While you spend your weekends enjoying the summer sun, your accountant may be slaving over your business’ taxes. STEVE WOLPOW talks to LI Business News about how accounting firms stay busy this time of year preparing returns on extension.
The stereotypical image places accountants handcuffed to their desks during the weeks leading up to the April 15 federal tax deadline. Extension applications flood accounting firms every spring. Firms catering to businesses manage tax returns into the fall.
“I do think there’s a disconnect with the general public,” said Steven Wolpow, managing partner of Melville accounting firm Nussbaum Yates Berg Klein & Wolpow. The firm handles hundreds of corporate clients, at lead one-third of which file on extension. Those filing on extension, he said, are doing themselves and their accountant a favor.