I would like the following additions to the T1 Workflow:-
Within the Engagement + Planning
Extensive notes area re additional elections, letters, applications, certificates - ie - Principle Residence Election, Certificate of Tax Residency, Disability Tax Credit for Self and/or others, Change of Marital Status, Change of Residency Status, Immigrant, Emigrant, T1135 re foreign assets > $100K, etc.
Worksheet to list all schedules and forms to complete as part of the client intake form. There are great samples of very detailed ones in the Wolters Kluwer, Preparing Your Tax Returns Guides - Personal, Corporate, Trust. These could be used as a rough outline and simplified down to just a Yes/No checklist for the T1 Schedules and Additional Forms to be completed.
After Billing - Current Calendar Year
- Checklist and/or notes for items from planning or within preparation which require follow-up or addition work. IE new DTC, T1Adj prior years, T1A Loss Carryback, Change of Marital Status, etc.
After Billing - Planning for Subsequent Tax Year
- Checklist and/or notes for items from planning or within preparation which require follow-up or addition work for the subsequent tax year. IE new DTC, T1Adj prior years, T1A Loss Carryback, Change of Marital Status, etc.
Would nice to have a way to have a family overview of key points. Often these relate to spouse, elderly parents, dependent children, etc. IE - move to care home. Live in care aide, Live-out private care aide, RDSP, student tuition in foreign country, with scholarship foreign income, with fellowship income etc
It would be great to have this trigger custom fields from which we could create custom planning and follow-up letters re advice, outcome, and required source docs.
My practice is full of complex and oddball situations which require a lot of research, planning, and follow-up. Tax rules and forms keep changing. Right now I park all these nuanced notes in MS OneNote and soon in my Accounting Practice Management application suite at a high level. I am also templating all my emails and highly detailed workflow in 17Hats. It would be helpful to have some place to park these at a high level within TaxCycle.
Whether one’s tax practice is relatively simple or highly complex the tax rules, regulations, and individual + family lives are becoming ever more complex and constantly changing. This requires a lot more time and work in Tax Prep with a push back from clients re fees. The solution for client retention and fees acceptability is better, smoother, and more comprehensive advisory work. I am not suggesting the TaxCycle replace a full Accounting Practice Management application suite Rather, I am suggesting some worksheets, custom fields, workflow additions, and notes additions. For example expansion of the planning sheet for current year changes and multi-year changes.
I love TaxCycle and the great feature/ functional development over the past few years. These are just some thoughts for nice to have features and functions to develop over the next few years. I love that I can make a suggestion and at least have it considered in the development planning cycle.
Thank you for all the great tech support.
May you all have great R + R as the next few days and weeks.