A letter to our friends and clients on the current state of the accounting world and the current tax season, by Lisa Cotner of Bsquared.

“To all of our clients and colleagues out there, we are finally, FINALLY nearing the end of our tax season year. We always see a few filing extensions through September 15 and October 15, but the last two years have been an anomaly.

How it feels to be an accountant in 2021

The amount of tax preparation that has dribbled on throughout 2021 has been extensive. We had the March, April, and July extensions, and of course a lot of clients just were not motivated to get our information sent over. We are still chasing people down to the wire through October 15.

The B Squared team feels like we’ve had a constant tax season since January 2020. The upcoming (hopefully) final deadline is coming just in time for the busy holiday season – and another tax season around the corner, of course!

Everyone is feeling the effects of the pandemic

Along with the stress of this never-ending tax season, we’ve faced many other challenges in 2021 that many of you have had to deal with, as well:

• Hiring team members has been a major struggle. Pay rates have significantly increased and the availability of unemployment benefits has hindered the need for people to work for work, especially with the pandemic. Everyone is understaffed and overworked.
• Working remotely surely was new to a lot of people, but with the technology some firms were already using, it became the new norm. Of course, less face to face interaction was the safe thing to do, but it was certainly less productive for team collaboration and client correspondence. 
• Cash flow and tax law changes have been serious issues as well. Changes in the accounting industry have been extreme across the board. We’ve navigated moving tax filing deadlines, SBA loan paperwork, and the business impacts of a stagnant economy. Survival has been a common focus for our team and our clients, and while government programs made that possible, they’ve also added to our workload. 

Looking ahead with hope, past the October FINAL tax season filing date

COVID has certainly changed the world in so many ways. The accounting industry has been especially busy during this time, and we greatly look forward to seeing this tax season close, hopefully for good, in mid-October. At Bsquared, we wish everyone the best and hope that things can get back to normal. Stay safe, and let your accountant know if you have additional questions or needs.”

– Lisa Cotner and all the Bsquared Team

Curious about all the changes that have impacted the accounting world? Here’s a Netsuite list of 15 huge hurdles the accounting industry has faced in the last 12+ months, many of which aren’t going away with the New Year. Check it out and let us know if they’ve missed anything! We think it’s pretty comprehensive.

Help is just a phone call away

Don’t feel like you have to tackle your remaining 2020 and 2021 tax and accounting tasks alone. Get the most out of your investments and make more time for your business. Schedule a call with Lisa at Bsquared so you don’t miss a single step as we look ahead to 2022.