while the average u.s. household pays more than $5,700 in federal income taxes, there is significant disparity when it comes to state and local taxes. read more →
getting new clients tops the list of chief concerns for local firms worldwide. but the staffing shortage surges into second place. via ifac
the eight moves smart firms are making today to win tomorrow’s battles.
by rick telberg
卡塔尔世界杯常规比赛时间 research
does the tax and accounting profession have a role to play in global peace, harmony, and understanding?
you may think so, based on a new 卡塔尔世界杯常规比赛时间 analysis of a global survey of small, local, and mid-size accounting firms.
the study paints a picture of a global community of local firms with shared aspirations, expectations, challenges, and opportunities – despite (or perhaps because of) rising nationalism, protectionism, and conflicting political regimes.
in fact, the research finds that the talent shortage plaguing unites states firms is now turning into a global problem. that is, by no means, a good thing. but it is another item all firms across the globe can share in common. and it is another chink in the armor of the so-called traditional business model of the owner-operator accounting firm because most of the issues flow from two overriding factors: rampant under-pricing or owner greed (or both) that fails to build up capital reserves for re-investment in the business, and the lack of access to other sources of funding.
it’s enough to make us wonder if solutions to global problems are beyond the ability for individual nations to solve alone. instead, multi-national worldwide strategies may be required. maybe that’s part of the reason the american institute of certified public accountants is rebranding itself as the association of international certified professional accountants (still, just the “aicpa” to most).
but today, owning, operating or working in a perfectly “average” firm is not necessarily a sign of success. instead, “average” seems doomed to obsolescence in irrelevancy – and on a global scale never before seen in the profession.
does that mean they need better accountants in texas and washington? hard to say. but it’s easy to see the big picture in this groovy graphic. read more →
the accounting industry may be on the verge of a seismic shift. the results of a new 卡塔尔世界杯常规比赛时间 survey of job satisfaction and personnel retention indicates a mounting tsunami of personnel migration in the near future, possibly on the heels of the busy season.
the survey, conducted in conjunction with practice management consultant kristen rampe suggests that barely half—just 52 percent—of respondents intend to definitely stay with their firms for the next six to 12 months. they describe their jobs as perfect for them right now.
for the third year in a row, the internal revenue service is listing the “dirty dozen” scams that can land taxpayers in the hands of crooks… or in jail.
tax professionals are well-aware of the risks, with almost half in some of our tracking polls reporting “security, privacy and identity theft issues” as one of their chief concerns this year. in fact, savvy tax professionals are proactively advising clients about these common scams.
liberty tax inc. reports results for the third quarter ended jan. 31
by 卡塔尔世界杯常规比赛时间 research
liberty tax, the chain of almost 4,000 tax prep offices, is suffering from a variety of problems, both internal and external, according to founder and ceo john hewitt.
“the 2017 tax season marks another period of change for the industry as filing patterns continue to shift later into the season,” says hewitt in a statement. “the whole industry has been slow, but we are clearly not satisfied with how we have performed in comparison to the market. there is still a lot of season in front of us and we are focused on delivering a strong second half and on implementing the appropriate changes to be successful in an evolving landscape.”
through feb. 28, the company said it had prepared 915,000 u.s. tax returns, as compared to 1,094,000 u.s. tax returns prepared in the comparable prior year period, representing a decline of 16.4%. the company operated 3,823 offices in the u.s. in fiscal 2017, down from 4,225 offices in 2016. the decrease represents a decline of 250 permanent office locations, as well as a reduction of 152 seasonal and processing center locations, some stemming from compliance problems.
hewitt surprised listeners on the company’s quarterly earnings conference call by saying he’s looking to turn over the reins. “it’s time i have a backup in the company,” he said.
good for talent; tough for employers: retirements, turnover, and outsourcing.
by rick telberg
卡塔尔世界杯常规比赛时间
“change is coming to the tax profession potentially as a ‘perfect storm’ in 2017,” according to some leading executive recruiters, explaining the upcoming tax reform is still unknown but will likely result in tax professionals needing to quickly change and adapt to new rules and regulations.
“additionally,” they say, “u.s. corporate tax departments will potentially explore outsourcing arrangements. citing the arrangement between pwc and ge, they ask, “is this a one-off situation or a transformational trend?” in the pwc/ge deal, ge hived off its tax department to pwc, which then assumed the ge tax department’s activities as an outsourcing engagement.
h&r block return volume outperformed industry results when compared to irs data reported through february 24. market share gains were realized in both the assisted and diy categories. in the assisted category, h&r block outperformed the industry with a decline of 8% compared to the irs reported decline of 13%. in the diy category, h&r block outperformed the industry with a decline of 5% compared to the irs reported decline of 8%. while overall industry and company volume is expected to improve during the second half of the tax season, company performance relative to the industry is expected to moderate given the conclusion of its free federal 1040ez and refund advance promotions on february 28.
no wonder small business owners need accountants. many don’t understand the deductions they’re entitled to. most don’t use bookkeeping software. and too many are still keeping paper receipts by the shoebox-load.
after surveying more than small business owners, manta, the small-business directory, asserts small business owners “are on top of their tax games.” but we know a few accountants who would beg to differ.
manta’s survey found only 61% of small business owners understand the deductions available to them as business owners. luckily about the same number, 62%, use a cpa to file taxes. still, 21% track of expenses with paper receipts, making filing a pain.
in the war for talent, “local” cpa firms face new threats from distant, bigger rivals.
by rick telberg
卡塔尔世界杯常规比赛时间
the traditional business model of the so-called “local” cpa firm is being challenged anew by the emergence of a single, unified coast-to-coast talent market that’s undermining the pay differences between big-city and small-town firms.
late and unprepared clients scored high, indicated by 41.6 percent of respondents. staffing issues, at 34 percent, was right up there, too. but the most common concern was security, privacy, and identity theft, checked off by 46.2 percent.
it isn’t often that one category of concern reaches the mid-40s. in 2016, “clients late or unprepared” is the only one that’s consistently up there, ranging from a low of 47.3 in 2016 to 59.3 percent in 2010. but generally, the numbers for that category have been improving.
irs funding in decline. ($ billions, inflation adjusted)
tax professionals feel the pain.
by rick telberg 卡塔尔世界杯常规比赛时间
people don’t often have much nice to say about the internal revenue service. but everybody seems to like what internal revenues pay for—the powerful military, the court system, the interstate highways, air travel safety, the control of disease, the prevention of pollution, national parks, health benefits for elected officials, and so much more.
without taxes, we don’t have a great country. we don’t even have civilization. and without the irs, we don’t have taxes.
despite the crucial importance of the irs, congress has reduced the service’s budget to the point where lost revenues may exceed (if they aren’t already) cost savings. and the problem can only get worse, professionals say, with a 14-percent budget cut next year, as reportedly planned by the white house. read more →
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how to beat the staffing crisis: 
what clients don’t know they don’t know.
in the war for talent, “local” cpa firms face new threats from distant, bigger rivals.
even as irs sees declines.
