WILMINGTON, NC, USA, August 22, 2023/ EINPresswire.com / -- Tax Titans, the first online marketplace connecting taxpayers and tax professionals, is thrilled to welcome Thomas (Tom) Godfrey, JD, LLM, CPA as President and Chief Strategy Officer.
With a career spanning several decades, including over 14 years at Deloitte Tax LLP, Tom brings a wealth of tax and leadership experience to Tax Titans. As a CPA and an attorney, Tom’s professional journey has been driven by providing advisory services to technology companies and stakeholders that have changed the world.
What excites Tom most about Tax Titans is the revolutionary marketplace model that empowers both tax professionals and taxpayers. Just as companies in transportation, home services, and retail have transformed their industries, Tax Titans has leapt over legacy infrastructure to offer more choice and transparency for consumers and providers of tax services.
As Tom explains, “Tax Titans is catering to today’s workforce, which craves ‘work from anywhere’ opportunities on their own terms. People find tremendous fulfillment in work that accommodates their lifestyle.”
The Tax Titans platform is creating new demand by finally giving taxpayers options they’ve never had before. Small business owners and individuals now have access to qualified tax professionals nationwide through a transparent bidding process.
At the same time, tax professionals have access to more clients than ever while working flexibly. Tom adds, “The application of this marketplace model to tax services, built on the Tax Titans platform, is one of the most interesting and innovative developments I’ve seen in my 30 year career as a CPA.”
Tom’s priority as President and Chief Strategy Officer will be leveraging artificial intelligence and other technologies to empower accounting firms and tax professionals on the Tax Titans platform. Through cutting-edge software-as-a-service solutions, Tax Titans will enable tax professionals to be more competitive without significant capital investment.
Tax Titans founder and CEO Alan Blakeborough shared, “We’re thrilled to have someone with Tom’s experience and vision leading Tax Titans into the future. He clearly shares our commitment to empowering both taxpayers and tax professionals through technology.”
To learn more about Tax Titans and the services provided, please visit www.tax-titans.com.
About Tax Titans:
Tax Titans is a veteran-owned company with the first online marketplace connecting small businesses and qualified tax professionals. Their platform allows tax experts to market services to 32 million small businesses across the U.S. and receive 90% of billing without fees.
Alan Blakeborough
WILMINGTON, NC, USA, July 26, 2023/EINPresswire.com/ -- Tax Titans, a veteran-owned platform connecting small businesses and tax professionals, has partnered with AI solutions provider Telios to develop an innovative “AI Sidekick” for the tax industry.
This first-of-its-kind AI assistant aims to streamline tax processes and enhance client service for accounting firms through Telios’ privacy-focused artificial intelligence.
Many businesses have been hesitant to implement AI due to concerns around sharing sensitive customer data with large language models. Telios’ proprietary AI Firewall addresses these worries by anonymizing personally identifiable information (PII) before interacting with AI engines.
Integrating Telios’ solutions into Tax Titans’ platform will allow accountants to efficiently access information from past experiences to answer client questions quickly and accurately.
The strategic partnership intends to accelerate Tax Titans’ go-to-market strategy and equip tax professionals with more robust tools by leveraging AI while prioritizing privacy.
“We’re thrilled to partner with Telios to introduce the ‘AI Sidekick,’ a pioneering solution designed for the tax sector,” said Alan Blakeborough, Founder and CEO of Tax Titans. “By tackling privacy issues through Telios’ AI Firewall, we’re confident this will revolutionize interactions and foster efficiency for accountants across the U.S.”
“We’re excited to bring AI capabilities to the accounting profession with Tax Titans,” said Camden Weis, who sits on the Board of Directors of Telios, and was instrumental in facilitating the partnership. “Telios’ architecture ensures tax professionals can fully harness the benefits of AI while upholding security and confidentiality for clients.”
Tax Titans has successfully onboarded approximately 130 firms to its marketplace connecting small businesses with qualified tax experts.
Integrating Telios’ AI tools will further enhance the platform's offerings. Industry leaders like the AICPA have been seeking innovative solutions that provide value without compromising sensitive data.
The Tax Titans-Telios partnership aims to spearhead long-awaited AI adoption in tax services, benefiting professionals and taxpayers.
About Tax Titans:
Tax Titans is a veteran-owned company with the first online marketplace connecting small businesses and qualified tax professionals. Their platform allows tax experts to market services to 32 million small businesses across the U.S. and receive 90% of billing without fees.
About Telios:
Telios is an AI solutions provider that specializes in natural language processing-powered virtual assistants for enterprises. Their privacy-focused architecture allows seamless training of AI-powered virtual assistants on a company’s data while ensuring the security and privacy of sensitive information.
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What objections are there to using an online tax preparer AND what are good responses to those objections?
Objections to using an online tax preparer may include concerns about data security, potential errors in the preparation of tax returns, lack of personal interaction with a tax professional, and uncertainty about the accuracy of the tax software. Here are some responses to these objections:
In summary, using an online tax preparer can offer many benefits, including convenience, accuracy, and cost savings. Reputable online tax preparers use secure systems to protect customer data, provide support from tax professionals, and offer accuracy guarantees.
What is an EFIN in relation to tax preparation and why does it enhance trust of an online tax preparer?
