The IRS had received 90.6 million individual income returns, down 2.4 percent from the same period a year ago, as of the week ending March 27, the latest data released. It had processed 87 million returns, down 3.6 percent. READ MORE →
At last count, tax practitioners handled more than half of efiled returns, though that's still behind last year by 532,000 returns. Self-prepared returns are up by 5 million as taxpayers race to collect their refunds.
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
Tax professionals are losing their share of the e-filing market this tax season, dropping to 48.5 percent of all returns e-filed, down slightly more than one percentage point from the same time last year.
The IRS had received 68 million individual income tax returns as of March 6 – the latest data available – up 0.4 percent from the same period in 2019. The agency had processed 65 million returns, down 0.5 percent. READ MORE →
Tax professionals are increasing their share of the e-filing market as we plow deeper into tax season. After starting at 34.6 percent and nudging up to 38.1, the latest figure is a healthier 44.3 percent of e-filings, although that's about a point lower than the year-ago date.
The IRS, which delayed release of the figures, had received 49.9 million individual income tax returns as of the week ending Feb. 21, the latest data available. That's down from the same period last year, but only by 0.1 percent. Meanwhile, it had processed 48.1 million returns, up 0.7 percent. READ MORE →
As of the week ending Feb. 7, the latest data available, the Internal Revenue Service had received 28.7 million individual income tax returns, down 0.4 percent from the same week last year. It had processed 27.5 million, down 2.1 percent.
The Internal Revenue Service received 15.8 million individual income tax returns for the week ending Jan. 31 – the first of the season and just five days long – down by 1.6 percent from the year before. It had processed 12.9 million returns, down 2.7 percent, for a processing rate of 82 percent. READ MORE →