irs buried in paper: even with 91 percent of returns e-filed, that leaves more than 33 million paper returns pouring into the irs annually.
what to do with clients who insist on paper?
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e-filing may be the best thing to happen to the irs—and tax preparers—since the invention of paper and red tape.
it beats paper on cost—just 36 cents to process, vs. $15.21.
it beats paper on speed—a couple of hours from sending to acceptance, vs. days to mail, more days to open, more days in storage, more days to transcribe, and maybe months more to process.
it beats paper on accuracy—no need for transcription.
it beats paper on convenience—taxpayers can e-file in minutes from a desktop; irs can store and move e-files easily and instantly.
it beats paper on inconvenience—e-filing allows continuous processing regardless of weather, pandemics, etc.
the irs has been making some progress in improving the functionality of individual taxpayer online accounts. progress has been slow but in the right direction.
now it’s time for the irs to aim for two huge new improvements: online accounts for businesses, and expansion of the functionality of tax pro accounts for tax practitioners.
the center for accounting transformation’s public accounting advisory board met last quarter to discuss some of the biggest issues facing the public accounting industry.
the strongest themes revealed during the meeting is that there simply aren’t enough accountants to handle the growing workloads; innovation and automation must be implemented faster to streamline processes and free up accountants to increase advisory services; and time, as the scarcest of resources, is the primary commodity for any professional, but is especially true for accountants.
during the discussion, board members considered causes and possible solutions, which firms can use to guide several strategic decisions in 2022. read more →
keep imagining. here are a dozen things an irs portal could do for taxpayers and tax pros.
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as taxpayers and tax practitioners enter yet another tax season of uncertainty and turmoil, the issue of needed improvements at the irs lingers like a hangover with a viral infection.
are we facing another year of delays, doubts, and unanswered questions? will paying taxes ever become a smooth and efficient process?
imagine a world in the distant future where a common, ordinary taxpayer can pull a computer from a pocket, link into everybody’s favorite revenue service and… read more →
taxpayers and their tax preparers have a right to be informed about what’s happening at the internal revenue service. it’s the law, duly legislated and mandated by the u.s. congress in the taxpayer bill of rights.
collecting taxes upfront: in mexico, tax returns, accounting records, and other tax disclosures must be filed in standard electronic format, driving down the cost of tax collection by 57 percent between 2006 and 2018. meanwhile, revenue generated by audits rose an astonishing 117 percent between 2015 and 2020. (source: better than cash alliance, the u.n., via avalara)
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accounting professionals may be focused for now on tax season 2022. but right around the corner, a revolution in tax is coming, if the united states can get out of its own way.
ready or not, here it comes: digitized sales tax compliance. the compliance might happen immediately after a transaction or right in the middle of it with a tax agency in between the buyer and the seller.
it isn’t happening in the u.s. yet, but at least three states are thinking about it, and in 83 other countries, it’s already a thing. in california, florida, and massachusetts, it may soon be a thing. the federal reserve and the business payments coalition have already launched a pilot program to standardize electronic invoicing systems.
digitized tax compliance is far more than the mere e-filing of invoices and tax returns. it’s the movement of paper compliance activities to the cloud, where tax authorities can not only see transactions but, in some countries, actually, get involved in them.
the potential opportunities for accountants, auditors, and tax practitioners are as yet unknown, but where there is change, there is opportunity.
internal revenue service employees are resigning and retiring in droves, leaving the agency increasingly powerless to fulfill its mandate as the nation’s tax collector.
like every other problem the irs has, inadequate staffing is fundamentally caused by inadequate funding. as the irs budget declined by 20 percent between 2010 and 2021, staffing declined by about the same percentage, dropping from 94,711 full-time positions to just 75,773. meanwhile, of course, the number of taxpayers increased.
as is my style, i will present far more measures than most firms actually use. but i doubt you’ll perceive any of the methods here as unimportant. they are not listed in any particular order of importance.
five reasons business clients are ready for tax advisory services.
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question: if half your tax clients were buying planning or advisory services for five times what they’re paying for tax prep, what would that add up to?
this may be the season for tax filing, but accountants failing to leverage prep into planning and advisory are missing out on a lot of potential revenue.
the average annual fee for tax planning and advisory services is $2,351—five times the average annual tax prep fee of $459, according to a new study. read more →
by “problems,” the tas means the difference between what taxpayers want and what the irs delivers. unfortunately, tax preparers trying to bridge the gap between the two often end up taking grief for failing to do the impossible.
understanding the problems at the irs end can help practitioners explain the situation. here are the top five: read more →
most tax and accounting practitioners see a bleak outlook ahead.
by 卡塔尔世界杯常规比赛时间 research
tax and accounting professionals are launching into busy season 2022 with widespread fears of crisis and chaos, facing a third year of pandemic conditions, the staffing shortage, a sputtering irs, and political and economic uncertainties.
full results available for participants and pro members
a majority of accountants are telling the 卡塔尔世界杯常规比赛时间 busy season barometer that they are expecting an even worse year than last year, with 40 percent bracing for “somewhat” worse and 11 percent girding for “much “worse.
when things aren’t turning out the way you dreamed, it’s time to think about an overhaul. here’s how to startexclusively for pro members. log in here or 2022世界杯足球排名 today.
more tax: 
planning today for still being in business 10 years from now.
a lot. it’s bad and getting worse.
from mastering business-building skills to people-building skills.
sound-off: how would accountants fix the irs? 
