My response has been pretty consistent, "no, it will be business as usual after the 15th."
And it will. This was my 20th year of preparing tax returns. The first year, I did six returns. This year, when all is said and done, the number will be somewhere around 775. This, by far, was the best year ever. For many reasons, but primarily, the communication in our office was better and the planning was better.
Many do not realize that "tax season" starts in an accounting firm in November. You see, we can't just hang a sign, bring in a couple of cases of paper and say we're ready. The small firm has to make sure the right team members are in place, make sure the supplies are in house, make sure the software is loaded and running properly. During November, the appointment calendar is built to allow for as many contingencies and preparation time as possible.
Around the first of December, we start getting phone calls from some of our clients, mostly business clients, wanting to discuss year-end tax planning. We start cleaning up transactions for our accounting clients to get the Income Statements and Balance Sheets "tax ready." We continue to prepare payrolls every week, still doing state sales tax every month, but we all know, "it's coming." Talk about the elephant in the room!
During the holidays, we try to take some extra time off, as we are well aware, after January 2, its "hold on for the ride until April 15th." So it begins. January, we have the heavy lifting. We have year end reports to get out for our accounting clients; we have all the payroll reports to get out including W-2's, 1099's, quarterly and annual payroll reports; sales tax returns; and the phone starts ringing. The appointment calendar starts filling, tax appointments begin, returns start being dropped off, completed and e-filed.
By the time all the W-2's and 1099's are finished, we are in full tilt tax season, starting to take late night appointments, working all day Saturdays, sneaking in on Sunday afternoons trying to get either caught up from the week before or a head start on the next week.
February is pure tax returns while corporate and partnership returns start to come in. Those are due on March 15th. By the time the second week of March is upon us, we are pushing out those returns and finalizing any extensions that need to be filed. Afterwards, its a mad dash to the individual deadline of April 15th. By this point, its working every Saturday, taking appointments until 9:00 at night, e-filing the day's returns until done, going home, eating dinner and falling asleep in the recliner while watching the late news. The next morning the alarm goes off at 6 and it all begins again.
By the time the actual deadline is upon us, we are beginning to relax. Generally, along about April 5th or so, we stop taking tax appointments, and shortly thereafter, we go into extension mode. Anything dropped off after a certain date, we do our best to get out by the deadline, but the client knows, that in all likelihood, its going to be an extension.
Our office has a standing policy in that we do not have appointments or do tax returns on April 15th. Never have, never will. The reason is simple. If you start taking appointments and/or doing returns on the 15th, you will never get the extensions filed. By 5:00 or so, we're done.
The morning after is a mixture of emotions. There's euphoria, there's a certain anticipation, and there's a touch of depression. Some may find the last one odd, but to understand this emotion, think of a motor race like a NASCAR race or the Indy 500 or something.
In November, we start our engines and start the season. As the days get "X-ed" off the calendar, we are finalizing our plans, checking our systems, and making sure our "pit-crew" is in place and well-prepared. We start bringing in supplies (don't forget the snacks in the kitchen!), and we start running our trial laps to make sure everything is a go. We have had our equipment tuned up, the toner cartridges are full, and forms are in place, and we're ready to go after the holidays. Our practice laps are becoming more and more intense as we approach the green flag, then the race is on. The further into the season we get, the faster and harder we're going, the phone is ringing off the hook, the e-mail inboxes are overflowing and the tax returns to be completed are piling up. The throttle is at full speed and there's no turning back. By the time you reach the finish line, and the checkered flag drops on April 15th, you've given it all you had, you've solved as many issues as you could, and you've finished the season.
But, unlike a NASCAR race, an accounting firm doesn't have that victory lap or two that allows the engine to cool down, the wheels to slow down, the donuts in the infield. Rather, an accounting firm comes to a sudden and abrupt halt. Imagine a car going full tilt and hitting a concrete wall. The phones stop ringing, the clients stop coming in, the overwhelmed feelings are gone. The excitement is gone.
So, for the next couple of weeks we will assess ourselves...what did we do better than last year? Where did we fall short? What can we do better next year? How can we communicate better with our clients? It is a constant state of improvement from year to year...whether it be scheduling, or systems, or equipment improvements.
In closing, I have been asked several times, "Frank, why do you put yourself through this year after year..." and quite honestly, there are those times when I ask myself the same thing. But, I can't think of another profession I would want to be in. As many know, I started this career somewhat late in life after having lived in the world of retail management for over 19 years. Compared to that world of constant 10-12 hour days, everyday, the accounting world is a walk in the park!
But, really, where else can I provide a service, get to work with a great team, and have the one-on-one contact with the public that I enjoyed while in retail? Yes, it's hard work, yes, it's intense, but I wouldn't trade it for anything.
Thank you so much to our office team and our faithful clients who continue to trust us year after year. To those new to our firm this year, welcome. We look forward to many years of working with you.
