But at this point in the year, most of the business owners who still haven't filed are the procrastinators, many of whom have problems that go beyond filling out their returns, said Bob Doyle, a certified public accountant with Spoor, Doyle & Associates in St. Petersburg, Fla.
A company owner who hasn't completed a 2002 tax return probably doesn't have a very good handle on how the business is doing in 2003, said Doyle
, explaining that "accounting information is the language of business."
Without that information, a business owner stands to miss quite a bit.
"What opportunities have you overlooked?What kind of errors have you made?"Doyle
Accountants warn that owners who don't get their companies' finances under control stand to lose the business, or find themselves in a great deal of debt.Many who haven't filed their 1040s by now also haven't made their quarterly estimated tax payments and are facing penalties and interest charges.
For many owners, the problem is a matter of time.They have the best of intentions, but are so busy running the business that they end up neglecting the financial side of their work.Doyle
says this is often the problem for professionals such as doctors.
said, however, that he
has yet to see the government reject a request.