Deadlines

Reminder: Donald Trump’s 2015 Tax Return Is (Probably) Done and (Probably) Not Being Audited

October 15th was on Saturday which means today is the final filling deadline for 2015 1040s. And as the Wall Street Journal's Richard Rubin reminds us, that includes a certain presidential candidate: Reminder: Trump's 2015 tax return is (probably) due today. https://t.co/PwPSjCgr0i via @WSJPolitics — Richard Rubin (@RichardRubinDC) October 17, 2016 The article Rubin's linking […]

Opening Day of Tax Season Less Than a Month Away

Yesterday the IRS released some important dates for the upcoming tax season including the official start date: January 19, 2016. Also worth noting is that for 2016, the most overrated tax deadline of the year is April 18th because the District of Columbia will celebrate Emancipation Day on April 15th. This means auditors will have […]

Hey, It’s October 15th, Enjoy a Mashup of People Dancing

Yes, October 15th is first runner-up to September 15th in the realm of terrible tax filing deadlines, but it is not short on pain for CPAs who specialize in the dark arts of taxes. If you or your clients are still rounding up K-1s and whatnot, Joe Kristan has a nice round-up of steps to […]

September 15th Is the Worst Tax Return Filing Deadline

Much like Ben Affleck, April 15th is overrated and overexposed. As a tax return filing deadline, April 15th enjoys media attention and is ubiquitous in the minds of the average American when (s)he thinks about big, scary filing deadlines. This is wrong. April 15th is merely a pitstop, a formality; it is wholly inconsequential in […]

Here’s Your Perfunctory March 16th Open Thread

Yes, it's just a small bump on the road to April 15th, and both are mere pit stops towards September 15th and October 15th, but it would be remiss if we did not acknowledge the first major tax filing deadline of the year. If this marks the end of your busy season, congrats on surviving. […]

Tax Professionals To Be Released Into the Wild Later Today

Many CPAs, who tirelessly put their clients' interests before their own, actually will wait until the final mail call later this afternoon to drop their returns. Only then will tax season officially end for 2012. Despite all the talk of counting down the days until the deadline, when that moment arrives, the surreality can still […]

Tax Professionals: Tell Us the Lame Last-minute Excuses Clients Are Giving You on This Extended Filing Deadline Day

It's circa 4:30 pm on the extended filing deadline day for trust, partnership, corporation, and S-corp tax returns and that means there some piss-poor excuses being thrown your way by your most forgetful and slovenly clients who STILL aren't ready to file. Back in April, if clients were behind on getting their books up to […]

Here’s Your March 15th Filing Deadline Open Thread

It would be remiss of us to not recognize today, March 15th, as the first big deadline of the 2012 tax season. This post serves as tribute to all of you tax jockeys whose tax season more or less ends today (but it never really ends, does it?). And for those of you still furiously […]

Anyone Desperate for Free Tax Prep Help Should Make a Reservation at Andaz Wall Street ASAP

If you're going to be staying in Lower Manhattan on business, this makes for a great deal and you can stare at the East River while Marc Albaum cranks out your 1040. Just don't forget to bring your shoebox. Andaz Wall Street, the only hotel on Wall Street, launches their Accountant in Residence series where […]

Big 4 Tax Associates Prepared for Sept. 15th Eve All-Nighter with “5-hour Bombs”

It’s come to this.

Our immediate concern was that the imbiber would be suffering from a disturbing reaction but he informed us that he has “just about” quit shaking. Good to know, good to know. If you have your own deadline cocktail that may or may not have caused an unexpected visit to the emergency room, we’d invite you to share it with the group at this time. Happy September 15th!

A Government Shutdown Near the End of Tax Season Could Prove to Be Very Inconvenient

Since the IRS made it clear earlier this week that blowing off your 1040 is not an option, you best be on top of this if you want to file pre-April 18th. However, you might run into a wee bit of a problem if you go to the IRS for help.

In all, 92,000 [Treasury] department employees would be furloughed, with IRS staffers working during the height of tax season representing roughly two-thirds of the 35,000 who would still be on the job.

Still, around four out of every five IRS employees would be furloughed. Dan Tangherlini, an assistant Treasury secretary, reiterated in a blog post that taxpayers should file electronically to avoid potential delays in receiving a refund, and laid out other areas where IRS operations would be affected.

Taxpayers with audit appointments should assume their meeting is canceled, Tangherlini wrote, while walk-in IRS assistance centers would be shuttered and customer service phone lines would not be as easy to reach.

