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Posted on: January 6, 2015 by Huntersure
As the financial industry gears up for the imminent tax season, the tension in the air is palpable. Officials are speculating that this year’s tax season could be the worse in twenty years on many fronts. According to experts, not since 1985 when the IRS fell victim to technical glitches and a host of costly complications has the IRS, tax payers and tax prepairers faced so many hurdles in a single season. So what exactly are the concerns for this year?
According to reports, the IRS has lost over 10 percent of their funding in the last five years which is resulting in employment cuts and under-funding. Reports indicate that the IRS has lost over 8 percent of its employees due to lack of funding, and 85 percent of IRS staff training funds have been cut. Furthermore, the IRS anticipates to handle 7 million new taxpayers this year in addition onto of the current numbers. The lack of skilled employees coupled with a mounting workload will undoubtedly slow the tax filing process, and taxpayers could see delays in receiving their tax returns and other complications.
The IRS isn’t alone in their increased workload and stress this season. Tax preparers are facing increased pressure and scrutiny from the IRS and other officials monitoring their credentials, practices and operations. Additionally, tax preparers are faced with the challenge of navigating a number of new changes to the tax code, most notably the ACA requirements. This year businesses will be able to receive tax credits for offering their employers ACA approved healthcare policies, and penalties in some cases for not doing so. Taxpayers too could receive premium credits or non-compliance penalties over their healthcare coverage. Tax preparers will likely face increased workloads as taxpayers turn to them for assistance sorting through the new requirements.
Before tax season reeves into full swing, now is the perfect opportunity to ensure that your clients have the right professional liability coverage to weather any storm that may come. At Huntersure, we specialize in providing quality professional liability solutions to accounting professionals. Our Accounting Liability insurance program provides coverage for accountants, auditors, bookkeepers, and tax prepairers, so no matter where your clients lie in the industry they can have the coverage they need to protect themselves and their assets. To learn more about our operation and our Accounting Liability Insurance solutions, contact us today at (855) 585-6255.
Posted in: Accounting blog Professional Liability