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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 accountingfirms plan to increase fees across all services in 2025.
A new report from practice management software provider Ignition says rising business costs are driving fee increases at accountingfirms, with 57% planning to raise fees across all services next year. Key findings include: 54% use fixed-fee or value-based pricing for taxpreparation services. The 2024 U.S.
Jump to The power of AI in taxpreparation How AI contributes to long-term sustainability in accounting Getting started with AI Are you ready to get AI in action for your tax and accountingfirm? Imagine your accountingfirm functioning like a well-oiled machine.
The Future Of Individual Tax Prep Is Brighter Than Ever While AI has been everywhere in the last few years, practical AI built into traditional platforms is being augmented by platforms to help with productivity. Sifting through what is in the market and coming to market, it is clear that taxpreparation will be more profitable than ever.
In contrast, accountants who see the big picture, understand the ripple effects of their decisions, and actively contribute to the financial and ethical health of organizations will undeniably remain indispensable, anywhere in the world.
The 2025 State of the Tax Professionals Report highlights a clear trend: today’s clients expect more than compliance—they want actionable advice that helps them make smarter financial decisions. In response, forward-looking accountingfirms are future-proofing their businesses by offering more than just taxpreparation.
Filing business tax returns is no doubt an intricate process, but with the right workflow, accountingfirms can streamline the process, reduce errors, and ensure compliance. This ultimately boosts client satisfaction and helps you stay competitive in an increasingly digital tax landscape.
Let’s take a look. The c hallenge: Time- c onsuming, m anual d ata e ntry Like many accountingfirms, Madsen, O’Meara and Company was consumed with manual data entry and struggled to manage their workload during tax season given the high volume of work and limited staff.
The shift signifies growing apprehension across Main Street accountingfirms serving as advisors on tax, payroll and compliance decisions amid a backdrop of historic tariff actions, continued inflation and unpredictable tax and trade policies.
Jump to Streamlining tax engagement through effective communication Introducing SafeSend One: Your communication and client experience solution Changing the tax client experience with effective communication The taxpreparation process is often full of problems, from finding documents to managing many systems.
If there is one thing accountants and taxpreparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. To achieve this, many forward-looking accountants and taxpreparers are shifting toward a fully digital tax workflow.
The IRS is encouraging taxpreparers to complete their IRIS applications to begin transitioning for the 2027 season. FIRE will not be available for submissions in filing season 2027. The Information Returns Intake System, or IRIS, will be the only intake system for information returns now received through FIRE.
When the call was over, Crabtree got his marketing team together and began laying the groundwork for Bridging the Gap, which places a strong emphasis on issues of mental health, burnout, and modelling a better kind of accountingfirm for future generations.
Filing individual income tax returns can be a complex process, but with the right workflow, professional taxpreparers and accountingfirms can streamline the experience for both clients and staff. Harnessing technology for individual income tax return filing can transform the efficiency of accountingfirms.
Jump to ↓ How GenAI empowers small accountingfirms Practical steps for integrating GenAI into small firm operations Are you ready to integrate GenAI into your small accountingfirm? This minimizes manual effort, reduces errors, and accelerates taxpreparation.
She wrote that the local firm needed to comply with a set of remedial actions or face suspension, or expulsion, from the global network. ” The new office will employ a team of 15 by the end of the year, with all positions in the Boca office staffed by accounting professionals, Goldberg said.
With accounting talent in short supply, many firms are paying a premium for external hires instead of promoting their internal talent. My firms compensation data, collected in 2024 and 2025, shows that accountingfirms paid 7% more to bring in outside senior analysts in tax and audit than they paid internal staff in the same positions.
EDT 4 Min Read Facebook Twitter LinkedIn Email For decades, accountingfirms have operated on a rhythm as reliable as a metronome: a rush of activity from January through April, followed by a lull that stretches through the summer and beyond. This is a pivotal moment for accountingfirms.
These virtual personal tax assistants handle a variety of tasks traditionally done manually, such as: Collating documents and identifying and extracting tax-related information from a simple one-page P60 through to 200-page tax packs. Entering all the data accurately in CCH Personal TaxPreparing and filing tax returns.
Without the right systems in place, even routine tasks like expense approvals or tax submissions can become time-consuming and error-prone. Several recurring challenges stand in the way of operational excellence: Overreliance on physical files: A significant number of accounting departments still use paper records for storing critical data.
By Chris Gaetano 11h ago Practice management Firms seeing more profits and clients Accountingfirms are reporting bigger profits and more clients, according to a new report. By Michael Cohn June 13 Like what you see?
EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Taxpreparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns.
EDT 1 Min Read Facebook Twitter LinkedIn Email Accountingfirms are reporting bigger profits and more clients, according to a new report. Michael Cohn Editor-in-chief, AccountingToday.com twitter mailto linkedin For reprint and licensing requests for this article, click here.
Trout CPA ( [link] ): Financial management, with a heavy dose of tax considerations, for funeral homes. Jeff Stimpson Freelance writer For reprint and licensing requests for this article, click here.
Taxpayers have up to six months after the due date of their federal income tax return for the disaster year (without regard to any extension of time to file) to make the election. Taxpreparers or taxpayers should write the relevant FEMA declaration number — 4874-DR for Mississippi, 4871-DR for Texas — on any return claiming a loss.
OBannon A new study from Thomson Reuters comes with a stark warning to the tax and accounting industry: firms without artificial intelligence strategies could fall irrevocably behind in the next 12 months as competing firms leverage the technology to transform faster, serve better, and hire smarter.
This blog aims to demystify ROI measurement and provide a clear roadmap for accountingfirms ready to transform uncertainty into actionable insights. The promise of AI: More than just automation AI is revolutionizing tax workflows in ways that extend far beyond simple automation.
While advanced tax technology and automation are nothing new for most accountingfirms, the introduction of agentic AI is redefining what classifies as a mundane task. Agentic AI presents an opportunity to significantly elevate the role of accountants from once-a-year taxpreparers to year-round tax consultants.
As technology continues to automate an increasing number of taxpreparation and compliance tasks, more and more accountingfirms are looking at shifting their focus to offering clients more personalized financial insights and strategic guidance.
The difficult strategic decisions facing accountingfirm leaders today boil down to two options: pursuing the increasingly popular path of private equity or journeying down the less certain road of independent innovation and transformation. accountingfirms have taken PE investment.
aims for operational excellence July 21, 2025 10:01 AM 2:36 Facebook Twitter LinkedIn Email Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors.
John lives our values, embraces our mission, and is fully prepared to guide Elliott Davis into its next chapter." As is common among many accountingfirms taking PE capital, Elliott Davis will operate in an alternative practice structure. Elliott Davis, a licensed CPA firm, will continue to provide attest services.
Jump to The transformative potential of AI in advisory Breaking through traditional pricing models Empowering teams through technology Challenges and considerations when adopting tech and AI Embracing technology to unlock advisory services Today, many forward-thinking accountingfirms are driving business growth through advisory services.
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