covid-19
flexibility in a time of pandemic
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)
exclusively for pro members. log in here or 2022世界杯足球排名 today.
here is a summary of key developments that tax clients may need to be aware of:
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firms recall half of furloughed staffers
just in time to finish tax season.
by beth bellor
got whiplash? job sectors that saw figures plummet in last month’s report are seeing them climbing back, albeit not as quickly.
more: the mystery of 10 million missing tax returns | pro tax prep stalls to a crawl amid covid-extended season | planning for the coronavirus recession | the tax season 2020 dumpster fire | | covid kills 67,600 jobs in tax and accounting | pre-covid-19, accounting profession hits new highs
the tax and accounting industry has quickly added back about half of the jobs lost in the covid-19 shutdown – just in time to finish the hyper-extended tax season, according to the latest 卡塔尔世界杯常规比赛时间 jobs report. but what happens next is anybody’s guess.
in this report, 卡塔尔世界杯常规比赛时间 analyzes:
- current and long-term hiring trends in each of the bookkeeping, payroll, tax and cpa segments of the industry (all data seasonally adjusted)
- average hourly wages for key segments
- typical hours worked per week
- trends concerning women in the accounting workforce
covid-19, adversity and innovation
3 things firms have learned so far.
by marc rosenberg
the rosenberg practice management library
our country has a long way to go before we fully adapt to a covid-19 world and navigate compounding national issues. but cpa firms are resilient and have made major strides in adapting to a new and challenging environment.
more: how covid-19 impacts partner retirements | three tough questions in partner buyouts | is mandatory retirement a best practice? | covid-19: how your firm can respond | reward partners for performing like partners
i took some time to jot down a few high-impact observations. if you don’t see any mention of people working remotely and communicating via videoconferencing, the reason is obvious – everyone’s doing it.
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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:
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accounting firms take billions in ppp payouts
thousands of tax prep shops, bookkeeping companies, cpa firms, and payroll services take emergency loans, promising to save over 200,000 jobs.
by 卡塔尔世界杯常规比赛时间 research
some 6,610 tax, accounting, payroll, and bookkeeping firms have so far received millions of dollars in small business administration paycheck protection program loans, potentially saving over 210,613 jobs, according to new data obtained by 卡塔尔世界杯常规比赛时间 research.
the 卡塔尔世界杯常规比赛时间 full list of tax, bookkeeping, payroll and cpa firms is available to pro members here.
exclusively for pro members. log in here or 2022世界杯足球排名 today.
the leading borrowers have all been cpa firms – each collecting $5 million to $10 million against a promise to save 10,298 jobs, more than half of the entire industry headcount threatened by the pandemic-fueled economic crash.
members only: the full 卡塔尔世界杯常规比赛时间 list of 6,611 ppp borrowers in the tax and accounting industry
for pro members: the full 卡塔尔世界杯常规比赛时间 list of 6,611 ppp borrowers in the tax and accounting industry is available here (login required):
exclusively for pro members. log in here or 2022世界杯足球排名 today.
the top six irs #fails this tax season (so far)
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 |
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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tax pros take bigger share of e-filings
refunds up, but not by much.
by beth bellor
the new covid-19 workplace: are you prepared?
here’s a question: do you have to renew your lease?
by steven e. sacks
if you are a managing partner and are deciding when and how to reopen your office, keeping in mind the safety and well-being of your staff, what steps will you take? more important, do you know whose brains to pick to do the reopening well and properly?
more: how to create effective internal communications | profit is not a mission | confronting leadership: not such a bad thing | new opportunities for a ‘new normal’ | is trust elusive? | working remotely shouldn’t mean feeling isolated | how engaged are your employees?
consider who your advisors should be: scientists, doctors, public health officials, interior office design professionals, air-quality professionals and architects.
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?
tax pros start to gain ground in e-filings
refunds one of the only bright spots.
by beth bellor