Your thoughts

[ILLMAS]

 

[kathyc2]

It took me much more than 30% longer in 2018 to figure out where things went on the stupid "postcard" return.

Five years ago if asked when I would retire the answer was probably never.  So much of what has happened, that is no longer true.  It's just not fun anymore. Luckily for me I'm at an age and financial position that I don't have to put up with the problem clients.  

I feel I should keep doing returns for long term clients, friends and relatives as long as I can.  It's sad, but when us old timers are gone, people will be in a bind.  So much of what I see from the younger crowd is they rely 1000% on their tax software and can't seem to think beyond it.  If you are only doing compliance, I guess that's okay.  However, unless they understand how it all comes together they are at a loss of making recommendations. 

[Lee B]

First, in my state, where all preparers are licensed, the active number of preparers has declined by over 10 % in the last decade.

I keep reading where we are going to be replaced by bots?

I recently read several articles where forward thinking CPA Firms are creating "Virtual Reality Offices"

where their clients will be able enter and meet with their CPA in "Virtual Reality."

I guess websites are now "so yesterday."

 

[Lion EA]

If I make a hologram of myself/tax preparer for my Virtual Reality Office, I want to be young, skinny, and pretty, but still believable as a really smart EA. Maybe with glasses, like a sexy librarian type?

In fact, I want my Virtual Reality Office to be neat, clean, and organized, things it has not been since the beginning of 2020. And, no Hubby walking in to show me something on his tablet.

[mcb39]

All of these are reasons why I have taken a self starter under my wing.  She went to school, she prepared tax returns at home for family and friends and she worked 1 year for an Accounting office that treated her badly.  I have spoken about this treasure in another thread.  I asked for help and she responded.  I welcomed her into the fold because she has excellent work ethics, is the right age to be building a business, listens, remembers and will file, sweep or whatever in order to stay in this environment where she is eager to learn.  I, on the other hand, am eager to teach and I certainly needed the help.  She is coming in at a difficult time, but all those years of stored knowledge that I have are hers to access.  Now she is learning with me and we bounce things around.  It is wonderful for me and she loves coming to work.  We are in for as long as they let us.

[kathyc2]

2 hours ago, cbslee said:

I keep reading where we are going to be replaced by bots?

 

Well, for years I've been hearing the OTR drivers will not be needed and be extinct....

[Lee B]

6 minutes ago, kathyc2 said:

Well, for years I've been hearing the OTR drivers will not be needed and be extinct....

My son in law is a Mechanical Engineer who works for Freightliner. Self Driving Trucks are rapidly nearing the point where we will seeing them on freeways.

[kathyc2]

11 minutes ago, cbslee said:

My son in law is a Mechanical Engineer who works for Freightliner. Self Driving Trucks are rapidly nearing the point where we will seeing them on freeways.

We're not there yet and a shortage of drivers contributed to all kinds of supply chain problems.

[mcb39]

On 1/13/2022 at 2:17 PM, kathyc2 said:

We're not there yet and a shortage of drivers contributed to all kinds of supply chain problems.

My son is in Shipping Management for a large Window Company.  He just said that if you order a window now, you might receive it in September.  This is a double edged sword; lack of workers and lack of National delivery Truck Drivers.

[Abby Normal]

23 minutes ago, mcb39 said:

My son is in Shipping Management for a large Window Company.  He just said that if you order a window now, you might receive it in September.  This is a double edged sword; lack of workers and lack of National delivery Truck Drivers.

There's also a ton of construction going on. There are hundreds of new homes being built right now in the small town I live in and even more in the much smaller town about 6 miles away.

[Christian]

I wonder where the backlog of returns now sits. A client signed his mother's return some years back as POA. Even though a POA had been included in a prior year return and was on file he got a letter. It took two years to get it resolved.

[jklcpa]

5 minutes ago, Christian said:

I wonder where the backlog of returns now sits. A client signed his mother's return some years back as POA. Even though a POA had been included in a prior year return and was on file he got a letter. It took two years to get it resolved.

cbslee has been posting updates periodically, this one being the most recent from late last week:

 

 

[joanmcq]

I just flat out told an inquiry about tax prep that I was no longer taking new business returns.

nope, not gonna do it.

[Randall]

5 hours ago, joanmcq said:

I just flat out told an inquiry about tax prep that I was no longer taking new business returns.

nope, not gonna do it.

Me too.  I've only got a few more years and I'm trying to cut back.  No business returns, no rentals, side business Sch Cs, no farming, no high volume stock trading on your own.  And even the fairly normal 1040s, I'll only be around a few more years so if they're looking for a long term preparer, I'm not the person.

[mcb39]

9 hours ago, joanmcq said:

I just flat out told an inquiry about tax prep that I was no longer taking new business returns.

nope, not gonna do it.

I have made the same announcement.  I will still accept Sch C and Rentals.  That's it!

[Lee B]

I am the opposite

I am accepting business clients and not taking personal tax return clients

[mcb39]

1 hour ago, cbslee said:

I am the opposite

I am accepting business clients and not taking personal tax return clients

Somebody  has to do them. I have a preparer that I can refer to.  He is just trying to build his business.

[Sara EA]

13 hours ago, Randall said:

even the fairly normal 1040s

Ha Ha!  "Normal" these days consists of stimulus payments they don't remember, advance child tax credits they don't remember, cryptocurrency dabbling, NIIT, different phase out ranges for almost everything on the return that you have to explain, ability to use 2019 income in some cases, different rules for every type of retirement plan contribs and distribs, paying tax on 2021 retirement distribs over three years, should I go on?  Normal for me will be if the tax laws don't change again before the end of filing season.

[joanmcq]

I have approximately 100 clients.  That’s enough.

[NECPA in NEBRASKA]

Me too! I have been trying to stop taking new clients for a few years. I turned two down today that I knew, that's much harder than the random phone call. I just know that this tax season is not going to be much better than the last two. I had three more clients pass away this month and that always means more time needed for their returns and dealing with family. I will miss my clients when I retire, but I won't miss worrying about data security, the constant liability and new tax laws.

[Randall]

10 hours ago, Sara EA said:

Ha Ha!  "Normal" these days consists of stimulus payments they don't remember, advance child tax credits they don't remember, cryptocurrency dabbling, NIIT, different phase out ranges for almost everything on the return that you have to explain, ability to use 2019 income in some cases, different rules for every type of retirement plan contribs and distribs, paying tax on 2021 retirement distribs over three years, should I go on?  Normal for me will be if the tax laws don't change again before the end of filing season.

Amen to that.  That's why I'm probably only going to be around a few more years.

[GLJEANNE]

I'm hoping to end the accounting side of my business in another 2 years, and just keep doing individual tax returns.  Taxes are still fun, I just can't stand the accounting any more.  Used to love it.....  And it's not the clients, the ones I still have I mostly love.  But after a few closing their businesses in 2020, I decided to let it die out.  So I'm thinking early taking early Social Security while doing tax returns, and taking the rest of the year off.
Of course, that could be the pandemic talking, and I'll change my mind....  But I doubt it.