EFIN stands for Electronic Filing Identification Number, and it is a unique number assigned to tax preparers by the Internal Revenue Service (IRS) to identify them as authorized e-file providers.
Tax preparers are required to have an EFIN in order to file tax returns electronically on behalf of their clients. Obtaining an EFIN requires passing an IRS background check and meeting certain eligibility requirements, including demonstrating a basic understanding of tax laws and regulations.
Having an EFIN enhances trust in an online tax preparer because it demonstrates that
the preparer has been vetted by the IRS and is authorized to file tax returns electronically. It also indicates that the preparer has met certain qualifications and is knowledgeable about tax laws and regulations, which can help to ensure that tax returns are prepared accurately and in compliance with applicable laws and regulations.
Additionally, the IRS monitors tax preparers with EFINs to ensure that they are following proper procedures and providing quality service to their clients. This oversight can provide an additional layer of protection for taxpayers who use online tax preparation services.
What does it require to become an Enrolled Agent, and how is this designation similar AND different from the label of CPA?
To become an Enrolled Agent (EA), an individual must pass a comprehensive three-part exam administered by the Internal Revenue Service (IRS) that covers individual and business tax returns, as well as ethics and IRS procedures. Alternatively, an individual can become an EA by working at the IRS for at least five years in a position that regularly interprets and applies tax laws and regulations.
An EA is a federally authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the IRS. This means that EAs can represent taxpayers in audits, collections, and appeals, as well as provide tax planning and preparation services.
The designation of Certified Public Accountant (CPA) requires meeting specific educational requirements, passing the Uniform CPA Exam, and fulfilling a certain amount of work experience in accounting. While CPAs are not required to have any specific tax education or experience, many do specialize in taxation.
Both EAs and CPAs have a deep understanding of taxation and can provide tax preparation and planning services. However, EAs specifically specialize in taxation and are authorized by the IRS to represent taxpayers before the agency, whereas CPAs may also provide other accounting and financial services beyond taxation.
Is online tax preparation a growing way to get your small business tax return completed?
Yes, online tax preparation is a growing way to get your small business tax return completed. Many small business owners are turning to online tax preparation services as a convenient and cost-effective way to prepare and file their tax returns.
One of the main advantages of using online tax preparation services is that they are typically more affordable than hiring a
traditional tax professional from a major firm. Additionally, online tax preparation services can often provide faster turnaround times and greater flexibility when it comes to submitting your tax return.
Furthermore, online tax preparation services may also offer additional features such as automated tax calculations, reminders, and online support. This can be especially helpful for small business owners who may not have the time or expertise to navigate complex tax laws and regulations on their own.
Overall, the growth of online tax preparation services reflects the increasing demand for digital solutions that can help small business owners streamline their operations and save time and money. However, it's important to do your research and choose a reputable and reliable online tax preparation service to ensure that your tax return is completed accurately and on time.
Can you save money on your tax return preparation costs by shopping online for a tax professional?
Yes, it is possible to save money on tax return preparation costs by shopping online for a tax professional. There are many online tax preparation services that offer competitive pricing and can be more affordable than traditional brick-and-mortar tax preparation firms.
When shopping for an online tax professional, be sure to compare pricing and services offered by different providers. Some online tax preparation services may offer a flat fee for their services, while others may charge based on the complexity of your tax return or the number of forms required.
It's also important to consider the reputation and qualifications of the tax professional you choose. Look for reviews and ratings from previous clients to ensure that you are working with a reputable and trustworthy tax professional.
Overall, shopping online for a tax professional can be a convenient and cost-effective way to prepare your tax return but be sure to do your research to find a qualified professional that meets your needs and budget.
Visit www.tax-titans.com to create a free, anonymous profile AND receive competitive quotes from tax pros.
Does it cost money to file a tax extension for my small business?
Filing a tax extension for your small business may or may not cost you money, depending on your specific situation.
In general, filing for a federal tax extension using IRS Form 4868 is free of charge. You can file this form online or by mail. However, it's important to note that an extension only gives you more time to file your tax return, not more time to pay any taxes owed. If you owe taxes, you will still need to make an estimated payment by the original tax filing deadline to avoid interest and penalties.
Some states also offer tax extensions, but the rules and costs vary by state. You should check with your state's tax agency to see if an extension is available and if there are any costs associated with it.
It's always a good idea to consult with a tax professional or accountant to determine the best course of action for your specific business situation.
What is a 1099k? Should I worry about them?
A 1099-K is a tax form used by payment settlement entities to report payment transactions to the IRS. It is typically used for businesses that accept payments through third-party payment processors, such as PayPal, Stripe, or Square.
If you are a business owner who receives payments through one of these payment processors and your transactions meet certain thresholds, you may receive a 1099-K form at the end of the year. The thresholds are $20,000 or more in gross payments and 200 or more transactions.
You should worry about 1099-K forms because they are used to report your income to the IRS. Failing to report your income accurately can result in penalties and interest charges, which can be expensive. It's important to keep accurate records of your payments and to reconcile them with the amounts reported on your 1099-K form. If you believe there is an error on your 1099-K form, you should contact the payment processor to request a correction.
Be prepared for for an audit if you have not been paying taxes on this type of income in the past. A tax professional may be necessary to navigate these changes.
