How do so many prior year retained earnings get out of balance? Have all Forms 5472 been filed to avoid that $10,000 penalty we were warned about during our SCACPA Professional Issues Updates last fall? Were all attachments included with those filings? Will we need to amend any of these returns, and how many, if any, will be audited?
There is no time to ponder these issues as the focus is now shifted to April 15th (or is that April 16th, which is added to the list of my favorite days of the year).
It is time to regroup, take a deep breath and run that tax season wind sprint to the individual tax deadline. Tempting as it may be, let’s not relax too much. Our individual clients have probably given us enough patience to allow us to address their corporate filing needs. So let’s knock out those trust returns, those challenging partnership returns and the individual returns that have backlogged and now lay on our desks, filing cabinets and (secretly) our floors.
Like an athlete taking a deep breath to swim the entire length of the pool, let’s all inhale a breath of energy and get a good initial push for the finsh line – April 15th. Kick hard, stroke with all your strength and hold your breath. We will be busy, but something tells me we will make up for all of it starting April 16th and following.
And, oh yes, my thanks to the staff and those SCACPA members who are in industry, education and government for picking up the slack for the SCACPA members who may not be at the front lines of volunteer efforts during the next four weeks.
April 15th – here we come!!!!!
Blogger: Charles ‘Eddie’ Brown, CPA