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The Tax Preparation Industry: Where it has come from and where is it going (income tax) - Term Paper Example

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The Tax Preparation Industry: Where It Has Come From and Where Is It Going (Income Tax) Name: University: Course: Tutor: Date: Abstract Tax preparation services for income earners whether high or low incomers are a major concern for the economy as a whole and individuals…
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The Tax Preparation Industry: Where it has come from and where is it going (income tax)
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Download file to see previous pages It is therefore mandatory for tax preparation services to have confidence which is well defined as the self confidence to perform a task or a duty. Process motivation is of essence to income preparation services. Tax preparation needs a lot of experience in that it will result into over-confidence. Income earners also seek for tax preparation services due complexities arising from filing tax returns. Another reason for seeking consultancy is due education level, many people are in the low income bracket are people in low education bracket. These inexperienced people are the targeted by the community based financial training services. In tax preparation services for income a lot of diligence and professionalism is required. Not underrating process motivation which is a major factor in developing and retaining employees. Scientific management shows that are different methods used in employee motivation. Money is not the only incentive as always presumed by the managers. Employees also tend to look at other incentives such as fringe benefits such as medical services and not money. Table of Contents Abstract 2 Table of Contents 3 1.0Introduction 4 2.0Control systems 5 2.1Separation of duties 6 2.2Authorization 6 2.3Planning 6 3.0Quality management 7 3.1Benchmarking 7 3.2Value of Knowledge management 7 3.3Employee motivators 8 4.0Qualities of a good manager 8 5.0Decision making analysis 9 6.0Management challenges 9 7.0Marketing Challenges 10 8.0Conclusions 11 List of References 13 1.0 Introduction Income tax preparation services sometime become very tricky for many families depending on the level of their level of education, their busy schedule or the income they earn day to day or from month to month. Due to many activities the family is engaged in many income generating activities, which bring many complexes when it comes to tax returns compilation. In other words it brings tax burden to the income earners. Filing tax in time normally relieves the consumer of unnecessary tax burdens arising from tax penalties (Romich, 2000). Due the tax complexities many people always prefer their tax returns to be compiled by tax professionals. Theses group could the elderly, the employed, non- educated, or even the literate with no time or people whose schedules are too busy. Due to lack of enough information on tax compiling, the tax professional normally has the advantage to exploit these opportunity that remains unexploited. But the hindering barrier to tax preparation services is always the cost charged for the services offered by the professionals. Many potential customers perceive the costs to be high depending also on the high cost of living in many parts of the world due to inconsistent inflation observed or experienced on day to day basis. Some people also do not go for professional tax services because of the time it takes before the audit are finalized and returns are submitted back. They also feel that normally it takes a lot of time before this money are refunded back so they rather do the tax compilation on their own rather source for other services, they also tend seek ways in which they maximize their financial resources (Souleles, 2003). Many professional tax services always want tax returns to send to the various bank accounts so that some interests can be earned from the money deposited so that it can the poor families on their daily to daily operations ...Download file to see next pagesRead More
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