Treasury would furlough over 70 percent of employees in shutdown [The Hill]

Some People Are Bent Out of Shape Over the ‘Compressed’ Tax Season

Earlier in the roundup, we linked to The Hill story that brought the unfortunate news that anyone itemizing expenses their tax return will “have to wait until mid- to late February to file their returns.”

The IRS is acutely aware of the problem but lucky for all of you, Emancipation Day falls on April 15th this year (and is effectively a national holiday for tax purposes), so the Service extended filing deadline is Monday, April 18th:

The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds.

Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have three extra days to file this year. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns.

The IRS expects to receive more than 140 million individual tax returns this year, with most of those being filed by the April 18 deadline.

Despite the extra 72 hours of fun, some people would rather focus on this “mid- to late February” business, namely, John Ams of the National Society of Accountants, as reported by NPR:

“What this has done is effectively compress the tax season from three months to just six weeks,” says John Ams, executive vice president of the National Society of Accountants.

Now, we don’t know Mr Ams backgound but his bio over at the NSA states that he is a Chief Audit Executive and we have no doubt that he’s a more than capable accountant. But most abacus wielders we know are pretty familiar with deadlines snafus, doing more work in less time and waiting on additional information. In fact, any accountant worth their salt has plenty of stories of pulling emergency all-nighters for week(s) to make sure a project gets accomplished on time only to get the very last piece of data needed at the 11th hour. NOW, when the IRS explains that Congress – who is only reliable for being unreliable – has forced their hand into this less-than ideal predicament, apparently it’s okay to get all huffy about it. [breathe] Look, the majority of the work on these tax returns can simply be done and then the 1040 jockeys will just wait for the rest of the information. It isn’t – as it’s popular to say – rocket science.

But forget about the shrinking tax season, Mr Ams wants you to think about the Luddites!

Some of the changes to the tax code will be a headache for tax preparers and their clients at the busiest time of the year, Ams says. One rule, for example, requires anyone preparing more than 100 returns per year to file them electronically, while the other forces tax preparers to get an identification number.

“Electronic filing is great and most accounts [sic] love it. But there are many clients out there, in particular the elderly, who still believe computers are the work of the devil,” Ams says. “They don’t want sensitive data like tax information going over the Internet.”

If people don’t want to e-file, Ams says, “we’re supposed to say: ‘Here’s your form. See ya.'”

Christ. We know grandmothers that use text messaging. Plus, CPAs have been saying “Here are your forms. Sign here, here, here and here. Oh, and here. See ya next year (but only if you pay),” for decades and people have made due. Can anyone explain how this is still a problem?

IRS Kicks Off 2011 Tax Season with Deadline Extended to April 18 [IRS]
The Tax Man Cometh, But This Year He’ll Be Late [NPR]

Deadline Watch ’10: Happy October 15th!

Along with AG’s friendly reminder about the drop-dead deadline for nonprofits today, we’d be remiss if we didn’t call attention to the significance of October 15th deadline.

Maybe you finished things up earlier in the week and today is simply a formality but for many, today is a frantic mishmash of signatures, phone slamming, desperate, last minute emails and – for the holdouts on electronic filing – trips to the post office.


Sure you’re not getting the attention bestowed on April 15th or Chilean miners but – hey! – we remembered you and that should count for something.

So whether you’re finishing up a 1040, a benefit plan’s Form 5500 or converting some poor sap’s IRA, finish up ASAP and go blow off some steam. Another year down.

Earlier:
Deadline Watch ‘10: Happy September 15th!
See also:
Don’t miss these Oct. 15 tax deadlines! [DMWT]
Extended 1040s and Individual NOL Carryback Elections Are Due Today! [Tax Update Blog]

Dear Nonprofits, Today Is Really Your Final 990 Deadline (No Seriously, Final)

Just in case you have been hiding under a rock for most of 2010, the big deal for nonprofits has been this whole 990 requirement and, more specifically, the fact that many still haven’t filed information returns despite every trick in the book by our friends at the IRS to get them to comply.

First they asked nicely. Then they sent out reminders. And then they went so far as to give procrastinating charities an extension on the May 15th deadline so they could get their butts in gear and start filing away. Apparently this wasn’t enough for some offenders so the Service stepped it up a notch by calling everyone out in the hopes that being publicly humiliated might do the trick. We can only hope.


We found it especially interesting to see the Cal State Sacramento Accounting Society on the list of California 990 slackers but unfortunately didn’t have the time nor energy to comb through all 1,162 pages to see who else we know on the list. 1,162! In California alone!

