Oct 11, 2023

Update on 2023 Taxes

This has been our largest tax year to date, providing invaluable insights into managing large datasets, generating tax returns at scale and enhancing the client experience.

Partnering with you for a smooth 2023 Tax Season

We've been investing in technology to improve your experience for the 2023 tax season! We cannot overstate how much we appreciate your ongoing support and patience during the 2022 tax season. We continue to evolve and take feedback to better serve our clients.


Metrics for 2022 tax year

This has been our largest tax year to date, providing invaluable insights into managing large datasets, generating tax returns at scale and enhancing the client experience.

  • 30,000+ K-1 returns generated: We generated our largest volume of K-1 returns to date.
  • 1,000+ entity returns generated: We generated our largest volume of 1065 returns to date.
  • 3,000,000+ data records managed: We architected a large database and dataset to update and generate data at scale.
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Plan for the 2023 tax year

1. Starting the tax process early

  • Visibility: We are targeting early visibility of the tax dashboard by December 2023.
  • Data validation: We aim to show you the data we have on file and request any changes starting January 2024.
  • IRS accepted: We aim to file returns by April 2024 unless the return is delayed by a passthrough K-1.


This roadmap is designed to keep you well-informed and prepared, facilitating a smooth progression through the tax cycle.


Benefit: By planning ahead and collaborating closely, we can significantly reduce the stress and complexity associated with the tax season.

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2. Validating tax data well in advance with you on platform

As we prepare for the upcoming tax season, one of our top priorities is to collaborate with you to ensure the accuracy and completeness of all relevant data. In order to streamline this process and minimize any potential errors, we're leveraging a proactive approach to data validation.


1. Investor Information: You will be able to review and update important investor information such as investor names, addresses, Social Security Numbers, entity affiliations, and email addresses.

2. Fund Information: You will be able to review fund activity and calculations to ensure they are accurate and up to date. This is essential for reporting and to facilitate a smooth tax process.


Benefit: Proactive validation of tax data minimizes errors and saves time in the long run.

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3. Reporting fund activity through the platform

By reporting and tracking fund activity directly in the platform, we have one source of truth for activity. This includes transfers of membership interests, income generation, expenses, closes, asset sales, and capital distributions.


Benefit: Centralized reporting enhances accuracy and efficiency, reducing the chances of discrepancies.

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4. Ticketing tool for reporting issues

We are proud to introduce our self-service tax ticket management tool, to effortlessly report any tax issues.


Benefit: This new tool is empowering users to report and track issues efficiently, leading to faster resolutions.


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5. Faster customer support response times

We are investing in more tooling for faster response times including

  • Advanced intercom support tooling.
  • Help center articles.
  • Metrics for the team to track median response times.
  • We are using the support@allocations.com email address as the single point of contact for all support queries.


Benefit: Faster customer service response times mean that your queries and concerns are addressed more promptly, saving you time.


Continuous improvements

We remain committed to a path of continual improvements and pursuit of excellence. This ensures that we not only meet but exceed the expectations of our clients.

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Thank you for your continued support and partnership. Stay tuned for more exciting updates!

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