Mar 25, 2013

If It Is March, This Must Be Madness!

By Mike Colgan, PICPA Executive Director and CEO

Last week, the NCAA men’s and women’s basketball championship tournaments began, and “March Madness” again takes center stage for the next few weeks. The term, particularly this year, applies to much more than basketball. When I left for work this morning, it was madness to me that it was snowing — during the second week of spring! — with a prediction of one to three inches. Though I enjoy Passover and Easter, religious holidays that I associate with spring renewal and warmer temperatures, I am not a fan when they occur in the raw month of March. Despite my fixation with sports and weather, I know “March Madness” has an additional meaning for many of our members.

As I write this, there are 22 days left to file tax returns. This can be viewed many different ways, depending upon how your busy season is going. Many members I have spoken to this season were frustrated by the delays at the beginning due to “fiscal cliff” negotiations in Washington, D.C., and the timing of subsequent legislation. This procrastination forced the IRS and software companies to wait for information critical to preparing forms. Other members have told me they have been able to weather this storm through planning and communication with their clients. So you could be feeling like the Gonzaga basketball team (first No. 1 seed to lose this weekend) or Florida Gulf Coast University (first No. 15 seed to make it to the Sweet 16).

Regardless of how you feel about the approaching end to the busy season, you can see the light at the end of that tunnel. In just over three weeks you will put this season behind you, at least for a brief period, and get your life and schedule back in order. As that light gets a little bigger by the day, be sure to take care of yourself and your employees. Check out the PICPA Taxation web page for last minute updates and tips to get you to April 15. In addition to technical help, check out Nine Ways to Fuel Your Overworked Body and Brain as April 15 Looms.

Subscribe to the PICPA Twitter (#PICPATax) or Facebook social media outlets for updates on stories related to federal and state tax issues. If you do not already subscribe to our Taxation E-mail Discussion Group, consider some of these topics that have been discussed in just the past week alone:

  • Marcellus royalties and income
  • Educational credit issues
  • PA treatment of retiree health insurance
  • Loans from shareholder
  • 1098-T

There is a saying that the only thing constant in life is change. This past busy season is a testament to that. But I would also point out that another constant in life for PICPA members is the PICPA! As we enter our 116th year, we will continue to provide resources such as those on our Taxation web page to help our members succeed and make it through the “busy seasons” of their careers.

Please reply and share some of your tips for dealing with the madness of the season.

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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.