Due Date Changes…What to Look at Now
Over the last several months there have been many articles about H.R. 3236, the highway funding bill that included major due date changes for partnership and C corporations. This is big news and something we need to pay attention to. However, since the news hit in the middle of tax season there wasn’t really time to think about the full implications of these changes.
Tax product manager Jordan Kleinsmith recently wrote an article, Beware the Ides of March, related to deadline changes. In the article, he points out that we need to consider the impact these changes will have on workload, workflow, staffing and clients. Now that the deadlines have passed, it’s time to start mapping out what processes in your office will change.
One strategy may see your staff assignments shifting because partnerships will be completed earlier—allowing you to complete more of your 1040 returns instead of putting them on extension. Does that add or remove steps from your workflow to ensure that proper handoffs are made? How does your change in strategy affect your tax planning and advisory meetings with clients?
Once you have a strategy in place, you’ll need to optimize your systems and software to allow you to execute. Practice management and workflow tools need to be finely tuned so your team can operate at maximum efficiency.
If you use Practice CS Project Management or GoFileRoom FirmFlow, making these adjustments is easy. The tools are in place to not only update due dates, but also customize your workflow through template updates and mass change capabilities. The links below will take you to helpful reference information for each product.
Planning for the changes today will ensure a positive experience for your firm, while minimizing disruptions for your staff.