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Responsibilities of Tax Professionals During Tax Busy Season

For accounting professionals, tax season is a busy time of year. So when does busy season start for tax? It starts from January to April, and they work long hours and meet tight deadlines.

Accountants spend 90% of their time auditing, revising books, and preparing financial reports. This will inevitably drain their mind and body.

Internal Auditing

One of the responsibilities of tax professionals during busy tax season is internal auditing. These audits focus on a company’s efficiency, management of financial information, and compliance with corporate and state laws and regulations.

Typically, an internal audit begins with an audit plan that includes the scope of the audit, objectives, timeline, and schedule. This plan helps the internal audit team to communicate with management throughout the process.

As an internal audit is independent of the management team, it can provide objective insight into issues that could impact company operations or profitability. This assures executive management and the board of directors that risks are being managed effectively.

Client Meetings

The responsibilities of tax professionals during busy tax season can be challenging. This is because of the overwhelming number of clients and the numerous tasks that need to be completed during this time.

Hence, they need to handle their workload in an organized manner. They should review all of their responsibilities well ahead of the tax season to ensure they can meet all deadlines and deliver excellent customer service.

Client meetings are an essential part of the job and must be conducted properly. This is because the way they conduct meetings can help build rapport with clients and increase their chances of retaining them.

Preparation of Tax Returns

Tax preparers work with both individual and business clients, and their responsibilities can include:

  • Preparing returns.
  • Assisting with IRS inquiries.
  • Responding to correspondence from the client or tax authority.
  • Providing future tax planning.

In addition, they may be responsible for ensuring that the information and tax reporting on the return complies with federal and state laws. They also need to be able to access and manage confidential information to serve their clients efficiently.

The preparation of a tax return can be an extremely complex process. It requires a thorough knowledge of legislation, regulations, and the tax system.

To reduce the likelihood of error, tax professionals should ensure that they have a full understanding of all their client’s financial circumstances. This includes obtaining receipts for all non-deductible medical expenses, property taxes, and investment-related costs.

Additionally, they should be aware of the various tax credits and deductions that can benefit their clients. This knowledge can help to reduce the amount they owe or the amount of their refund.

Report Writing

Writing reports can be a challenge for any tax professional. It requires careful research and organization to convey the most important information in a brief format.

Reports are academic writing and follow specific grammar, punctuation, and word usage guidelines. They are also usually written in sections that include headings and sub-headings to break down the report’s main points.

The responsibilities of tax professionals during busy tax season involve preparing various reports to provide clients with information that will help them solve their problems. These reports may be short, but they must be well-written and free of errors.