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busy season management

tax season faceplant: accountants overrun by late chaos

businesswoman with headache at laptop

 

technology and the economy threw some wrenches into the mix.

by 卡塔尔世界杯常规比赛时间 research

this year’s tax season seems to have been pretty good, according to the latest from the 卡塔尔世界杯常规比赛时间 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.
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

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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listicle

ten tips for turning tax prep into year-round services | listicle

//m.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

after helping a tax client prepare a return, an accountant has a good idea of the client’s financial situation. this is the time to offer the client additional services outside of tax prep.

more listicles here
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here are 10 general areas where people might need assistance.

  1. financial planning: older clients need retirement planning. younger couples with children need advice on education savings planning. higher-income clients (and to some extent others) need estate planning and wealth transfer strategies.
  2. business consulting: clients who own or want to start a business, no matter how small, might appreciate constructive advice on business formation, structuring, performance improvement and long-term growth strategies.
  3. bookkeeping and accounting services: if your tax client’s finances seems to be poorly organized, day-to-day bookkeeping for businesses or individuals will make next year’s tax season easier for both of you. small business owners might need not only general ledger maintenance but payroll processing contract reporting compliance.
  4. audit and assurance services: if a client has trusted you with a business tax return, they might be interested in financial statement audits, internal audits and compliance audits for grants or contracts.
  5. risk management: owners of small companies may not realize the importance of fraud prevention and detection, internal control evaluations, and cybersecurity assessments.
  6. financial statement preparation: as small companies grow, owners may need to know more about compilations and reviews of financial statements, cash flow analysis and forecasting, and budget preparation and variance analysis.
  7. business valuation: let business owners know you can help with valuation for mergers, acquisitions, litigation support in valuation disputes, or intangible asset valuation.
  8. debt and credit management: if a business or individual tax return reveals financial difficulties, offer the client debt restructuring assistance, loan application support and credit risk assessment.
  9. succession planning: a financially astute tax preparer can help with exit strategies for business owners, leadership transition planning, and guidance on selling or transferring business ownership.
  10. technology and systems consulting: every small business needs input on implementing accounting software and systems, enterprise resource planning software selection and setup, and automation of financial processes.

most businesses are small businesses, and many of them are growing faster than the owner can manage. often individual and business finances overlap. these clients need to know how you can help with year-round consultation.

outlook & analysis

accountants turn negative amid tariffs, trade, uncertainty

man holding umbrella while standing in stormy ocean

survey respondents aren’t shy about placing blame.

launch survey here

by 卡塔尔世界杯常规比赛时间 research

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

the 2025 卡塔尔世界杯常规比赛时间 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

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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advisory & consulting

advisory financial statements just got a little easier

woman handing document across desk to client

the aicpa clarifies.

by 卡塔尔世界杯常规比赛时间 research

guess what: there are two kinds of financial statements.

more: surviving tariff turbulence | arc | the accounting comeback: why the profession is bouncing back stronger | new opportunities in estate planning stem from changing attitudes | what struggling small businesses need | five ways to head off reluctant leadership | big growth coming for client advisory services | scams getting more sophisticated | you need capable successors for a seamless transition | mark koziel: the future of the profession | gear up for growth | america’s running short of financial advisors | maybe the pipeline problem is technology
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one kind is prepared under ar-c section 70, which provides information for public consumption. the other can be a little looser, meant to be provided as part of a consulting service for internal use only.
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listicle

ten tax deductions for senior citizens | listicle

//m.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

taxpayers aged 65 or older may qualify for special tax deductions. here are 10 that tax professionals can distribute to clients and potential clients.

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obviously some apply to pre-senior citizens, but older folks might appreciate a reminder.

  1. higher standard deduction for seniors: taxpayers aged 65 or older receive an additional standard deduction, which reduces taxable income without needing to itemize.
  2. medical and dental expense deduction: seniors can deduct unreimbursed medical expenses that exceed 7.5 percent of their adjusted gross income, covering premiums, prescriptions and other medical costs.
  3. credit for the elderly or disabled: tax credits are available to some low- and moderate-income taxpayers aged 65 or older. eligibility depends on income and the amount of social security benefits received.
  4. charitable contributions: donations to qualifying charitable organizations are deductible for those who itemize. qualified charitable distributions (qcds) from iras can also satisfy required minimum distributions without increasing taxable income. make sure seniors understand their required distributions and what kinds of charities qualify for deductions.
  5. qualified medical mileage deduction: seniors (and others) can deduct the cost per mile driven to and from medical appointments if itemizing. advise seniors on the best way to track and record mileage. (they need to know this at the beginning of the year, not later when the mileage starts adding up. can they keep track on a computer? maybe if you show them how.)
  6. health savings account (hsa) contributions: while seniors can’t contribute to an hsa once they are on medicare, unused hsa funds can be used for qualified medical expenses tax-free.
  7. ira contributions: if still working, individuals over 65 may be eligible to contribute to a traditional or roth ira, with possible deductions for traditional ira contributions.
  8. investment and dividend income exclusions: some income from municipal bonds is tax-free, and qualified dividends and long-term capital gains are subject to lower tax rates.
  9. retirement savings contribution credit (saver’s credit): seniors contributing to retirement accounts may qualify for a credit of up to 50 percent of contributions, depending on income and filing status.
  10. mortgage interest deduction: if a taxpayer is itemizing, interest paid on a primary home mortgage is generally deductible, reducing taxable income.

