tax season

worst tax season ever? “it’s supposed to get better!”

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hoisted from comments.

in this article, ed mendlowitz takes issue with worst tax season ever and suggests five strategies for continuous improvement year after year.

barry melancon, ceo of the aicpa, and tom hood, ceo of the maryland society of cpas, both said that they heard this was the worst tax season ever.

i don’t know if it was or wasn’t.  for us it wasn’t that bad.  this raises a thought.  it’s supposed to get better – if not, then why do it, or why not make a serious effort to change what you are doing so it gets better?  i am reminded by a remark by jack nicholson in “as good as it gets.”  he said, “maybe this is as good as it gets!”  i don’t buy that.

here are five things that should be done to make tax season (and the rest of your practice or any business) better. read more →

tax practitioners end busy season 2013 short by 300,000 returns

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untitledthe nation’s tax accountants failed in the final days leading up to april 15th to close the gap commonly attributed to early-season delays and confusion, according to the latest data available.

but if the shortfall holds through coming weeks of data gathering, 卡塔尔世界杯常规比赛时间 believes it could mark a significant and serious downturn in the future of the tax prep industry.

in this report:

  • tax professionals e-filed 63.3 million returns, down 0.4% from last year’s 69.6 million.
  • meanwhile, the number of do-it-yourself e-filers grew 4%, to 43.1 million, up from last year’s 41.3 million.
  • complete statistics on individual income tax returns, filings and filing rates, week by week, in year-to-year percentage change
  • number sent to irs
  • number processed by irs
  • number e-filed by tax professionals
  • number e-filed by self-preparers
  • irs.gov website traffic
  • number of refunds
  • total dollar amount of refunds
  • average refund
  • number of direct-deposit refunds
  • amount of direct-deposit refunds
  • average direct-deposit refund

read more →

12 good reasons for obtaining extensions

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those who know ed mendlowitz, author of the 卡塔尔世界杯常规比赛时间 tax season opportunity guide, know that he doesn’t like extensions.  however, there are valid reasons for extensions.

ed grudgingly admits to 12:

  1. you did not receive k-1s or 1099s or other documents with information that you need to report.
  2. you did not receive letters confirming charitable contributions that are required to be in your possession by the due date of your tax return.
  3. there is pending litigation and reporting certain transactions might prejudice your position, or you are awaiting resolution that might cause or affect an adjustment or estimate made for last year. read more →

tax season 2013 adds up to an exceptionally difficult year for many practitioners

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chartexport(3)
about 23% of firms report a “significant” increase in extensions this year, overshadowing all other major benchmarks.

small firms and enrolled agents suffer the most damage from washington shenanigans and balky software. [pro member exclusive]

busy season barometer
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by rick telberg
卡塔尔世界杯常规比赛时间 research
join the survey; get the results

with tax season 2013 finally (gratefully) at an end, the latest soundings from the field show conditions continuing to deteriorate into the final hours, according to the 卡塔尔世界杯常规比赛时间 busy season barometer.

in this report:

  • practitioners’ top five problems during the season (chart)
  • practitioners rate tax season from “better” than last year to “worse” (chart)
  • reports and analysis from practitioners around the nation, including florida, illinois, michigan, maryland, and pennsylvania.

in earlier reports:

 

read more →

tax pro’s still running behind last year’s pace

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at this rate, practitioners may be on track to make the april 15 deadline, but just barely. at the same time, the number and proportion of self-prepared returns continues to rise. it has been estimated that between 2010 and 2012 some 12 million taxpayers dropped out of the paid-preparer market to go to do-it-yourself software programs. and that trend is clearly continuing.

in this report: the box score so far this season, compared to year-ago periods. read more →

12 fast, low-cost tips for a stress-less tax season

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stress management is critical to a successful season.

by sandi smith, cpa
accountant’s accelerator

i don’t want to stress you out, but we really do need to do something about our stress levels.

the american psychological association says our kids are getting headaches, having difficulty sleeping, and eating too little or too much due to pressure from school and household finances. the worst part is that  most parents were not aware of the severity of their children’s stress.

many adults reported not knowing what to do to change their lifestyle so they could reduce their stress, so it just makes sense to talk about this a little.

here are the most common stress-reducing tasks that some people do, according to the survey: read more →

soloist and small firms taking it on the chin this tax season

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the 卡塔尔世界杯常规比赛时间 busy season barometer
click to join the survey; see the results

how many will survive? join the survey; get the updates.

by rick telberg
卡塔尔世界杯常规比赛时间

if you’re having one of the toughest tax seasons in years, you’re not alone. in fact, you’re one in an unusually large crowd.

unless trends reverse in the last four weeks of tax season 2013, many practitioners – mainly those practicing solo or in small firms – should be bracing for significant declines in revenues and profits from last year.

tax season trending:
better or worse than last year?

some 64% of solo practitioners are reporting “worse” trends than last year, with half of them terming it “much” worse. about 16% are enjoying “better” trends overall.

to be sure, small firms may be feeling more than their fair share of pain. but many larger firms are hurting too. among the largest firms surveyed, 30% are experiencing positive trends, with 50% reporting negative trends.

more busy season trends:

practitioners across the nation are reporting severe issues. for one practitioner in monroe, la., the season has been running “slow as molasses!”

for some, tax season 2013 may be the last straw. “between the delays caused by the fiscal cliff, software delays and angry clients, it may be time for retirement,” says one veteran of 35 tax seasons and a partner in an 11-partner firm.

“all the irs delays have put my clients in slow motion mode!,” says liz hegarty, an austin, texas, soloist. “my in-flow is down 25% but all that means is a really compacted ‘extension’ craze in april!   and i already have a crazy extension ‘season’ due to late k-1s.”

the latest analysis of survey data sheds light on key financial metrics, including trends in:

  • revenues
  • profits
  • number of clients
  • number on extension
  • revenue per client, and
  • profit per client

read more →