare and open London data centre

In case your company owes the IRS taxes, it is the right time to talk to a professional company that provides tax resolution services. With so many companies like this out there, it might be a little bit difficult to be sure that you have selected the right one. In this article, we will highlight the things that can help you make the right decision.

Do some research

The good news is that we have the Internet now. You can check the BBB rating, the history, reviews and other things associated with the tax resolution firm that you are interested in.

Additionally, ask them for references. Talking to existing and former clients can be quite helpful.

Find a company that has experience with IT companies

When it comes to taxes, every company, regardless of the industry, is more or less the same. However, the IT sector has some specific characteristics and successful tax resolution firms know this.

>See also: Tax scam season – how to stay one step ahead of the fraudsters

So, it is a smart idea to look for a company that has experience in this field. Of course, you should also take their overall experience and background into account too.

Filing missing tax returns

Another important thing that you should check is whether the firm can file missing tax returns on your behalf. There are many companies like this that don’t prepare tax returns for IT companies.

This means that it would be your responsibility to take care of this job. As highlighted before, IT companies already have a lot on their plate and dealing with missing tax returns forms is definitely not something they want to do.

Check the fees

The next step is to check the fees, all the fees. After analysing your issue, the firm should be able to tell you what kind of fees you can expect and how much would this activity cost you.

>See also: UK software developers missing out on R&D tax credits

Keep in mind that there is a high number of firms that will ask you for an upfront fee, pointing out that they won’t need other fees, but in the end, they will claim that there were some unexpected expenses on their side. The main point is to focus on tax resolution firms that have clear pricing.

Check their success rate

Every tax resolution firm has taken care of a certain number of cases. A good firm should have a good success rate in solving these cases. Generally speaking, you should look for a firm that has hundreds of successfully resolved cases.

Outsourcing tax resolution activities to a professional tax resolution firm is one of the smartest decisions you can make for your IT company.

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Nick Ismail

Nick Ismail is a former editor for Information Age (from 2018 to 2022) before moving on to become Global Head of Brand Journalism at HCLTech. He has a particular interest in smart technologies, AI and...

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