tax professionals can use this list as a reason to contact senior clients. probe to see what they qualify for, and let them know what documentation they will need to provide.

about us

move teams with center for accounting transformation for research project

buol ruszczyk and shimamoto

recruiting top talent isn’t enough. firms must master retention.

by 卡塔尔世界杯常规比赛时间 research

the accounting move project, a leading initiative in accounting benchmarking, is amplifying its influence through a powerful collaboration with the center for accounting transformation, expanding its reach and delivering broader insights.

more staffing, recruiting, talent development

“partnering with the center allows us to deepen our research and provide firms with concrete strategies to build sustainable, people-centered cultures,” says bonnie buol ruszczyk, president of the accounting move project.

firms are invited to participate in the 2025 accounting move project by registering on or after april 10 at www.accountingmoveproject.com. the survey opens may 7 and closes july 11.

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advisory & consulting

new attitudes spell new opportunities in estate planning

is the american postmortem dream dead or just drifting?

by 卡塔尔世界杯常规比赛时间 research

in an unsettling shift, the old american dream of hard work leading to opportunity and financial advancement is fading into history.

more: what struggling small businesses need | five ways to head off reluctant leadership | big growth coming for client advisory services | scams getting more sophisticated | you need capable successors for a seamless transition | mark koziel: the future of the profession | gear up for growth | america’s running short of financial advisors | maybe the pipeline problem is technology
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sixty percent of americans are abandoning the traditional value system as younger generations prioritize “personal fulfillment, social impact and even digital legacy over traditional wealth accumulation,” according to trust & will, an online estate planning firm.
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advisory & consulting

what struggling small businesses need

bar charts

digital apps and credit cards are helping.

by 卡塔尔世界杯常规比赛时间 research

small businesses with one to 100 employees were struggling a bit in the year ending october 2024, according to a survey conducted by intuit quickbooks, but may be starting to get back on their feet.

more: five ways to head off reluctant leadership | big growth coming for client advisory services | scams getting more sophisticated | you need capable successors for a seamless transition | mark koziel: the future of the profession | gear up for growth | america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the survey results may be of interest to accounting practices that are advising small businesses in various sectors and regions. in that digital and ai applications are giving advantage to companies that use them, accounting clients may be looking for advice on how to put these tools to work.
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listicle

ten causes of irs audits | listicle

//m.g005e.com/category/checklist/listicle/by 卡塔尔世界杯常规比赛时间 research

a survey found that more than half of all americans would rather get mugged than audited by the irs. getting audited can mean a lot of work, a lot of expense and maybe a lot of penalty.

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discrepancies and dubious deductions are typical triggers for an audit. here are the 10 most common callers of irs attention. this list is not all-inclusive. read more →

advisory & consulting

artificial intelligence may go vertical first

how cas could be affected.

by 卡塔尔世界杯常规比赛时间 research

artificial intelligence is just beginning to impact, embolden and facilitate the accounting industry, but it still has a long way to go.

but make no mistake: it’s going and it’s going to get there.

more: america’s running short of financial advisors | maybe the pipeline problem is technology | five ways to fill the staffing gap | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | twelve years and out: seasoned accountants join the exodus | gen ai in accounting: epic transformation, or overheated hype?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the big question of the moment is what path ai will follow as it becomes pervasive in the accounting industry.
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advisory & consulting

big growth coming for client advisory services

bar chart

 

but firms must prepare for it.

by 卡塔尔世界杯常规比赛时间 research

firms committed to client advisory services are projecting a median growth rate of 99 percent over the next three years, according a benchmark survey issued by the american institute of cpas.

more: america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | five ways to fill the staffing gap | top 10 red flags to watch for in accounting offices | arc | deals 2024: over 100 cpa firm mergers and acquisitions | barry melancon: private equity and the partnership | gear up for growth | cfos see ai as top risk and opportunity | artificial intelligence may already be plateauing | ten ways to manage price increases
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

yes, 99 percent. and yes, that’s a median. half of the 206 participating firms expect to grow faster than that.

the survey lays out seven insights and conclusions plus commentary and suggestions for cpa firms.
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advisory & consulting

scams getting more sophisticated

man staring at computer screen in shock

how accountants can help.

by 卡塔尔世界杯常规比赛时间 research

scams are getting more sophisticated, more subtle and more likely to lead to more loss, according to a report from the better business bureau institute for marketplace trust.

more: america’s running short of financial advisors | maybe the pipeline problem is technology | what if the staffing shortage is just a myth? | staffing, tech, prices top tax pros’ concerns | top 10 red flags to watch for in accounting offices | arc | barry melancon: private equity and the partnership | gear up for growth | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | how will private equity impact accounting careers? | twelve years and out: seasoned accountants join the exodus | gen ai in accounting: epic transformation, or overheated hype?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

if you don’t believe the prevalence and danger of scams, check your email inbox. count the messages from nigerian widows, pill pushers, fake companies, dietitians, contest announcements, purveyors of snake oil, and so on. imagine if that many thieves were sniffing around your house day and night.

many of these scams aren’t so easy to identify, and every accountant should be helping clients identify the dangers.
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