{"id":54149,"date":"2018-03-25t21:49:25","date_gmt":"2018-03-26t01:49:25","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=54149"},"modified":"2024-10-01t09:35:51","modified_gmt":"2024-10-01t13:35:51","slug":"survey-new-tax-law-roils-busy-season","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/03\/25\/survey-new-tax-law-roils-busy-season\/","title":{"rendered":"survey: new tax law roils busy season"},"content":{"rendered":"
\"\"
q: how’s busy season so far?<\/strong><\/figcaption><\/figure>\n

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

join the survey, get the results<\/span><\/a><\/p>\n

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

the so-called 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 tax season:\u00a0\u00a0<\/b>tax pros keep edge in e-filings<\/a>\u00a0 |\u00a0\u00a0\u00a0\u00a0<\/b>half of e-filings go through tax pros<\/a>\u00a0|\u00a0david bergstein on tax season<\/a>\u00a0|\u00a0tax accountants fill the breach of a failing irs<\/a>\u00a0|\u00a0new tax law roils busy season 2018<\/a>\u00a0|\u00a0beware the ez way out\u00a0<\/a>|\u00a0when clients face \u2018unreal\u2019 irs audits<\/a>\u00a0|\u00a0underfunded irs swamped with problems<\/a><\/p>\n

\"goprocpa.com\"exclusively for pro members.\u00a0<\/span><\/strong>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 30% of practitioners are finding 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 instead, and each firm, practice, and book of business is being affected differently.<\/p>\n

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

some accountants 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.” he says, “it has become much more involved with explaining the new laws,”<\/p>\n

a cincinnati practitioner agrees. she expects “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 is 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 seeing 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

the “new tax law questions from clients will make it very busy trying to respond to questions,” according to a cpa in farmington hills, mich.<\/p>\n

in centreville, va., “everyone wants to know how it affects them and what planning they can do,” says another cpa. “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.<\/p>\n

“i will be busier answering questions about 2018 taxes,” reports a sequim, wash., tax pro. “many clients will want me to explain the new law and how it will affect their personal taxes. and it will take twice as long to finish the client.”<\/p>\n

to be sure, some other tax practitioners see new opportunities in the new tax law.<\/p>\n

in fact, 46% in the 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% to 10%.<\/p>\n

“if there was ever a year to raise billing rates across the board, “one new york city accountant says, “this is the year. you 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, 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,” adding, “more counseling” means more fees.<\/p>\n

some particularly forward-thinking practitioners are setting the stage for an even better year next year.<\/p>\n

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 have the right prescription for success going into tax season 2018<\/p>\n

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

how some savvy cpas turn confusion into new billings. join the survey, get the results by rick telberg 卡塔尔世界杯常规比赛时间 research the so-called tax cut and jobs act won’t officially take effect until next year, but professionals are already reporting … 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":[2779,3120,11,1906,2246],"tags":[],"class_list":["post-54149","post","type-post","status-publish","format-standard","hentry","category-charts-graphs","category-pro-member-exclusive","category-research","category-tax-practice","category-busy-season"],"acf":[],"yoast_head":"\nsurvey: new tax law roils busy season - 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