How to Handle Business Taxes Remotely

Filing a state or federal return for your business taxes requires a large volume of supporting documents. The type and quantity of these documents depend on the structure and size of your business. Whether your company is a small sole proprietorship or a large corporation, it's essential to provide your tax preparer or certified public accountant (CPA) with all the necessary information to support your tax filing.

Many accountants and business owners alike are working away from the office during these times. The inability to meet in person to discuss or prepare a tax return necessitates remote tax filing tools. If you're wondering how you can make remote tax preparation fast and easy, read on for some essential tips.

1. Know What You Need

Many business owners ask, "what documents do I need to keep for tax purposes?" The Internal Revenue Service (IRS) shares some tips on their website about the records you should keep. These include real estate records, bank statements, investment reports, and any receipts or proof of payments you'll need for deductions. If you aren't sure what types of documents you need to maintain for business taxes, consult a CPA or financial advisor.

[Related: Understanding the Importance of Records Management]

2. Create a Digital Archive

Document management is essential when it comes to business tax preparation. Your accountant will need many different records of expenses, income statements, and other business-related paperwork. To ensure you have everything you need for remote tax preparation, consider converting all of your paper files to a digital file system. Digital files are easy to sort, search, and retrieve. Modern desktop scanners from Kodak Alaris can convert receipts, invoices, contracts, and more into a useful digital catalog of information. There are scanner options that can process from 25 to 200 pages per minute.

[Related: Here’s How You Can Efficiently Organize Your Paper Bills and Mail]

3. Discuss Remote Tax Filing With Your CPA

If working remotely is a new experience for you and your business, take the time to discuss the situation with your accountant. Accounting firms have transitioned to remote work solutions. They provide virtual tax preparation services and file business taxes online.

There is typically a meeting at the outset of any accounting engagement to discuss the scope of work. During this meeting, you can ask your tax accountant how they prefer to receive important documents. They may ask you to email various forms and files or provide a file-sharing system to upload your paperwork.

Scanning documents and providing them as electronic files is essential to filing a tax return. And remote tax filing makes it easy to make timely tax payments.

[Related: Tax Season Arrives, Bringing in Thousands of Pieces of Paper]

Digital Documents in the Age of Physical Distancing

Like most businesses, accountants and other professionals who provide tax services are now accustomed to remote work. Remote tax filing can be easy if you have a way to share important documents with your tax preparer. Desktop or departmental scanners are compact enough to sit comfortably on your home office desk but powerful enough to convert paper records and receipts into digital files you can send to your CPA.

To learn more or request a quote on high-capacity document scanners for your business, contact us today. We will help you plan the perfect digital records management system.

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