Busy Season Barometer

Tax Season Faceplant: Accountants Overrun by Late Chaos

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Businesswoman with headache at laptop

 

Technology and the economy threw some wrenches into the mix.

By CPA Trendlines Research

This year’s tax season seems to have been pretty good, according to the latest from the CPA Trendlines Busy Season Barometer, though not quite as good as expected.

Survey respondents went into the season with cautiously optimistic expectations. The percentage who felt that this year they were better prepared for the three-month grind remains constant at about 46 percent, comparing December/January with early April.

MORE Barometer: Accountants Turn Negative Amid Tariffs, Trade, Uncertainty | What CPA Firms Could Do Better | SURVEY: Which Client Industries Will Grow This Year | Tax Preparers Share Advice for Your Clients | Staffing, Tech, Prices Top Tax Pros’ Concerns | Tax Pros Gear Up for a Better Busy Season | Tax Season 2025 Begins. Ready or Not.
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But many who figured they were as prepared this year as ever were apparently in for a sad surprise. Before the season, 41 percent said they were prepared as well as in 2024, but that number plummeted to 25 percent by April. The shift is toward the “worse” end of the scale, with the “much worse” response doubling from 3 percent to 6 percent, and “somewhat worse” nearly doubling from 11 percent to almost 20 percent.
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Accountants Turn Negative Amid Tariffs, Trade, Uncertainty

By

man holding umbrella while standing in stormy ocean

Survey respondents aren’t shy about placing blame.

Launch survey here

By CPA Trendlines Research

If you’re getting a little nervous about the general business environment, you’re not alone.

The 2025 CPA Trendlines Busy Season Barometer has picked up a serious swing toward pessimism among the professionals who know the numbers.

MORE Barometer: What CPA Firms Could Do Better | SURVEY: Which Client Industries Will Grow This Year | Tax Preparers Share Advice for Your Clients | Staffing, Tech, Prices Top Tax Pros’ Concerns | Tax Pros Gear Up for a Better Busy Season | Tax Season 2025 Begins. Ready or Not. | MORE Surveys & Research
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Before the inauguration, the outlook for the nation’s economy was moderately hunky-dory. Almost 60 percent of respondents predicted the economy would get better over the next 12-18 months. Only 26 percent figured it would get worse.

Pessimism Doubles

That was then. This is now. By the Ides of March, 68 percent saw an economic downturn, and only 21 percent were optimistic. Now, by the second week of April, 74 percent are hunkering in the pessimist camp. In fact, the share of those who fear things will get “much worse” has doubled from 14.5 to 29 percent.

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Raise Your Rates to Change Your Clientele

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portrait of Loren Fogelman
Fogelman
 Loren Fogelman, founder of Business Success Solution, is an expert in pricing strategy and sales for accounting firms. A sought-after keynote speaker, she is continually listed among America’s top-ranked business coaches.

The fees you charge make a statement about your firm.

By Loren Fogelman
The Holistic Guide to Wealth Management

Setting your fees appropriately is one of the primary challenges that accounting professionals face. According to McKinsey, 80 to 90 percent of services are priced too low. Throughout my career, I too have found that most firm owners don’t know how much to charge for their services – and too often they undercharge.

MORE: Pursue Excellence to Win the Battle for Talent | Leverage AI to Grow and Protect Revenue: Six Steps | How WealthTech Is Reshaping the Future of Holistic Advice | Seven Tech Keys to a Holistic Service Model | Four Ways to Provide Wealth Management in Your Accounting Practice | Profile of a Modern Firm: Putting the Vision into Practice | Toward a 21st-Century CPA: A Dynamic Vision | What Multiples Mean to Accounting Firms
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Many firm owners tell me that setting fees can feel like tiptoeing through a pricing minefield. And pricing shouldn’t be taken lightly. This is especially true for wealth management services. The prices you set today will impact your firm’s profit margin as well as your growth for years to come.
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What CPA Firms Could Do Better

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Businessman looking thoughtful

Survey respondents have specific suggestions.

By CPA Trendlines Research

People at CPA firms generally think their practice is pretty effective at meeting its objectives with consistency over time.

But only 5 percent think their firm’s doing a great job. And about that many think their firm’s doing a somewhat lousy job.

MORE Barometer: SURVEY: Which Client Industries Will Grow This Year | Tax Preparers Share Advice for Your Clients | Staffing, Tech, Prices Top Tax Pros’ Concerns | Tax Pros Gear Up for a Better Busy Season | Tax Season 2025 Begins. Ready or Not.
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The 2025 Busy Season Barometer is finding that on a scale of 1 to 10, 45 percent of respondents would rate their firm at an 8 or better, and another 25 percent give their firm a so-so 7.
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