schirallicpa Posted January 6 Report Posted January 6 I have had 4 phone calls wanting appointments and 6 people emailing me this morning about appointments. It's Jan 6. Lay off people. I haven't even figured out what day we're doing appointments yet. Good grief. 1 4 Quote
mcb39 Posted January 6 Report Posted January 6 I have several appointments already set in Feb. One this coming Thurs in regard to an old return. We haven't even decided yet if we are taking new clients or not and they are already calling or e-mailing. Unfortunately, I have to work around several needed medical and dental appts in Jan and Feb and also try to get my assistant "in the mood". I had an offer to sell a month ago. Maybe I should rethink that as it is an open offer. Just so many medical bills for 24 and 25. I really wanted to work at least one more year and then taper down. My potential buyer will work with whatever I want to do. I really wanted my assistant to be ready to take over a good part of my practice. Decisions! Decisions! 3 Quote
Catherine Posted January 7 Report Posted January 7 I've had several calls asking if my welcome letters have gone out yet. Told them all "this week, I hope." We'll see. Yeah, sheesh, people. Lighten up - you won't get any official docs for some weeks yet. 3 1 Quote
mcb39 Posted January 7 Report Posted January 7 I'm getting the feeling that clients are afraid that we won't have room for them if they don't lock in their appointment early. Apparently the word is out that hardly anyone is taking new clients. BUT, these are mostly longtime clients who are calling. There must be some scare word going around or else they are just afraid that the laws will be totally different this year. Anybody have any ideas on this? 1 Quote
schirallicpa Posted January 7 Author Report Posted January 7 I think the issuance of the covid checks has prompted some of it. Normally no one thinks about taxes until they get their W2. Quote
BrewOne Posted January 7 Report Posted January 7 Marilyn, I think it's the former (practices not taking new clients). When I went out on my own, there were four of us (enrolled agents) on the same floor of an office building. I'm the last one standing (and not for long). I'm afraid the personal service we offer is disappearing. 4 Quote
Patrick Michael Posted January 7 Report Posted January 7 After the last tax season wrapped up, I received calls from 3 local preparers asking if I was interested in purchasing their book of business. Others have raised their minimum fee to over $500 for a personal return. I have been getting many people in panic mode looking for a new preparer. It looks like it's time to raise my minimum fees too! 5 Quote
Lee B Posted January 7 Report Posted January 7 There has been a quite a few news stories the last several years about the shortage of accounting graduates etc. I know here in Oregon where all preparers are required to licensed that the number licensed preparers has dropped about 11 % in the last decade. It will get worse because baby boomers make up the largest generation of currently practicing CPAs, EAs and etc. 2 Quote
BTS Posted January 7 Report Posted January 7 Had a few call to see when we could start filing. But when covid hit we stopped sit down appointments. Never looked back. Only lost 2 clients due to no sit down appointment. So much more efficient. Sit down appointment time with clients was probably 20% working on their taxes and 80% listening to how their year was. Calling them with questions is 100% more effective. Not to mention that since 2020 I have not been sick once during tax season !!! So many would come in sick that it seemed I was always snotting around and feeling puny. Actually would love to lose about 20% more. Been seriously thinking about posting a sign to that effect and attaching letters to finished returns. First will be getting rid of partnership and trusts. Just stick to personal. And get rid of the "file an extension" every years clients and the PITA ones. Then raise prices 20% !!!! 5 Quote
Lee B Posted January 7 Report Posted January 7 I do the opposite. I keep the business clients and try to rid of the personal tax returns. Business clients are way more profitable. 2 2 Quote
BTS Posted January 7 Report Posted January 7 5 minutes ago, Lee B said: I do the opposite. I keep the business clients and try to rid of the personal tax returns. Business clients are way more profitable. We dont have too many partnerships or trusts. So thats not a huge financial impact. Mostly farmers (F or 4835) and schedule C and E clients. Will keep those. But after 45 years, I need to slow down. 1 Quote
Randall Posted January 7 Report Posted January 7 20 minutes ago, Lee B said: I do the opposite. I keep the business clients and try to rid of the personal tax returns. Business clients are way more profitable. I know what you mean but they take more time and I want easy these days. So I'm not taking new business clients and have thinned them out the past few years. Only taking new personal returns if they are very basic. 4 Quote
Sara EA Posted January 8 Report Posted January 8 7 hours ago, Randall said: Only taking new personal returns if they are very basic Isn't that boring? 2 Quote
mcb39 Posted January 8 Report Posted January 8 I had my post hospital checkup today and Doc thinks it is a very good idea if I wear a good mask for in person, sit down clients. I think so too. As Sara said, I would find it boring to only do personal returns. On the other hand, we haven't done Estates, Trusts or Corps for several years. I relish Partnerships (small) because I have been doing one for 50 years. My husband's business is a Partnership. We aren't taking any new business returns either, though I did bow to accept a new girl with a daycare because of her references. This possibly could be my last year, depending on how my health continues to improve. I have a buyer on hold and an assistant anxious to take over. I hate and resent the way that they are trying to regulate us while all the knock off preparers are out there doing whatever they want. We have several clients with E and other C businesses and one Joint Venture. Therein lies the revenue and my spending money for one more year, at least. 2 Quote
