Precision and Ease: TaxBandits Redefines 1099 Filing for a Leading Accounting Firm

This success story showcases how TaxBandits is an excellent help for one of the leading accounting firms in the U.S. TaxBandits’ easy-to-use platform and exceptional services make dealing with taxes simpler, more accurate, and faster for the accounting firm, supporting them with various tax filing requirements.

Joining hands with TaxBandits enabled the accounting firm to organize their work better and provide excellent client tax filing services without obstacles.

• About the Client

  

  300+

  Accountants

  

  700+

  Clients

  The client is a popular outsourced accounting and financial management firm in the U.S. that employs 300+ accountants who serve over 700+ clients nationwide and internationally with exceptional accounting services. They work for various businesses and are experts in accounting, financial, and corporate management services for different sectors.

• The Difficulties Encountered

  

  The accounting firm encountered a significant challenge in providing Small and Medium Enterprises (SMEs) with tax filing solutions across various industries.

  The system they previously used to offer tax filing services was not user-friendly, and they encountered a few challenges.

  Therefore, the accounting firm sought a specialized e-filing solution provider to help them overcome these challenges. This is when the accounting firm found TaxBandits!

  TaxBandits helped the accounting firm by offering an end-to-end e-filing solution, seamless workflow administration, and client management in one place.

• What were the requirements of the Accounting and Financial Management Firm?

  Here is the summary of the requirements of the accounting firm.

  Data Integration

  

  The accounting firm had numerous clients from various industries, and the data they required for tax filings was in different formats. So, the firm preferred flexible data import options that could easily enable them to integrate all their data required for filing 1099s.

  Multiple 1099 Filings

  

  The accounting firm searched for an all-inclusive platform to handle the several facets of tax filings. Their primary requirement was filing 1099-NEC, 1099-MISC, and other 1099 forms with the IRS and States.

  Bulk Form 1099-B Filing

  

  Along with the 1099 NEC and 1099 MISC Forms, the accounting and financial management firm had a specific requirement of Form 1099-B filing in bulk, especially when dealing with clients such as brokers.

  Form 1099-B records the proceeds of broker and barter exchange transactions. Brokers use this form to record stock sales they handle on third parties' behalf.

  Many of their clientele fall into these categories, so there is a high demand for filing Form 1099-B. They were looking for a bulk filing solution to simplify the tax filing process.

  Form W-9 Collection

  

  With so many 1099s to handle, the accounting and financial management firm needed a reliable solution to collect TIN information from their clients’ recipients efficiently and securely manage them in one place.

  So, they wanted an e-file solution that provides a digital platform for collecting Form W-9 and eliminates the need for paper forms, making the process more efficient.

  Workflow Administration

  

  Considering the more significant number of clients and the associated tax forms they deal with, the accounting firm wanted a well-organized workflow management system so that they could manage their workforce, allocate filings intelligently, enhance collaborative effort, and boost interaction.

  Client Access Portal

  

  A secure client access portal is required by the accounting firm to connect with clients so they can effortlessly access and exchange documents, enabling transparent communication throughout the tax filing process. The firm wanted a portal that could provide their clients access to review and approve completed 1099s.

  Recipient Copy Distribution

  

  The client preferred distributing 1099 copies to the recipients via postal mail. In addition to giving recipients a physical record, they wanted to ensure the postal documents were delivered accurately. As a result, this firm required a solution that enables an efficient procedure for promptly providing postal copies while adhering to regulatory standards.

  Increased Precision

  

  The firm wanted to ensure accuracy and precision in handling their clients’ tax forms to avoid common mistakes before transmitting them to the IRS.

  Dedicated Customer Assistance

  

  The firm preferred reliable and responsive support to promptly address any issues or questions. This includes access to the knowledge base to help the accounting firm navigate challenges or provide assistance as needed.

  Complete Security

  

  The accounting firm wanted to guarantee that their clients’ information was safe and secure. This was critical to them since they wanted their clients to trust them with sensitive information.

  

  Learn how TaxBandits can assist you in meeting your filing needs with a live demo. Request Demo

• Implementing TaxBandits E-Filing Solution

  

  TaxBandits, the #1 IRS-authorized e-file provider, stepped in to provide an end-to-end e-filing solution for the accounting firm as per their requirement, enabling them to manage their business efficiently.

  Introduction and Integration Phase

  During the Introduction and Integration Phase, TaxBandits enabled the accounting firm to seamlessly transition into using the platform, providing tailored features for workflow administration, prepaid credits, client portal, personalized dashboard insights, and streamlined data import capabilities.

  1 Workflow Administration:

  The accounting firm streamlined its workflow administration to manage tax filings for clients efficiently with the help of TaxBandits. With our aidance, the firm efficiently handled several clients from one place by giving their team the necessary access.

  TaxBandits also enabled the firm to group the businesses based on their industry, the states they are operating in, or the forms they require and assign staff members for each group.

  It was simple for them to monitor account activity and evaluate the forms for each client.

