March 15th is worse than April 15th

[Corduroy Frog]

With the advent of so many LLCs in the last 30 years, the March 15th deadline is far worse than April 15th.

We can weed out the April 15th crowd by not taking any appointments, but the LLC crowd represents some of our better clients and those most worthy of our assistance.

For most LLCs, according to their election, a balance sheet is required if sufficient assets are in force, but I have always taken the position that a decent preparation should include a balance sheet and M-1 and M-2.

There seems to be different strategies in dealing with the deadline.  Many firms simply file an extension to give them more time, and drag out the returns (and owner's returns) until Sept 15th.  I would prefer to attack the LLC preparation as soon as December bank statements are available, and before we get into the W-2 crowd at the end of January.

Comments?

[Randall]

I'm just one person.  Getting older.  I have a few of these but don't want to take on new ones.  I've gone the way of extensions.  Unless the client is on top of things and gets the info to me early.  My clients also tend to be one or just 2-3 members.

 

[jklcpa]

Mine are similar to Randall's.  My problem isn't the 3/15 deadline but with the 1099 filings where I am given the entire year's activity to summarize and reconcile. 

If there is substantial activity that you summarize, you could try to convert these bookkeeping clients on a monthly or quarterly basis, depending on their other needs such as local, state, +/or payroll deposits and filings. In that way, you'd only have a small amount of work to wrap up the year end accounting. 

 

[Lee B]

Since I do monthly write up/payroll for most of my clients, March 15th isn't a problem for me except for several PTS returns with disorganized record keeping.

A bigger problem for me are my Schedule C clients with sloppy record keeping that I have to give deadlines, then remind them of the deadlines several times.

 

[Catherine]

Depends on the clientele. If you're doing the books, then jumping right on those LLC returns can be a good use of January working hours. If you do more payroll, then the W2s and 941s will take your attention. If you have a bunch of Schedule C folks who send 1099s, that's another time sink. Even if you have lots of college-kid parents who need FAFSA info can grab a bunch of your January.  

We used to spend a gazillion hours on FAFSA forms in January, then for some years it was 1099s.  Now it's more W2s (the kids grew up, the small businesses expanded to employees instead of temp workers).  Examine your own client list and the snafus for the last year or so, and see what it makes most sense to jump on quickly - then warn the right client set that you want to jump!