We did manage to skim it, finding Oakland’s “Get Legit” and “Get It Together Inc” charities hilariously ironic considering the Service is just trying to get these lazy procrastinators to get it together. Perhaps those guys need to focus efforts on their own affairs and stay out of the community until they can figure this simple little task out. Get it together!

Listen people, this is serious. Sure the IRS said it was serious months ago but we’re serious it’s serious, one need look no further than the IRS document calling these guys out to know just how serious. “Exempt Organizations At-Risk of Revocation” makes it pretty clear at this point. Now we’re not saying today’s deadline is absolutely 100% but we’re pretty sure the Service is done playing around while nonprofits figure this out.

Want another good laugh? The American Tax Reform Committee, American Tax Reform Foundation and the American Taxpayers Alliance (all DC-based) must have been so busy trying to hook us up on some tax reform that they forgot to do some important interacting with their favorite agency. Whoopsie.

Even funnier, apparently the DC Internal Revenue Agents Association and Internal Revenue Service Employees Beneficial Association must have missed out on the memo as they are on the 990 slacker list too. Shock that.

P.S. – Internal Revenue Service Bowling League of Dallas, you guys are on the list too. Put down the ball and get on it instead, you of all people should have been the first ones with your 990s ready to go! Let’s not forget the IRS Employees Association of the District Direct in NY, Internal Revenue Service Employees Fund of Des Moines and Internal Revenue Service Employees Association of Wilmington, you guys have some ‘splainin to do.

Deadline Watch ’10: Happy September 15th!

Whether this marks the end of your tax season for 2010 or is just a pit stop on the way to October 15th, it’s certainly a day that gets marked on the calendar of many a tax sage.


In case you’re completely oblivious to the significance of this day, it marks the extended filing deadline for corporations, partnerships and trusts. That amounts to metric asston of returns and there’s probably more than a few people that suffer nervous breakdowns on the road to this annual deadline.

Whether or not you’ll be drinking your lunch today, it’s a nice reminder (or an excruciating one) that all things – including CFOs and Lindsay Lohan (what’s taking so long?) – eventually pass.

You can express joy or resentment about your successful completion of tax season 2010. It was your last, right? Sure. We’ve heard that before. Anyway, if this marks end, go enjoy yourself this evening.

But of course, we haven’t forgotten that there are plenty of you that have 30 days to go. Feel free to bitch and moan and then get back to work.

The IRS Is Giving Small Nonprofits One Final Chance to File Their 990s

Remember the IRS’ failed outreach to small nonprofits back in the spring? Yeah, the May 17th deadline threw a lot small NFPs for a loop and they up and missed the filing deadline completely.

IRS Commish Doug Shulman figured that, despite the unprecedented outreach, the whole snafu was his bad and that nonprofits shouldn’t worry their pretty little heads about missing the deadline, the Service will still take your 990, tardiness notwithstanding.

But that can’t go on forever now, can it? Accordingly, the IRS set a new deadline today to file the 990s and it’s set for a much more memorable October 15th.

WASHINGTON — Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the Internal Revenue Service announced today.

The IRS today posted on a special page of IRS.gov the names and last-known addresses of these at-risk organizations, along with guidance about how to come back into compliance. The organizations on the list have return due dates between May 17 and Oct. 15, 2010, but the IRS has no record that they filed the required returns for any of the past three years.

“We are doing everything we can to help organizations comply with the law and keep their valuable tax exemption,” IRS Commissioner Doug Shulman said. “So if you do not have your filings up to date, now’s the time to take action and get back on track.”

It’s simple people. If your gross receipts are under $25,000, get yourself a 990-N (e-Postcard), fill it out and you’re done. If you have receipts up to $500k, you’ll have to fill out either Form 990 or 990-EZ which will probably take you all of 15 minutes.

Get it? No more blowing this off. OCTOBER 15TH is the drop dead date. After that, Shulman & Co. will be busting down the doors to inform you that you’re no longer tax exempt. And trust us, you don’t want to deal with that.

IRS Offers One-Time Special Filing Relief Program for Small Charities; Oct. 15 Due Date to Preserve Tax-Exempt Status [IRS]

When a Tax Time Bomb Goes Off: Repurcussions Await Some Small Nonprofits

At the end of the day on Monday, May 17, hundreds of thousands of little tax-exempt organizations will to turn into taxable little pumpkins. Under a provision of the Pension Protection Act of 2006, tax-exempt organizations that had been small enough to fall below IRS filing thresholds were required to start filing information reports. The law automatically revokes the exempt status of organizations that fail to file for three straight years. The deadline for that third year is May 17 for calendar-year filers.

