February has arrived! For accountants, this means tax season is coming up mighty quickly. It is no secret that accountants across the U.S. are going to be very busy around this time of year. Are you ready for the chaos?
As your trusted insurance provider, we are here to extend a few quick tips to survive this tax season. We want to make sure that this time is as stress-free as possible. Follow these seven tips:
#1: Always document the conversations that you are having with your client. You should also send a follow-up e-mail, outlining responsibilities and deadlines.
#2: Always set realistic deadlines and use a task-reminder system.
#3: Carefully review all information that your client sends you.
#4: Do not override edit checks built into tax software programs.
#5: Always check the software manufacturer’s site for application problems and crucial software updates.
#6: Maintain a manual quality-control system to seek accuracy and completeness.
#7:Always discuss previously made elections with your client before preparing their return.
It is important that you follow the tips listed above before you begin work for your clients this season. Any error or mistake on your part could lead to a liability issue or worse, a lawsuit. Be sure to discuss these tips with the rest of your firm, too. A few helpful reminders never hurt anyone. They may also be in need of some great motivation around this time of year to keep sane! We wish you all luck!