{"id":78319,"date":"2020-07-30t21:38:39","date_gmt":"2020-07-31t01:38:39","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=78319"},"modified":"2024-06-19t10:05:59","modified_gmt":"2024-06-19t14:05:59","slug":"accountants-forecast-partly-gloomy-chance-of-doom","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/07\/30\/accountants-forecast-partly-gloomy-chance-of-doom\/","title":{"rendered":"the forecast: partly gloomy, chance of doom"},"content":{"rendered":"

almost three in four accountants now foresee a deeper downturn for the u.s. economy.<\/strong><\/p>\n

\"\"<\/a>
it gets worse:<\/strong> almost 25 percent of accountants forecast a “much worse” outlook for the nation’s economy over the next 12 to 18 months. and another 48 percent predict “somewhat worse.” (卡塔尔世界杯常规比赛时间 research)<\/figcaption><\/figure>\n

busy season barometer:<\/span>
\nhow accountants are battling the coronavirus recession<\/span>
\njoin the survey. get the answers.<\/a><\/span><\/strong><\/p>\n

by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n

new 卡塔尔世界杯常规比赛时间 2020 busy season barometer results bear bad tidings for cpa firms, their clients, and their families. the forecast is not good. accountants know numbers, and the numbers they are seeing do not bode well.<\/p>\n

more busy season 2020: <\/strong>busy season benchmarks in free fall<\/a> |\u00a0fiinal rs efiling stats: the end of tax season?<\/a>\u00a0|\u00a0say hello to the new 24-month busy season<\/a>\u00a0|\u00a09 big ways the irs could help accountants<\/a>\u00a0|\u00a0the mystery of 10 million missing tax returns<\/a>\u00a0|\u00a0tax pro e-filings down 20 percent<\/a>\u00a0|\u00a0irs web traffic doubles over year-ago<\/a>\u00a0|\u00a0covid drowns irs in new filings<\/a>\u00a0|\u00a0\u00a0\u00a0percent<\/a>\u00a0|\u00a0irs web traffic doubles over year-ago<\/a>\u00a0|\u00a0covid drowns irs in new filings<\/a>\u00a0|\u00a02020 tax season comes to a screeching halt<\/a>\u00a0|\u00a0the tax season 2020 dumpster fire<\/a>\u00a0|\u00a0tax pros fall behind 6.2% in returns filed<\/a>
\n\"goprocpa.com\"exclusively for pro members.\u00a0<\/strong>log in here<\/a>\u00a0or\u00a02022世界杯足球排名 today<\/a>.<\/p><\/blockquote>\n

as the u.s. braces for a summer surge in coronavirus infections, the economy is crashing \u2013 with gdp down at an annual rate of 33 percent last quarter, and a 10 percent drop from the first quarter \u2013 the worst declines in more than 70 years of record-keeping. and new jobless claims in the latest week rose by 867,000 to 17 million.<\/p>\n

<\/p>\n

\n

earlier this year, before covid struck, the numbers boded just fine. the future looked good. only one half of one percent of accountants felt their clients were going to suffer a \u201cmuch worse year,\u201d and fewer than 9 percent thought their clientele might be \u201csomewhat worse\u201d off. plus, 42 percent figured their clients would do at least “somewhat” better in the year ahead.<\/p>\n<\/div>\n

the invisible enemy, all 125 nanometers of it, has changed all that. the pessimistic 9 percent of the early season has now swollen to 55 percent, according to accountants who responded in july. hardly any accountant (less than 3 percent, technically) thinks their clients will do \u201cmuch better\u201d this year, though an optimistic 14 percent persist in believing their clients will do \u201csomewhat better.\u201d<\/p>\n

maybe the optimists should include the 32 percent who think their clients will do neither better nor worse than they did in 2019. even \u201cno change\u201d seems optimistic these days.<\/p>\n

clients and practitioners certainly share a similar fate. the clients\u2019 doom is the accountants\u2019 gloom, and the latter know it.<\/p>\n

in the sunny days of january and february, no one \u2013 yes, actually, zero percent \u2013 thought their own firms would do “much worse” in 2020. the july number is still low\u20141.7 percent\u2014but a disturbing 22 percent fear a \u201csomewhat worse\u201d year ahead.<\/p>\n

a minuscule 4 percent of july respondents are looking forward to a “much better” year for their firms, and 28 percent still think their firms might have a \u201csomewhat better\u201d year.<\/p>\n

\"\"
jeff walker, cpa, stockton, calif.:<\/strong> clients have bigger problems than taxes.<\/figcaption><\/figure>\n

forced to shut down<\/strong><\/p>\n

jeff walker, with his own cpa office in stockton, calif., is managing to keep a stiff upper lip despite trouble among his clientele. he says, \u201ca number of my business clients, which were forced to shut down during the last few months, haven’t caught up and taxes aren’t their primary concern!\u201d<\/p>\n

asked how their families and themselves will fare the year, respondents proffered responses only slightly less pessimistic than those for firms and clients. it\u2019s interesting that hopes are higher for respondents\u2019 own families than for their firms, their clients, and the rest of the country.<\/p>\n

with everything we know in july\u2014about covid, about school openings, about re-lockdown\u2014a confident 51 percent say their personal economic lives will see no change from last year, and another 29 percent actually see financial improvement over last year. but 21 percent think this year will be to some extent “worse.”<\/p>\n

compare that with the outlook for the nation. a breathtaking 73 percent now fear the nation as a whole is tilting at an angle reminiscent of the titanic. only 12 percent foresee no change. another 15 percent manage to imagine economic growth.<\/p>\n

bankruptcy skills<\/strong><\/p>\n

\"\"
michael j. munn<\/figcaption><\/figure>\n

dom rosa, rtrp, in roslyn, n.y., sees everything getting somewhat worse for his firm and clients, and much worse for the nation. \u201cwithout the infusion of more money and loans from the government,\u201d he warns, \u201cthere may not be much of a practice left. and there’s also the potential of another lockdown, all negatives. there is just so much a business can do to survive.\u201d<\/p>\n

asked what he expects to do to face a \u201cmuch worse\u201d year, michael j. munn, in bellflower, calif., says, \u201cwell, i will have to sharpen up my bankruptcy skills because i can see how this shutdown is going to put several of my clients out of business.\u201d<\/p>\n

while cpas and other tax practitioners are deeply affected by the financial health of their clients and their nation, they can contribute to the economic health of both, not to mention their own families. they know the numbers and what to do with them. bankruptcy isn\u2019t the only advice needed.<\/p>\n","protected":false},"excerpt":{"rendered":"

\"\"<\/a>
\nalmost three in four accountants now foresee a deeper downturn for the u.s. economy.<\/strong>
\nby 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n

busy season barometer:<\/span>
\nhow accountants are battling the coronavirus recession<\/span>
\njoin the survey. get the answers.<\/a><\/span><\/strong><\/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":[2779,1363,5,2269,3120,3002,11,2246],"tags":[3084,3085],"class_list":["post-78319","post","type-post","status-publish","format-standard","hentry","category-charts-graphs","category-featured","category-outlook","category-politics","category-pro-member-exclusive","category-special","category-research","category-busy-season","tag-coronavirus","tag-covid-19"],"acf":[],"yoast_head":"\nthe forecast: partly gloomy, chance of doom - 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