I keep a few of the one-volume tax guides in my office so I could look up a quick answer when I need to. Recently a golf buddy emailed me a question that I thought I could answer quickly. He wanted to know that if he was in the “zero” percent capital gains tax bracket, did that apply to an unlimited amount of capital gains? Sounds like a simple question.
Well I looked it up online and then in three one-volume tax guides. Only one source had thorough coverage of the issue. I ended up spending an hour on this “simple” question including my emailed response. Nothing is simple anymore. READ MORE →
The average firm may be trimming billing rate increases. But CPA Trendlines readers aren’t average.
CPA firm price increases slowed to a month-to-month increase of 0.4 percent in November, down from a 3.1 percent in September, and a fraction of the year-ago 1.9 percent hike. The picture in tax prep is even dimmer, with month-to-month slowdowns and year-to-year declines.
Ayster: Not afraid to raise rates
By CPA Trendlines Research
Heading into tax season, CPA firms may be facing new pricing pressures, even as wages and consumer prices increase at record rates, according to a CPA Trendlines study of new government economic data.
While inflation is pushing prices up at record rates in major sectors of the U.S. economy, CPA firms appear to be trimming their billing rate increases, slicing 0.2 percent off the average price from October to November, according to CPA Trendlines research.
Clients are not numbers on a list that needs to be reduced. They are all individuals and consider themselves very important people and want professionals who treat them accordingly.
It is attitudinal and accountants must adopt that mindset and transmit that through to their culture. So you need to know when it’s essential to pick up the phone.
While there is still some volatility and uncertainty around what the next busy season will look like, tax preparers should consider the following technology-related initiatives now so they can proactively equip their firms for the coming busy season. This should enable staff to have more work-life balance during the busy season and increase the firm’s ability to recruit and retain talent.
Prepping for Tax Season: Clients notice the little things.Exclusively for PRO Members. Log in here or upgrade to PRO today.
