Better Accurate Than Rushed

It is not necessary to remind me of the date. I am more aware than anyone that we are reaching the end of the second extension for 2001 1040s on October 15. I have been working as hard as I can to finish as many tax returns before then as possible. I am in fact also still working on some 1998, 1999 and 2000 tax returns.

I will be filing for a third extension, until December 15, for any tax return that I can’t complete by October 15. Contrary to what many misinformed IRS employees and inexperienced tax practitioners may tell you, such an additional extension is possible if there is a very good reason. I file several of them every year.

Repeated calls and emails bugging me about the status of tax returns doesn’t help the already very stressful situation around here. Your patience is appreciated.

I do not operate like a news service, where speed is more important than accuracy. It has always been my policy to prepare the highest quality tax returns possible, even if it requires filing them later than normal. The philosophy that some people have of just whipping anything together and then fixing it later doesn’t always work. There are several things, such as tax elections, that can only be done on an original tax return. Too often, I have seen people short-changed by filing a tax return too quickly and haphazardly to allow them to prepare the best tax returns possible for their situation.

I have been delaying every possible project, both personal and business, until after October 15, including several updates and items that I want to post to my website and to this blog. We have also refused to accept any new clients until if or when I am able to get caught up with the huge backlog of tax returns still waiting for me. Before next year’s tax season, we are also planning to trim back on some of the clients we work with, based on a number of criteria.

KMK

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