* How Was This Year's Tax Season Different from Others?

 

 


 

How Was This Year's Tax Season Different from Others?

What effects did the country’s current economic situation have on your clients and your tax season?

CSCPA members seized the opportunity to sound off on the www.ctcpas.org tax season poll. Here’s what they said:

How was this year’s tax season different from other tax seasons?

  • Slower than usual: 8%
  • Pretty average: 40%
  • Busier than usual: 52%

“More do-it-your-selfers.”

“Large impact ... from a financial perspective (losses or lower earnings), but it also impacted CPAs as clients were slower, less staff, and dealing with more issues so our info came in later.”

“Retired clients or those close to retirement were obviously more anxious about the economy/market. Some, either on the advice of their brokers or those with more savvy, had transferred into CDs/money funds in preparation for retirement. I can’t tell you how many times I heard the joke that the 401(k)s are now 201(k)s!”

“Larger refunds due to reduced (or negative) investment income.”

“Job loss, revaluation of investments, uncertainty.”

“BAD.”

“More investment transactions (sales); more business and capital losses; refining business operations.”

“[Clients] wanted lower prep fees, sometimes despite more complex issues (related to the economic situation).”

“Clients in trouble (housing and trades) are slower to bring in tax data.”

“Small drop on average, but price increased.”

“Looking for ways to ease pain of losing investments; seeking ways to re-invest.”

“Clients looking for more strategies for cost-cutting.”

“Most clients earned less this year than last and were telling me that 2009 is shaping up to be even worse.”

“Many more questions.”

“People did their own in Turbo Tax.”

“A lot more stress to meet budgets and less people to do the work – we didn’t hire seasonal people and let people go at the beginning of tax season.”

“Clients were more anxious – about jobs, investments, and ... fees for preparing tax returns.”

“Some chose to use ‘the box’ for preparation.”