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.
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."
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.
SOURCE Padgett Advisors
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