tax season

when covid ‘got real’

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tax season turns into ‘advisory season,’ and a whole new niche is born.

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by 卡塔尔世界杯常规比赛时间 research

gabrielle luoma, long one of the profession’s leading innovators, says the future under covid-19 belongs to the quick and the smart, in this exclusive video interview with 卡塔尔世界杯常规比赛时间. firms will need to deploy new services to attract new clients who may have not realized that they needed a firm like yours but now do.

more covid conversations: the covid outlook with darren root and joel hughes: a long, slow climb back to recovery | steven sacks: covid crisis management | jean caragher: how to fight ‘fear’ and ‘insecurity’ | sarah dobek: learning how to operate in the new normal | august aquila: what comes next? | jody grunden: covid and client communications | andrew argue: on a mission | martin bissett: covid slams u.k. accountants, too | bill reeb: separating the winners and losers |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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in this conversation, luoma talks about what’s going on in the business, what’s going on with tax season, and what the future holds for cpa firms and the clients of cpa firms.

speaking from her base in tucson, ariz., the ceo of mod ventures is bringing some of her dna to regional powerhouse beach fleischman through a joint venture.

we started by asking about “when it got real?”

she responds, “we truly are affected by the whole world. we have clients in new york. things changed for them rather quickly. and when they started changing, we started realizing, ‘oh, my goodness, we’re going to have to really buckle down.’ in arizona, we started seeing shutdowns mid-march. that’s when things really got real for us because then we started seeing that the businesses that we work with on a regular basis – we’re outsourced accounting, so we work with clients weekly, – we knew that we could be in trouble. we started working really hard on transitioning, and seeing what we needed to do to help our clients quickly.”

for pro members-only: get the transcript:

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flexibility in a time of pandemic

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tax advocate asks irs to cut taxpayers a little slack.

by 卡塔尔世界杯常规比赛时间 research

the novel coronavirus has made a mess of many things, including deadlines. the u.s. tax court closed on march 19, 2020, leaving taxpayers confused about what has to be filed by when, and often tax practitioners aren’t real sure either.

more: what are irs faqs worth? | the top six irs #fails this tax season (so far)
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here is a summary of key developments that tax clients may need to be aware of:
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4 reasons not to let staff go after tax season

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midsection of businessman moving out with cardboard box from officewhat will you need to pick up when they’re gone?

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i am planning on letting go of some staff after tax season and will hire replacements at a higher level. any suggestions?

more: good preparer procedures will reduce review time | 10 things not to say during tax season | top 12 tax return errors | why ‘tick and tie’ needs to die | use tax return prep for training and growth
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answer: 1) your implication is that you will hire replacements at a higher level.
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what are irs faqs worth?

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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)
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

complicating matters, congress passed a number of initiatives that the irs had to execute even as it was stripped down to the skeleton crew:
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the top six irs #fails this tax season (so far)

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erin collins, irs taxpayer advocate
collins

sending out notices with expired deadlines? check.

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

it’s been a hard year for everyone, from pauper to president to tax practitioners. the latter have been triple-whammied by the need to keep clients and employees healthy, the shifting rules and deadlines made to accommodate the lockdown and the staggering, stumbling service of the internal revenue … well, service.

more on tax season 2020: tax pros handling bigger share of e-filings | how covid has pulverized irs operations | the mystery of 10 million missing tax returns | covid cuts accounting profits | why busy season may never be the same again | getting a handle on covid |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

let us pause to pity poor erin m. collins, who late last year landed a great new job: national tax advocate. she replaces nina olson, who held that position from 2001 to 2019, bowing out in the nick of time, leaving behind an impressive record of improvements in the american system of tax collection.
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how covid has pulverized irs operations

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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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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.

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the mystery of 10 million missing tax returns

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data chartwhile 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

and the question is: where are 10 million tax returns that should have been filed by now by professionals?

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covid cuts accounting profits

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two views on tax season from texas: john lister and jonathan kaplow

a shift in the wrong direction.

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

every business in the country, if not the world, is feeling the impact of the covid-19 pandemic. outside of the tech sector, the impact has been largely negative. every business is suffering. so, relatively speaking, the tax and accounting sector may be getting off easy.

more trends in surveys & research: seven ways covid has changed busy season | getting a handle on covid | covid crushes cpa business outlook |  is the worst over? 63% of small business say so | beat the covid crisis with these 20 steps for your firm and your clients | clients, revenues, profits – trending down, down, down | covid crushes rosey forecasts | the seven factors keeping accounting firms afloat amid covid-19 | feeling the pain? the biggest job losses by client sector | tax season pivots to covid rescue season | planning for the coronavirus recession | how accountants are coping with covid-19 |

more coronavirus coverage here

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according to the latest data from the 卡塔尔世界杯常规比赛时间 2020 busy season barometer, about 39 percent of firms are still expecting to see an increase in business, but overall optimism seems to be dipping even as the economy begins to reboot.

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getting a handle on covid

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views from the front lines: victoria martin, elaine kovner, gary zeune

accountants show new signs of optimism as fears of covid chaos wane.

how to battle the coronavirus recession
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

the turning of a terrible tide of covid pessimism has been neither quick nor clear-cut as the endless busy season of 2020 drags on, according to new findings and analysis from the 卡塔尔世界杯常规比赛时间 busy season barometer.

more trends in surveys & research: covid crushes cpa business outlook |  is the worst over? 63% of small business say so | beat the covid crisis with these 20 steps for your firm and your clients | clients, revenues, profits – trending down, down, down | covid crushes rosey forecasts | the seven factors keeping accounting firms afloat amid covid-19 | feeling the pain? the biggest job losses by client sector | tax season pivots to covid rescue season | planning for the coronavirus recession | how accountants are coping with covid-19 |

more coronavirus coverage here

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the outlook certainly isn’t back to where it was in the sunny days of february. but hopes for a better year have edged up from 23 percent in april to 27 percent in may.

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