2018 Tax Season: The Race to Be Ready

As tax season approaches, practitioners race to get ready.

How's Tax Season 2018 Shaping Up?
Join the Survey. Get the Results.

TODAY'S BONUS QUESTION:
How will the new Tax Law affect your Busy Season this year?

 

Rick Telberg, CPA Trendlines CEO, shares the secrets to a successful tax season in a webinar produced by AccountantsWorld.

Based on years of exclusive research and analysis, plus insights and guidance from CPA Trendlines expert authors, Telberg says 2018 could be a make-or-break year for many practitioners.

Get the handouts here

In this presentation, Telberg covers the key uncertainties facing tax practitioners, including:

  • Tax reform
  • Health care
  • Disaster relief
  • Infrastructure
  • The economy
  • New competition

"Even the possibility of nuclear war?" Telberg asks. "What else?"

In a poll of the more than 200 tax professionals online for the webinar, 83 percent expressed some concern with Wahington politics affecting Busy Season 2018, including 31 percent who said Washington wrangling "could definitely" throw a monkey wrench into the works. Another 4 percent said they might even get out of the tax business.

In another poll, 32 percent identified last-minute changes in the tax code and IRS operations as a major worry, followed by late or unprepared clients at 28 percent, and security privacy and identity theft issues at 25 percent.

But tax professionals aren't taking it lying down. Some 49 percent say they are reaching out to clients proactively to get a jump on tax season work, with 44 percent accelerating their pre-season planning and 23 percent investing in new software and technology.

Browse more at cpatechtrends.com

6 Responses to “2018 Tax Season: The Race to Be Ready”

  1. MICHAEL

    IF YOU HAVEN’T RAISED YOUR FEES THEN YOU ARE YOUR OWN WORST ENEMY!
    GIVE YOURSELF CREDIT FOR THE COMPLEXITY AND DEMANDS OF THE WORK AND WHAT IT TAKES TO ENTER THE PUBLIC ACCOUNTING PROFESSION.
    ESTABLISH FEES COMMENSURATE WITH YOUR SERVICES AND STICK TO THEM.
    THE NEXT TIME YOU GET READY TO BILL, PAY YOUR OWN BILLS FOR GOODS AND SERVICES FIRST, TO GET A FEEL FOR WHAT COSTS ARE OUT THERE !!
    BY THE WAY, THE RECESSION IS OVER !!!

    Reply
  2. Jordan Zoot, CPA.CGMA.CITP

    The only place we have a “War with IRS’ is having to fill out Form 8300’s to deal with clients continually making [over 40 times since last June] deposits of > $10,000 in cash into our account at a money center bank, over twenty branches all over California to pay our fees. I am at this thirty six years, and NEVER thought I would be spending my time, at this point turning former drug dealers into business people. We went into the medical cannabis business four years ago with a toe in the water, and now its close to 50% of our gross collected fees [round number $4MM today] can you say abizinabox.com is now https://abizinaboxcannabis.com I never thought I would.

    Reply
  3. Howard A. Jesko

    As a grey beard ( I got out of undergraduate school ’72) and have been in the profession since then. I totally agree with the comments above. Fees will need to be increase with the new tax law but difficult to explain to clients. Maybe time to retire.

    Reply
  4. Gregory Foster, CPA, RIA

    As you said..”the externals are becoming more of the dog instead of the tail!!” One feels so out of control.

    Reply
  5. John Wilkerson

    The IRS war on tax preparers, the complex new tax law and hacking problems at the IRS make the decision to retire a current event. After half a dozen expensive tax seminars I saw hardly any non-gray heads of hair.

    Most looked defeated as if to say “I simply can’t handle one more new tax rule, regulation or penalty.”

    Our clients have been used to no fee increases due to the recession and we are at a stalemate. We simply cannot do a days worth of work for $200 any more and our clients will not budge.

    For those who do not retire, there will be such a severe shortage of CPA’s that we can name our price next year. It’s gotten too complex for Self prepared on turbotax.

    The insane congress has gone too far this time. It could have been simplified.

    No more Mr. Nice Guy is my motto. I’m done working weekends for peanuts. So put that in your pipe and smoke it. You need me more than I need you.

    Reply
    • Craig M

      To John Wilkerson:
      Where is the war on tax preparers?
      Why do you want the IRS to simplify the tax code? The easier it is for you, the easier it is for clients to not need you…

      Reply

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