Topic: busy season

If You Thought Tax Season 2015 Was Bad…

…The IRS says 2016 could be even worse. By CPA Trendlines The 2015 filing season was akin to a Tale of Two Cities, according to the IRS’s own watchdog. “For the majority of taxpayers who filed their returns and did not require IRS assistance, the filing season was generally successful,” according to the report issued to Congress by the national taxpayer advocate’s office headed by Nina Olson. “For the segment of taxpayers who required help from the IRS, the filing season was by far the worst in memory.” Meanwhile, Olson urges Congress to undertake “fundamental tax reform,” pass a “Taxpayer’s Bill of Rights” law, and boost IRS funding. “Everyone is in collective denial about what inadequate funding for the IRS means […]

READ MORE →

Single-Owner Firms Trail Bigger Competitors in Tax Prep

Analysis shows smaller firms having the most trouble. CPA Trendlines Research While the 2016 Tax Season is still about 180 days away, many practitioners are still recovering the 2015 season. This year’s busy season was a tough one for America’s tax preparers. CPA Trendlines’ surveys reveal a panoply of gripes from sea to shining sea: Affordable Care Act problems. New regulations problems. Computer problems. Client problems. Even health problems and weather problems seemed worse. And who suffered the most? Solo practitioners, the ones with the gumption to go it alone, the ones who can’t stop working on tax returns to fix a computer, go to a doctor, shovel some snow, or explain federal forms to a client.

READ MORE → GO PRO FOR INSTANT ACCESS / PRO MEMBERS LOG IN HERE

Soloists Lag Multi-Owner Firms in Economic Confidence

Multi-partner firms show bullish signs. Soloists turn bearish on the U.S. economy. CPA Trendlines Research CPAs aren’t economists, but they do know numbers, and they have their fingers on the pulse of the flow of money in their local areas. They know how their own businesses and their clients’ businesses are doing, and they have at least an inkling of the causes. Remembering 2014 and living through the 2015 busy season, they are well placed to prognosticate on financial flows over the next 12 months. CPA Trendlines survey research detects a certain optimism, but it seems to be a bit more cautious among solo practitioners.

READ MORE → GO PRO FOR INSTANT ACCESS / PRO MEMBERS LOG IN HERE

Busy Season 2015: Worse and Worser

After a bad year for many practitioners, watch for the consolidation and shakeout to come. By Rick Telberg CPA Trendlines Research Before Busy Season 2015 had even begun, tax professionals were worrying most about the new rules and regulations they’d be facing, among them, the Affordable Care Act. Join the survey; get the results Indeed, so-called Obamacare loomed largely over the 2015 season, but practitioners found bigger problems with Form 3115, tougher competition and fee pressures. So much so, that a significant number of practitioners swore this tax season would be their last. And with merger season coming close on the heels of busy season, the profession should brace for a new wave of consolidation and shakeout, according to the […]

READ MORE → GO PRO FOR INSTANT ACCESS / PRO MEMBERS LOG IN HERE

SURVEY RESULTS: Latest Comments on Busy Season 2015

The CPA Trendlines Busy Season Barometer 2015: Join the survey. Get the results By CPA Trendlines Research As results pour in from the final days of the CPA Trendlines Busy Season Barometer 2015, it’s clear that practitioners’ experiences range widely, from outright euphoria to bleak despair. See Comprehensive Coverage of Busy Season 2015 Here are a few the latest comments, verbatim… Better than last year. Volume is up significantly and good smoothness of preparation svc and knowledge of clients. We added a small tax practice in an adjoining town I didn’t have any clients with Obamacare non-compliance

READ MORE → GO PRO FOR INSTANT ACCESS / PRO MEMBERS LOG IN HERE

Busy Season 2015: Comprehensive Coverage

In case you missed it… In this directory, CPA Trendlines compiles complete coverage of the 2015 busy season. IRS Seeks More Tools to Fight Refund Fraud FY 2016 budget provisions would expand authority for regulation, correctable errors. Workflow Automation Takes Root in Mainstream CPA Firms Tax season 2015 sees 59% of firms using digital production systems. Busy Season 2015: Worse and Worser After a bad year for many practitioners, watch for the consolidation and shakeout to come. Busy Season 2015: Top Lessons Learned So Far Doing the Tax Season Math: Regs + Staff + Clients + Tech + Self = Busy x Busy x Busy Here’s Your New Tax Season Marketing Plan Think now about June. Yes, June. If You Thought Tax Season 2015 […]

READ MORE →

Busy Season 2015: Top Lessons Learned So Far

Doing the Tax Season Math: Regs + Staff + Clients + Tech + Self = Busy x Busy x Busy  By CPA Trendlines Research The key lessons learned from the 11th annual CPA Trendlines Busy Season Barometer Study are coming into clear focus. More: Busy Season 2015 Comprehensive Coverage A.B. East, at Manning Elliott in Vancouver, BC, Canada, for example, took a lesson in smart management. He says he learned “the importance of having the right complement of experienced staff to delegate to so I can reduce my hours and deliver to clients on timely basis.” Next year East will continue a very healthy policy: “I have been and will continue to mentor managers, seniors and juniors to advance their expertise on a […]

READ MORE → GO PRO FOR INSTANT ACCESS / PRO MEMBERS LOG IN HERE

Busy Season 2015: Fixing the Tax System

How tax professionals would remake the tax code.  Imagine there’s no deductions, it’s easy if you try. No 8965, no1095-A, above us, only sky. Imagine all the CPAs, Living for today… By CPA Trendlines Research There’s nothing like another tax season to prod accountants into imagining about ways to reform the nation’s tax system. In the this year’s CPA Trendlines Busy Season Barometer, some CPAs have specific suggestions; others are calling on the profession to take a leadership role in the national conversation. Register your comments here: CPA Trendlines 2-Minute Survey: Fix the Tax System CPA Trendlines is polling the profession with a two-minute survey asking for specific recommendations for changing the code, the regs, the instructions and the forms – whatever it takes to make […]

READ MORE → GO PRO FOR INSTANT ACCESS / PRO MEMBERS LOG IN HERE

Busy Season 2015: New Lessons in Time Management

Lesson learned: Plan, prioritize, repeat. Next question: Key financial metrics for 2015 results. Join the survey; get the answers. By CPA Trendlines Research They don’t call it “Busy Season” for nothing. It’s a frenetic, hectic, even hellish effort to herd client cats toward an unforgiving deadline. When we ask CPA Trendlines members what lessons they’re learning this year and what they plan to do about it next year, we hear a lot about time management. Based on the survey, time management issues can be organized into eight main categories: disorganized offices, timing, staffing, scheduling, procrastination, poor planning, the need for time off and the desire to retire. The solutions CPAs will be implementing next year range from minor tweaks to complete overhauls, or […]

READ MORE → GO PRO FOR INSTANT ACCESS / PRO MEMBERS LOG IN HERE