Tax Season Turns Ugly under Coronavirus

CPA Trendlines Busy Season Barometer shows a marked decline in practitioners reporting a “better” year and increases in “worse.”

Early optimism turns to fear and dismay as the COVID-19 crisis spreads.

Busy Season Barometer:
How Does This Year’s Busy Season Compare to Last Year’s?
BetterWorse, or About the Same?

By CPA Trendlines Research

Whether the Covid-19 panic is much ado about nothing or not enough being done about something, America’s tax and accounting practitioners are already seeing their early-season optimism shift into a mid-season nosedive.

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The CPA Trendlines 2020 Busy Season Barometer has been fielding responses since early January. And, for a while, things looked good. Until the end of February, early respondents generally saw their season moving along swimmingly, the economy booming, clients doing well, families hunky-dory. This year was going to be so much better than last year.

That was then. This is now.