What CPAs Can Do to Prepare for the 2019 Tax Season - Huntersure

What CPAs Can Do to Prepare for the 2019 Tax Season

Posted on: February 7, 2019 by Huntersure LLC.

Tax season 2019 has officially landed and people and businesses are starting to get their filing done. With systems like Turbo Tax and H&R Block online, tax filing is quicker, easier and cheaper in some cases. But while people are choosing to go the digital route for filing their taxes, CPAs are still handling the bigger and more complicated situations posed by businesses, which means they need to be sure they are ready to handle different kinds of tax filing issues.

To avoid complicated tax situations and legal mishaps, it’s best for CPAs to prepare for the 2019 tax season through a number of helpful ways. Here are some ideas to keep that CPAs can keep in mind to make sure they cover all the bases this year.

Get Insured

Even though the tax season may have CPAs focused on gathering all the information they need to make sure they handle their clients’ information with the utmost precision, they should also be aware that mistakes do happen, even small ones, which can lead to major legal issues. A CPA liability insurance program can help to protect an accountant in the wake of legal disputes born out of mistakes during tax season.

Protecting against any possible errors and legal fallouts with CPA liability insurance should be one of the first steps taken by CPAs to ensure they are covered. While tax professionals make the best efforts to keep mistakes at bay, errors can occur and having all-around protective insurance in place will help to safeguard against major financial and reputational hits.

Have the Best Software for Processing

Whether they have a few clients or a whole roster, CPA’s can benefit from having the latest software updated to handle the oncoming workload. From software updates to new scanners, a CPA should have what they need within reach and at the ready to completely ensure a better process all around this tax season.

Meet with Clients

CPAs should have everything squared away when it’s time to take on the first batch of filings from their clients. For a lot of clients, preparing doesn’t necessarily mean a lot of work beforehand, especially if they are return customers who don’t see a lot of change year to year. However, CPA’s should be aware that taking on new clients comes with new risks and opportunities to make mistakes.

This is where meeting with clients beforehand to get a grasp on what clients expect of the process is helpful. This will also help CPAs to keep from being surprised by a sudden change in the numbers. What’s more, meeting with clients will allow CPAs time to gather all the information they need, like forms, which can help cut down on the time it takes to file.

Secure Client Data

Data security is of the utmost importance in today’s world of e-filing and data breaches. Privacy concerns should also be the concern of CPAs, so having effective security measures in place to keep client data secure is crucial. The best way that this can be ensured is through free secure file sharing that allows clients to upload documents and information into a secure system where CPAs can download from.

About Huntersure

At Huntersure, we specialize in providing quality professional liability solutions to accounting professionals. Our Accountant Liability Insurance program provides coverage for accountants, auditors, bookkeepers, and tax preparers, so no matter where your clients lie in the industry they can have the coverage they need to protect themselves and their assets. To learn more about our operation and our Professional Liability Insurance solutions, contact us today at (855) 585-6255.

Posted in: Accounting blog Professional Liability