Ironically, the chaos translates into expanded business.
By CPA Trendlines Research
It was a pretty bad busy season for most of the nation’s tax preparers. COVID-19 was on the wane, but Congress was on the job, jiggering tax rules even as the season was underway.
And, now, with the prospects of a federal government shutdown and a multi-trillion-dollar spending bill, 2022 is shaping up to be deja vu all over again.
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To be sure, a good number of accountants are assuaged by more clients and more revenue. But the CPA Trendlines Business Barometer finds preparers experiencing a long, tough slog.
In all, 53 percent say they had a busy season somewhat worse (27 percent) or much worse (26 percent) than last year.
For some, it seems like a good time to call it quits. “Thank you for all the love and support,” says one firm’s auto-responder to incoming emails.
“As some of you may know, this past few tax seasons have been nothing short of chaotic, to say the least,” the three-office, North Carolina tax shop tells callers. “But I have enjoyed being able to assist each and every one of my clients.”