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What Does a CPA Do After Tax Season? Plenty!
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Having survived tax season, thousands of CPAs are flocking to beach resorts for 11 months of relaxation, cocktails and resting on their laurels.
OK, not quite.
But that seems to be the general assumption. In reality, public accountants have plenty to do throughout the year, whether it's tax time or not. Organizations have audits, strategic financial planning, bookkeeping and many other tasks to deal with year-round. So what does a CPA do after April 15? Read on to find out.
Financial advising and consulting
CPAs are multi-skilled. They’re expert analysts of cost efficiency. They recommend ways organizations can increase profits. They advise about investments and economic trends. Some CPAs specialize in specific areas like contracts, non-profit formation, strategic planning or forensic accounting. These skills mean they are in demand the entire year.
Companies can also turn to CPAs to do general accounting, bookkeeping and payroll tasks. CPAs help employers with issues involving offers in compromise (OICs) and quarterly findings. When a CPA works consistently year-round, tax season is less frustrating for everyone.
Wonder about the difference between public and private accountants, along with their backgrounds, job outlooks, and typical workdays?
Handling extensions after tax season
Nothing really ends on Tax Day. Organizations often need to file for various extensions, meaning tax season is never truly over. The stress, pressure and workloads do tend to lighten after April 15. This gives CPAs the chance to help employers organize financial statements, determine goals and play catch up to avoid future extensions.
Unfiled taxes, audits and reports
Businesses that didn’t file tax returns for previous years turn to CPAs during the off-season for assistance. Audits are also common after tax season. The IRS may also point out mistakes and inconsistencies that need correcting. CPAs may also be asked to prepare various types of financial statements, like review or compilation reports.
Workshops and seminars
Continuing education is vital to career success, and many of a CPA’s skills apply to other roles. They have a lot to offer. After tax season, many CPAs turn to training and lecturing. For example, CPAs might give a class on QuickBooks or Excel, or lead a webinar on tax planning and preparation.
Accounting and financial planning is part of any organization’s daily business. So, while the heat is on during tax season, a CPA’s work never ends. They may have earned a well-deserved break after April 15, but they won’t be taking it easy for long.
Do you want to read a roundup of everything you wanted to know about the CPA?