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Tax season is the time period between January 1 and April 15 of each year when individual taxpayers and corporations traditionally prepare financial statements and reports for the previous year. In the Philippines, if the reporting period is ending 31st of December the mandatory submission of the annual income tax return and financial statements is on or before 15th day of April following the taxable calendar year
Some misconceptions about CPAs is that they normally return to an image of people in business suits running around, tied up in their personal computers and mountains of paperwork on their desks doing reconciliations of accounts, bank confirmations, vouching, and tracing various source documents as they scramble to meet tax deadlines.
This may be the case during Tax Season. There’s actually a lot of other things CPAs have to do once this season comes to an end.
Here are some of the main things that still keep CPAs busy throughout the rest of the year.
- Take a vacation
Whether you’re an accountant or intern working at a private or public firm, we know you can appreciate the amount of stress that will be relieved as this day comes to an end. If there were ever a good time to take a vacation, after Tax Season is of course the time to do so. This is a nice and well-deserved break for CPAs who spend countless long nights, days, and hours serving their clients to ensure that all is well come Tax Day.
- Continuing Education
Being a CPA is does not ends with just passing the board examination, remember that an important part of any career growth involves continuing education in the field. Many CPAs will use the time after Tax Season to partake in some training and lecturing. This is also known as CPE (Continuing Professional Education). CPE is required of all CPAs to maintain their professional competence and services, and for those who are in their three years of experience who wants to avail all necessary accreditations from the Board of Accountancy, Bureau of Internal Revenue and Securities and Exchange Commission.
- Financial Planning
After the audit and tax season, CPAs help companies, organizations, and sometimes even individuals plan and execute their financial goals or objectives based on their findings and analysis on the result or outcome of annual financial statements and annual income tax return. They do everything from interpretation financial data, budgeting, strategic planning, and managing costs/assets so that businesses can improve and grow. CPAs also make detailed and personalized recommendations that have a substantial effect on the company’s profits, productivity, and future.
- Normal Tasks
After the tax season, the life of a CPA turns back to normal. And when I say normal it doesn’t mean literally because of work loads and reports that a company or organization require him to provide. It includes monthly tax compliances, book keeping and preparation of financial performance and position report for a proper monitoring of the organization’s business standing.