The Internal Revenue Service had received 139.9 million individual income tax returns as of the week ending June 26 – the latest data available – down 3.5 percent from the same period in 2019. It had processed 128.5 million returns, down 10.6 percent. READ MORE →
Unfortunately, they’re in the same old spots: refunds (which don’t help overworked CPAs), IRS.gov traffic (maybe there’s where all the budget goes) and self-preparers (who even let them in?). Boo! READ MORE →
Profession loses four years of job growth in the first month of the Coronavirus recession, reversing years of steady gains.
By Beth Bellor
Crushed by the Covid-19 pandemic, the tax and accounting profession has fallen below 1 million employees for the first time in two years – way below, and that may be just the tip of the iceberg, according to CPA Trendlines Research.
The IRS had received 125.5 million individual income tax returns as of the week ending May 1, the latest data available, down 11 percent from the same period one year ago. It had processed 113.1 million returns, down 16.1 percent. READ MORE →
But with a new recession looming, CPA Trendlines estimates the profession could lose up to 100,000 jobs and take up to seven years to recover.
The latest data available show more than a million employees in the profession, and growing at about 2,800 new jobs per month. At the same time, wages are hitting record highs.
But with the Coronavirus crisis threatening a new recession, CPA Trendlines conducted a long-term, 30-year analysis, focused on the job losses caused by the dot-com crash of 2001 and the financial meltdown of 2007. From the analysis, CPA Trendlines calculates the profession could shed up to 10 percent of its current workforce, and not fully recover for two to seven years.
In this report, CPA Trendlines highlights:
Current and long-term hiring trends in each of the bookkeeping, payroll, tax and CPA segments of the industry (all data seasonally adjusted)
Average hourly wages for key segments
Typical hours worked per week
Trends concerning women in the accounting workforce