Le Lézard
Classified in: Business
Subject: SVY

Leading Accounting Franchise Prepping for Tax Season with Annual Conference

 91% of Padgett firm owners surveyed plan to play a role in clients' Beneficial Ownership (BOI) reporting

SAN ANTONIO, Nov. 30, 2023 /PRNewswire/ -- This month, North American tax and accounting franchise, Padgett, gathered its network to address the challenges facing small businesses and individuals in the upcoming tax season. Nearly 200 tax professionals and technology partners gathered in-person and virtually for Padgett's annual FOCUS Tax Seminar.

53% of Padgett's owners feel more optimistic about this tax season than they did last year

In a poll gathered during the seminar, attendees were asked to anticipate challenges and give advice for their clients. The BOI reporting requirement going into effect in January is a point of continued confusion for business owners as shown in a Wolters-Kluwer survey. 91% of Padgett owners surveyed, however, are prepared to inform clients of their obligation. Attendees also identified the upcoming changes with form 1099-K as their biggest concern for clients.

"It speaks to how informed our network is, how readily they identified the challenge that reduced 1099-K thresholds presents for their clients. Luckily, the IRS has been listening to the tax professional community. Shortly after our seminar wrapped up, they announced a delay in rolling out the 1099-K changes. I commend Commissioner Werfel in leading the IRS to this decision that helps avoid placing an undue burden on taxpayers and by extension the tax professionals who support them," said Padgett President, Roger Harris.

The ever-changing nature of the tax system one reason why Padgett feels so strongly about the importance of the Tax Seminar. Padgett believes the continuing education provided to its members during this event sets them up to be prepared and proactive heading into the busy season. In fact, the same seminar poll showed 53% of Padgett's owners feel more optimistic about this tax season than they did last year.

For the average taxpayer wondering how they should feel about tax season, the Padgett network also had advice. Poll respondents stayed remarkably consistent, "get in touch with your accountant early."

About Padgett

Through a network of hundreds of individually owned firms, Padgett provides tax, accounting, payroll and advisory services to tens of thousands of small businesses across the U.S. and Canada. With an entrepreneurial spirit and more than 50 years of experience, Padgett aims to serve as trusted advisors and empower business owners to pursue their financial and personal goals. Learn more: padgettadvisors.com.

Padgett Advisors
Katarina Thomas

SOURCE Padgett Advisors

These press releases may also interest you

at 14:00
The Kettle Society is pleased to announce the appointment of Wayne Leslie as its new Executive Director, effective April 2nd, 2024. Leslie will succeed Nancy Keough, who is retiring after 43 years of service with The Kettle, including 34 years as...

at 14:00
Everspring, a leading provider of education technology and service solutions, is thrilled to announce its affiliation partnership with The HESS Consortium, a dynamic community for private institution CIOs, CFOs, and technology professionals. This...

at 13:51
Gala, the leading decentralized entertainment ecosystem, is thrilled to announce a strategic collaboration with RFLXT. The first part of this collaboration will involve leveraging the new cutting-edge GalaChain SDK to bring RFLXT's six degrees of...

at 13:50
IDrive® e2, offering fast s3 compatible object storage, has added a new edge location in Bengaluru, India, making it the first storage region in the area and giving customers in India the opportunity to utilize one of the fastest and most affordable...

at 13:40
Volunteers play an important role in helping communities prosper, thanks to their continued commitment and efforts. Through Canada's Volunteer Awards, the Government of Canada recognizes those volunteers who go above and beyond to support their...

at 13:40
Atlas Ocean Voyages announces Afar Recommends, a collection of shore excursions on 2024 Cultural Expeditions in Europe, the Caribbean, and South America. From meeting with the chief historian of the Evita Museum in Buenos Aires, Argentina, to...

News published on and distributed by: