The deepening recession is the biggest problem for CPAs this year.
BY far, most practitioners say the “general economic situation” is their biggest challenge this year, followed distantly by getting up to date with tax code changes and late and disorganized clients and client information.
Here are early and partial results from our ongoing tracking polls…
By comparison, last year at this time, the economy was a major problem for only about 26% of professionals. Clients are coming in later than usual, usually more disorganized and concerned about covering the fees. Professionals are racing to stay up to date with all the breaking news and worrying about billing and collections.
How’s busy season for you so far? Leave a comment below. Then join the survey and get the updates.
3 Responses to “SURVEY RESULTS: Busy Season in the Crash of ’09”
Paul Nowak
Regarding the LIFO article: The LIFO provision for many businesses was significant in 2008.
It is ludicrous that LIFO must be used for financial statement purposes versus a simple disclosure in a footnote. It significantly changes (distorts) meaningful comparisons of turnover ratios, gross profit and a host of other ratios between companies; when any accountant knows it is simply a tax savings mechanism and is not meaningful for book purposes or real financial value.
Phil Palladino
In the individual (not connected to business clients) tax prep area, my business is slower than lasy year. Some former clients are doing their own returns I havent heard from a handful of clients whose returns I did by this time last year. Will be interesting to see if they are just late, or not coming in at all. Thankfully, this segment is a small part of my business
Val George
Interesting stuff!!
No wonder I feel like I’m working harder and enjoying it less.