Insightful Accountant offers software and app developers the opportunity to have their products featured in a free editorial article titled 'App Aware.' The purpose of these features is to make our readership aware of new, enhanced, or relatively uncommon apps in the Accounting Tech space, especially those that integrate with QuickBooks and Xero.
An App Aware feature isn't intended to serve as an in-depth review of an app or software but rather to identify the essential use, functionality, integration capabilities, and highlights of some of the app's most significant features. We also strive to provide links to the developer's website, pricing, demo (or free trial), sign-up pages, and other appropriate information. This feature is NOT a formal endorsement by Insightful Accountant or the Author.
App Aware: InsureTax
I know a little about 'tax', and a little about 'insurance', and even more about risk assessment and risk control, sometimes called 'hedging your bets.' That's why when I tell you that InsureTax is a way to 'hedge your bets' when it comes to tax audit risk you be certain that the content of this App Aware is well worth reading.
InsureTax, is a Lloyd's agent, offering the first-ever Tax Audit Insurance solution tailored for small businesses (SMBs). Their innovative approach shields SMBs from the financial and emotional strain of IRS audits by covering defense costs, penalties, and interest associated with tax adjustments—ensuring peace of mind and uninterrupted growth.
The Tax Audit Insurance available through InsureTax differs from other solutions you think may protect you in the event your tax return is selected for audit.
First, Tax Audit Insurance is different than an Errors and Omissions Insurance Polity which an accountant or tax preparer has that is designed to shield them in the event of mistakes or negligence. InsureTax doesn't focus on the tax preparer, they focus on the taxpayer. InsureTax safeguards the taxpayer from the various issues created by an IRS audit. Tax Audit insurance like this creates a comprehensive safety net to protect the taxpayer, it's not another form of coverage for the tax professional.
But that's only one way InsureTax is different than other solutions like Protection Plus which is a service-based product. With InsureTax in force you will be to go through an IRS audit with confidence secure in the fact that you will have the financial resources your small business needs to meet each of the requirements the IRS imposes on your finances and personnel. You won't be restricted to a limited set of service providers to act on your behalf during the audit. Rather, you will be provided with cash payouts permitting you to retain the services you need, and undertake work required to be done to prepare, and comply with audit requirements.
If you prepare taxes in your practice, InsureTax will integrate with your practice tools and tax preparation processes to provide reliable tax audit risk management.
Benefits of InsureTax:
- Comprehensive Tax Audit Insurance: Provides financial protection against IRS audits, covering defense costs, penalties, and interest associated with tax adjustments.
- Cash Payout Model: Unlike service-based solutions, InsureTax offers direct cash payouts to address real needs, consequences, and flexibility during an audit.
- Complementary to E&O Insurance: Safeguards SMB taxpayers, while Errors and Omissions (E&O) insurance protects tax professionals, creating a comprehensive safety net.
- AI-Powered Risk Assessment: Leverages advanced technology to analyze tax risk, offering proactive insights for audit risk mitigation.
- Seamless Integration: Designed to fit within existing CPA workflows, enhancing efficiency without disrupting established processes.
- Exclusively Available: Only for clients of firms in the Lloyd’s Trusted Advisor program, ensuring unmatched quality and assurance backed by Lloyd’s expertise.
- Tailored for SMBs: Specifically built to meet the needs of small businesses with revenues under $10M, providing affordable and effective coverage.
- Flexible Coverage Options: Policies designed to address specific tax years and risks, ensuring targeted protection for each client’s unique situation.
- Support for Trusted Tax Filers: Works alongside existing tax preparation and filing services, complementing their expertise without replacing them.
- Backed by Lloyd's Expertise: InsureTax combines cutting-edge innovation with the reliability of the world’s leading insurance marketplace.
How it works:
InsureTax integrates with every current QuickBooks Online U.S. version, and also every current Xero U.S. version. The difference in integration are minimal once the application is connected to a QBO or Xero data file. The integrations are designed to provide a smooth workflow so that secure the relevant tax and financial information needed for risk assessment and a InsureTax policy. Connectivity with the taxpayer's QBO or Xero data eliminates most data entry, saving time and reducing errors. Once connected, InsureTax can provide real-time insights into tax audit risks and offer tailored audit insurance solutions, while maintaining the highest standards of data security and confidentiality.
Designed for ease of use, InsureTax seamlessly integrates into existing workflows, making it simple for trusted advisors to offer comprehensive audit protection to covered clients.
InsureTax uses a dedicated portal (shown above) where CPAs, tax preparers or advisors can securely log in to submit their clients’ tax returns.
The system automatically parses the filings, assesses audit risk, and quickly generates tailored tax audit insurance policies. Once coverage is bound, policy holders can have peace of mind in the event of an audit knowing they have financial flexibility through receipt of a cash payout to cover defense costs, penalties, and interest.
For more information about InsureTax, head over to their official website. You can access or schedule a demonstration of this unique application.
If you have an interest in InsureTax you will want to be certain to keep an eye out for Insightful Accountant's upcoming 'Advisor Alliance' feature covering their Partner Program.'
Disclosures:
Source content furnished by InsureTax via Insightful Accountant's App Aware Survey.
This is an editorial feature, not sponsored content. The vendor within this article has NOT paid Insightful Accountant or the author any remuneration to be included in this feature. The article is provided solely for informational and educational purposes.
Neither the publication of this article nor the inclusion of any product herein represents any endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated.
Source content furnished by InsureTax via Insightful Accountant's App Aware Survey.