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Accounting Today Podcast

Diving into tax season

Feb 3, 2025
Neil Fishman, the returning president of the National Conference of CPA Practitioners, shares vital insights as tax season approaches. He discusses the hurdles tax professionals face, including delays from brokerage houses and the complexities of upcoming tax laws. The conversation dives into the IRS’s challenges, like a hiring freeze and system upgrades, as well as ongoing legislative uncertainties regarding the SALT deduction cap. Fishman emphasizes the importance of credentialing for tax preparers and encourages new talent to explore diverse accounting careers.
27:51

Episode guests

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Quick takeaways

  • The upcoming tax season is expected to be particularly difficult due to delays in obtaining necessary documentation from brokerage houses.
  • The expiration of provisions from the Tax Cuts and Jobs Act could lead to tax reforms that lack bipartisan support, creating uncertainty for taxpayers and preparers.

Deep dives

Expectations for the Tax Season

This tax season is anticipated to be challenging, possibly even more so than in previous years. Delays in receiving necessary information from brokerage houses are expected to be a significant issue, with many clients needing to wait longer than usual for their documentation. There have been repeated instances where clients bring in documentation only to find it incomplete due to delays in processing. The added pressure from the aging workforce of tax preparers, who may take longer to complete tasks, only heightens these concerns.

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