Sharing 2

[BOB W]

Something I have done for years and have had no problems with any of my clients, is to file Corporate Extensions in early January. This way I don't have to worry who will be 100% ready as March 15th gets closer. Futhermore, it frees up time during tax season in getting the Corporate returns packaged and ready for mailing. This process is saved for after tax season.

This is not to say that the corporate return is not completed, just not packaged. I like to do the shareholder tax return with my trial balance profit before I finalize the corporate return. Issues like sect 179 can be better handled when the whole picture is under review.

It also makes tax season go smoother due to less issues to be followed up on. It also eliminates having an extra employee because I have too much to do myself. I like to call it spreading out my work.

what do you think ?

[theresa d]

as long as your clients don't mind the extension and it frees up valuable time for you it sounds like a viable solution. i, on the other hand, would rather get the return out the door once it is done. i find there is to much turnaround time picking up where i left off if i leave the return. while i'm in the groove i would rather just get it out the door. i quess what it boils down to is whatever works for your individual practice is the way to go.

[BOB W]

Return.....

.... is all done so there is no review or futher issues. All that is necessary is to print and package.

I like this because I also print out the annual financial statements, all annual journals and the full general ledger. These items, including the clients copy of the tax return, are put into a binder and presented as a finished product for the year.

[geekgirldany]

I've started sending in my corporate extensions. Most don't get me the information until the middle of Feb,Beg of March. I like doing the shareholder's tax return while finishing up the coporations. Most of my corps are one shareholders. Just makes things easy if something else happens to popup during a conversation.

[BOB W]

Thresa D

Like you said, the interview is the proper time to finalize Corporate and personal tax returns. Works great for me.