Almost three in four accountants now foresee a deeper downturn for the U.S. economy.
BUSY SEASON BAROMETER:
How accountants are battling the Coronavirus recession
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By CPA Trendlines Research
New CPA Trendlines 2020 Busy Season Barometer results bear bad tidings for CPA firms, their clients, and their families. The forecast is not good. Accountants know numbers, and the numbers they are seeing do not bode well.
MORE BUSY SEASON 2020: Busy Season Benchmarks in Free Fall | FIinal RS eFiling Stats: The End of Tax Season? | Say Hello to the New 24-Month Busy Season | 9 Big Ways the IRS Could Help Accountants | The Mystery of 10 Million Missing Tax Returns | Tax Pro E-Filings Down 20 Percent | IRS Web Traffic Doubles over Year-Ago | COVID Drowns IRS in New Filings | Percent | IRS Web Traffic Doubles over Year-Ago | COVID Drowns IRS in New Filings | 2020 Tax Season Comes to a Screeching Halt | The Tax Season 2020 Dumpster Fire | Tax Pros Fall Behind 6.2% in Returns Filed
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As the U.S. braces for a summer surge in coronavirus infections, the economy is crashing – with GDP down at an annual rate of 33 percent last quarter, and a 10 percent drop from the first quarter – the worst declines in more than 70 years of record-keeping. And new jobless claims in the latest week rose by 867,000 to 17 million.