Bankruptcy Tax Returns
As trustees responsible for a thriving practice, and subsequently working in the insolvency software industry, I always hear the same thing at tax time.
“Tax season snuck up on us, how will we get all these bankruptcy tax returns completed before April 30”
Lets be pragmatic, Licensed Insolvency Trustees – Time is money, do you need your best people preparing tax returns or do you need them building your business and helping your clients solve their debt problems?
The mandatory pre and post bankruptcy tax returns required by CRA, should not derail your insolvency team during their busiest insolvency season. And as the summary administration tariff received for an estate does not increase with any increased work effort, it is important that all components of an estate are completed as effectively as possible, including the completion of pre-bankruptcy return, in-bankruptcy returns and post-bankruptcy returns.
Some things to consider for your LIT practice prior to tax season:
- Consider a simple, tax “101” info sheet to send to your clients (or give it to them when they enter into a bankruptcy) explaining a pre and post bankruptcy return requirements and the details associated to any refund or amount owing to CRA or Revenue Quebec;
- Create an easy tax checklist for the Debtor to ensure that you gather all of the required information at one time, with clear instructions on how and where to submit their T slips. Multiple calls to the Debtor for information will reduce your productivity and increase your time cost to run the estate;
- Minimize the steps and maximize the efficiencies of your estate management software to track all your required tax return data. Tracking in a spreadsheet creates more work and is subject to risk of human error.
UBERtax shifts the tax processing burden.
Let UBERtax shift the tax processing burden away from your core people, to our CPA led, highly skilled insolvency tax team. Our team processes thousands of pre and post returns every year.
UBERtax is easy, efficient and accurate, it is fully integrated with IPS and with the cost per return starting at $19.99 the value is extensive.
UBERtax is an integrated tax platform within IPS software, providing a hosted module of DTMax and end to end insolvency tax processing. DTMax, the leading, compliant, bankruptcy tax processing platform and UBERbase have partnered again for 2019-2020 to bring cost effective tax returns to the LIT’s across Canada.
In only a few quick clicks of your mouse, UBERtax allows LIT’s to track and manage every stage of the tax return cycle. Housing your tax return data, processing the required CRA and Revenue QC tax returns, filing the tax returns, and managing the NOA’s post filing. UBERbase evens includes printing and delivery to CRA.
Ubertax is available for all IPS users and the low cost 2020 tax processing rates make good sense for any LIT practice. Tax preparation can also be arranged for users of the Ascend platform.