worst tax season ever?
true or false: you had the worst tax season of your life this year.
tax
tax trends in small business: what drives them to seek professional help
new data obtained by 卡塔尔世界杯常规比赛时间 shows that 84 percent of small-business owners are now paying an independent tax practitioner or accountant to handle their taxes.
in addition, an increasing number of small business taxpayers appear to be taking advantage of sec.179 expensing and bonus depreciation.
the new report available from 卡塔尔世界杯常规比赛时间 includes information on:
- the number of small business owners who use an outside tax or accounting service
- how many hours per week a small business spends on payroll tax administration
- average cost for using a payroll agency
- hours spent on federal tax
- various tax burdens
- how to download complete report (pdf, 13 pages)
12 good reasons for obtaining extensions
those who know ed mendlowitz, author of the 卡塔尔世界杯常规比赛时间 tax season opportunity guide, know that he doesn’t like extensions. however, there are valid reasons for extensions.
ed grudgingly admits to 12:
- you did not receive k-1s or 1099s or other documents with information that you need to report.
- you did not receive letters confirming charitable contributions that are required to be in your possession by the due date of your tax return.
- there is pending litigation and reporting certain transactions might prejudice your position, or you are awaiting resolution that might cause or affect an adjustment or estimate made for last year. read more →
tax pro’s still running behind last year’s pace
at this rate, practitioners may be on track to make the april 15 deadline, but just barely. at the same time, the number and proportion of self-prepared returns continues to rise. it has been estimated that between 2010 and 2012 some 12 million taxpayers dropped out of the paid-preparer market to go to do-it-yourself software programs. and that trend is clearly continuing.
in this report: the box score so far this season, compared to year-ago periods. read more →
tax season opportunity #14: fix the top 21 reasons why clients switch firms
practitioners should consider how many of these mistakes they might be making right now, from ed mendlowitz, cpa and author of “the tax season opportunity guide.” read more →
five new tax season tips to provide consistency in service, processes, and standards
by ed mendlowitz
adapted from the 2013 tax season opportunity guide
one way to guarantee extra work is to have everything always done differently each time it is done.
not establishing uniform procedures is bad business and unnecessarily consumes part of your life.
consistency in performance reduces work and review time and creates a greater reliance on the staff people.
checklist: read more →
tax pro’s slammed with sloppy software and federal sequestration
will this be remembered as another “tax season from hell?”
join the survey; get the updates.
by rick telberg
卡塔尔世界杯常规比赛时间 research
the last time tax professionals slogged through a tax season from hell, it was 2008, the financial world was crashing into a million little pieces, and 1 in 4 accountants was reporting disastrous operations.
before that, long-timers might recall 1995, when the irs deployed a filing fraud crackdown that delayed millions of refunds.
more tax season research: tax pro’s turn negative on busy season | busy season outlook 2013 | top tax season trends, issues and opportunities
this year, with the irs opening the filing gates not until march 4, could 2013 become another one for the record books?
in the latest update to the 卡塔尔世界杯常规比赛时间 busy season barometer, topline findings include:
- the number of practitioners reporting a worse season this year, as compared to last year at the same time, is surging month to month.
- the top 15 issues causing concern, led by irs operations and software and technology problems
- verbatim reports from practitioners around the nation, including one who is seeing a 20% fee decline in his practice.
- how practitioners are responding to clients’ lack of understanding, including resorting to discounts.
nine ways to create well-behaved tax clients [pro member exclusive]
help them to do what you want.
by ed mendlowitz
adapted from the 2013 tax season opportunity guide
providing instructions of what a client needs to do must be clear enough so that the client doesn’t call you to find out what to do.
sometimes taking an extra minute to lay out what the client should do can eliminate that call or indecisive moment a client might feel.
the object of the instructions is to have the client do what you want them to do. read more →
online tax prep goes green for the environment
chicago cpa jody padar helps clients calculate their carbon footprint.
in a sign of things to come as consumers turn to socially responsible shopping, one of the profession’s leading changemakers, chicago cpa jody padar, is launching the world’s first online tax return service that helps clients save money on their taxes while showing them how to reduce their carbon footprint and earn green perks.
branded ecotaxfile.com, the service “gives consumers and small businesses a level of confidence in their tax returns that can only come from working with a full-time accounting professional,” says jody padar, cpa, mst, operations director for ecotaxfile.com and one of accounting today’s 100 most influential people in accounting as an advocate for forward-thinking cpas. she practices out of her new vision cpa group in arlington heights, ill.
available for tax filers in the u.s. and canada, ecotaxfile.com offers real-time, personalized consulting from professional tax accountants and provides individuals and small businesses with tools and specific recommendations for cutting their carbon consumption along with special offers and deals for less carbon-intensive activities.
“we provide direct access to full-time cpas and tax professionals who can help eliminate the stress of tax filing while finding every possible way to maximize your refund or reduce your tax payment,” padar says.
“it’s simple: when you file your taxes with us, we’ll also calculate your carbon footprint,” says ecotaxfile.com founder brad cran. “we then identify areas where you can reduce your impact to live cleaner and save even more money.”
tax pro’s turn negative on busy season
washington brinksmanship spells big crunch for preparers. join the survey; get the updates.
by rick telberg
卡塔尔世界杯常规比赛时间 research
with tax season 2013 delayed by last-minute code changes, staffing problems and software glitches, the mood of the profession is turning markedly sour.
“irs delays will cause confusion and errors, and many upset clients,” says charles postal at santos postal, a five-partner firm in rockville, md. “more extensions will depress cash flow.”
at the same, postal adds, “clients will have more tax needs, but the struggling economy will depress their ability and desire to pay for services.”
in order to battle the business pressures, postal’s firm is “pushing back on fees, using standardized billing by product rather than hours, and adding on charges for technology, audit and tax notice insurance.”
are you asking clients the right tax prep questions?
the top ten tax questions that too often go unasked. ed mendlowitz, 卡塔尔世界杯常规比赛时间 contributor and tax practice veteran, says he sees many professionals fail to systematically ask clients some basic and important questions. here’s his top ten list … continued
accountants chop prices for schedule c’s
but most other rates are increasing.
in another sign that the profession is pushing through at least some price increases in a highly fee-pressured environment, a new survey reports that professional tax preparers this year will be charging an average of $246, up 6%, for a typical 1040 with a schedule a and a state return. still, the survey finds price pressure for schedule c’s.
the survey shows pricing for the bread-and-butter forms delivered by local independent tax professionals, including:
- form 1040 schedule c (business)
- form 1065 (partnership)
- form 1120 (corporation)
- form 1120s (s corporation)
- form 1041 (fiduciary)
- form 990 (tax exempt)
- form 940 (federal unemployment)
- schedule d (gains and losses)
- schedule e (rental), and
- schedule f (farm)
the survey also breaks down pricing patterns by region, and adds data on client payment options.
10 best practices for tax season
first: are your fees high enough?
by ed mendlowitz, cpa
author of “implementing fee increases” and “the tax season opportunity guide.”
- increase your fees 3-5% at a minimum – to offset your increased costs.
- deliver your bill with the return.
- call clients before return is sent to explain and give a heads up for unexpected results. read more →