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the 卡塔尔世界杯常规比赛时间 busy season barometer: new year, new plans?
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by 卡塔尔世界杯常规比赛时间 research
it may be too soon to say for sure, but america’s tax pros think we might be coming up on a pretty good tax season – more clients, no big new tax rules, software up and running, staff up to speed on last year’s tax cuts and jobs act.
more: irs undertakes overhaul
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granted, this is a comparison with last year, an annus horribilis that will go down in annals of accountancy. remember? a major overhaul of tax rules. a shortage of new forms. software suddenly obsolete. clients confused. and the irs shuttered for a government shutdown.
it doesn’t get any worse than that. it can only get better, and that seems to be what’s happening, according to early responses to the 卡塔尔世界杯常规比赛时间 2020 busy season barometer. a staggering 63 percent of respondents expect a tax season much better or somewhat better than last year. only 8 percent think it will be somewhat worse or much worse.
the trial by fire of yesteryear
just to compare, look at last year. at this point in the season, only 36 percent thought things would improve over the previous year, and 31 percent foresaw a worse season. and those numbers, already dismal, got worse within a few weeks.
but the trial by fire of yesteryear has left survivors stronger in 2020. of the 147 respondents who gave us their sense of the upcoming season, the most common comments expressed the strength of their staff and the relatively few changes to the tax code.
neil hesketh, virginia-based owner of ndh small business consulting, thinks 2020 will be “somewhat better” because, in his words, “this year i – and my clients – have a better grip on how the new tax model works. plus, last year i changed tax software, so i will be more familiar with it this year.”
relieved along the same lines, rob coursey, a partner with the cpa firm mueller, says, “the second year of new tax law should be easier to navigate.”
still, the inevitable changes to the tax code and other regulations are a widespread concern touching 36 percent of respondents.
fearing the late and the unprepared
of far more concern, however, are clients coming in late or unprepared. just under half of responding tax pros are worried about that uncontrollable and unpredictable gum-up of what might otherwise be a smooth season.
still, according to sole practitioner rebecca neilson, “clients are setting appointments early and new clients are calling to make appointments.”
though worried about the timing of clients, tax offices are not worried about the numbers of clients. an optimistic 47 percent expect some increase or a significant increase in the quantity of clients. with more business coming in the door, 72 percent are counting on higher revenues and net profits. virtually no one – well, ok, 1.2 percent – thinks the number of clients will decline significantly, though 12 percent think they might see some decrease. expected decreases in total revenue, net profit and profit per client are similarly low.
some of the optimism may be tempered by former clients who figure they can do their own returns under the simplifications of the tcja. but many practitioners indicate they will balance the loss with higher rates.
fed up
one anonymous cpa seems to have gotten fed up with clients looking for bargains.
“i’m raising rates,” the cpa said. “one corporate client tried to grind me on price and threatened to have his wife do the bookkeeping to keep cost down. my survey of local cpas showed my rates are low. not any more. also getting rid of the diy bookkeeping clients and referring them to the local h&r block for bookkeeping and corporate tax return – culling the clientele list. all this because one very well-heeled client decided to grind me on price. good wakeup call.”
jeffrey a. hirsch, president of massachusetts-based jeffrey a. hirsch, p.c., said the same with a succinct, “upped my rates and not giving away my services.”
these first barometer results came in before the end of january. it’s still early. how long will the optimism last? last year – granted, a most unusual year – 36 percent were optimistic in january, but a few weeks later, the number dropped precipitously to 29 percent. at the same time, the 31 percent who expressed pessimism quickly increased to 49 percent.
what will happen this year? let’s see how it goes once it gets going.