In a recent Accounting Today article, Michael Thrasher provides guidance for how accountants and tax professionals should prepare themselves and their clients for the busy tax season. Thrasher says that he has already had conversations with clients discussing what will happen and what to anticipate with the new administration in terms of taxes. He also addresses the problems he is seeing with this year’s tax season, “There’s less time to file the partnership return with the due date now in March. But the biggest stress point for me is Form 1099. It seems like every year the information comes out later and later. It makes for a compression of tax season, with fewer days to get the same amount of work done.”
In terms of satisfying clients, Thrasher explains that accountants should be open with their clients and discuss the clients’ expectations early in the season. “We can better serve them if we spend time understanding each other and are all working toward the same goal — the sooner they provide us with information, the more value we can provide to them.” Read the full article here.
For more information on preparing for tax season, please contact our tax team by calling 770.396.2200.