The Tax Prep Man Cometh (again)

‘Tis the tax prep season…again. Most folks are not aware, but tax preparation season has four parts. There is, of course the most commonly recognized 15th of April deadline, which would actually be part 2. Part 1 of tax season is the 15th of March when corporate returns are due. But corporations and individuals often want to file extensions, which means that Act Two of the Tax Year comes into play…and it, like Hurricane Irene, are about to hit hard!

Back-to-School for accountants means the up-coming deadline for extension filers! The 15th of September is the drop dead deadline for corporation tax returns which filed extensions. And nearly one month later, 17th of October is the drop dead deadline for individuals who filed extensions. And IRS and ODR tend to be rather insistent that the returns be completed and filed by that date, no matter what. The penalties for being late tend to be quite unpleasant.

I bring this up because as with the 15th of March and April deadlines, folks sometimes have a lackadaisical method of approaching these dates. It’s not unusual for a business to finally get their tax preparation stuff together and drop everything off 3 or 4 days prior to the deadline. Accountants tend to brag about how late someone can drop stuff off and still get the returns in by the deadline. In some cases, it is truly amazing; however, in most, inaccuracies and other problems (ahem! Audits) tend to arise as a result of roughly prepared, sloppy tax prep work, and hurried filing. Worse than an audit are missed exemptions, which mean that you are donating money to the government needlessly (while we do applaud those who do donate knowingly…)

At IFCPA, we suggest that you begin now if you haven’t already begun. Have as your goal a personal deadline to have your tax preparation materials in to our CPA’s by the 5th of September and not a day later. That’s a Monday—and also Labor Day, so I jest. I mean the 6th. (DO NOT expect to greet us at one of our offices on the 5th! You can shake our BBQ stained fingers on the 6th—as we will be starting to panic about then.) For individuals, make that the 10th of October, which frankly is Columbus Day, but hey, we’re working that day too (none of us are Italian or Spanish, so….)

You want your professional income tax services done well, thoroughly, accurately, and on time, right? That depends entirely on YOU. We have the “well, thorough, and accurate” parts down. The on-time is up to you. So chop-chop! Get moving right now. We’ll see you after National BBQ Day, er, Labor Day.

Oh, and please forgive us ahead of time—we’re under pressure, stressed, and probably cannot meet with you for very long for the next 6 weeks. Start early, and make an appointment…..