Tax professionals fight political uncertainty, ragged clients, toughened rivals.
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, […]
The best sources to make you look like a genius. By Ed Mendlowitz “Tax Season Opportunity Guide“ Question: When I was asked three technical questions, I found the answers quickly in a one-volume tax guide I keep near my desk. I answered them and did not disclose my “secret,” wanting the callers to think I was a “genius.” It astounds me that many people do not try to find the answers for themselves. The questions concerned:
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.
by Ed Mendlowitz, CPA, ABV, PFS The 30:30 Training Method Question: I know you have a lot of advice on how to review tax returns. What’s your single best tip? Response: I had never thought about this until this question was asked.
Five things you need to know and three things you need to do. by Frank Stitely, CPA Stitely and Karstetter Get ready for a transformation in the tax business unlike anything we have experienced since Turbotax. The transformation will force many of your colleagues to sell, retire, or go out of business. It will force many of your staff out of the profession. It will change the way you serve clients. And, it will either result in tremendous opportunity for you or end your practice. This transformation is zero data entry. More Stitely: Three Trends That Will Transform Your Tax Practice or Eliminate It | Value, Billem & Dunn: A Value Billing Case Study | Why Value Billing Won’t Transform […]
“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.
Taxpayers surge into e-filing. Growth in do-it-yourself electronic filing of tax returns is advancing by more than 4% this year. But among tax professionals, it’s flat this year, after a 3% decline last year.