Page 26 - VTaxOnDemand Independent Industry Analysis of Accounting Industry

4.) Human Error
5.) Risk of Audit 36
6.) Some items can’t be filed electronically 37
7.) Difficulty in navigating product selection
8.) Costs:
a. A company called PC Novis conducted a study a few years ago and found that
individuals who used software programs actually paid more for their Tax return
preparation due to hidden fees. They paid more than what it would cost to go to
licensed tax professional: An Enrolled Agent – America’s Tax Expert.

VTax On-Demand Tax Preparation Services

The VTax on demand approach uses the same processes as traditional tax offices except the IRS
tax law-certified preparer and/or quality reviewer are not face-to-face with the taxpayer.
Technology is used to connect the IRS tax law-certified preparers, quality reviewers, enrolled
agents, CPAs and the taxpayer. When using the VTax mobile app the taxpayer’s tax documents,
including sensitive data, is transferred electronically via tax slayer professional software platform,
to VTax secure tax processing locations. VTax tax preparers communicate with taxpayers through
non-face-to-face means; a secure process for authenticating both the taxpayer and the tax
professional is used. VTax tax preparers adhere to privacy and security guidelines outlined in IRS
Publication 4299, Privacy and Confidentiality – A Public Trust.

Return Accuracy
A basic component of quality service is ensuring the accuracy of returns prepared at VTax. A
return is accurate when the tax law is applied correctly and the completed return is free from errors
based on the taxpayer interview, all supporting documentation, and a completed the VTax
Intake/Interview & Quality Review Process.

IRS Tax Law-Certified Preparers
VTax employs only IRS tax law-certified preparers in order to establish the greatest degree of
public trust by providing top quality service and upholding the highest ethical standards.

VTax Enrolled Agent Information
An enrolled agent is a person who has earned the privilege of representing taxpayers before the
Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual
and business tax returns, or through experience as a former IRS employee. Enrolled agent status is
the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical
standards and complete 72 hours of continuing education courses every three years. Enrolled
agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This
means they are unrestricted as to which taxpayers they can represent, what types of tax matters they
can handle, and which IRS offices they can represent clients before.

VTax Quality Review Process
Conducting a quality review on all tax returns prepared with VTax ensures every customer receives
top quality service and that the tax returns are error-free.

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