Fact-checking adds little value. So why are you spending so much time on it? By Ed Mendlowitz How to Review Tax Returns Too many otherwise very smart tax preparation operations confuse the two primary types of tax-return quality-control reviews: reviews for content and reviews for issues. Each type of review requires a different discipline. One of them costs you money and the other can make you money, lots of it.
Topic: tax season
Accountants scramble as competition surges for bread-and-butter tax work. Join the survey; get the results. By Rick Telberg CPA Trendlines Pricing and fee pressures are surging as the hot-button issues this tax season, according to the CPA Trendlines Busy Season Barometer. To be sure, late or unprepared clients remain the single biggest issue, with 48% of more than 500 practitioners surveyed in February citing it, followed by tardy 1099s and K1s at 35%. Those metrics are little changed from last February. But this year, 31% of practitioners are complaining about pricing and fee pressures, which is triple the year-ago 10% figure. RELATED RESEARCH Is the Tax Prep Business Topping Out? The number of filings by tax professionals appears to have slowed […]
Eight data points to check your tax season quality control systems. By Ed Mendlowitz How to Review Tax Returns Accounting firms that have high review times usually have high error rates necessitating the higher review time. Doesn’t that sound crazy? Why not set up procedures to reduce the error rate? I have been told that error rates range between 5% and 95%. 95%!? That is crazy! There must come a time when you decide to fix this. You can rationalize all the expediency reasons in the world, but this is just bad, stupid and poor business! Start by considering eight key metrics.
When will tax season kick into high gear for professionals? Or is this the new normal? How’s tax season for most professionals? Join the survey; get the answers. Today’s Bonus Question: Best tips and strategies for working at home.
Nine reasons you need them and the one big reason they don’t get used. By Ed Mendlowitz How to Review Tax Returns This is an area I feel very strongly about, and it is a major reason for the success of the better firms and the lack of growth of smaller firms.
In its first sounding on Tax Season 2013, the IRS says filings are coming in faster this year. And that may be true enough. As of Feb. 7, the IRS received 27.3 million returns, up 2.5 percent compared to the same time last year. Electronically filed returns account for almost 96 percent of those filed so far this year. But filing by professionals is actually running behind last year, by about 5.6%, and without the crushing effects of last year’s government shutdown.
Tip #5: Get paid before filing. By Sandi Smith Leyva Accountant’s Accelerator Here are some fast tips to help you make the most out of busy season, which is when you have the highest amount of your clients’ attention all year long.