OUTLOOK & ANALYSIS

COVID Crisis Separates the Winners from Losers

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Bill Reeb, 2019-20 AICPA chairman, explains how today’s coronavirus crisis is transforming the profession – and the world – forever.


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By CPA Trendlines

Today’s coronavirus cataclysm is changing the ways CPAs in both the public and the private sectors do business, revamping in a few traumatic days what would have taken five years, says Bill Reeb, the 2019-20 AICPA chair, in a video interview with CPA Trendlines.

CPA Trendlines is providing FREE access to our latest coronavirus crisis updates: Start here for a guide to all our free coverage.

“It has already had an amazing effect,” Reeb says. “We have fast-forwarded the technology by at least five years. The use of technology has skyrocketed. And people are starting to say, Okay, we got to get people working at home, and we’ve found ways to communicate with each other during the day.” READ MORE →

2020 Tax Season Comes to a Screeching Halt

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^ Week ending April 10, 2020

IRS web traffic surges 22%.

How’s COVID-19 impacting your firm?
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By Beth Bellor

If you’re looking for bright spots as the United States deals with the global pandemic, avert your eyes from the IRS.

MORE: The Tax Season 2020 Dumpster Fire | Tax Pros Fall Behind 6.2% in Returns Filed | Tax Pros Trail by 908,000 Returns
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Although average refunds and website visits are up, everything else is down – in the case of e-filings by tax professionals, down 20.1 percent. Yeowch.
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The Tax Season 2020 Dumpster Fire

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Coronavirus crushes tax prep.

How’s COVID-19 impacting your Busy Season?
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By Beth Bellor

Slammed by the COVID-19 crisis, Tax Season 2020 has gone off the rails.

Tax return filing activity is trending down, and who can blame filers? With an automatic three-month extension, those who owe taxes have no incentive to file anytime soon. And practitioners are consumed with protecting their firms and rescuing their clients.

MORE: Tax Pros Fall Behind 6.2% in Returns Filed | Tax Pros Trail by 908,000 Returns | Tax Pro IRS Filings Lag by 532,000 | Tax Pro E-Filings Lag by 512,000 Returns | Tax Pros Kick into High Gear | Slow Start for Tax Pro E-filing | Data Points Down as Tax Season Opens | The Fight for New Tax Clients
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That may be impacting numbers for e-filings by tax professionals, which are down in double digits. Perhaps those whose dealings are complex enough to need assistance are seeking appointments in June now.
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