h&r block return volume outperformed industry results when compared to irs data reported through february 24. market share gains were realized in both the assisted and diy categories. in the assisted category, h&r block outperformed the industry with a decline of 8% compared to the irs reported decline of 13%. in the diy category, h&r block outperformed the industry with a decline of 5% compared to the irs reported decline of 8%. while overall industry and company volume is expected to improve during the second half of the tax season, company performance relative to the industry is expected to moderate given the conclusion of its free federal 1040ez and refund advance promotions on february 28.
no wonder small business owners need accountants. many don’t understand the deductions they’re entitled to. most don’t use bookkeeping software. and too many are still keeping paper receipts by the shoebox-load.
after surveying more than small business owners, manta, the small-business directory, asserts small business owners “are on top of their tax games.” but we know a few accountants who would beg to differ.
manta’s survey found only 61% of small business owners understand the deductions available to them as business owners. luckily about the same number, 62%, use a cpa to file taxes. still, 21% track of expenses with paper receipts, making filing a pain.
late and unprepared clients scored high, indicated by 41.6 percent of respondents. staffing issues, at 34 percent, was right up there, too. but the most common concern was security, privacy, and identity theft, checked off by 46.2 percent.
it isn’t often that one category of concern reaches the mid-40s. in 2016, “clients late or unprepared” is the only one that’s consistently up there, ranging from a low of 47.3 in 2016 to 59.3 percent in 2010. but generally, the numbers for that category have been improving.
the difference between the potential winners and losers this busy season could hardly be more stark, according to a 卡塔尔世界杯常规比赛时间 analysis of the annual busy season outlook tracking survey.
while some 56 percent of accountants so far say they’re looking at a “better” or “much better” busy season this year than last year, a distinct minority of about 16 percent is bracing for problems, trouble and setbacks.
the annual survey tracks the attitudes, behaviors and benchmarks of tax and accounting professionals throughout the season, providing real-time metrics and trends by which practitioners can chart and steer their business plans. the survey remains open throughout the season, as an invitation to professionals to participate regularly. as a reward for joining the survey, participants are provided the first look at new topline findings. join the survey; get the results.
in examining some of their other responses, the reasons emerge with clarity. for instance, those expecting a “worse” year, are three times more likely than those expecting “better” season to cite the “general economic situation” as a chief concern, twice more likely to blame “competition from others,” a third more likely to report “technology or software problems, and a quarter more likely to be having problems with “new accounting and auditing” and staffing” issues. those issues cut to the heart of fundamental and basic operations. read more →
the irs continues to churn back tax returns nearly as quickly as it receives them, while the percentage that were self-prepared is tracking higher than the same point last year.
with 20.18 million returns received as of feb. 3, the latest data available, the agency had processed 19.97 million or 98.9 percent of them. read more →
taxes are hard enough without making avoidable errors. before clients file, they should double check to make sure they don’t make these errors. we often hand out this checklist to clients to avoid mistakes in advance.
not signing the return (if you file paper copies)
number transposition and spelling errors
unchecked or unanswered questions
entering incorrect or unpaid estimated tax payments
if expectations pan out, busy season 2017 might be a banner year, according to the first soundings from the 18th annual 卡塔尔世界杯常规比赛时间 busy season barometer. there’s optimism in the air.
a full fifth of respondents tell us they foresee a busy season “much better” than last year’s. and more than a third—36 percent—believe their season will be at least “somewhat better.” together these optimists make up 56 percent of respondents, more than three times the number who are dreading a tougher slog than last year.
granted, that number isn’t as high as 2016’s, when 61% reported improvements over 2015, but 2015 was the infamous annus horribilis, the year of tax prep hell. it wasn’t hard to imagine the next year being better. so 2016 wasn’t so bad, making it surprising that so many see 2017 turning out even better. three upbeat respondents typify the three main causes of optimism.
tax and accounting professionals are kicking off busy season 2017 with the highest confidence levels in years, but their optimism seems guarded and unsure, according to the latest results from the 卡塔尔世界杯常规比赛时间 busy season barometer.
so far, the survey shows that more than 58% of tax and accounting professionals expect a better season this year than in 2016, which, by comparison, was 61% cheerier than 2015.
identifying the factors that create great firms and better busy seasons.
by 卡塔尔世界杯常规比赛时间
in 卡塔尔世界杯常规比赛时间’ perpetual search for clues to professionalism and success in the tax and accounting industry, we are probing into a possible connection between the efficiency of cpa firms and the ease with which they get through the busy season of tax preparation.
judging by results from our 2016 busy season survey, there seems to be a connection. we filtered the results to isolate respondents who say their organizations are “effective at achieving their goals and objectives with consistency over time.” this cohort comprises a total of 364 who gave their firms a score of at least an 8 on a scale of 1 to 10. read more →
according to the final results of the 卡塔尔世界杯常规比赛时间 2016 busy season survey, this has been a relatively good year…better than last year, anyway. a good 60 percent of respondents said 2016 was much better or somewhat better than 2015.
which, admittedly, isn’t saying much. last year was a bad year, a perfect storm of problems. it left 19 percent grousing about a “somewhat worse” busy season, another 3 percent saying it was “much worse.”
could 2016 really be worse than 2015, especially given that it was so much better for so many tax preparers? yep.
with apologies to lewis carroll, 2016 wonderland compared to 2015.
by 卡塔尔世界杯常规比赛时间
when 卡塔尔世界杯常规比赛时间 sent out its 2016 busy season questionnaire, the early results looked good. comparing the early stages of 2016 against the same period in 2015, 18 percent told us their year was looking much better. another 32 percent somewhat optimistically told us of a “somewhat better” year. that added up rather neatly to half, which was better than in 2015, when only 44 percent said their year was better than the year before.
and then, as the season closed on april 18, something beautiful happened. this year turns out to be even better than expected. almost a quarter—23.6 percent—report a much better year, and more than a third—36.5 percent—report a somewhat better year.
all in all, 2016 exceeded expectations. in both directions.
top trends, metrics, benchmarks, and lessons learned. by rick telberg 卡塔尔世界杯常规比赛时间 for most cpas, this year’s busy season may have been a marked improvement from last year’s, but that doesn’t mean savvy practitioners aren’t already learning new lessons and … continued
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even as irs sees declines.
identifying the factors that create great firms and better busy seasons.
the factors that undermine an otherwise better busy season.
with apologies to lewis carroll, 2016 wonderland compared to 2015.