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Why We All Hate the Tax Code

Angry businessman with document shouting at somebodyBut fixes are possible.

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By CPA Trendlines Research

Here’s something that almost all Americans can agree on: the Internal Revenue Code is too complex. Worse: It’s becoming irrelevant.

MORE TAX: How Bullish Are You This Tax Season? | Accountants’ Top Problems for Tax Season 2023 | Tax Season 2023: Better or Worse? | Tax: The Procedural Checklists Your Firm Needs  |  Stop Tax Return Review Shortcuts  |  Offers in Compromise Aren’t for Everyone  |  Trump’s Tax Returns: Read The Originals Here  |  SURVEY: Tax Software Favorite Keeps Crown

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How complex?

  • The Code contains 9,834 sections.
  • Many of the sections have detailed subsections.
  • On top of the Code is a six-volume set of corresponding regulation.
  • Many of the sections, drafted decades ago, are irrelevant to today’s world.

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CHARTS & GRAPHS

How Bullish Are You This Tax Season?

Tax pros see gains in clients, revenue, and profits.

ROSY SCENARIO: 75% forecast increases in revenue per client. More work, or higher fees, or both?

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By CPA Trendlines Research

If the early results of the 2023 CPA Trendlines Busy Season Barometer are any indication, tax practitioners can look forward to a lucrative year.

MORE TAX SEASON ’23:Accountants’ Top Problems for Tax Season 2023 | Tax Season 2023: Better or Worse? | Tax: The Procedural Checklists Your Firm Needs  |  Stop Tax Return Review Shortcuts  |  Offers in Compromise Aren’t for Everyone  |  Trump’s Tax Returns: Read The Originals Here  |  SURVEY: Tax Software Favorite Keeps Crown

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Over 46 percent of respondents expect a five to ten percent expansion of clientele, and another 13 percent say theirs will swell by more than ten percent.

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CHARTS & GRAPHS

Accountants’ Top Problems for Tax Season 2023

As tax season gets underway, a lot to worry about.

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Start here.

By CPA Trendlines Research

If you’re not worried as we plow into the busy season, you aren’t paying attention.

MORE TAX SEASON ’23: Tax Season 2023: Better or Worse? | Tax: The Procedural Checklists Your Firm Needs  |  Stop Tax Return Review Shortcuts  |  Offers in Compromise Aren’t for Everyone  |  Trump’s Tax Returns: Read The Originals Here  |  SURVEY: Tax Software Favorite Keeps Crown

ON THE FRONT LINES: Langworthy, expanding with 200 new clients.

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And if you are concerned, you’re not alone.

  • In Van Nuys, Calif., Steve Glick came up with a new concern: “Now the software companies—TurboTax, Intuit, etc.—are competing against their customers by preparing tax returns.”
  • Gretl Siler, at Succentrix Business Advisors, in Panama City, Fla., has the problem everyone wishes they had, plus the one everyone wishes they didn’t. She says, “Note that I am not having any problem with increasing prices or with competitors.  The problem is too many new clients and staffing… plus the IRS is still terrible.”
  • To be sure, there’s Bob Langworthy, the founder of southern Maine’s Management Accounting. He couldn’t name a single concern. “None!” he says. “We served 1,000 clients last year and already have more than 200 committed new clients this season.”

For 2023, the CPA Trendlines Busy Season Barometer expanded the list of possible concerns, 24 in all, plus an “other” option. It’s our longest list ever, and accountants checked off each and every possible worry.

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