One Change At The IRS Could Be A Huge Win For CPAs

Tax reform created new rules and regulations that were unfamiliar at best, and often poorly thought out, inconsistent and confusing.

In addition, CPAs had to deliver a lot of bad news to their clients.  Even though tax reform provided relief to some, it generally wasn’t felt that way.  Many people were paying less in taxes over the course of 2018, incrementally fewer dollars in withholdings, yet faced a tax bill or were looking at a much smaller refund when it was time to file.

It was a reality check, and many taxpayers had ended up owing money for the first time.  The withholding guidance, in some cases, proved to be too aggressive, ultimately rocking the expectations of many people accustomed to receiving refunds.

As CPAs struggled to keep up, they looked to the Internal Revenue Service for assistance. Instead, the agency was part of the problem.