Mphasis, which provides information technology and business process outsourcing through its operations in India, has launched an application service provider model of its Virtual Tax Room, used in outsourcing tax return preparation.
Previously, data sent to Mphasis was transferred to India. Using an ASP model means that tax data will be accessed via the Internet and will not leave the United States, according to a spokesman. The ASP system is designed to give accountants a greater sense of security regarding client data. CPAs will be able to direct and manage all remote processes. The system provides real-time tracking of returns and ensures a complete audit trail.
Outsourcing services include 1040 preparation, including relevant state and city returns. Mphasis plans to begin offering outsourced preparation of Forms 1041, 1065 and 1120. The company also offers bookkeeping and technology infrastructure services.
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