survey: a glint of optimism for 2021
accountants expect to out-perform their clients. is that a good thing?
by 卡塔尔世界杯常规比赛时间 research
tax practice
accountants say: brace for a dismal 2021
as if 2020 wasn’t bad enough, next year could get worse.
by 卡塔尔世界杯常规比赛时间 research
ppp traps: 1 in 5 accountants report shady dealings
fake employees, fake businesses, and lavish spending mar the covid relief program.
have you walked away from any ppp engagements?
ppp practice management do’s and don’ts:
join the survey. get the results.
by sandi leyva
with fast money comes fast fraud, and the arrests and jail terms are only just beginning for individuals who applied for ppp money under false pretenses and have already been caught. you’ve seen the headlines, where people from every walk of life including reality tv stars, rappers, a wal-mart manager, and even an nfl player have been arrested on charges of ppp loan fraud.
ppp fraud has likely already impacted your firm. the extent of the fraud is the real story.
one thing is fairly predictable: “audits will pick up,” says bradley burnett, tax attorney and instructor of the ppp forgiveness webinars being conducted by accountant’s accelerator and 卡塔尔世界杯常规比赛时间.
according to respondents of an ongoing survey being conducted by 卡塔尔世界杯常规比赛时间 and accountant’s accelerator, preliminary results show that just over 1 out of every five accounting professionals offering ppp services (22 percent) has had to walk away from at least one ppp engagement. and one firm has had to walk away from more than five ppp engagements.
don’t get burned by these ppp pitfalls
three ways to get it wrong and only have one chance to get it right.
^ click for video
by stephen nelson
over the last few months, i’ve answered hundreds of questions about ppp loans. and i’ve written a short e-book, “maximizing ppp loan forgiveness” for the accountants who will help small businesses with their forgiveness applications.
stephen nelson’s new e-book maximizing pp loan forgiveness is available through 卡塔尔世界杯常规比赛时间 directly from his website for instant download. | more from stephen l. nelson
learn more here: new e-book: ‘maximizing ppp loan forgiveness’
exclusively for pro members. log in here or 2022世界杯足球排名 today.
^ click for podcast
and, here’s an insight from all this frenzied ppp activity: big surprises await many borrowers.
new e-book: ‘maximizing ppp loan forgiveness’
e-book ready for download, 110 pages of practical guidance.
learn more
by stephen nelson cpa
software saves the 2020 tax season
survey says tax practitioners have never been so satisfied with their tax prep applications.
by 卡塔尔世界杯常规比赛时间
what’s the best word to describe the infamous 2020 tax season?
brutal? infectious? interesting? perpetual? weird?
one word works for everybody: unprecedented. a pandemic. a lockdown. new legislation. new rules. federal programs. federal disasters. bankruptcies.
it seems the only thing that’s gone right is software.
the bottom line: tax practitioners have never been more satisfied with their tax apps.
the coming boom in tax services for the super-rich
how to get their business.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
tax planning is in very high demand by the wealthy, growing exponentially in importance as you move up the wealth hierarchy.
more: the seven simple steps to thrive in the covid crisis | the three new business models delivering significant profits for accounting firms | 5 meetings of the (true) wealth management process | collaborative wealth management: defining the framework | protect your clients’ assets | even entrepreneurs must diversify | when clients cash out: four smart financial moves
exclusively for pro members. log in here or 2022世界杯足球排名 today.
for a large percentage of the super-rich (net worth of $500 million or more) with various private company interests, astute tax planning is the most valuable expertise – far exceeding other services such as investment management.
busy season benchmarks in free fall
major declines in all kpis: clients, revenues, profits, revenue per client, and profit per client.
busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.
by 卡塔尔世界杯常规比赛时间 research
last year’s busy season was complicated, no doubt about it. the tax cuts and jobs act and the irs shut-down made life difficult for tax practitioners. but ultimately, they had a good year. a good 56 percent enjoyed an increase in clientele, and only 16 percent saw a decrease.
flash forward to the annus horribilis, aka 2020. according to this year’s 卡塔尔世界杯常规比赛时间 busy season barometer, only 46 percent of accountants are gaining clients — a 10-point reversal from last year. and another 25 percent are losing clients – a 15-point swing from 2019.
more busy season 2020: fiinal rs efiling stats: the end of tax season? | say hello to the new 24-month busy season | 9 big ways the irs could help accountants | the mystery of 10 million missing tax returns | tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
it’s impressive that so many tax offices have actually expanded their clientele during such hard times. and it’s not surprising that so many have lost clients.
what happened?
say hello to the new 24-month busy season
covid chaos turns busy season 2020 from bad to worse.
busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.
by 卡塔尔世界杯常规比赛时间 research
last year—the good old days!—busy season seemed to be about as bad as it could get. congress enacted the tax cuts and jobs act without explaining how it was to be enacted, and then changed some things. and then the irs shut down before the rules could be set and the new forms and schedules made available. and all of a sudden it was april 15.
more on the 2020 season: the mystery of 10 million missing tax returns | tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
tax practitioners had little good to say about 2019. according to last year’s 卡塔尔世界杯常规比赛时间 busy season barometer, 46 percent said 2019 was worse than the previous year. only 13 percent thought it was “much better.”
that was then.
this is now. and, now is worse.
9 big ways the irs could help accountants
deadlines could change. so could options.
by 卡塔尔世界杯常规比赛时间 research
the taxpayer advocacy service’s mission is to make life easier for taxpayers, but when it succeeds, it alleviates the burden on tax practitioners as well.
more: flexibility in a time of pandemic | what are irs faqs worth? | the top six irs #fails this tax season (so far)
with that mission in mind, the tas has set itself a serious series of nine objectives for fiscal year 2021. each one touches on the services of cpas and tax practitioners, so it’s worthwhile to follow how successful the tas is.
read more →
what are irs faqs worth?
not enough, says national tax advocate.
by 卡塔尔世界杯常规比赛时间 research
the covid-19 crisis hit the internal revenue service pretty hard.
- employees were sent home to quarantine.
- entire operations were shut down.
- most taxpayer-to-agent communication was impossible.
- taxpayer assistance centers were shuttered.
more: the top six irs #fails this tax season (so far)
complicating matters, congress passed a number of initiatives that the irs had to execute even as it was stripped down to the skeleton crew:
read more →
how covid has pulverized irs operations
delays, postponements, system failures, shutdowns, and mounting backlogs.
by 卡塔尔世界杯常规比赛时间
taxpayers who filed a 2019 paper return and are entitled to refunds may be in for a long wait, according to the first report to congress from the new irs watchdog.
more on the 2020 season: the mystery of 10 million missing tax returns | tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
the irs was forced to suspend the processing of paper tax returns, and as of may 16, it estimated it had a backlog of 4.7 million paper returns, says national taxpayer advocate erin m. collins, who succeeded long-time predecessor nina olsen just as the pandemic was ramping up.
although the irs is reopening some of its core operations, it is not clear when it can open and process all the returns sitting in mail facilities, the taxpayer advocate service reports.
the mystery of 10 million missing tax returns
while tax professionals’ efiling pace remains stalled, diyers grow by 4 million.
busy season barometer:
how accountants are battling the coronavirus recession
join the survey. get the answers.
by beth bellor
with less than a month to go before 2020’s extended tax deadline, the grind continues.
more: tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed
and the question is: where are 10 million tax returns that should have been filed by now by professionals?