Randall Posted January 8 Report Posted January 8 12 hours ago, Sara EA said: Isn't that boring? Yes, in a way. But I'm an old man now. I like easy and boring. And I like taking more time off. 4 1 Quote
BrewOne Posted January 8 Report Posted January 8 I would like to eliminate partnerships just because of some of the potential issues but I don't feel like I can drop existing clients who will get major sticker shock going to someone else for a 1065. I feel like I have to do 1041's because of the demographics of my clientele (I inherited about half my clients from a 90 year old preparer) and usually the estate returns are only for one year. I'm okay with complexity if the client didn't deliberately seek it out (some folks just love to complicate their lives). My biggest beef is with brokers who have clients invest (often trivial amounts) in limited partnerships with no regard to the tax preparation consequences. I know H&R Block loves a K-1 with an amount on nearly every line (generating about $1,000 worth of forms) but I don't. 6 Quote
Corduroy Frog Posted January 10 Report Posted January 10 On 1/7/2025 at 9:55 AM, Lee B said: There has been a quite a few news stories the last several years about the shortage of accounting graduates etc. It will get worse because baby boomers make up the largest generation of currently practicing CPAs, EAs and etc. I've been doing taxes a long time. Makes me wonder if I started all over again as a green person, would I choose to become a tax preparer knowing what I now know? Will there be a supply of new preparers to replace us when we quit or retire? Getting into the business now is worse than several years ago. In addition to tax law which changes more rapidly (thanks to Congress and politics), there are now requirements which drag us into a modicum of IT. And EA requirements because the laws change so frequently. And dealing with the IRS is no great pleasure of life either. 5 Quote
Sara EA Posted January 11 Report Posted January 11 The tax code has always changed frequently, so nothing new there. (Remember the year the ACA was introduced, the same year the expense/capitalization requirements were changed? For experienced tax pros, that was almost like starting over again.) Preparer requirements have bounced around a lot too. I think what has kept me engaged is that I have always worked for a firm, never self-employed. No worries about E&O insurance, ordering supplies, IT security, etc. Of course I pitched in with some of the tasks of running a business, but for the most part I was able to focus on tax research and preparation, planning--you know, the skills we acquired to enter this business in the first place. I like taking courses (an academic at heart), so required CEs were never a burden. The biggest complaint I can think of is the long hours during tax season, which repeat as Oct 15 comes around. That said, I have finally retired! Time to have some fun and read more books. I will eventually volunteer for VITA or AARP, but first I want to get organized around the house and do some things I always wanted to do. I will depend on this board to keep me in the loop so my tax knowledge doesn't fall by the wayside. 8 Quote
Margaret CPA in OH Posted January 11 Report Posted January 11 Congratulations, Sara! I have to decide by year end whether to renew my license for another 3 years. Most of my clients will not be happy when that time comes and, like you, I am an academic and love learning so do not begrudge the continuing education and refreshers. And I think I would be a bit rudderless without this routine. I am beginning hammer dulcimer lessons soon and am a CASA volunteer with one case at present and am church treasurer so not totally without things to do. One thing that occurred to me is that I'm not sure how I would do my own tax return without my software! I've been using it since 1996 tax year in all its iterations. 3 Quote
jklcpa Posted January 11 Report Posted January 11 1 hour ago, Margaret CPA in OH said: One thing that occurred to me is that I'm not sure how I would do my own tax return without my software! I've been using it since 1996 tax year in all its iterations. I was just thinking about this today for when I eventually retire. If Drake is still offering PPR that includes some individual returns in the base price, that will be sufficient to prepare my return, siblings, and one or two friends. 4 Quote
Slippery Pencil Posted January 11 Report Posted January 11 5 hours ago, Sara EA said: The tax code has always changed frequently, so nothing new there. Actually it wasn't until the TRA of 97 that the tax code started to change frequently. Prior to that the big major change was 86. 6 Quote
mcb39 Posted January 11 Report Posted January 11 15 hours ago, Sara EA said: That said, I have finally retired! Time to have some fun and read more books. I will eventually volunteer for VITA or AARP, but first I want to get organized around the house and do some things I always wanted to do. I will depend on this board to keep me in the loop so my tax knowledge doesn't fall by the wayside. Oh, Sara, we are going to miss you. I am torn as well and have piles of books I want to read, but there is something addictive about this work and I feel so strongly about helping others. Because my husband and son are a Partnership, I will have to continue with, at least, PPR if I do decide to sell my practise. 3 Quote
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