Tax Season Tips to Make A Virtual Tax Season Successful

Here we have essential tax season tips that will guide you to a smooth year-end. It’s crucial to effectively manage timelines, communicate transparently with your financial advisor, and understand the process of filing virtually. By staying proactive and leveraging technology, you can not only meet your financial goals but also set your business up for success in the coming year.

Virtual Tax Season Transcript

Hi contractors, Kristen Bailey here, certified construction industry financial professional at KatzAbosch. We’re in the midst of our busiest time of the year, working with contractors to get the year-end statements to the bonding companies and to file the 2020 income tax returns. It’s crucial to get your financial statements to the bonding companies as soon as possible, or else they start to worry about what’s holding them up. So we have some quick tips to help make the year-end process as smooth as possible.

First, be honest about your time frame. We have a lot of contractors to get through in just a few short weeks. When trying to coordinate schedules, be honest if a time frame is not going to work for you. Rescheduling will just cause a delay in issuing your financial statements.

If the bonding company has some concerns or some requests relating to your financial statements, share that with your advisor. The more they know, the more they can help you meet your goals.

If you notice something is off when closing the books, bring that to your advisor’s attention before they get into the details. It’s much more efficient to resolve an issue at the beginning of the year-end process versus the wrap-up phase.

COVID-19 is preventing us from visiting our clients at their offices this year, and we’re really going to miss seeing everyone in person. As with last year, we’re embracing technology to collect data from our clients and make it as easy as possible for you guys. If you’re not a KatzAbosch client, you may be experiencing changes with your own advisor’s data collection efforts as well. It’s important to remain open to these technology changes. COVID drastically changed how all industries are using technology and it will be an advantage for your organization to adopt now so future year-ends and even daily operations run more efficiently.

And the last tip I have for you is don’t be afraid to ask questions. This will be a complicated year-end process in regards to the numerous legislative matters that were passed for COVID-19 and to support the economic recovery. Every contractor’s situation is going to be different as to how these will impact their businesses. At KatzAbosch, we have nine certified construction industry financial professionals, more than any other firm in Maryland. This certification focuses on the competencies and knowledge construction financial professionals need in today’s industry. Therefore, we’d love to answer your tough questions and make sure you feel confident moving forward in the new year.