Tax Pros File 54% of Season’s Returns
Refunds down over 7 percent.
By Beth Bellor
CPA Trendlines Research
CHARTS & GRAPHS
Accountants Raise Alarms on Small Business Outlook
The Avalara Accountants Confidence Report points to difficulties ahead for small businesses to access capital, increase profits, raise revenues, hire new employees, and control costs.
Avalara, Inc., a leading provider of cloud-based tax compliance automation for businesses of all sizes, released a new survey of over 500 Main Street accountants representing more than 100,000 small businesses.
Survey responses revealed that looming economic headwinds could create challenges for small businesses in the next 12–18 months. The survey, conducted during the 2023 tax season, shows that accountants believe small businesses will face challenges in accessing fresh capital, increasing profits, managing payroll costs, weathering supply chain difficulties, and hiring new staff.
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The Avalara Accountants Confidence Report
The 2023 Avalara Accountants Confidence Report, produced in conjunction with CPA Trendlines, queried trusted advisors with clear insights into the financial health of small business clients. The report measures accountants’ attitudes and outlook on a variety of pressing issues, leading with sentiment on the health of small business clients, and providing a read on the national economy and the state of smaller accounting practices. Accountants were surveyed as they combed through business clients’ financials and prepared their tax returns.
Pros End Tax Season Filing 53% of Returns
In sheer numbers, they fared the same as last year.
By Beth Bellor
CPA Trendlines Research
The April 18 deadline for individual income tax returns came and went, leaving a scattering of negative figures in its wake. The largest ones had dollar signs attached: average refunds down nearly 9 percent, total refunds down 11 percent.
MORE: Tax Refunds Down 8 Percent | Pros Filing 54% of Individual Tax Returns | Average Tax Refunds Down 10% | Tax Pro E-filings Up 3% | Pros Handle 45% of Income Tax Returns | Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
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The Internal Revenue Service received 137.1 million returns, down 1.3 percent from 2022, according to data released for the week ending April 21. It processed 134.7 million returns, up 0.7 percent – the only positive in our report.
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Tax Refunds Down 8 Percent
Pros handle 55 percent of e-filings.
By Beth Bellor
CPA Trendlines Research
Pros Filing 54% of Individual Tax Returns
Total refunds down 10 percent.
By Beth Bellor
CPA Trendlines Research
With 11 days to go in the tax season, the Internal Revenue Service was seeing red. Only two of its weekly data points were on the plus side, and those at less than 1 percent.
MORE: Average Tax Refunds Down 10% | Tax Pro E-filings Up 3% | Pros Handle 45% of Income Tax Returns | IRS Processing Returns as Fast as It Gets Them | Only 39% of Tax Returns Filed by Pros | Tax Season Opens with Refunds Up 85%
The IRS received 101.3 million individual income tax returns as of April 7, the latest data available. That’s down 1.9 percent from the same period in 2022.
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