Longtime local accountant Jim Hillin provides advice, updates for the 2017 tax season

Jim Hillin is a Southeast Missouri State University graduate and a member of the American Institute of Certified Public Accountants and the Missouri Society of Certified Public Accountants. He began serving the community in 1971 with the formation of his firm Hillin and Company, which is located in Cape Girardeau. Read on for Hillin's best advice and input on this year's tax season.

Business Today: Please tell me how you formed your company and got started.

Jim Hillin: After graduating from Southeast Missouri State University and then working for another CPA firm for about six years I decided to start my own accounting practice in Cape Girardeau. The start date was Nov. 22, 1971. At the same time, I purchased an accounting practice in Hayti, Missouri, and then worked out of both offices for several years.

BT:What stands out as something you have learned throughout your career?

JH: To be successful in a public accounting practice, or in any business for that matter, client service must be a high priority. This involves being professionally competent and focusing on providing solutions to clients' needs.

Jim Hillin, owner of Hillin and Company, poses for a photo in his building Friday, Jan. 20, in Cape Girardeau.Andrew J. Whitaker

BT: How has the business changed since you began in 1971?

JH: Technology changes and advancement have been huge during the years I have practiced in public accounting. A majority of communication is done via the internet. Tax returns are filed electronically. All of our tax and accounting research material subscribed to is available online and no longer provided in paper form. Also, regulatory compliance has always been present but has certainly become more complex to deal with.

BT: Are there any updates or changes people should be aware of this tax season?

JH: The due date for partnership tax returns has been moved from April 15 to March 15. The first date tax returns can be filed with the IRS is Jan. 23. Also, for people who file very early and have refunds coming, the IRS is delaying those refunds. This is being done to help the IRS obtain more information so that it can better identify fraudulent tax returns filed.

BT: What advice do you have for people and businesses gearing up to do their taxes?

JH: Be consistent in assembling information timely so that you can do appropriate tax planning. It is difficult to do good tax planning after the fact or after the tax year is over.

BT: What mistake do you see most often when working with people on their taxes, and what can people do to avoid those situations?

JH: Lack of planning and record keeping is the mistake we see most often. Timely discussions with their accountant or tax preparer can give people good direction and instructions to avoid those mistakes. This is especially necessary for start-up businesses.

BT: What can people do throughout the year to make the tax process simpler?

JH: Summarize information periodically and not wait until the year is over. This will make the chore less overwhelming. Also, when major changes occur, such as considering the sale of a business, meet with your accountant so that proper tax planning can be done.

BT: Do you think the federal interest rate increase will affect people locally? If so, what advice do you have for people in light of the change?

JH: Yes, it will. It will have a positive influence for some and a negative influence for others. For people who are out of debt and have investments in Certificates of Deposit and bonds, the interest rate increases will improve the income that they receive. For those who have home mortgages that have rates that are not fixed for say 20, 25 or 30 years, they should consider refinancing their mortgage to fix the rate of interest while rates are still low.

BT: What is next for Hillin and Company?

JH: Our firm is currently owned by myself and John Hillin. John will continue the firm after my retirement. We will simply focus on serving clients as best we can.