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Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025

Going Concern

90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller services. 57% of accounting firms plan to increase fees across all services in 2025.

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One Quarter of Firms Say They’re Offshoring, Another 12 Percent Plan to Start

Going Concern

Anyway, the AICPA numbers: Of the more than 1,100 firms that participated in the AICPA’s 2023 National Management of an Accounting Practice (MAP) survey, about 30% said they outsourced domestically and 25% said they outsourced to offshore workers. Meanwhile, the average for a tax associate in Atlanta is $61,866 a year.

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Year-End Tax Strategies for Businesses

Withum

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. The IRS released Notice 2023-63, as modified by Notice 2024-12, to provide additional guidance surrounding section 174 expenditures. It is effective for tax years ending after September 8, 2023.

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IRS Highlights New Payment Options Within Business Tax Account Tool

CPA Practice

When fully developed, business tax account (BTA) will allow many types of business taxpayers to check their tax history, make payments, view notices, authorize powers of attorney, and conduct other business with the IRS. A Schedule K-1 on file (for partners, from 2012-2023; for shareholders, from 2006-2023).

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Tax Season to Start January 29, 2024

CPA Practice

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing tax returns until Jan. The agency expects more than 128.7

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IRS Starts Accepting Returns and Extends Hours at Tax Assistance Centers

CPA Practice

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Another option is the Direct File pilot program.

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CPE Webinar July 18, 2023: Get Tax Ready! Solving Source Doc Gathering Issues

CPA Practice

Register Today Date: Tuesday, July 18, 2023 Time: 2 PM EDT / 1 PM CDT / 11 AM PDT / 6 PM GMT Sponsor: SafeSend Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Already registered for this webinar? Click here to log in. Gail is a member of the AICPA’s PFS Credential Committee.

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