In Managed Returns for Accountants, a company is a model of a client's business from a sales tax and consumer use tax perspective. If your client has a multi-company organization, add all of the companies. If the client organization has parent company and child company relationships, add the parent company first.
Before you begin
- If your client uses AvaTax, send them an account link request instead.
Their companies are automatically added to your Managed Returns for Accountants account once they approve the request.
- Take steps ahead of time to make the setup process as quick and accurate as possible by gathering information about your client's business before starting.
You can find most of these items in the company's tax returns and business registration documents.
- In Managed Returns for Accountants, select Settings > Companies.
The Companies page opens.
- Select the plus icon, and enter information in the Add Company dialog box:
- Account: This is the account associated with the company.
- Company Name: The company name used on legal documents.
- Company Code: Associated with the client's business application; if the client is an AvaTax client, this code can be any number. For more information, see Find your company code.
- Parent Company: If the company you're adding is a subsidiary, select the parent company here.
- Separate Reporting Entity: If selected, the company files returns separately from the selected parent company.
- Create New Tax Profile: If selected, the company has its own tax profile (including nexus settings), and does not inherit these settings from the parent company.
- Taxpayer Identification Number (TIN): Also known as an Employer Identification Number (EIN). This number is created by the Internal Revenue Service (IRS). Contact the IRS Business and Specialty Tax Line for information or if you have other questions about the company's Taxpayer ID Number.
- Business Identification Number (BIN): If the client does business outside the U.S., a Business ID Number is required. The client receives a government BIN for each country where the client does business.
- Is active: If selected, the company is enabled for filing returns.
- Default Company: If selected, the company is listed as the primary company.
- Default Country: - Country in which the company is located.
- Select Next.
- Enter the complete address of the primary company location, then select Next.
- Enter First Name, Last Name, Email, and Phone Number of the company officer who can sign a funding power of attorney (FPOA) to provide banking information and authorize withdrawals from their company's bank account.
- Select Save.
A system message acknowledges the company has been successfully created and saved, and the Request Funding POA menu opens.
- Enter the email address of a client contact who has authority to review and sign the funding power of attorney form, then select Send.
An email is sent to the client requesting them to complete the funding power of attorney form.
- For those clients who use AvaTax to do their tax calculations, send an AvaTax account link request. When the request is completed, the AvaTax client receives a request to allow your firm to access their transactions. Once the client accepts the request, their transactions are uploaded, and you are able to view them in Managed Returns for Accountants. For more information, see Create an account link request.