IRS Announces January 29th Start of 2024 Tax Filing Season
Miami, Florida, January 23, 2023:The Internal Revenue Service (IRS) has officially set January 29, 2024, as the commencement date for the 2024 tax filing season. From this date, the IRS will start accepting and processing tax returns for the year 2023. The agency anticipates handling over 128.7 million individual tax returns by the April 15, 2024 deadline.
Taxpayers are informed that they need not wait until January 29 to start preparing their taxes if they are using tax preparation software or services from professional tax firms. Many tax preparation and accounting firms have already begun accepting tax documents and forms from clients to prepare for the demanding season ahead.
The 2024 tax season presents a challenging period for tax professionals and accounting firms, as they face the task of processing a high volume of returns within an eight-week timeframe. This compressed schedule not only demands quick turnaround of tax returns but also strains the ability of firms to offer strategic services like tax planning and consulting, which are essential for sustaining long-term client relationships and business growth.
To alleviate the burden of this busy period, CPA firms are increasingly turning to outsourcing tax preparation services. Companies like IBN Tech offer these services, enabling CPA firms to delegate basic tax return preparation to a specialized team of tax professionals. Ajay Mehta, CEO of IBN Tech, emphasizes “Our goal is to alleviate the burdensome workload experienced by CPAs by taking on routine tax preparation tasks. We understand that during this critical period, time is of the essence, and the ability to focus on more complex cases and provide strategic services to clients is paramount.”
IBN Tech boasts a team skilled in handling various tax returns, including Forms 1120, 1120S, 1065, 1040, international, state, and K-1 returns. They are proficient in using popular tax software like ProSeries, ProConnect, and Lacerte. Beyond preparing returns, IBN Tech conducts a comprehensive review process, ensuring thorough examination and verification against prior year returns. “By partnering with IBN, you can rely on our team of experienced professionals to efficiently handle routine tax preparation tasks. Our streamlined approach ensures accuracy, compliance, and timely delivery, enabling you to enhance client service and satisfaction. affirms, CEO Ajay Mehta.”
Utilizing automated workflows and a dedicated workforce, IBN Tech effectively manages return preparation, review, and compliance across different tax forms. Mehta notes that with the complexity of tax laws and the impending April deadline, every minute is critical during the filing season. Their US Tax Support services are designed to provide CPAs and their practices with more time to focus on their core responsibilities.
Outsourcing not only presents a cost-effective way for firms to scale operations during peak times without permanently increasing staff numbers, but it also boosts productivity and financial performance. This strategy enables firms to allocate their in-house expertise to areas that offer the most value.
With proper preparation and an effective outsourcing strategy, accounting firms can confidently navigate one of their busiest seasons. By offloading routine tax preparation work, they can devote maximum effort to offering strategic guidance to their clients. As the 2024 tax season begins, firms equipped with efficient management and outsourcing solutions are well-positioned for sustained growth beyond the filing deadlines.
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2022 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
