tax

six more ways to fix the irs

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they’ll take some time, but not much money or technowizardry.

by 卡塔尔世界杯常规比赛时间

when national tax advocate erin m. collins sat down before the house subcommittee on government operations this april for hearings titled “irs: is it ready?” she spoke truth to power.

she told power that the irs is truly in big trouble.

  • its backlog of unprocessed returns and unanswered mail is unprecedented in the history of the united states.
  • last year its agents answered only 11% of incoming phone calls.
  • its “where’s my refund?” and “where’s my amended return?” online tools often failed to answer either question.

more: six quick solutions for irs backlogs | accountants agree: the top five ways to fix the irs | irs tops list of busy season problems
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she also told power an embarrassing truth: there are solutions. they just have to be enacted.

but there’s one other truth: the solutions cost money.
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six quick solutions for irs backlogs

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some reassignments, perhaps?

by 卡塔尔世界杯常规比赛时间 research

editor’s note: this is part i of a series on fixing the irs. part ii will explore medium-term and longer-term solutions. part iii will look at legislative solutions.

everybody gripes about the irs, but nobody does anything about it.

more in tax practice: thinking commercial real estate? think fast.  |  new small firm cost seg opportunities  |  what gig workers want  |  accountants agree: the top five ways to fix the irs  |  tax season ’22: working harder for every dollar  |  irs tops list of busy season problems

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well, almost nobody. on april 21, america’s national tax advocate, erin m. collins, marched into the house of representatives, sat down before the subcommittee on government operations and told them two things:

  1. what the problems at the irs are, and
  2. what to do about them.

read more →

refocus on year-round best practices

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tax grinds are no reason to stop working on your business.

by ira rosenbloom

cpa firms commonly earn the bulk of their revenue from calendar year-end and personal tax work performed during busy season. during this period, the heavy focus on production for tax season takes too many practices away from strong practice management discipline for considerable blocks of time during the winter crunch and the september 15 and october 15 deadlines. practice management best practices are a 365-day-a-year discipline, and those who work it every day see the difference.

featured video: the seller’s guide to getting the best price for your firm

more: 5 keys to m&a success | 10 steps to a superior tax department | 10 ways to protect your best clients from your competitors | are you overthinking an m&a deal? | how to put the ‘success’ in succession | how covid-19 has changed succession planning | top 10 steps to maximizing profitability

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keeping your business healthy will go a long way toward improving happiness for your team. maintaining these five best practices will also enhance your firm’s succession options, and give you more leverage in m&a.

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accountants agree: the top five ways to fix the irs

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the united states of frustration: schaffer, zulager, toye, devine. (word cloud: 卡塔尔世界杯常规比赛时间 research)

some suggestions: burn it down and start over. abolish the income tax altogether. privatize it.

by 卡塔尔世界杯常规比赛时间 research

if the 卡塔尔世界杯常规比赛时间 busy season barometer were a thermometer, it would be popping its mercury with responses to “how would you fix the irs?”

see: irs tops list of busy season problems

we’re getting a lot of comments, many of them scorchingly hot. accountants and tax preparers are not happy with the government agency that their profession depends on more than any other.

more busy season ’22: survey: big worries for u.s. and small business  |  working harder for every dollar  |  for a few: why busy season 2022 beats 2021 |  can the r&d tax credit be used to offset the amt?  |  21 reasons tax clients fire accountants  |  unhappy about tax season?  |  individual tax refunds up 13%  | shut down the tax charlatans   | eight quick, easy ways to fix irs filing   |  a tax season worse than 2021?  |  16 traits of the best tax clients  | irs under covid: heroes or goats?

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the top five most common recommendations:
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nine tax season resources that get forgotten

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happy family of four outdoors in winter clothing on snowdon’t take these for granted.

by ed mendlowitz
tax season opportunity guide

we have many resources and need to recognize that. and we need to treat each with its own importance. even if you did everything yourself, you’d still need to rely on your tax software company, fedex and the postal service, stationery supplier, computer consultant, the internet and email, cell phone provider and copier/scanner machine. and that’s just a few of the resources we rely on. managing your resources well creates an aura of security and consistency to your practice.

more: 16 traits of the best tax clients | eight ways to charm a client | plug small leaks before they become big floods | you’re only as good as your last screw-up
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but there more. and they are often overlooked. or taken for granted. here are some more resources that need to be managed:
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can the r&d tax credit be used to offset the amt?

