Extensions

by | Mar 11, 2019 | Taxes | 0 comments

Extensions are a dirty word at our office. 99.9% ofNearly all of our clients are able to get their business’ books closed and personal tax information to us in plenty of time to make the filing deadlines. This allows our clients a peace of mind knowing that their obligations are settled and provides an opportunity to start planning for the current year taxes early.

For those of our clients who have to extend their taxes, it is usually an extenuating circumstance that we plan for and our clients are on board with the process.

Let’s go ahead and “bust” some myths about extensions, just in case anyone reading has heard some crazy stories from a “friend.”

Extensions provide extra time to pay – This myth seems to never go away. Extensions only provide extra time to file the returns, not pay any balances due. This myth is easily busted when the IRS and your State send bills for penalty and interest due on payments made after extensions are filed. This can be costly!

Extensions affect my audit potential – The evidence is not there to support this assertion one way or another. For taxpayers who do get audited, whether or not they extended their return is not the item that caused the IRS or State to take a closer look at their returns. Accuracy of the information filed is usually the culprit, for better or for worse.

If we get our information to our CPA on time, we don’t need to extend – “On time” means different things to different people. Take an informal poll with the immediate people nearest to you and there will likely be a few different answers. Your doctor’s office may require you to be 15 minutes early in order to be considered “on time” for appointments, so the client’s idea of timely does not always mesh with the CPA’s understanding of timely. The best way to confirm that your return is or is not on the extension list is to communicate with your CPA directly about the issue. GMP CPA communicates regularly with our clients regarding our timelines and deadlines for receiving information to make sure we don’t surprise anyone.

If you are a business owner who has had to extend your returns the past few years, we would like to speak to you about your tax situation. Just because someone else can’t get your taxes done on time does not mean that is the way it has to be. Let’s talk and see where your business would benefit through our partnership.

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Tina Simmons
Tina Simmons
13:38 17 May 19
This team is dedicated to their clients and committed to understanding your business and sharing their knowledge to help you succeed. I love working with these folks, they take the worry and uncertainty out of accounting and taxes!read more
Bravo4 Autowerks
Bravo4 Autowerks
12:55 08 May 19
Gary and his team have been fantastic for me and my business. They respond well to all my questions, are very helpful and of course keep my financials in order. Highly recommended.read more
Queen City Newborn Care
Queen City Newborn Care
15:57 02 Apr 19
I was drowning before I met Justin. He totally transformed how I run my small business and has gotten me organized in ways I didn't even know were possible. I am so grateful for his advice and suggestions! This company is worth every penny.read more
Dennis Bloomberg
Dennis Bloomberg
16:01 26 Mar 19
Unfortunately, I found GMP when my mother passed. She had a trust set up and I had no experience with one. I received excellent advice prior to filing taxes, that allow for the transfer of assets with little tax implication. The tax process was simple for me, Justin took over once he had details and cleared up all question from filing our taxes. Thank you for a job well done!read more
Natalie Knight
Natalie Knight
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Prusiensky CPA is up to date on technology. They handcraft a platform that works best for your company's accounting services. We really appreciate how hands on and quick their team is when replaying to any type of correspondence. Simply put, they care and want your company to succeed.read more
Ashlyn Lelej
Ashlyn Lelej
14:39 21 Nov 18
I highly recommend Justin at Prusiensky, CPA for all of your accounting and tax needs. I've been a client for over two years, and have been consistently impressed with their dedication to helping my business grow and be financially successful. His advice is invaluable. Thank you!read more
Bobby Nguyen
Bobby Nguyen
22:23 20 Nov 18
My partner and I started our very first small business last year. Justin has been a blessing to us. Being new at all of this, we didn’t understand much of how business taxes work. Justin explained and answer all of questions that we have. He took care of everything for us throughout the year and have made life so much easier for us. I couldn’t have asked for a better CPA. Highly recommended!read more
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