tax professionals expect a very busy busy season.
today’s bonus question:
the tcja impact on your practice and your clients
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by rick telberg
卡塔尔世界杯常规比赛时间 research
one thing’s certain about the 2019 tax season: nothing’s certain.
the early results from the 16th annual 卡塔尔世界杯常规比赛时间 busy season barometer show tax practitioners hopeful but nervous.
more busy season: tax season 2019 launches with a whimper | 16 big questions for tax season | survey: tax accountants alarmed by tcja & shutdown | shutdown: what to tell tax clients during “the lapse” | beware the leeches and consultants | charitable giving under tcja | why padding tax deductions is a risky proposition | handling the delay in 199a regs | survey: clients rush for tcja answers |
exclusively for pro members. log in here or 2022世界杯足球排名 today.
for many, the season seems to be shaping up for more clients and increased revenues. at the same time, however, practitioners are showing unprecedented concerns that instead of success, they could end up with a mess.
and mess or success, they’re in for a lot of work.
the survey finds 63 percent expecting an increase in clients this year, and 78 expecting higher revenues. only 12 percent foresee a decline in clientele, and only 9 expect a decline in revenue.
to understand these early survey results, we have to consider when the respondents responded. it was january and the early days of february. the government was shut down. the irs wasn’t answering the phones. the tax cut and jobs act was in effect but had yet to be fully defined. it was snowing, it was cold, and accountants were commuting in the dark.
except for the questions of taxpayers and practitioners, the tcja seems to be contributing to a good season. among the first 400-plus barometer respondents, just over 10 percent report business much better than last year. another 26 percent say it’s somewhat better than last year, and 30 percent say it’s about the same.
from respondent comments, it seems that more clients, more new clients, and more kinds of clients are seeking assistance, and they’re coming in earlier. their main concern: the tcja.
it’s fears and uncertainties that are driving more clients to a tax office earlier in the year. trouble is, practitioners don’t always have the answers the clients are looking for. there are many unresolved issues relating to the tcja, and for most of january, the irs was barely functional. no wonder we were receiving comments like:
- “a lot of unknowns based on tcja.”
- “clients are calling earlier than usual to set up appointments due to the uncertainty…”
- “holding off clients until final regulations are clarified…”
- “confusion as to the new code…”
- “simply more anxiety because every question requires us to consider brand new tax law…”
the anxiety showed up in the stats. among the 15 “chief concerns” the survey asked about, “tax code and reg changes (including tcja)” was the most common, reported by 67 percent.
and you can probably guess the second: yes, “irs operations (including the government shutdown),” heavy on the minds of 53 percent.
both of those factors probably led to the third: “pricing and fee pressures,” felt by 40 percent. clients are going to have to understand that the overhaul of the tax code is going to require more work on the tax preparer’s part.
almost as common, and again for much the same reasons, is a concern with “clients late or unprepared.” well, they aren’t late yet, but who can be prepared if the irs itself isn’t prepared…or even answering the phone?
it’s all adding up to stress! stress! stress! stress!
but for those who can take it, 2019 looks to be a profitable year.
everything is looking up: number of clients, amount of revenue, profits per client, and, alas, anxiety.