Art of Accounting: Start now to ease next tax season
November 29, 2023
By Edward Mendlowitz
Tax season is around the corner. Starting now with a few easy steps can relieve much of the pressure later. The following are three tips to consider:
1. Ease tax season workload compression
Push some work into the balance of the year. Clients who had unusual transactions that will need to be reported on their 2023 tax returns can provide the information now. Call your clients and find out what transactions were consummated that would need reporting. Rather than call everyone, call the likely clients. You could also send an email and/or postal mail letter asking clients with unusual transactions to contact you now. You definitely will be working on these transactions. Do it now when you have less pressure. Also, giving clients a heads-up on what they could expect to pay next April 15 will likewise reduce later stress and also your time explaining when it could be done now.