Deadlines, deadlines......

In the CPA world, there's nothing like a tax deadline. Many grey hairs, ulcers, and headaches have been born of the rush leading up to April 15 or October 15 (and in the old days, August 15). Clients who wait until the last minute to deliver their information, other preparers who wait until the last minute to prepare forms that you need for one of your clients, and other non-tax work that just can't wait all contribute to the hectic nature of the filing deadline. Overall, a non-scientific review of our case load reveals that almost 1/2 of the returns that we prepare in a given year are filed within 10 days of a deadline.

April 15 is the most well-known deadline, but for CPAs it's not actually the most stressful. That "honor" is reserved for October 15. Why? Because if the work isn't done by April 15, you can always file an extension. However, no extensions are available for October 15....it's truly a "drop dead" due date. We may go for several months during the summer and only be able to complete a couple dozen extended returns, only to have thirty to forty returns come in after October 1. Clients know that if they don't file by October 15, penalties and interest are sure to follow.

As a professional service provider, you never want to tell a paying client that you can't meet a deadline for them - especially in this economy where each client is vital. So while the lay person might say "just tell them you can't do it" or my wife's frequent response, "Did you laugh at them", the CPA's response is to roll up their sleeves, put on another pot of coffee, and prepare for a long evening at the office. That guy who brings you four filing boxes full of loose receipts on October 14 at closing time can make you want to rethink your approach sometimes, though.

At the end of the day, everyone gets taken care of, and we've survived another tough filing deadline. It's time now to spend the rest of the year dealing with "troubleshooting", doing tax estimates for the current year, and catching up on continuing education. Once January 1 hits, it's back to tax season and the countdown officially begins toward yet another deadline.

--Dan Musick is the Tax Services Partner for Cook & Associates, a full-service public accounting firm offering tax, auditing, accounting, and payroll services from offices in San Marcos and San Antonio, TX.