tax season

hunker down: the irs backlog isn’t going away anytime soon

by

the bottom line: for every dollar in new funding, the irs could be collecting 10 times that. 

the tax season from hell:
will the new may 17 extension help or hurt accountants?
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

irs commissioner charles rettig says the backlog of millions of returns will remain unresolved for months more.

//m.g005e.com/?p=82486“we would hope to be through this backlog by the summer,” rettig told house ways and means oversight subcommittee chairman bill pascrell, who said 24 million returns are jammed in the irs pileup. rettig countered with 2.4 million, the number of individual returns.

more on a tax season from hell: what tax pros are saying about busy season 2021 | hunting the amended return | the irs studebaker bomb | make your firm faster, smarter, richer … with millennials | tax professionals report tough slogging | 50 ways to make more money in busy season | stop beating up the irs – really | imagine irs ‘concierge’ service. just imagine.

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

his testimony came a day after the government announced it would extend the filing deadline from april 15 to may 17, with crucial details still to be determined. the new rules sent tax software companies rushing to push out updates and left accountants and their clients in limbo. and, he said the delay in the tax-filing deadline could postpone the launch of a new monthly child tax credit payment program,

read more →

peer-to-peer: your best advice for 2021

by

clockwise-from-top-left-raizen-wehr-paulson-swigert-anderson-stitely.png
pivoting to 2021 (clockwise from top left): raizen, wehr, paulson, swigert, anderson, stitely

‘clients still need us.’

by 卡塔尔世界杯常规比赛时间 research

keep calm and carry on.

that may be the best overall advice for the situation we’re in.

more in surveys & research: survey: a glint of optimism for 2021| accountants say: brace for a dismal 2021 | ppp client fraud: how much risk is too much? | ppp traps: 1 in 5 accountants report shady dealings | cloudy forecasts call for rainmaking

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

and by “we,” we mean “everybody in the world.” because everybody’s got it tough. whether covid has touched close to home or not, its presence is impacting everyone.

but… how should accountants carry on? we asked. and you – the readers of 卡塔尔世界杯常规比赛时间 – delivered. adapt, pivot, focus on the client, watch your expenses – just a few of the themes gleaned from the 卡塔尔世界杯常规比赛时间 business barometer.

read more →

the forecast: partly gloomy, chance of doom

by

almost three in four accountants now foresee a deeper downturn for the u.s. economy.

it gets worse: almost 25 percent of accountants forecast a “much worse” outlook for the nation’s economy over the next 12 to 18 months. and another 48 percent predict “somewhat worse.” (卡塔尔世界杯常规比赛时间 research)

busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

new 卡塔尔世界杯常规比赛时间 2020 busy season barometer results bear bad tidings for cpa firms, their clients, and their families. the forecast is not good. accountants know numbers, and the numbers they are seeing do not bode well.

more busy season 2020: busy season benchmarks in free fall | fiinal rs efiling stats: the end of tax season? | say hello to the new 24-month busy season | 9 big ways the irs could help accountants | the mystery of 10 million missing tax returns | tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings |   percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as the u.s. braces for a summer surge in coronavirus infections, the economy is crashing – with gdp down at an annual rate of 33 percent last quarter, and a 10 percent drop from the first quarter – the worst declines in more than 70 years of record-keeping. and new jobless claims in the latest week rose by 867,000 to 17 million.

read more →

busy season benchmarks in free fall

by

major declines in all kpis: clients, revenues, profits, revenue per client, and profit per client.

busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

last year’s busy season was complicated, no doubt about it. the tax cuts and jobs act and the irs shut-down made life difficult for tax practitioners. but ultimately, they had a good year. a good 56 percent enjoyed an increase in clientele, and only 16 percent saw a decrease.

flash forward to the annus horribilis, aka 2020. according to this year’s 卡塔尔世界杯常规比赛时间 busy season barometer, only 46 percent of accountants are gaining clients — a 10-point reversal from last year. and another 25 percent are losing clients – a 15-point swing from 2019.

more busy season 2020: fiinal rs efiling stats: the end of tax season? | say hello to the new 24-month busy season | 9 big ways the irs could help accountants | the mystery of 10 million missing tax returns | tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings |   percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it’s impressive that so many tax offices have actually expanded their clientele during such hard times. and it’s not surprising that so many have lost clients.

what happened?

read more →

down by 400,000 returns – the end of tax prep?

by

red alert: tax professional e-filings drop by 0.5% year-to-year, first year-to-year decline ever.

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
卡塔尔世界杯常规比赛时间 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.

jon baron

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 |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 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.

read more →

say hello to the new 24-month busy season

by

deann auman hill and mike shost at aicpa engage: “the 24-month tax season?”

covid chaos turns busy season 2020 from bad to worse.

busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

last year—the good old days!—busy season seemed to be about as bad as it could get. congress enacted the tax cuts and jobs act without explaining how it was to be enacted, and then changed some things. and then the irs shut down before the rules could be set and the new forms and schedules made available. and all of a sudden it was april 15.

more on the 2020 season: the mystery of 10 million missing tax returns | tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

tax practitioners had little good to say about 2019. according to last year’s 卡塔尔世界杯常规比赛时间 busy season barometer, 46 percent said 2019 was worse than the previous year. only 13 percent thought it was “much better.”

that was then.

this is now. and, now is worse.

read more →

the top six irs #fails this tax season (so far)

by

erin collins, irs taxpayer advocate
collins

sending out notices with expired deadlines? check.

busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

it’s been a hard year for everyone, from pauper to president to tax practitioners. the latter have been triple-whammied by the need to keep clients and employees healthy, the shifting rules and deadlines made to accommodate the lockdown and the staggering, stumbling service of the internal revenue … well, service.

more on tax season 2020: tax pros handling bigger share of e-filings | 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 | getting a handle on covid |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

let us pause to pity poor erin m. collins, who late last year landed a great new job: national tax advocate. she replaces nina olson, who held that position from 2001 to 2019, bowing out in the nick of time, leaving behind an impressive record of improvements in the american system of tax collection.
read more →