{"id":58862,"date":"2019-03-26t16:41:21","date_gmt":"2019-03-26t20:41:21","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=58862"},"modified":"2019-03-27t10:54:15","modified_gmt":"2019-03-27t14:54:15","slug":"tax-2019-future","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/03\/26\/tax-2019-future\/","title":{"rendered":"tax season 2019 serves up a taste of the future"},"content":{"rendered":"<p><strong>&#8220;thirty percent of tax services will be obsolete in three years.&#8221;<\/strong><\/p>\n<div class=\"entry-content-asset\">\n<div class=\"rve\" data-content-width=\"1140\"><iframe loading=\"lazy\" width=\"1140\" height=\"641\" src=\"https:\/\/www.youtube.com\/embed\/mpla0s1l0ti?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p><!-- responsive video embeds plugin by www.kevinleary.net --><\/div>\n<p><em>robert hockensmith talks about tax season 2019 on local tv news in phoenix.<\/em><\/p>\n<p><em>by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n<p>this year\u2019s tax season is giving tax preparers a taste of the future\u2014a future where tax returns are both simpler and more complex.<\/p>\n<p>according to data streaming into the <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.research.net\/r\/bsb190319\">卡塔尔世界杯常规比赛时间 busy season barometer survey<\/a><\/span>, tax practitioners are just beginning to get a handle on the radical changes wrought by the tax cuts and jobs act\u2014not just the technical changes to the tax code but the resulting changes to the business of tax preparation.<\/p>\n<blockquote><p><b>more: <\/b><a href=\"\/\/www.g005e.com\/2019\/03\/26\/the-biggest-reason-fraudsters-run-rings-around-the-irs\/\">the biggest reason fraudsters run rings around the irs<\/a><b> \u00a0|<\/b>\u00a0<a href=\"\/\/www.g005e.com\/2019\/03\/22\/the-free-file-fail\/\">the big free-file flop<\/a>\u00a0|\u00a0<a href=\"\/\/www.g005e.com\/2019\/03\/21\/survey-the-demise-of-schedule-a\/\">the demise of schedule a?<\/a>\u00a0|\u00a0<a href=\"\/\/www.g005e.com\/2019\/03\/15\/refunds-still-up-but-only-by-0-7\/\">refunds still up, but only by 0.7%<\/a>\u00a0|\u00a0<a href=\"\/\/www.g005e.com\/2019\/03\/13\/busy-season-early-confidence-turns-to-fear-and-frustration\/\">survey: busy season goes sour<\/a>\u00a0|\u00a0<a href=\"\/\/www.g005e.com\/2019\/03\/10\/tax-refunds-up-1-7\/\">tax refunds up 1.7%<\/a>\u00a0|\u00a0<a href=\"\/\/www.g005e.com\/2019\/03\/06\/lessons-learned-how-the-government-shutdown-hit-busy-season-2019\/\">lessons learned: how the federal shutdown hit busy season 2019<\/a>\u00a0|\u00a0<a href=\"\/\/www.g005e.com\/2019\/02\/27\/taxpayer-refunds-plunge-17\/\">tax refund fury roils busy season<\/a>\u00a0|\u00a0<a href=\"\/\/www.g005e.com\/2019\/02\/24\/taxpayer-advocate-slams-congress-over-funding\/\">taxpayer advocate slams congress over funding<\/a><\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-49700\" src=\"https:\/\/4f2bur4nuye2cgakm2rm61qk-wpengine.netdna-ssl.com\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1470686574894.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/>exclusively for pro members.\u00a0<\/strong><a href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2019\/03\/26\/tax-professionals-file-38-million-returns\/\">log in here<\/a>\u00a0or\u00a0<a class=\"external\" href=\"http:\/\/goprocpa.com\/\" rel=\"noopener noreferrer\">2022世界杯足球排名 today<\/a>.<\/p><\/blockquote>\n<p><span style=\"font-size: 14px;\">robert f. hockensmith, cpa, ea, in phoenix, ariz., and a website site notably named azmoneyguy.com, offers a variety of tax and non-tax services, sums it up thus: \u201cthirty percent of tax preparation will be obsolete in three years. clients will want advice and tax resolution more than preparation for 50 percent of taxpayers. and only 50 percent of all tax returns will be prepared by professional tax preparers.\u201d<\/span><\/p>\n<p><!--more-->the loss of low-end clients means merely that practitioners are going to have to go after taxpayers who file more complex returns.<\/p>\n<figure id=\"attachment_58864\" class=\"thumbnail wp-caption alignleft\" style=\"width: 201px\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-58864\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/michael-wall-fsbw-cpas-2019-201x201.jpg\" alt=\"\" width=\"201\" height=\"201\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/michael-wall-fsbw-cpas-2019-201x201.jpg 201w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/michael-wall-fsbw-cpas-2019-100x100.jpg 100w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/michael-wall-fsbw-cpas-2019-300x300.jpg 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/michael-wall-fsbw-cpas-2019-24x24.jpg 24w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/michael-wall-fsbw-cpas-2019-48x48.jpg 48w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/michael-wall-fsbw-cpas-2019-96x96.jpg 96w\" sizes=\"auto, (max-width: 201px) 100vw, 201px\" \/><figcaption class=\"caption wp-caption-text\">wall<\/figcaption><\/figure>\n<p>michael wall at fsb&amp; cpas in lincolnshire, ill., breaks it down rather well:<\/p>\n<ol>\n<li><i>major changes and uncertainty in tax law will keep clients anxious, but still wanting a tax professional in their corner.