three trends that will transform your tax practice or eliminate it

“worst tax season ever.”  “the death of the 1040 practice.”  “i’m retiring.” 

by frank stitely

since the end of tax season, cpas voiced apocalyptic concerns.   you can blame this latest meat grinder of a tax season on congress, competition from turbotax, and the irs.

or you can recognize that three trends are converging that will either transform your practice or eliminate it. read more →

tax season survey data on top issues

seven hot topics that “pushed a button.”

bob jennings
bob jenning

tax guru bob jennings (cpa, ea, cfp, and rtrp) has been polling past attendees of his cpe seminars about tax season 2013.

clearly, tax professionals are still seething. “we sent our survey out and it must have pushed a button because the responses overwhelmed our servers,” says jennings, taxspeaker.com.

the results may not surprise you. but they are sobering nevertheless.

he offers new data on

  1. workloads,
  2. profits,
  3. software,
  4. volume of returns handled,
  5. exit strategies, and
  6. the use of engagement letters and
  7. portals.

here are the highlights so far: read more →

tax practitioners end busy season 2013 short by 300,000 returns

untitledthe nation’s tax accountants failed in the final days leading up to april 15th to close the gap commonly attributed to early-season delays and confusion, according to the latest data available.

but if the shortfall holds through coming weeks of data gathering, 卡塔尔世界杯常规比赛时间 believes it could mark a significant and serious downturn in the future of the tax prep industry.

in this report:

  • tax professionals e-filed 63.3 million returns, down 0.4% from last year’s 69.6 million.
  • meanwhile, the number of do-it-yourself e-filers grew 4%, to 43.1 million, up from last year’s 41.3 million.
  • complete statistics on individual income tax returns, filings and filing rates, week by week, in year-to-year percentage change
  • number sent to irs
  • number processed by irs
  • number e-filed by tax professionals
  • number e-filed by self-preparers
  • irs.gov website traffic
  • number of refunds
  • total dollar amount of refunds
  • average refund
  • number of direct-deposit refunds
  • amount of direct-deposit refunds
  • average direct-deposit refund

read more →