tax season

mandatory e-filing clogs tax season gears

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if tax season 2011 seems particularly hectic, you’re not alone.

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roger russell at accounting today attributes the compressed tax season to a hold on e-filing schedule a returns and a later deadline for delivery of form 1099s.

overall, the irs processed 132.5 million individual returns through june 3, up 2.7% over last year. over 106 million were e-filed, a 12.3% increase, including 68 million by practitioners, up 12.1%.

“mandatory e-filing caused us to make significant changes in our internal process and be much more proactive in educating and communicating requirements to our clients,” jodi robinson, director at the kansas city, mo., office of cbiz mhm, tells accounting today.

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how some thrive in tough times

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they make all the hard work pay off.

by rick telberg

some tax and accounting practitioners are showing how to deal with the same problems as their peers and competitors, and yet rise above them.

the results can be dazzling.

overall, 45% of accountants say this busy season was better than last year’s, including 12% who said “much better.”

indeed, for those lucky few, it was better by almost any measure. among those who reported operations were “much better” this year: read more →

tax season 2011 disappoints some

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despite economic recovery, many firms seem unable to capitalize on new opportunities. click here to join the tax season 2011 survey; get the results.

march survey results show 18% of accountants reporting "much" better overall results than a year ago and 26% reporting "somewhat" better results. source: 卡塔尔世界杯常规比赛时间 research

tax accountants are finishing the 2011 busy season with stronger results than they expected, but – perhaps surprisingly — not as strong as last year, despite somewhat improved economic conditions.

卡塔尔世界杯常规比赛时间 research suggests that many accounting firms may have over-reacted to the 2007 market crash by cutting staff and billing rates, leaving them unprepared to capitalize on the opportunities of the 2011 recovery.

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are refund anticipation loans dead?

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“last nail in the coffin.”

via consumeraffairs.com

the federal deposit insurance corporation has notified republic bank & trust of kentucky that the bank’s high cost refund anticipation loans are “unsafe and unsound,” effectively cutting off jackson hewitt and liberty tax, the second and third largest tax preparation chains in the country.

the fdic’s action follows a similar action by the office of comptroller of currency, which issued a regulatory directive on christmas eve against hsbc (h&r block’s ral partner bank) prohibiting that bank from making rals.

“this may be the last nail in the coffin for rals,” said adam rust, research director for community reinvestment association of north carolina. “if so, we will be glad to see the death of these high cost, high risk loans.”

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