Procrastinating On Your Taxes? Your Accountant May Fine You

Bloomberg Business

Anil Melwani, a CPA and founder of 212 Tax & Accounting Services, starts with a carrot—a 10 percent discount to clients who hand in their documents or come in before the end of February. About 25 percent of clients take advantage of the discount, he says. He also sets an early deadline for clients who want returns filed by April 15. This year, they had to turn in their forms by March 21, 10 days sooner than the March 31 date he used in prior years—after too many clients were showing up in April. Some accountants set deadlines even earlier. Marilyn Niwao, a CPA and president of the National Society of Accountants, tells clients that if all their tax information isn't in by March 15, their returns may require extension, which means a more costly return because she'll have to estimate the tax due.