Of course many of these organizations are inactive or defunct, but many aren’t. That means thousands of volunteer garden club, school parent organization and social club volunteer treasurers will unwittingly find themselves in charge of filing tax returns for their newly-taxable little corporations.


If you are an exempt organization treasurer or board member, you should find out right now whether your organization has filed. If your organization normally takes in less than $25,000 per year, the filing is a very simple on-line process, mostly just asking for identifying information. Bigger outfits will have to file a version of Form 990. If you need extra time, you can get a three-month extension on Form 8868. Some organizations, mostly governments and religious entities, are exempt from the filing and revocation rules.

But what will happen when these outfits lose their exempt status? They can ask for it back retroactively by filing Form 1023 or Form 1024 and paying a fee from $250 to $800. But many of these outfits will have no idea that they have lost their exempt status. What happens to them?

Most will become taxable C corporations or, in some cases, a taxable trust – depending on how they are set up. They will have income – for example, from contributions or dues – and they will be subject to normal Form 1120 filing requirements. If they fail to file, the normal kind and gentle penalties will accrue. Nobody really knows what the IRS will do about all of these little unwitting scofflaws.

And for what? Senator Charles Grassley explained back when the bill was passed in 2006:

The pension bill includes a good package of charitable giving incentives and loophole closers. It makes sense to tighten areas of abuse while increasing incentives for charitable giving. Americans are very generous with their donations. They deserve to know that their money helps the needy, not the greedy. Some individuals are creative about exploiting non-profits’ tax-exempt status for personal gain, and Congress has to be just as smart about shutting down abuse.

So take that, you greedy, abusive volunteer booster club treasurers! @ChuckGrassley has your number.

Three Remedies for the Busy Season Hangover

Greetings, red-eyed accountants. I hope those of you who celebrated yesterday’s sign-off didn’t drink the local watering holes dry last night. The markets are closed tomorrow, so hit the town again tonight and find yourself a Wall-Streeter (or is it a midtowner now?) to shack up with!

Who am I kidding? You’re probably going to sleep like babies for the first time in months.

Regardless of how you spend your first few days of re-born freedom, you need to be sure not to get caught up in the whirlwind slow season.


These short drops in production need to be stretched to maximum gain. Here’s are few ways to make the most of your slow hours:

Cash in that vacation time – One of the (few) perks of a public accounting gig is the incredible amount of personal time. Five to six weeks of vacay is simply unheard of in the private sector (three weeks are standard issue). So why not do something with your time? Sign up for the mass emails from travel sites and pick a random location to cash in those hotel points that have accumulated over the last three busy seasons.

One GC reader told me, “I’m going to Bermuda in a few weeks. Why? Because JetBlue had a special, I’ve never been, and I’ll be damned if I lose out of my vacation time.” FWIW, many of the airlines are running specials now for flights in the next few months. Pick a random location and get the hell out.

Recharge your batteries and your resume – Pick a Friday or Monday in the coming weeks and call in sick. Book yourself a day of relaxation; hit the spa, the golf course, or work on that rusty ‘72 Chevy taking up room in the garage. Whatever you do, keep the Blackberry on your nightstand and spend your day away from the office. After a day of mental relaxation, pick up your resume and make your time in public start working for you.

Shop around for new work – So you want to work at a hedge fund but are currently auditing depositories – what the hell are you wasting your time for? Now is the time to talk to your mentors and work with staffing to really push your accounting career in the direction of an industry that interests you. Volunteer to do clean up work on a client that is decimated by team members taking vacation. Do what you need to do to begin getting the exposure to work that is relevant to your career aspirations.

For those of you done with busy season, have a drink and enjoy your weekend, but don’t forget about your comrades with 4/15 deadlines. The end – after all – is near.

SEC Deadline Watch: Try Not to Make a Scene

So today marks the last major deadline for those working on SEC filers and that could mean that your life belongs to you once again. We should also mention that March 31st is a major deadline for many non-SEC clients so there are a lot auditors rejoicing today (or completely losing their shit).


Whether you plan on celebrating the end of your busy season by drinking yourself blind or sleeping at home rather than the office, is matter of personal choice. There will be no shortage of celebrations anyway – clients, team members and if you’re lucky, a firm-wide celebration after the tax trolls cross their finish line.

This also means that the talk of merit increases, promotions and layoffs will start swirling. PwC and E&Y have already re-reassured their troops that raises are coming this year. Some offices have seen the exodus begin so things will remain interesting and we definitely want to know about it.

