sound-off: how would accountants fix the irs? join the survey. get the results.
by 卡塔尔世界杯常规比赛时间
tax preparers and taxpayers aren’t the only ones with tax problems. the irs has problems, too.
ten of those problems have been laid out in an annual report to congress from the taxpayer advocate service.
how to save the irs?
make your voice heard:
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we covered the top five here. and here are the next five explained. read more →
here are just the first five.
by 卡塔尔世界杯常规比赛时间 research
america’s taxpayer advocate service—an independent watchdog agency within the irs—has identified the ten most serious problems at the irs.
more: 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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by “problems,” the tas means the difference between what taxpayers want and what the irs delivers. unfortunately, tax preparers trying to bridge the gap between the two often end up taking grief for failing to do the impossible.
understanding the problems at the irs end can help practitioners explain the situation. here are the top five: read more →
most tax and accounting practitioners see a bleak outlook ahead.
by 卡塔尔世界杯常规比赛时间 research
tax and accounting professionals are launching into busy season 2022 with widespread fears of crisis and chaos, facing a third year of pandemic conditions, the staffing shortage, a sputtering irs, and political and economic uncertainties.
the outlook for busy season 2022?
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a majority of accountants are telling the 卡塔尔世界杯常规比赛时间 busy season barometer that they are expecting an even worse year than last year, with 40 percent bracing for “somewhat” worse and 11 percent girding for “much “worse.
april tax solutions targets banks and financial institutions.
jody padar, cpa, also known as “the radical cpa,” has exited botkeeper after three years and joined april tax solutions, inc., a start-up that uses an intelligent tax platform to automate the filing process and embed tax prep into broader financial applications.
padar is head of tax and evangelism. april is backed by $10 million in seed capital from a number of venture capital funds.
“it’s time to bring taxes into the digital age,” says padar. “i’m excited to lead the charge and help the next generation of consumers and accounting professionals have a better relationship with tax filings.”
april says it partners directly with banks and financial institutions to do away with the silos traditionally existing between tax and financial planning. the company is rolling out in the first half of 2022 to select customers of leading fintech partners in time to file their taxes for this season.
can busy season get any worse? we’re about to find out.
by 卡塔尔世界杯常规比赛时间
the year 2021 gave tax preparers and taxpayers one big mutual hope — the hope that such a year never happens again.
more for tax season 2022: eight ways to charm a client | prepping for tax season: plug small leaks before they become big floods | four issues with ‘quick’ tax questions | updated: accountants critical of competitor price-cutting | when to pick up the phone this tax season | get your team ready for tax season | automate busy season with apps you already use | these five procedures will simplify your tax season | 11 steps to better client tax instructions | 12 ways to squeeze fun into tax season | six ways to get paid faster | survey: worries for small business clients | busy season forecast: more chaos |
and just in case congress didn’t get the message, national tax advocate erin m. collins submitted to that august body an annual report that pulled no punches and spared no explication. the new filing season starting jan. 24 could bring hitherto unbelievable problems.
the situation, she said, was dire. read more →
and 19 more issues for the wild new world of cloud commerce.
by 卡塔尔世界杯常规比赛时间
share knowledge, don’t hoard it.
by ira rosenbloom
running a cpa firm tax department may be a dream role for many professionals or a nightmare.
more: 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
if it is your dream or your responsibility, here are 10 imperatives to be a successful tax department director at a cpa firm. read more →
the average firm may be trimming billing rate increases. but 卡塔尔世界杯常规比赛时间 readers aren’t average.
by 卡塔尔世界杯常规比赛时间 research
heading into tax season, cpa firms may be facing new pricing pressures, even as wages and consumer prices increase at record rates, according to a 卡塔尔世界杯常规比赛时间 study of new government economic data.
what are today’s best pricing strategies?
join the survey. get the answers
to be sure, many 卡塔尔世界杯常规比赛时间 members responding to our survey are resisting the pressures, and plan on pushing ahead with price increases.
more surveys & research: sales & use tax costs are higher than anyone thought | are you under-pricing your client accounting services? | survey: nobody loves the wayfair decision | survey: worries for small business clients | busy season forecast: more chaos | salt: the small business disaster waiting to happen
while inflation is pushing prices up at record rates in major sectors of the u.s. economy, cpa firms appear to be trimming their billing rate increases, slicing 0.2 percent off the average price from october to november, according to 卡塔尔世界杯常规比赛时间 research.
