COVID Cuts Accounting Profits

Two views on tax season from Texas: John Lister and Jonathan Kaplow

A shift in the wrong direction.

How accountants are battling the Coronavirus recession
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By CPA Trendlines Research

Every business in the country, if not the world, is feeling the impact of the COVID-19 pandemic. Outside of the tech sector, the impact has been largely negative. Every business is suffering. So, relatively speaking, the tax and accounting sector may be getting off easy.

MORE TRENDS in SURVEYS & RESEARCH: Seven Ways COVID Has Changed Busy SeasonGetting a Handle on COVID | COVID Crushes CPA Business Outlook |  Is the Worst Over? 63% of Small Business Say So | Beat the Covid Crisis with These 20 Steps for Your Firm and Your Clients | Clients, Revenues, Profits – Trending Down, Down, Down | Covid Crushes Rosey Forecasts | The Seven Factors Keeping Accounting Firms Afloat Amid COVID-19 | Feeling the Pain? The Biggest Job Losses by Client Sector | Tax Season Pivots to Covid Rescue Season | Planning for the Coronavirus Recession | How Accountants Are Coping with COVID-19 |

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According to the latest data from the CPA Trendlines 2020 Busy Season Barometer, about 39 percent of firms are still expecting to see an increase in business, but overall optimism seems to be dipping even as the economy begins to reboot.