  2 Prepaid Credits:

  TaxBandits' prepaid credit feature was critical for this client because they had to deal with numerous filings for multiple businesses. Buying Prepaid Credits in bulk saved the organization money and time inputting credit card information before the forms were transmitted to each client.

  3 Client Portal:

  The accounting firm established a more efficient and user-friendly portal for their clients through TaxBandits. This portal allowed the firm to make the 1099s available for their clients’ review and approval. Also, once the forms were transmitted, clients were able to access TaxBandits' secure online portal to download their IRS form copies.

  4 Personalized Dashboard:

  The firm found an efficient tool for organizing, tracking, and making well-informed decisions through the personalized dashboard offered by TaxBandits. The customized dashboard allowed the accounting firm to monitor all their clients’ filings in one place easily.

  5 Seamless Data Import:

  With TaxBandits' seamless data import option, the firm was able to save time and decrease errors. They streamlined their filing process by employing TaxBandits bulk upload Excel templates. The firm downloaded the customized Excel templates offered by TaxBandits, entered their information, and uploaded them into the TaxBandits system.

  W-9 Management Process

  Before proceeding with the 1099 filings, it was important that accounting firm were able to collect W-9 Forms from their clients’ recipients.

  Therefore, the accounting firm was provided with streamlined Form W-9 collection, accuracy validation through TIN Matching, and secure storage capabilities by TaxBandits Form W-9 Manager.

  6 W-9 Collection:

  TaxBandits streamlined the accounting firm's Form W-9 collecting process. To import recipient information and gather TIN information, we offered an easy-to-use solution. We ensured that the W-9 collection process was as simple as possible.

  7 TIN Matching:

  TIN Matching compares taxpayer identification numbers (TINs) obtained to the TINs in the IRS database, decreasing the possibility of inaccuracies in W-9 form information. This facilitated the accounting firm to ensure that their clients’ forms were accurate and contained valid TINs.

  8Secure Storage of W-9s:

  Our cloud-based storage allowed the accounting firm to store their W-9 forms safely and immediately accessible when required.

  Tax Filing and Distribution

  Following the W-9 collection process, TaxBandits simplified the accounting firm’s filing and distribution process for 1099 forms, which involved the following aspects:

  9Federal Filing:

  We helped the accounting firm file 1099-NEC, 1099-MISC, and other 1099 forms for their clients efficiently by offering a comprehensive platform to ensure filing with the IRS. Specifically, we enabled the firm to manage the bulk filing of 1099-B Forms with complete ease and perfection.

  10State Filing:

  Not only federal, TaxBandits has also streamlined the accounting firm's state filing process. This ensured that the accounting firm complied with their clients’ requirements on state tax compliance. With TaxBandits, the accounting firm was able to complete the filing with 20+ states.

  11Audit Checks:

  TaxBandits' audit checks ensured that the organization's 1099 Forms were validated through IRS Business Rules. Any detected errors were indicated, and the firm was able to make the necessary changes immediately. This ensured the firm submitted error-free filings to the federal and state agencies.

  12Recipient Copy Distribution:

  TaxBandits simplified recipient copy distribution for the accounting firm. Before distributing the form copies to the recipients via Postal Mail, TaxBandits validated the recipients' addresses against the USPS database to make sure their addresses were valid.

  Additionally, TaxBandits offered the recipients a secure online portal through which the recipients can view and download their 1099 Forms accordingly.

  Advanced Security Protocols

  TaxBandits prioritized the security of the accounting firm's sensitive financial data by implementing cutting-edge security protocols. Our advanced security measures were designed to safeguard their information at every stage of the tax filing process. This included encryption techniques to protect data during transmission and storage by ensuring the firm's financial information remained confidential and secure.

  13SOC-2 Compliance:

  With SOC-2 compliance, we adhered to the highest industry standards for information security. This certification signified TaxBandits’ commitment to maintaining controls and safeguards over the firm’s systems by assuring that their data was handled with the utmost care and complied with stringent security standards.

  14TIN Masking:

  TaxBandits knew the need to safeguard Taxpayer Identification Numbers (TINs) and other Personally Identifiable Information (PII). Our TIN masking solution provided additional protection by using asterisks or other characters instead of TIN numbers in displays, reports, and messages. This improved privacy and comply with data protection laws by guaranteeing that sensitive information is kept private and safe from unwanted access, even within the accounting firm system or communication channels.

  15Dedicated customer Support:

  TaxBandits provided the accounting firm with outstanding customer service via live chat, phone, and email. We ensured the firm received the assistance it required for its unique needs. Also, the firm found our knowledge base more than helpful for their filing.

• Project Timeline

  The accounting firm used a defined time frame to deploy TaxBandits solutions.

  

  TaxBandits met and surpassed the accounting and financial management firm's specific requirements.

  Our exclusive services made the accounting firm's tax-related operations more meticulous and coherent. We were able to satisfy regulatory requirements better and optimize operations for the accounting firm.

  With TaxBandits, the accounting firm can now provide its clients with high-quality tax filing services that fulfill their demands accurately and promptly.