Ever wonder what CPAs do after Tax Day? When you think of Certified Public Accountants, the month of April and the “Tax Day” deadline may come to mind. It’s true that this is the busiest time of the year for CPAs and firms, with extended work days, Saturday hours, and all hands on deck. But the work doesn’t stop once the April deadline to file federal tax returns passes. Here are a few examples of what our CPAs do after Tax Day.
At Anderson, Adkins & Company, our CPAs don’t just file returns for individuals or businesses. They closely look at how income comes in, and expenses go out. Our CPAs can advise businesses and individuals in financial matters, including investments and retirement accounts and strategic planning, counsel on starting a small business, and more. We work year-round with many small businesses to assist with financial advising, accounting and bookkeeping.
Some taxpayers are eligible for a tax extension, and thus our CPAs will continue to work on taxes all year. Additionally, your CPA can assist with financial statements and recommend actions to individuals and businesses so that an extension would not be necessary next tax season.
A tax payer could be audited any time after taxes are filed, so CPAs could stay busy with this type of work all year. Our CPAs will look for discrepancies or inaccuracies in their reports and counsel businesses or individuals through the audit process.
At Anderson, Adkins & Company we also proactively provide audits year-round of our clients’ financial statements, being responsive to our assessment of the risk of material misstatement based on the understanding we gain of the organization and its environment, including its internal controls.
While less in scope than an audit, we also provide reviews and perform compilations of financial statements for our clients. Just like audits, however, we strive to provide timely communications regarding professional developments and insight regarding matters that may affect the organization’s business.
CPAs are constantly learning and gaining knowledge of relevant changes, such as new software and new regulations/tax laws. Continuing education is required in most states to maintain licensure. In Georgia, after the first year of licensure, the continuing education requirement is 80 hours every two years, 16 hours (20%) of which must be in auditing and accounting subjects. A minimum of 20 hours must be earned in each year.
During and after tax season, it’s important for CPAs to be compliant with IRS guidelines for proper document destruction. This is essential to guarding our clients from identity theft. Join us April 28 at our office in Evans to shred your own documents for free during our Spring Shred event. Please visit this link for more information and to learn what to shred and what to keep: https://www.augustacpas.com/
And of course, we all need a vacation once in a while! CPAs must make time for some relaxation and to be with loved ones after a busy tax season, in order to return to work rested and ready to help clients to the best of their abilities. While many training sessions and continuing education opportunities are given in the summer, you will likely find CPAs vacationing in the fall (including headed to Athens on the weekends during football season— GO DAWGS!)
To learn more about how the Certified Public Accountants and team of professionals at Anderson, Adkins & Company can assist you with any of our year-round services, please reach out to us at 706-288-2000 or .