<\/i><\/li>\n<li><i>revenue for &#8220;simpler'&#8221; tax returns will continue to decrease while prices for more complex work will continue to stay steady or rise.<\/i><\/li>\n<li><i>more returns have become &#8220;simpler&#8221; to some folks; total tax return revenue will decrease and needs to be replaced by more outsourced accounting and advisory work.<\/i><\/li>\n<\/ol>\n<p>the changes brought about by the tcja are affecting taxpayers, too, of course. just like tax practitioners, they are trying to figure out how they are affected. this year many are coming to cpa offices for information and advice. once they have an understanding of the new rules\u2014this year or next\u2014many of them will opt to do their taxes on their own.<\/p>\n<figure id=\"attachment_58865\" class=\"thumbnail wp-caption alignright\" style=\"width: 200px\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-58865 size-full\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/03\/pam-gaines.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><figcaption class=\"caption wp-caption-text\">gaines<\/figcaption><\/figure>\n<p>pam gaines, managing partner with gaines cpas, pllc, with offices in nashville and new york, is optimistic about the ongoing change in client needs. \u201ci\u2019m still positive about the future because clients are wondering how the new tax laws will affect them as well as concerned about preparing their own taxes,\u201d she says. \u201calso, we are having more clients ask for advice before they make decisions so preparing more tax projections.\u201d<\/p>\n<p><strong>it won\u2019t be what it used to be. <\/strong><\/p>\n<p>this season is all about figuring out what changes to the business are necessary. next season will be all about putting those changes into effect.<\/p>\n<p>what has to change?<\/p>\n<ul>\n<li>client relationships<\/li>\n<li>the profitability of some clients, the loss of others<\/li>\n<li>services offered by practitioners<\/li>\n<li>valuation of services and billing<\/li>\n<\/ul>\n<p>some professionals see disastrous days ahead as more clients forgo the complexities of itemization. others, however, are recognizing that the future is in clients with more complicated finances.<\/p>\n<p>practitioners are telling us what they are going to have to do\u2014maybe not this year, but next:<\/p>\n<ul>\n<li>prepare to lose low-end (and low margin) clients.<\/li>\n<li>look for new upper-end clients, especially among small businesses and investors.<\/li>\n<li>watch for potential clients who filed their taxes wrong because the simplification isn\u2019t as simple as some people think.<\/li>\n<li>figure out how to raise revenue through advice and planning.<\/li>\n<li>be careful with informal client relationships that will expect free advice.<\/li>\n<li>look for opportunity in assisting middle- and low-income taxpayers involved in qualified opportunity zones.<\/li>\n<li>replace billing for forms with billing for counsel.<\/li>\n<\/ul>\n<p>deborah flaherty, cpa, working out of ames, iowa, is among those who already sees\u00a0the change and knows what to do about it. \u201cas i expected, more and more individuals will be doing their own returns online, so i will have to look to adding those whose returns are more complex, or are experiencing a major life event that changes their returns.\u201d<\/p>\n<p>a pseudonymous cpa self-identifying only as \u201cpreparer x\u201d reflects the same idea, but with an even more clear-cut schism. \u201ceither you do a wham-bam quickie tax return (do it online or go to the refund store at the corner),\u201d x says, \u201cor you have a complex return and need professional help. nothing in between.\u201d<\/p>\n<p>leslie lewis, principal cpa with lewis &amp; co. in cedaredge, colo., says that tax prep isn\u2019t going to be as important as tax planning. \u201cclients need us now more than ever to plan for taxes,\u201d lewis says.<\/p>\n<p>do you see the pattern happening here?<\/p>\n<p>clients already need less help calculating their taxes but more help understanding what they have to do and what their taxes will be in the future.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>&#8220;thirty percent of tax services will be obsolete in three years.&#8221;<\/strong><\/p>\n<p><i>by 卡塔尔世界杯常规比赛时间 research<\/i><\/p>\n<p>this year\u2019s tax season is giving tax preparers a taste of the future\u2014a future where tax returns are both simpler and more complex, according to data streaming into the <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.research.net\/r\/bsb190319\">卡塔尔世界杯常规比赛时间 busy season barometer survey<\/a><\/span>.<\/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":[2303,1905,3120,3002,1906,2246],"tags":[],"class_list":["post-58862","post","type-post","status-publish","format-standard","hentry","category-tax-season","category-clients-and-service","category-pro-member-exclusive","category-special","category-tax-practice","category-busy-season"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - 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