But hurry, time is running out.
By Bradley Burnett, JD LLM
The Employee Retention Credit could be worth more than $330,000 to a small-business client.
But our polling shows that 75 percent of tax and accounting professionals have filed no (that’s zero) forms to claim the credit for clients. And now it’s ending early, due to a Congressional compromise on the big infrastructure bill.
Look what these people have been asked to do over the years, and thank them.
By Jon Baron, MBA
Co-Founder and Head of Strategy at Make the Connection Inc.
Final IRS stats for Busy Season 2020 shows professionals filed 0.5% fewer returns than last year and lost market share to DIY’ers.
BUSY SEASON BAROMETER:
How accountants are battling the Coronavirus recession
Join the survey. Get the answers.
By Beth Bellor
CPA Trendlines Research
In what may be an alarming turning point for the profession, tax practitioners finished an already chaotic and bruising Tax Season 2020 after preparing a total of 73.8 million e-filed returns – a decline of 400,00, or 0.5 percent, from Tax Season 2019 – the first such reversal on record. Ever.
MORE on TAX SEASON 2020: Say Hello to the New 24-Month Busy Season | When COVID ‘Got Real’ | Tax Pros Hold eFiling Market Share as Tax Seasons Winds Down | The Top Six IRS #FAILS this Tax Season (So Far) | How COVID Has Pulverized IRS Operations | The Mystery of 10 Million Missing Tax Returns | COVID Cuts Accounting Profits | Why Busy Season May Never Be the Same Again | COVID Tests Accountants’ Entrepreneurial Talents | Pro Tax Prep Stalls to a Crawl amid Covid-Extended Season | Clients, Revenues, Profits – Trending Down, Down, Down |
Exclusively for PRO Members. Log in here or upgrade to PRO today.
“If you are in public accounting and relying on personal return revenue, the results this year are troubling as it is the first time that professionally prepared returns actually fell from the prior year,” says Jon Baron, the longtime CEO of Thomson Reuters Tax & Accounting, and now a venture capitalist with more than a couple startups in stealth mode.
Refunds up, but barely.
By Beth Bellor
BUSY SEASON BAROMETER:
Congratulations! You survived Tax Season 2020!
Today’s Bonus Question: What’s next?
Join the survey. Get the answers.
Refunds up, but not by much.
By Beth Bellor