Your1040Return.com is an entirely internet-based tax preparation website for preparing and filing federal and state individual income tax returns. For a small fee, Your1040Return.com provides up to date tax preparation software that can be accessed through the internet. There are three service packages customers can select from: Silver, Gold or Platinum. Customers with the silver package can access electronic copies of tax forms, schedules, and publications and can enter tax return information directly on the forms. The Gold package includes everything the silver package has to offer and one year access to a commercially developed and continually maintained tax preparation software package that assists customers in the preparation of their individual returns. The platinum package gives the customer access to premium level of services, which allows customers to sing up for Your1040Return.com membership ranging between two to five years. Platinum customers also receive personalized attention and real time tax support from qualified income tax specialists.
Revenue recognition is different for each product offered by Your1040Return.com. It also engages in ad swapping with a number of major internet companies. In exchange for providing electronic advertisements on the web site, the company receives free banner ads on other web sites. The company has hired several tax experts who monitor tax code changes and help ensure the underlying tax preparation software is accurate. Nathan Randall and Matthew Gilbert, Chicago’s nephews, oversee the operations of the information technology, including the company’s financial accounting system software. As part of a recent line of credit arrangement with the local bank, they have requested an audit to be done of the company’s financial statements.
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