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 […]
Competitors vie for clients on price and promises…
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.
Then you’re probably not spending enough on building a practice. By Ed Mendlowitz How to Review Tax Returns I refer to the tax return review process just as that – the review process. However, in reality it is part of the Quality Control (“QC”) system. If you think of the review as QC, would you look at tax return reviews differently?
Top leadership must set the tone for solid review work. By Ed Mendlowitz How to Review Tax Returns Tax season is a microcosm of everything done in an accounting practice. One of the primary concerns of a business is having the proper processes and quality control procedures. Many firms, however, do not have uniform tax return review procedures, and even when they do, they are not always adhered to. Choosing how to properly use the reviewers’ time and interface them with the staff can contribute immensely to a smooth tax season.