Tax Insights

Your Guide to State, Local, Federal, Estate + International Taxation

The End of Tax Season…

Today is Wednesday, April 15th and it is the end of another tax season! So, our tax team is going to be gathering the last of the Forms 8879 from our clients to complete their electronic filing, and sending out buckets and buckets of certified mail containing extension payments and first quarter vouchers and 2014 voucher payments, all before we head to our annual celebration.

And because we are so deadline driven, it leads us to think about the next tax season and how we can improve on things. There has been some discussion about it ending on a Friday next year, which would indeed make for a wonderfully long weekend after a stretch of time when we have had not only no weekends off, but no days off.

But alas, it is not to be. Next year is 2016, which is a leap year. That means that the actual day of April 15th would indeed be a Friday. However, Emancipation Day is April 16th and it cannot fall on a Saturday or Sunday. So – it falls back to Friday, making it a national holiday on Friday, April 15th. That moves the tax filing deadline to Monday, April 18th.

Therefore, tax season 2016 will have four more days in it than tax season 2015 (February 29, April 16, April 17 and April 18). Now that could be daunting, but there are those professionals out there, me included, that would have done a happy dance with the knowledge of extra days, particularly last week.

But the four days may not make a difference – the procrastinators will still procrastinate, the brokerage accounts will still be mailed out later than we would like (with clients bringing by amended brokerage accounts when they pick up their tax returns), the K-1 arrivals will still be eagerly anticipated, and we still will be working very long and very hard.

But for today, Wednesday, April 15th, we are happy. Because once again, it got done – it always gets done (and, yes, we count extensions as done!). We did it again, and there will be smiles and laughter and a good time tonight. And we have earned it.

By Donna H. Laubscher, CPA