On July 10, 2012, Moss Adams LLP, one of the largest accounting and business consulting firms in the nation, launched Moss Adams FastForm™, an online tool designed to give tax-exempt organizations a more efficient way to prepare Form 990, a complex document filed annually with the IRS.
FastForm, designed with busy financial executives in mind, is a secure application that enables users to efficiently gather data, quickly assign internal users to complete specific sections of the form, easily track progress toward overall completion, and seamlessly collaborate online with their Moss Adams tax advisor.
"FastForm gives tax-exempt organizations control over their information every step of the way," said Tracy Paglia, director of tax-exempt services at Moss Adams. "It's secure, easy to use, and collaborative. We believe our solution will help tax-exempt organizations markedly accelerate their Form 990 preparation and filing process."
FastForm uses a logic-based method of populating the form, eliminating questions that don't pertain to a given organization. The tool also enables clients to apply data from previous years to the current year, an approach that helps tax-exempt organizations conserve often-stretched resources.
Form 990 has become significantly more complex in recent years, as the IRS requires increased transparency and monitors compliance through additional questions and schedules on the form. The IRS and state authorities also have become more aggressive in their reviews and audits of entities based on their Form 990 information. Beyond benefits in efficiency, FastForm can help tax-exempt organizations reduce the potential for these audit pitfalls by providing in-tool guidance and tips.
FastForm also provides a complete platform for transmitting information, eliminating the old method of attaching documents and spreadsheets to e-mail messages in favor of an approach that houses form information in a single portal. Upon completion, the data collected undergoes a review by a Moss Adams tax-exempt professional.
"Our firm has a strong commitment to investing in resources for the tax-exempt community, and FastForm is emblematic of the kinds of tools we'll continue to develop," said Rick Anderson, chairman and CEO of Moss Adams. "Finding new ways of providing added value and premier service to our clients is our number one goal."