BUSY SEASON MANAGEMENT

The Forecast: Partly Gloomy, Chance of Doom

Almost three in four accountants now foresee a deeper downturn for the U.S. economy.

It gets worse: Almost 25 percent of accountants forecast a “much worse” outlook for the nation’s economy over the next 12 to 18 months. And another 48 percent predict “somewhat worse.” (CPA Trendlines Research)

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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.

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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.