Not everyone will be raging however. The aforementioned tax return jockeys still have two weeks of listening to ball-baby clients. For those that are still chasing their CPA, maybe you take a breather or maybe you just keep killing yourself and granted, some audit teams (e.g. Overstock.com) are still working but if you passed the finish line today, congrats, well done, yada yada yada.

Tax and SEC Deadline Watch: Are You About to Get Your Life Back?

Doubtful!

But it is March 15th and corporate return extensions are being submitted en masse. Tomorrow is also the deadline for accelerated filers to submit their 10-Ks so auditors that are borderline delirious (and probably feeling frumpy) might get more than four hours of sleep this week.

For you tax jockeys, today could mean a couple of things: 1) this is a bump in the road and your life will be even more hectic as your deadbeat clients who are now realizing that April 15th is coming up fast or 2) you don’t touch anything that isn’t an 1120 and you’re in the clear for awhile.


And for you auditors, hopefully you haven’t forgotten our little teaching lesson from the previous deadline? Try and catch all the embedded “f*cks.” And hey! E&Y is still having Canadian Tuxedo Fridays for a couple more weeks so that’s something to look forward to, amiright?

Yes, there are some of you out there that are still billing monster hours with no end in sight. But look at this way, if you haven’t quit by now, you’re in it to the end, so you better just read this reminder from Deloitte and get back to it. It’ll be over soon enough.

SEC Deadline Watch: Filing Late? Your Life Isn’t Over

Hey CIT team, sorry to hear about the tardy filing. But you know what? Considering all that’s happened in the past year, filing a couple weeks late isn’t that bad. And besides, now that John Thain is running the show, all signs are pointing to a turnaround of epic proportions.

For the rest of you engagements teams that have a late filing, you might have been feeling like LOSERS last night and maybe you spent last night sobbing over it and now it’s carrying over to today. We’re here to give you permission to blow it off.


We realize that doesn’t help the attitude of your [insert pissed off team member] right now but you know what? Shit happens. They’ll get over it too. Will this affect your performance rating? Maybe. Maybe not. One thing is for sure though, there’s plenty of blame to go around so if you’re feeling guilty, knock it off. Will you get shipped off to an engagement where auditors go to die? It’s possible but you’ll probably be better off.

So maybe it feels like the end of the world right now but whatever your sitch is, we assure you, it’s not. This isn’t life or death. You’ve got to work at the IRS to make that claim.

CIT Unable To File Annual Report On Time Monday [Dow Jones via WSJ]
CIT Form 12b-25 [SEC]

Deadline Watch: 3rd Quarter 10-Qs

Thumbnail image for hairy-nascar-fan.jpgNow that you’ve enjoyed the extra hour of tomfoolery thanks to the time machine known as daylight savings time, it’s back to reality.
For auditors working on SEC filers, this means seeing less daylight from now until…well, yeah. The good news is that there’s only one week until the filing deadline for accelerated filers’ 3rd Quarter 10-Qs. For those of you on the non-accelerated types, you’ve got an extra week which could be a lifesaver or just a way to prolong…the…agony.
The bitch of the thing is that for those of you that are/will be going down to the wire, the deadlines fall on Mondays which means your weekend will likely consist of a slumber party at the client’s digs.
So for those of you that live and die by the calendar year SEC deadlines, discuss your Q3 and if it’s business as usual or if your engaging in the standard quarterly rhetoric about how you’re finding a new job right after the Q is filed.

Deadline Watch: Employee Benefit Plans

dow10000.jpgDid Dow 10,000 get you excited about your 401k again? No? Just a psychological level? Bah. “We don’t give a damn because we’re still down from the highs you jerk.”
Fine, you kill-joys, regardless if you still consider your nest egg to be in the crapper, there are lots of people out there that ingested inhuman amounts of MSG last night to get employee benefit plan audits completed and submitted with their Form 5500s for today’s deadline. This is our tribute to them*.
Sure, EBP audits are the redheaded step-child of audits but they keep some of you employed, they’re profitable and low risk so everybody a few people win. Good work EBP trolls, finish up and go get your drink on.
*Maybe we were just waiting until the day of the deadline to mention EBPs. Didja ever think of that? Didja?

Deadline Watch: October 15th

crawling.jpgOne week until all is right with the entire world, tax preparers. Oh sure, maybe since partnership returns are now due on September 15th, the October deadline doesn’t have the same urgency as in years past but at the very least, it marks the official end to another tax season.
There are still plenty of you that are still slogging through 1040s though, so hang in there. If you’ve got any last minute meltdowns or clients that are giving you serious heartburn, let us know or discuss in the comments.
The rest of you, commence schadenfreude. Unless you like the week leading up to a deadline. Sickos.