A Bit 'o Random Musings on Politics, Religion, and Anything Else That Passes Through My Crazy Head

Thursday, September 16, 2010

Remember Remember the 15th of September!

For most of you, September 15th is just another day. However, if you are a tax accountant who works on corporate and/or partnership returns, September 15th is D-Day (only slightly less bloody). The 15th is the due date set by the magnanimous IRS for corporations and partnerships to file their annual returns. So in the days leading up to the Big Day, I had a countdown going on in my g-chat status, set to the tune of "12 Days of Christmas." Consider it my one burst of creativity during accounting busy season. I thought I would explain the various phrases, and hopefully put you all to sleep so you can have a nice nap.

12 Deductions drumming (deductions = expenses in tax-speak)
11 Pro-rata allocations piping (allocations are how income is assigned to partners in a partnership)
10 LLCs a-leaping (Limited Liability Companies, aka LLCs, are a way to organize a business)
9 Tax credits dancing (tax credits are applied against a corporation's tax liability to reduce it)
8 Exceptions a milking (All rules, especially tax rules, have exceptions. Then there are the exceptions to the exceptions! That's a tax accountant's bread and butter)
7 Sections skimming (Each part of the internal revenue code is called a "section" - for giggles, there is a part of each section described as "flush language.")
6 Returns e-filing (Many large corporations are required to file their tax returns electronically, thus saving the planet - see #1)
5 Golden refunds (Corporations are required to pay estimated tax throughout the year - most choose to overpay because you're never sure what you tax liability will work out to, thus leaving you with a refund at the end of the year)
4 Calling conferences (Conference calls, the bane of my existence)
3 Faulty pens (Somehow, whenever I reach for a pen, it is dead)
2 Snail mails (Returns do not actually have to arrive at the IRS office by the 15th, they just have to be postmarked by the 15th)
And 1 ream of paper from a tree (this is how much paper it takes to print returns. I was working on a "simple" Federal return, which ended up weighing in at 75 pages including statements. Not to mention state returns!)

After the countdown, it's time for the end of busy season party and post-deadline lull, in which little work occurs!

No comments:

Post a Comment