{"id":53964,"date":"2018-02-23t10:04:29","date_gmt":"2018-02-23t15:04:29","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=53964"},"modified":"2024-10-01t09:35:53","modified_gmt":"2024-10-01t13:35:53","slug":"new-tax-law-roils-busy-season-2018","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/02\/23\/new-tax-law-roils-busy-season-2018\/","title":{"rendered":"new tax law roils busy season 2018"},"content":{"rendered":"
\n

how savvy cpas turn confusion into new billings.<\/strong><\/p>\n<\/div>\n

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\"\"<\/a>
join the survey. get the results<\/a><\/span><\/figcaption><\/figure>\n

by rick telberg<\/em>
\n卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n

the tax cut and jobs act won’t officially take effect until next year, but professionals are already reporting that it’s causing problems and depressing their forecasts for this year’s busy season results.<\/p>\n

more on busy season:\u00a0tax pros gain slight ground in e-filings<\/a> \u00a0\u00a0|\u00a0 tax pros turning in only 39% of e-filings<\/a>\u00a0 |\u00a0 beware the ez way out<\/a>\u00a0 |\u00a0 irs #fails at online services spell problems for professionals<\/a>\u00a0 |\u00a0 can the irs improve its phone service?<\/a>\u00a0 |\u00a0 when clients face \u2018unreal\u2019 irs audits<\/a>\u00a0 |\u00a0 irs warns about private debt collectors for tax season 2018<\/a><\/p>\n

\"goprocpa.com\"exclusively for pro members.\u00a0<\/span>log in here<\/a>\u00a0or\u00a02022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

early soundings from the annual 卡塔尔世界杯常规比赛时间 busy season barometer<\/a> show that 33 percent of practitioners are forecasting more trouble this year than last year \u2013 and they blame it on the new tax law.<\/p>\n

to be sure, many others are finding new opportunities in the new tax law. the effects are just starting to wash through the profession, affecting each firm, practice and book of business differently.<\/p>\n

clients have questions, more than the usual number of questions. and the questions are more difficult, sometimes still unanswerable with certainty. but cpas need to deliver answers \u2013 the right answers, which means cpas are digging into new issues at a time usually reserved for preparing for busy season.<\/p>\n

some cpas can bill for the time it takes to walk clients through the law’s new implications. others can’t. and still others fear losing clients altogether as the tax law’s simplification rules, like those affecting itemization, come into play.<\/p>\n

“although the new laws largely affect next tax season, the planning and implementation period of tax management is already upon us,” says veteran cpa bill simmons in round rock, texas. he’s bracing for a season “much worse” than last year’s, explaining: “the new tax laws have spooked the public. we are getting slammed with so many new clients with basic returns. and they request more and more education.”<\/p>\n

“a good example is the increased standard deduction and charitable contributions,” simmons says. “taxpayers who give to charities monthly now want to stop and double up for 2019, so the total contributions may cause them to have more than the standard deductions. it has become much more involved with explaining the new laws.”<\/p>\n

a cincinnati practitioner agrees. she said that she \u201cexpects it to take more time as clients want \u2018free’ tax advice.”<\/p>\n

at the same time, some firms stand to lose clients outright. in san jacinto, texas, one accountant says, “we’ll probably lose some clients who will now be able to file their own taxes.” many of the rest could be a nuisance, he says, adding “many clients are unsure about the tax changes for 2018 and will probably spend more time, with each one taking away from my billable time.”<\/p>\n

a redondo beach, calif., practitioner figures on spending more time per client in form w4 reviews and allotting “extra time per client to explain the tax changes to expect.”<\/p>\n

“i’m going to be checking things and regs every time i enter anything,” says an albuquerque, ariz., accountant. “changes in the tax law will make the season hectic and confusing. how are we supposed to be ready, if the government isn’t?”<\/p>\n

a cpa in lowell, mass., is anticipating an increase in “unbillable time spent on each client,” adding, “the clients know 2017 is unchanged; they want to know the 2018 impact.” and she’s “skeptical the tax software will have the 2018 planning modules ready or will be adequate. hello, pencil and accounting paper!”<\/p>\n

in centreville, va., another cpa said: “everyone wants to know how it affects them and what planning they can do. we have some returning seasonal staff and some new seasonal staff. but with everyone wanting numbers run, and answers on the new tax law changes, i don’t know if we have enough people.” and then they still need to do their regular work in compilations and reviews, where they’re grappling with new rules in leasing and revenue recognition.\u201d<\/p>\n

to be sure, some other tax practitioners see new opportunities in the new tax law. in fact, 40 percent in the early samplings by 卡塔尔世界杯常规比赛时间 expect 2018 to be better than 2017.<\/p>\n

where the pessimists see declines in billable time and actual fee income, the most optimistic practitioners in the 卡塔尔世界杯常规比赛时间 study are expecting hefty increases in clients, revenue, revenue per client and profit per client \u2013 fueled largely by gains in productivity per staffer and price increases averaging 5 percent to 10 percent.<\/p>\n

“if there was ever a year to raise billing rates across the board, this is the year,\u201d one new york city accountant says. \u201cyou don’t get many chances like this.”<\/p>\n

“for those who do not retire this year,” says another new yorker, “there will be such a severe shortage of professionals that we can name our price next year.”<\/p>\n

in denver, one cpa says he’s working extra hours to bone up on the new tax law, but it’s worth it. “new rules are new services, fees and time for clients.” also, he says, the energy and cannabis companies in his region are performing well.<\/p>\n

in pinellas park, fla., a local tax pro is finding that “more people are seeing the advantage of using a tax professional instead of doing the return themselves and more counseling means more fees.\u201d<\/p>\n

some particularly forward-thinking practitioners are setting the stage for an even better year next year. for instance, one accountant who specializes in pharmacies and pharmacists sees “major planning opportunities.” and he adds, “these planning opportunities have already started to benefit clients in early 2018.”<\/p>\n

it sounds like that drugstore specialist may just have the right prescription for success going into tax season 2018.<\/p>\n

about the author: rick telberg is founder and ceo of 卡塔尔世界杯常规比赛时间 research, at \/\/www.g005e.com, a business intelligence and advisory service for tax and accounting firms seeking new growth, success and strategic options.<\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

how savvy cpas turn confusion into new billings. by rick telberg 卡塔尔世界杯常规比赛时间 research the tax cut and jobs act won’t officially take effect until next year, but professionals are already reporting that it’s causing problems and depressing their forecasts … continued<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[3120,11,1906,2246],"tags":[],"class_list":["post-53964","post","type-post","status-publish","format-standard","hentry","category-pro-member-exclusive","category-research","category-tax-practice","category-busy-season"],"acf":[],"yoast_head":"\nnew tax law roils busy season 2018 - 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