outlook & analysis

mandatory e-filing clogs tax season gears

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

click to enlarge

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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audit fees stall at 2% annual increase

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clients report little change to their external audit fees in 2010.

2010 average audit fees by sales revenue
click to enlarge: 2010 average audit fees by sales revenue

publicly held companies surveyed this year paid on average $3.3 million in total audit fees for fiscal year 2010, which represented an increase of 2% from the audit fees that these same respondents paid for the prior fiscal year audit, according to the financial executives research foundation, an affiliate of financial executives international.

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what people want from you

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arnold sanow
arnold sanow

the 14 strategies to build better business relationships.

it’s been said that when you look for the good in others, you discover the best in yourself.

it’s nowhere so true as in the accounting business. contrary to the cliche, accounting is a people business — most accountants spend a lot of time working directly with staffers, colleagues, superiors, clients and maybe-clients.

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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 →

number of accounting grads hits new high

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hiring plans rebound. heavy demand for post-grads.

top line: undergraduate degrees. bottom line: post-graduate degrees. source: aicpa

via aicpa

newly minted accountants have some of the brightest job prospects in the nation, with nearly 90 percent of accounting firms forecasting the same or increased hiring of graduates this year compared with 2010, and nearly three quarters, 71 percent, of the largest firms anticipating more hiring – an indicator of a rebounding economy.

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looking for a growth industry? how’s voip sound?

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expansion through the downturn.

industry research firm ibisworld identifies the top 10 fastest growing industries from 2000 to 2016.

 

“after compiling the list of fastest growing industries, there were some apparent trends,” explained ibisworld senior analyst casey thormahlen. “each industry on the list experienced growth as a result of one or more of four drivers: internet growth, environmental issues, cost cutting and evolving technology.”

1. internet growth

it is no surprise that voice over internet protocol (voip), e-commerce and online auctions, and internet publishing and broadcasting top the list. each is being supported by the increasing popularity of the internet for communication and business transactions. read more →

we’re all small firms now

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how big is a small firm? aicpa says $25 million.

source: aicpa, 2009 data

new market intelligence has surfaced as the result of a small row between the aicpa and the u.s. small business administration, suggesting the idea of a mid-sized firm may be a wishful notion. according to aicpa calculations, big four firms control about half the revenue and half the jobs, and most of the rest of the industry should be classified as small business.

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