make automation take the load off this busy season.
by donny shimamoto
center for accounting transformation
between tax law changes and the pandemic, the last two busy seasons have been a bear for tax preparers to deal with.
related: discover your accountant superpowers | what auditors know about amazon product ratings | non-cpa “cpa” firms? really? |
while there is still some volatility and uncertainty around what the next busy season will look like, tax preparers should consider the following technology-related initiatives now so they can proactively equip their firms for the coming busy season. this should enable staff to have more work-life balance during the busy season and increase the firm’s ability to recruit and retain talent.
ripe opportunity for accountants to take over clients’ costly recurring non-revenue-generating back-office drudgery.
by 卡塔尔世界杯常规比赛时间
midsize businesses spend 163 hours per month on tax compliance – costing more than $17,000, according to new research released by avalara, the sales tax automation company. additional findings break down what tax requirements businesses spend the most time and money on.
tax and accounting firms will be most interested in data related to clients’ recurring and significant spending on non-revenue-generating tasks, in tandem with the potential for human error and resulting impacts on compliance.
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accountants to small business: beware state and local tax issues.
by 卡塔尔世界杯常规比赛时间 research
ironically, the chaos translates into expanded business.
by 卡塔尔世界杯常规比赛时间 research
it was a pretty bad busy season for most of the nation’s tax preparers. covid-19 was on the wane, but congress was on the job, jiggering tax rules even as the season was underway.
and, now, with the prospects of a federal government shutdown and a multi-trillion-dollar spending bill, 2022 is shaping up to be deja vu all over again.
more in surveys & research: pop quiz: can you find $330,000 for your clients? | automation without accountants | survey: your favorite desktop pc | remote work is here to stay | cpa firms reject staff vaccine mandates | salt: the small business disaster waiting to happen |
to be sure, a good number of accountants are assuaged by more clients and more revenue. but the 卡塔尔世界杯常规比赛时间 business barometer finds preparers experiencing a long, tough slog.
in all, 53 percent say they had a busy season somewhat worse (27 percent) or much worse (26 percent) than last year.
for some, it seems like a good time to call it quits. “thank you for all the love and support,” says one firm’s auto-responder to incoming emails.
“as some of you may know, this past few tax seasons have been nothing short of chaotic, to say the least,” the three-office, north carolina tax shop tells callers. “but i have enjoyed being able to assist each and every one of my clients.”
why estate planners may now need to re-think an uncountable number of revocable trusts in at least 30 jurisdictions.
by seymour goldberg, cpa, mba (taxation), jd
the practitioner’s guide to the ira distribution rules under the secure act
a kansas court case may make it necessary to redo many ira trusts and change them from revocable trusts to irrevocable trusts, affecting an untold number of estate plans in at least 30 jurisdictions. the case revolves around a woman named wand and a $93,314.48 promissory note to a bank.
wanda was living in a retirement home and getting by on medicaid when she died in 2003, leaving an estate that owed more than it owned. wanda’s ira accounts were set up to be payable to her revocable trust. but the court ruled that, because the estate’s assets were inadequate, the bank could seize wanda’s ira accounts.
more: why you really need a protective trust | irs updates pub. 590b on ira distributions | irs pledges to fix secure act 10-year rmd rule
so, from an asset protection point of view, it may be worthwhile to use an irrevocable standalone trust, instead of a revocable standalone trust, as the beneficiary of an ira account. this may be especially true in jurisdictions that have adopted versions of the uniform trust code.
the reason this case is so important is that during an ira owner’s lifetime, ira accounts are protected from creditors, except the irs, of course. but there has never been a case prior to the kansas case in which the deceased ira owner’s creditors – other than the irs – could collect from a beneficiary of a deceased ira owner’s ira account unless the beneficiary the ira account of the deceased ira owner was his or her estate.
since many attorneys in the u.s. use revocable trusts in estate planning and not irrevocable trusts, there may be many revocable trusts that have been selected as the ira owner’s beneficiary of his or her ira account. based on the kansas case, it may be necessary to review an uncountable number of trusts and change them from revocable to irrevocable trusts.