02/07/2022
I have spent the last 25 years trying to fulfill a goal of a business with clients that I consider friends instead of just clients. I am just a few years from retirement and I am gradually and sadly watching that dream disappear.
For the last three years, due to Hurricane Michael, tax season seemed to never end. A Short explanation, your accountant works almost 24/7 from January 1 thru April 15th doing tax returns. The rest of the year is spent helping clients through personal and business financial growth, stumbling blocks, planning for the future, etc.... When tax season never stops due to financial records that were destroyed, hours into days of research on property valuations, amended returns due to updated losses from natural disasters, etc. there is little time left to help those friends and clients with normal business decisions... Last year, I saw the light at the end of that tunnel and we filed the last return that had anything to do with the hurricane.
Between this virus and a government seemingly intent on destroying everyone's livelihood, that light at the end of the tunnel ended up being a train headed straight for every accountant in this country... IRS changes after the 1st of the year in 2021 caused forms to be revised, tax prep programs to not calculate properly, constant learning and re-learning.... I was forced to file extensions on 70% to 80% of my clients. Many of the ones that were filed prior to that extension and some that were filed later in the year received letters, erroneous letters, but still letters, from the IRS stating mostly that their returns had not been received or that they had a balance due of the entire amount that had been paid with the return. One client, who's payment had cleared the bank months before, elected to pay his balance twice out of fear that his checking account would be frozen. See, since this virus started all IRS agents have been working from home - it is next to impossible to speak with anyone and if you are lucky enough to finally get through, in most cases there is nothing that can be done except have the time to respond extended 60 days....
After finally completing all returns from last year and well over a year and a half into covid I had hopes that this year might be a little different... Until this morning, when I learned that taxpayers that own businesses that are classified as S Corporations or Partnerships (most of my business clients) and also have personal brokerage investment accounts that may include foreign tax on their investments will need to be extended until at least June as the forms to complete their business returns will not be available until later in the year....
If you have ever received a business email from me you have seen the line at the bottom of each email...
"An accountant is someone who solves a problem you didn't know you had in a way you don’t understand...."
I don't expect anyone to fully understand any of this. Heck most accountants do not have a full understanding of what is happening right now. That is why we do what we do and let you do what you do - it's what we all do best.
I guess, all I am trying to say is when you see your accountant this year, don't get upset with him or her if there are any glitches or if your return is extended past the due date Trust me, we don't want this to go on for the rest of the year either. Don't become upset and blame them if you receive a letter from the IRS that you have never received in the past and don't cause yourself a lot of stress by leaving an accountant that is familiar with your financial matters for one that is not because we are all experiencing the same thing. We are all frustrated beyond belief with this situation and in many cases we are just as powerless as you are to do anything about it.
Please know that you are important to us so hang in there, we will get through it as best we can.
