What Do You Do All Day?
Now that tax season is over, what do accountants do? We all head to the beach for eight months of building sand castles, sipping cocktails, and basking in the sun. Well, not exactly. Although that may be the perception of some, there is still plenty of work that we as CPAs do in the off season.
Handling Extended Returns
Although we strive to complete as many of our clients’ tax returns as possible by the original due date, extenuating circumstances sometimes prevent tax returns from being finalized by the deadline. The most common reason is that not all of necessary information needed to file a complete and accurate tax return is available. For instance, brokerage statements often are delayed due to the complex nature of many of the transactions. Also, life doesn’t always respect the April 15th deadline and depending on the life circumstances from year to year, our clients may not be able to gather the necessary information in time for filing.
We assure you, if we have your tax information in a timely manner, we will strive our best to complete your tax returns by the deadline. However, if an extension is needed, we will assist with the necessary filing. Then, during the off season, we can work diligently to complete your returns be the extended due date.
Employee Benefit Plan Audits
Employers with 100 or more participants may require an audit of their 401(k) or other employee benefit plan. This is a requirement of the Department of Labor, and non-compliance can result in significant penalties. Typically, a calendar year-end plan must submit their audited financial statements by July 31st of the following year.
Our employee benefit plan audit team can assist your business or employer with this procedural audit in order to stay compliant.
Business Valuation can be needed for a variety of reasons.
- Purchase or sale of closely held business
- Physician buy-in to medical practices
- Minority shareholder disputes and litigation
- Divorce(equitable distribution)
- Business damage assessment and determination
- Financial restructuring and recapitalization
- Bank Financing
When is the last time you reviewed your business ownership agreement? Does your agreement truly reflect the understanding between the owners?
If you own a business or are thinking of buying a business, you need to know what it is worth, not what you think it is worth. Let our valuation team offer insight into one of the biggest investments you could ever make!
Responding to Notices/Handling IRS Audits
This is the time of the year when the IRS and other taxing authorities are continuing to process returns and generate notices for both the most recent tax year and previous years. If you or your business receives a tax notice, we can help! Often notices are inaccurate and a simple response can clear the issue. Other notices are more complex, our team of experienced CPAs can assist you with the technical response that may be required.
So, as you are sitting back counting your refund dollars, please remember that in this “off season” we are still here in the office ready and able to assist you with other tax and accounting needs.
Please feel free to contact our office to discuss the variety of services we offer. Or email your questions to Brad Reynolds at firstname.lastname@example.org for more information regarding benefit plan audits or business valuations.