You Made It Through Another Tax Season: Now What?
Busy season is over; you made it! And while you may still have to file returns for those clients who needed extensions, you can at least stop sleeping in your office. So now what? Will you take a vacation? Catch up with those clients you had to put on hold? We asked CPA Letter Daily readers those same questions and here is what they had to say:
- 38.90% - Catch up on non-tax clients/services
- 23.01% - Sleep/relax
- 19.36% - Take a vacation
- 7.85% - Remind clients of year-round services and pursue new clients
- 6.76% - Attend a conference/catch up on CPE
- 4.11% - File amended returns
Keeping Up with Tax News
CPA Letter Daily strived to bring our readers the latest tax news this busy season through a special section called Tax Season Watch. Now that busy season is over, we decided to take a look at the stories and resources that resonated the most with CPA Letter Daily’s readers. The rankings below are based on the number of clicks each story received from January 18 to April 17, 2012.
Top 10 News Stories from Tax Season Watch:
- Recent changes affecting partners and partnerships
- Worker classification becoming major tax administration issue
- Handling IRS requests for accounting software backup data
- President's 2013 budget proposes AMT, LIFO repeal
- Tax season requires due diligence by practitioners
- Separate IRS power of attorney forms required from married couples
- States continue to expand nexus definition in bid for more tax revenue
- 10 filing errors that taxpayers often make
- IRS wins big at the Oscars as well
- Offshore asset reporting becomes more complex under new law
Top 10 Resources from Tax Season Watch:
- 10 resources that will save CPAs time this tax season
- Excerpt: The CPA’s Guide to Social Security Planning
- Hidden treasures on IRS.gov: Top links for assistance with filing 1040s
- Download 2011 Tax Practice Guides and Checklists (Tax Section members only)
- Checklist: 101 (and more) reasons why clients should seek planning assistance now
- Access a range of useful tools on the Journal of Accountancy's Tax Filing Season Resources page
- 360 Degrees of Taxes site helps consumers understand the value of a CPA
- Identify financial planning opportunities during tax season
- Network with other CPAs and get tips on return preparation (AICPA Members Only)
- Excerpt: The CPA's Guide to Financial and Estate Planning
Which stories were most helpful to you this tax season? Any resources you would add to this list?
The Good, the Bad and the Questions
CPA Letter Daily wasn’t the only resource focused on this busy season. The AICPA’s LinkedIn Tax Practitioners group was quite active and had a number of lively conversations. Of course, every filing season has its technical bumps, so let’s start with the bad: Form 1099-B. Members had extensive conversations on this in the LinkedIn group and contacted the AICPA as well. The forms sent by brokerage firms were all different and some practitioners spent a lot of time determining what information to transfer. The AICPA is talking to the Internal Revenue Service to see what can be done differently next year.
The good: we did not hear many complaints about the new e-filing requirements that took effect this year (tax practitioners who filed more than 10 returns had to show cause for not using e-file). Most practitioners were likely already using e-file. The “really good”: the IRS dropped its plan to require businesses to show reconciliation on their tax returns of the data from Forms 1099 they received, which had many firms concerned.
And then there were the interesting comments and questions from clients– a few reported ones include: "I don't have to file this year. I don't have any income."; “Can I claim the water I drink while working?” and “What number do I put to get the most earned income credit?"
What did you find most interesting this tax season?