Tax professionals fight political uncertainty, ragged clients, toughened rivals. By Rick Telberg CPA Trendlines After what for many was a disastrous season in 2013, many tax prep professionals are laying new plans and taking on ambitious initiatives to avoid a repeat of last year and maybe even vault ahead of the competition. With input from more than 400 practitioners, CPA Trendlines expects 2014 to be rocky from the start, with Washington politics playing a big role, and also highly competitive, as practitioners battle both fee pressures from clients and each other for a smaller pool of good clients. In the last 30 days, practitioners’ outlook has been generally positive as they start to get their plans in place and with […]
Topic: tax season
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: Economic outlook for firms, clients, […]
By Sandi Smith Leyva, CPA Author of free download: “10 Keys to Doubling Your Revenue” It’s easy to get sidetracked by politics this year and simply wait to see what’s going to happen in the tax arena. I hope you don’t fall into that trap, though, because there has never been more opportunity in accounting and tax than right now, and now is the time to start preparing so you can make the most of next year’s busy season.
“Worst tax season ever.” “The death of the 1040 practice.” “I’m retiring.” By Frank Stitely Since the end of tax season, CPAs voiced apocalyptic concerns. You can blame this latest meat grinder of a tax season on Congress, competition from Turbotax, and the IRS. Or you can recognize that three trends are converging that will either transform your practice or eliminate it.
Seven hot topics that “pushed a button.” Tax guru Bob Jennings (CPA, EA, CFP, and RTRP) has been polling past attendees of his CPE seminars about Tax Season 2013. Clearly, tax professionals are still seething. “We sent our survey out and it must have pushed a button because the responses overwhelmed our servers,” says Jennings, taxspeaker.com. The results may not surprise you. But they are sobering nevertheless. He offers new data on workloads, profits, software, volume of returns handled, exit strategies, and the use of engagement letters and portals. Here are the highlights so far:
Updated with responses from May 2013. The latest update to the topline results for the CPA Trendlines Busy Season Barometer shows additional confirmation of four key findings, beginning with the across-the-board problems of a late-starting season and buggy software. How did your season compare? We’d love to hear. Send your comments, rants raves, ideas, or questions to me here. – Rick Telberg Key Finding #1: Most practitioners, across all size firms, report a tougher 2013 than 2012. (See chart below for comparisons by size of firm.)
A new CPA Trendlines analysis of long-term tax season activity shows how tax professionals may be working harder and enjoying it less. We’ll let two charts speak for themselves. – Rick Telberg Even as tax professionals have been increasing the number of e-filed tax returns…
By Rick Telberg CPA Trendlines Busy Season Barometer Tax and accounting professionals of all shapes and sizes, ranging in size from the soloist to the regional leader, are reporting a filing season markedly more problematic than the year before, according to the CPA Trendlines Busy Season Barometer. The data for April, still coming in, shows majorities of firms in all class sizes reporting “somewhat worse” or “much worse” performance and results this year. The CPA Trendlines Busy Season Barometer, now in it’s tenth year, is a real-time tracking poll of tax and accounting professionals’ sentiment, performance and results. As a reward for joining the survey panel, participants get early previews of top-line results and notifications. Click here to join the […]
Hoisted from Comments. In this article, Ed Mendlowitz takes issue with Worst Tax Season Ever and suggests five strategies for continuous improvement year after year. Barry Melancon, CEO of the AICPA, and Tom Hood, CEO of the Maryland Society of CPAs, both said that they heard this was the worst tax season ever. I don’t know if it was or wasn’t. For us it wasn’t that bad. This raises a thought. It’s supposed to get better – if not, then why do it, or why not make a serious effort to change what you are doing so it gets better? I am reminded by a remark by Jack Nicholson in “As Good As It Gets.” He said, “Maybe this is […]