EA Firm Ensures Seamless Transition from UltraTax to Drake After Acquiring a CPA’s Book of Business

Overview

An Enrolled Agent (EA) firm with extensive experience using Drake Tax Software acquired a retired CPA’s book of business. The CPA’s practice had used UltraTax software, and while the EA firm was familiar with UltraTax, they planned to continue using their trusted Drake Tax Software. Recognizing that data conversions between tax software are not always flawless, they faced the challenge of ensuring all client data transferred accurately—especially critical elements like depreciation schedules, prior year carryovers, and basis calculations.

To address this, the EA firm enlisted SuperAccountants. With over 15 years of expertise in Drake Tax Software, our team was tasked with verifying that all returns matched the prior year’s UltraTax filings and correcting any data that did not transfer properly. This partnership allowed the EA firm to focus on client relationships and prepare confidently for the upcoming tax season.

Challenge

While Drake Tax Software provides tools to convert data from UltraTax, it’s well-known in the industry that such conversions are not 100% accurate and often contain errors. The EA firm completed the initial data conversion with Drake’s customer service but was concerned about potential inaccuracies in critical tax data. They needed a reliable solution to:

• Verify the accuracy of converted data against the prior year’s UltraTax returns provided in PDF format.
• Correct discrepancies in depreciation schedules, carryover amounts, and basis calculations that did not transfer accurately.
• Identify any returns that may not have been prepared correctly in the past.

Compounding the issue was the firm’s limited staff resources. With the new tax season approaching and a host of new clients depending on them, they could not afford to allocate their team members to the time-consuming task of reviewing and correcting each return. Maintaining high service standards while integrating the new clients was a critical concern.

Solution

SuperAccountants stepped in to provide the specialized support needed. Our team accessed the EA firm’s Drake Tax Software and utilized the PDF copies of the prior year’s UltraTax returns provided by the CPA’s practice. Leveraging our deep knowledge of Drake Tax Software, we:

• Conducted a meticulous line-by-line comparison of each tax return to ensure all data matched the UltraTax filings.
• Identified and corrected errors in depreciation schedules, carryover data, and basis calculations that did not transfer accurately during the conversion.
• Flagged potential inaccuracies in previous tax returns and brought them to the EA firm’s attention for further review.

By handling the technical verification process, we allowed the EA firm to dedicate their time to building relationships with their new clients and maintaining the high service standards their firm is known for. This was especially important given their limited staff; they could not afford to divert team members from client-facing roles to handle the extensive review and correction process.

Results

Our collaboration led to a seamless transition for the EA firm:

• Accurate Data Integration: All client data was verified and corrected, ensuring that the EA firm could proceed confidently into the tax season without concerns over data integrity.
• Optimized Staff Resources: By outsourcing the verification process to SuperAccountants, the firm saved valuable time and avoided overburdening their limited staff. This allowed them to focus on client interaction and business development.
• Maintained High Service Standards: The ability to concentrate on client relationships without compromising on the quality of tax preparation services helped the EA firm uphold and enhance their reputation.

The successful partnership has evolved into an ongoing relationship. Each tax season, SuperAccountants continues to support the EA firm, ensuring that their operations run smoothly and efficiently.

About SuperAccountants

At SuperAccountants.com, we specialize in navigating the intricacies of Drake Tax Software. While we have substantial tax knowledge, our role is strictly to work with the work papers provided by CPA and EA firms. We do not interact directly with their clients, nor do we provide consulting or advice on interpreting tax law or its application.

Additionally, we do not e-file the returns. All work is completed within the CPA or EA firm’s system, with the firm retaining full control over the process. They are responsible for the final review, signing, and filing of the returns, as well as all client interactions. The CPA or EA has the ultimate responsibility for ensuring everything is complete and accurate.

Before submitting any work back to the firm, every return we prepare undergoes a thorough review by a certified professional (EA, CPA, or CA) to ensure the highest quality standards are met.