Updated: May 7, 2019
A brief intermission
Many accountants take a brief break just after April 15th. This year the Kledis family visited Washington D.C. Why? Because Washington is beautiful at Easter time and this year the Easter break came AFTER April 15th. Usually, we miss the Easter break because it falls just before April 15th and we have our heads down, staring at computers and filing returns.
After Tax Season Blues
This time of year we also get a lot of comments regarding something alluding to the relief that tax season is over. Which is true. During tax season it is very fast paced and a lot of work. But after-tax season we are still busy. Yes, tax accountants are busy after-tax season. First, initially, there are plenty of clients that get us their work on time, but just too close to the April 15th deadline so we have to extend, with the caveat that we have to get it done soon after April 15th. So, after some well-deserved R+R, we pretty much have plenty to jump right back into.
Let’s start with tax season. Tax season consists of three major dates:
January 31 – Due date for W2’s, 1099’s, Business Listings, etc.
March 15 – Due date for S-corps and Partnerships
April 15 – Due date for Personal returns, Trusts/Estates, and Calendar year C-corps.
What do tax accountants do when it is not tax season?
I guess the short answer is, Taxes. Something many people may be surprised to hear, is that the 15th of EVERY month, something is due. It may be tax returns, payroll tax matters, estimates, etc. Many C-corporations have a fiscal year end. This means that the year end is any month other than December (which is a Calendar year end). If you have a fiscal year end C-corporation, it is due 4.5 months after the year end (3.5 months for June year end).
We also have the extensions. An average tax season will see about 20-30% extensions for various reasons, from waiting on source information to bookkeeping procedures not completed.
Extended Scorps/Partnerships are due September 15.
Extended Personal Returns are due October 15. (Those dates in themselves create a mini-tax season leading up to them, and the pressure is greater because no more extensions)
Outside of tax returns what else keeps us busy?
Not for Profit Accounting – Most Not for Profits have Fiscal Year Ends
Representation – Audits, Tax Notices, etc.
Special Engagements – Fraud Examinations, Business Valuations, Due Diligence Procedures, etc.
New Client Consultations
Major Changes – New Business, New Partner, Sold Business, Death, etc.
And much more….
Long story short, though the pace of Tax Season is grueling and extremely high paced, tax accountants have a full 12 months of work to do. And the beat goes on...
-John Michael Kledis EA, CFE, CVA is Principal and founder of Peridot Consulting, Inc.
Disclaimer: This is a brief synopsis and individual situations may vary. The above has left out many details for summation purposes. Do not take any advice from this column and please consult with relevant parties before making any decisions regarding the subject matter within. Any U.S. federal tax advice contained in this blog is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter that is contained in this blog. This blog does not intend to be whiney and purely understands the ‘First World Problems’ that may be attributed by being too busy. It’s merely an attempt to allude to the other things tax accountants due during the year.