Tax filers who paid an accountant or CPA to prepare their returns register the highest satisfaction with their method of preparation. Some 75 percent state that they were “very satisfied” in working with the accountant or CPA, according to a new survey.
Despite economic recovery, many firms seem unable to capitalize on new opportunities. Click here to join the Tax Season 2011 survey; get the results. Tax accountants are finishing the 2011 busy season with stronger results than they expected, but – perhaps surprisingly — not as strong as last year, despite somewhat improved economic conditions. CPA Trendlines research suggests that many accounting firms may have over-reacted to the 2007 market crash by cutting staff and billing rates, leaving them unprepared to capitalize on the opportunities of the 2011 recovery.
As busy season gets off to slow start. By Rick Telberg With the IRS playing catch-up and a client base still feeling the pressures of the Great Recession, tax practitioners in the latest CPA Trendlines survey are reporting a marked slowdown in January from December. How’s Tax Season? Join the survey; get the benchmarks. Nevertheless, a significant number of tax professionals say they have been able to push through new price increases, which is softening the effects of the Recession. The usual January surge in client traffic and revenue was coming in at about half as strong as most accountants had expected, with sub-par performances in both number of clients and overall revenues, compared to expectations in September. Still, practitioners [...]
Job 1: Managing client expectations. by Rick Telberg Accountants are bracing for delays and confusion caused by late-breaking tax rules and regs, not to mention the complications of a difficult and uncertain economy, when Tax Season 2011 starts with the opening of e-filing. A CPA Trendlines survey (see live preview of real-time results below) is showing a sharp spike in concerns among professionals about late or unprepared clients, last-minute tax code changes, and overwhelmed IRS operations. And many accountants seem more worried about maintaining revenue levels and collecting receivables than in raising prices or adding profits. When will firms start raising prices again? How is the profession handling the uncertainties? Click here to join the Busy Season poll; Get all [...]
In September, only 17% of accountants predicted a tougher season than last year’s. By December, the number had risen to 28%. Q: For you personally, how do you expect Busy Season 2011 to compare to the 2010 season? Accountants looking ahead to the impending busy season have been losing confidence through December as Congress haggles over tax measures and the economy remains lifeless. What are you expecting for busy season? How are CPAs planning? Click here to join the survey; see the detailed answers. The economy and last-minute tax code changes remained the chief concerns. But as the start of the season approaches, worries about “setting aside enough time to plan” also rose to 24% of respondents from 19%. .
Tax season survival tips in cross-stitch. Thanks to Becky Watson at Abbott, Stringham & Lynch in San Jose, Calif., who writes in response to “Tax Season Survival Tips:” To go with the Touch It Once time management mantra…. For my mother’s birthday, I was commissioned by my father to cross-stitch for her the following saying: Deal with it Delegate it Dump it The phrase is something my mother was repeating a lot a few years ago, but she wasn’t sure where she first heard it. The design is Watson’s, although she credits the pattern for the letters from a cross-stitch pattern book.
Meet your new best friends: Tio, Din and Mit. And put them to work this busy season to get things done, keep clients happy and live to tell about it. by Rick Telberg After more than 40 years in practice, CPA Ed Mendlowitz knows a thing or two about tax season. In fact, Mendlowitz knows more than “a thing or two.” He holds the PFS, ABV and CFF credentials. He’s the author of 18 books, the editor of four others, a prize-winning writer for the Journal of Accountancy, a college instructor, successful CPA firm CEO, a nationally recognized adviser to senior accounting firm partners, and the author, most recently, of the newest edition of the AICPA’s “Managing Your Tax Season.”
Don’t bet on it. via CCH Because Congress and the IRS both have a lot of issues to address at year-end, little guidance on 1099 compliance will be forthcoming until after the next filing season, according to John W. Roth, J.D., Senior Tax Analyst at CCH. “Congress has so much on its plate now that it is not likely to be addressed until next year, and a lot depends on who controls Congress at that time,” Roth says. “There are likely to be continued efforts to repeal, but who knows if these efforts have any chance at success.”
What do accountants talk about when they talk about…? When CPA Trendlines asks practicing accountants how they “delight” clients during busy season, one word pops up more than any other: “personal.” Clearly, clients respond to “financial” “planning” “service” with “questions” answered about their tax “return” using the “personal” touch.
Four benchmarks for competitive comparisons. In new CPA Trendlines research by Bay Street Group LLC, tax and accounting professionals are expressing cautious optimism for the 2011 busy season. The survey, “Busy Season 2011 – Plans and Previews,” remains open and will continue gathering fresh responses for the next several weeks. Busy Season 2011 – Plans and Previews What to expect for 2011. What we learned from 2010. Click here: Join the survey; get the details and updates as they develop. KEY FINDINGS (from initial topline results; may vary in final report): General Outlook: Almost half of respondents believe that the 2011 busy season will represent an improvement over their 2010 season; 35% expect it to be about the same; and [...]
CPA Trendlines Technology Journal of Accountancy