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portrait of alex pak
pak

check four tests for qualified research.

by alex pak
source advisors

alex pak is a director in the los angeles, california office of source advisors.

the protecting americans from tax hikes (path) act of 2015 includes provisions that allow certain taxpayers to offset their amt liability with the r&d tax credit for taxable years beginning on or after jan. 1, 2016.

more: how the r&d tax credit has expanded over the years | the nine-point plan for handling §179d
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amt limitations

before the path act, amt restrictions prevented qualified companies from utilizing 100 percent of the r&d tax credit. the excess credits were often carried forward. today, small businesses can offset amt using the r&d tax credit for tax years beginning after dec. 31, 2015.
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21 reasons tax clients fire accountants

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portrait of an angry man yelling on the phonewhat could you be preventing right now?

by ed mendlowitz
tax season opportunity guide

clients have many choices, including the choice of a tax preparer. every new client an accountant gets is because that client left – fired – their previous accountant.

more: 16 traits of the best tax clients | eight ways to charm a client | plug small leaks before they become big floods | you’re only as good as your last screw-up | four issues with ‘quick’ tax questions | when to pick up the phone this tax season | these five procedures will simplify your tax season | 11 steps to better client tax instructions | get your team ready for tax season | 12 ways to squeeze fun into tax season | 6 ways to get paid faster in tax season
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so why do clients leave?

here are 21 good reasons why they should: read more →

unhappy about tax season?

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businesswoman holding green folderit’s time to figure out why.

by ed mendlowitz
tax season opportunity guide

successful people are happy with their practices and what they do and get joy from interacting and helping clients. i know a lot of accountants who continuously complain about tax season – yet they make most of their money during the period.

more: 16 traits of the best tax clients | eight ways to charm a client | plug small leaks before they become big floods | you’re only as good as your last screw-up
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do they expect someone to knock on their door with a wheelbarrow of money to hand them? if they are financially secure, why do they keep working?
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individual tax refunds up 13%

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irs data chartpros handle less than half of e-filings.

by 卡塔尔世界杯常规比赛时间

six weeks into tax season, 63.5 million individual income tax returns had been filed, down 3.9 percent from the same period in 2021 – the week ending march 11, the latest data available from the internal revenue service. of those returns, 62 million had been processed, up 5.9 percent, pegging the current processing rate at a respectable 97.6 percent.

more: tax pros preparing 46 percent of e-filings | irs launches 2022 season with “strong start”
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a tax season that began and ends one month earlier than the previous year makes comparisons difficult, with true perspective likely not possible until late may.
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irs tops list of busy season problems

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forget covid. the underfunded, understaffed, underequipped, underappreciated, misunderstood irs is the top problem.

by 卡塔尔世界杯常规比赛时间

it probably won’t surprise you that the 卡塔尔世界杯常规比赛时间 busy season barometer identifies irs operations as the biggest problem tax practitioners face today. in fact, we’ve never seen such widespread agreement among respondents—an astonishing 80 percent of them.

more in tax: shut down the tax charlatans | tax pros preparing 46 percent of e-filings | eight quick, easy ways to fix irs filing | for a few: why busy season 2022 beats 2021 | a tax season worse than 2021? | 16 traits of the best tax clients | six fixable problems at the irs | irs under covid: heroes or goats? | irs launches 2022 season with “strong start” | two big (and obvious) ways irs could work with practitioners | imagine a fully online irs | the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22

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that consensus indicates that there really is a problem at the irs. it’s underfunded, understaffed, underequipped, and, at this point, underappreciated and misunderstood.

the real problem is that the problem is creating problems. irs staff can’t keep up with correspondence, yet the computers, even though working off an operating system that dates back to the kennedy administration, keep churning out moot notices and undeserved penalties.

read more →

shut down the tax charlatans

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why shouldn’t tax practitioners be regulated? ask congress.

by 卡塔尔世界杯常规比赛时间

what do lawyers, cpas, truck drivers, and beauticians have that many tax preparers don’t?

certification.

more in tax: imagine a fully online irs | the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22 |  padar joins vc-backed tax fintech for banks |  covid chokes an already crippled irs | tax regs for the metaverse | 10 steps to a superior tax department | accountants critical of competitor price-cutting |  automate busy season with apps you already use | sales & use tax costs are higher than anyone thought | survey: nobody loves the wayfair decision | busy season forecast: more chaos  | a woman named wanda leaves an ira nightmare  | are you under-pricing your client accounting services?  | your best advice: get smart, get tech, get moving | worries for small business clients |

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or, to use other words, proven competence. the tax preparation industry is a mixed bag of highly skilled and credentialed professionals, less skilled newbies trying to learn the trade on the job, and charlatans skilled in not much more than ripping off the unsuspecting or, at best, doing a slapdash job. read more →