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Christian
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Could be, or then again there may be so many changes people will need us even more.   This is the only business I can think of where things change on a regular basis.  Other professions improve on policy and procedure, we do a 180 and need to re learn a whole lot of ship.    This is why I consider us like firefighters, we're apt and daring, or we could get hurt if we're not careful and smart.

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Remember the Tax Simplification Act back in the 80's..........everyone thought the same thing! WE would be out of business if the tax system was simple.......wow that was a joke! I remember increasing my client base because folks heard about all the changes and were scared and confused.

 

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2 hours ago, Ram32 said:

Remember the Tax Simplification Act back in the 80's..........everyone thought the same thing! WE would be out of business if the tax system was simple.......wow that was a joke! I remember increasing my client base because folks heard about all the changes and were scared and confused.

 

Yep. Postcard tax returns, flat tax, fair tax - our job security has never been stronger.

 

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No worries.  Election results in 2012 gave us at least 15 years of job security. (bittersweet)  Election results in 2016 just added 6-10 more years to the job security.

A flat tax, fair tax etc., will never be enacted in our lifetime.  Congress will NEVER relinquish the greatest power it has over the people of this country, the power to tax.

There may be some "restructuring" or modifications, but our jobs are more secure than ever.

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2 hours ago, Jack from Ohio said:

There may be some "restructuring" or modifications, but our jobs are more secure than ever.

Exactly this ^ . No worries about running out of work.

Anyone who thinks otherwise, remember that no matter who is in power, what is promised, or even if we were to move to a flat tax, we would have to transition from what we have now to what would be. Think about just 2 areas of carryover and the transition rules that would be needed for capital loss carryovers and unused passive losses. Then we'd have the lobbyists and special interest groups clamouring for their deductions or credits to still be allowed, or for some special handling.  Even if we went fully to a flat tax, with all of various legal entities we have, we'd still have volumes of rules to define what constitutes income, who it applies to, and at what rate of tax.

Yes, our jobs are secure. 

 

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One idea that's frequently floated as a simple solution is a national sales tax, but I don't worry about that one at all.  As we know, millions of people pay no tax at all and simply file to get EIC refunds and all their withholding back. The only tax they pay now is about 8% state sales tax every time they buy something.  If the feds pass a national sales tax of, say 15-25%, the states aren't simply going to go away - they'll still want their money too.  Anyway, after a few months of every soul in the country paying a total 23-33% surcharge on each item they buy every day, year-round, there would be a deafening roar heard all the way from Podunk Junction to Washington, D.C. for repeal of this "simple" tax.

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Taxpayers will never trust congress on this one.  Everyone fears that a VAT or national sales tax would end up being "in addition to" instead of "in place of" income taxes. And the world is a smaller place now so there will be ways around it.  When Brits arrive in the US on holiday, they bring empty suitcases so they can buy Nikes at $200 instead of $300 and a zillion other things for half price.

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I believe that nothing will ever be done to put tax preparers out of business or significantly reduce our work load or fees.  Too many businesses/people make a living out of it (i.e. big CPA firms, big tax prep cos. individual practitioners and software developers.  They may reduce the tax brackets/rates but I think thats about it.

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