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Tax preparation is frequently the most complicated of all the accounting tasks that a business must handle. Due to this complexity, and the huge risk of government penalties and collection actions, outside experts are frequently used to handle all or some of a company's taxes. Tax preparation tasks for a company include, but are not limited to:
The assessment, withholding, and payment of payroll taxes and the administration of a company's retirement plan(s).
The compliance with the ever changing and growing number of local, state, and federal tax statutes; including the filing of necessary forms and associated payments (if any).
The preparation of documents and records to prepare for and handle an audit by a government organization such as the IRS (Internal Revenue Service).
The degree of skill required to be an accountant skilled in tax preparation, is frequently the most difficult and arduous.
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