BUSY SEASON MANAGEMENT

SURVEY REPORT: Busy Season 2014 Outlook

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EXECUTIVE SUMMARY

By Rick Telberg
CPA Trendlines

Most tax practitioners across the nation are preparing for the 2014 busy season with the hoping it can’t possibly be as bad as last year’s “worst tax season ever,” according to exclusive CPA Trendlines polling.

About 61% of accountants today expect at least a “somewhat” or even “much” better season this year, according to the CPA Trendlines Busy Season Barometer, a tracking poll now approaching its 11th year. Some 26% expect no change from last year, and 13% are bracing for “somewhat worse” or “much worse.”

In the CPA Trendlines Special Report, responses and comments from more than 400 practitioners surveyed have been tabulated and analyzed. Key findings:

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  • Economic outlook for firms, clients, owners, and the nation in general.
  • Practitioners’ forecasts for the upcoming season, compared with the forecasts from the same time a year ago and with 2013 actuals.
  • Factors contributing to positive outlooks and factors contributing to negative outlooks.
  • Top 10 challenges and concerns to prepare for and examples of how some practitioners are doing so
  • Projections for key busy season metrics, including revenue, profit, client counts, extensions, revenue per client, and profit per client; compared with 2013 actuals and year-ago forecasts
  • The four key strategies shared by most practitioners with positive outlooks
  • The four important lessons learned from last year’s “worst tax season ever.”
  • Verbatim comments from hundreds of practitioners.

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