tax

refunds up as tax pros tackle 41.5% of e-filings

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* total refunds issued represent returns received and processed in 2024 – the current year only. the number of direct deposit refunds represents returns received in the current and prior year but processed in 2024.

also: the irs realizes a footnote is in order and we are shocked.

by beth bellor

average tax refunds are on the rise, so the weekly filing data has one uptick besides the amount of traffic to the irs website – an increase that perhaps isn’t a positive.

more: tax pros handle 37.7% of e-filings | tax pros file 33% of early returns
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the internal revenue service had received 34.7 million returns, down 5.7 percent from the same period one year ago, as of the week ending feb. 16, the latest data available. lower numbers are no surprise, of course, because there had been only 19 days in the 2024 filing season, which opened jan. 29, compared to the 26 days there had been in the 2023 season, which opened jan. 23.
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tax pros handle 37.7% of e-filings

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data table

paper still used by 2.2 percent of filers.

by beth bellor
卡塔尔世界杯常规比赛时间 research

tax season moves slowly forward, and tax professionals slowly gain ground

more: tax pros file 33% of early returns | if only the irs’s tax pro were useful | the nightmare of non-credentialed tax preparers | must the irs be a dark hole? | irs plays whac-a-mole with the phones | tax pros are expanding and earning more
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as of the week ending feb. 9 – the latest for which data are available – the irs had received 25.6 million individual income tax returns, down 11.4 percent from the same period a year ago. it had processed 25.4 million returns, down 4.4 percent.

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transferring business interests to optimize estate taxes

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couple sitting across desk from advisorstrategic estate planning could save your clients millions.

by anthony venette, cpa/abv

we stand at the precipice of the largest wealth transfer in american history. millions of business owners are struggling to write the next chapter of their companies and their legacies. prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it. gifting privately held business interests to a child or children can be an effective and tax-efficient way to maximize wealth transfer and achieve legacy planning goals.  

more: enhance wealth by mitigating taxes | your client’s instincts are wrong | preserving wealth is a different mindset | three approaches to investment consulting | cashing out: your business clients’ five big issues
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that being said, many business owners are unaware of the benefits of gifting interests in their businesses rather than cash. here are four important reasons why gifting business interests can be advantageous: 

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tax season opens with refunds up 85%

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data tablenearly two-thirds of returns have been self-prepared.

by beth bellor

the latest tax season is off to a roar, with refunds up 85 percent and processing up 29 percent above last year at this time.

more on tax season: more: marchternity: just say ‘no’ | marchternity: the solution is community | why the irs is still doing data entry by hand | news on irs is maybe sort of a little bit good | why we all hate the tax code | how bullish are you this tax season? | accountants’ top problems for tax season 2023 | tax season 2023: better or worse?

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as of feb. 3, the end of the first week of collections, the irs had received 19 million individual income tax returns, up 13.5 percent from the same week in 2022. it had processed 16.8 million returns, up 29.1 percent.
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down by 400,000 returns – the end of tax prep?

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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 |

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“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.

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effective communications in the age of covid

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misunderstandings and shortcuts in the workplace can create a hostile and stressful environment.

by steven e. sacks
the new fundamentals

with more people using mobile devices for communication shortcuts, are we facing troublesome challenges in speaking in a recognizable language in the u.s.?

more: why proper communication is critical | syncing up for the covid era | the new covid-19 workplace: are you prepared? | how to create effective internal communications | profit is not a mission | confronting leadership: not such a bad thing | new opportunities for a ‘new normal’ | is trust elusive?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

while it may be convenient for some, for others it leaves them scratching their heads. i am not seeking to be a public scold. however, if you want your communication to be effective, then understand your audience, situation, and topic.

this is especially relevant with teams working virtually, and at a distance, in the age of covid.
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start marketing now for next season

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no, it’s not too early to begin planning.

by ed mendlowitz
tax season opportunity guide

marketing takes many forms. further, many accountants are not trained in marketing. i also know that while most cpas want more business, they are too busy with what they have to be actively seeking new business. additionally, marketing can be external, internal or retentive.

more: 4 reasons not to let staff go after tax season | nine keys to success and growth | what kind of accountant are you? | covid tests accountants’ entrepreneurial talents | have you gotten where you wanted yet?
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external is where new clients are solicited. that takes effort, ingenuity, time and maybe even some money.
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