Are You A Victim of "Crunch Time"?
Posted by accountingweb on 1135
State income tax compliance always seems to come in "crunch time." "Crunch time" meaning, state income tax compliance seems to get squeezed between the federal return being finished late, and state return due dates. Therefore, most companies and tax practitioners are rushing to get the state returns done in a small amount of time - "crunch time." So what does that mean? Well, it more likely than not means that issues and opportunities are being missed on originally filed state income tax returns. What can you do about it? If you can't change the timing of the federal return being completed, and you can't change the state return due dates, then you have a few options:
- Do as much prep work that you can before the federal return is done
- Review your past state audit files to ensure items won't be missed on this year's return
- Stay up to date on law changes and court case developments