Increased taxes - good are bad for business

[CACPA]

As all the generous tax rates/credits/benefits sunset, clients can expect to get lower refunds and/or pay higher taxes. I even experienced that a little this year due to the making work pay credit. Hurt business as I had to hold rates even and yet some clients still bicker.

Will increased taxes be good or bad for me as a guy running a tax business out of my home. I'm only 45 so young enough to go and do something else thanks to a decent network. Don't mind sticking around but not if I can't sell my practice.

If economy goes in tank and clients look to CPA for fee reduction (or start using turbotax, etc..), would I be making wrong choice of staying in business.

Curious of any opinions of other CPAs if they were in my shows.

First time on this board.

 

[CACPA]

One more thing

Have a junior guy here that is 30. Would you transition business to him but make him pay for it?

 

[CACPA]

Also

Anyone else notice the increased number of tax mills out there (H&R,Liberty,Jackson). Its like whack-a-mole, H&R block says they are closing 400 locations but it looks there are at least that many within 25 miles of my home!

 

[CACPA]

AMT Exemption

Man,

Having to show clients that, all things being equal, they are going to pay a few thousand or more just due to the reduction in AMT exemption. Don't kill the messenger! Anyone hear if current administration may reinstate AMT exemption at the higher level?

 

[CACPA]

Peer review

Does anyone out there think that peer reviews will be good for CPAs? Would be great if it was required to be CPA to sign tax returns but never going to happen. Would cut down on so many errors our government probably has to deal with.

 

[CACPA]

Found some help

Apparently, lots of people sell practices. One that looked pretty good was Pinnacle Practice Sales. Others were horizons, accounting sales, etc...some good info if you are looking to sale a tax practice

Pinnacle also said don't wait too late to sell.