If your accounting firm is taking an unusual amount of time to return your calls, or if you have found errors they should have caught, there might be a good reason.
Approximately one-sixth of accountants and auditors left the profession in the last two years, according to the Wall Street Journal. The American Institute of Certified Public Accountants reported 75% of Certified Public Accountants had reached retirement age by 2020, and many decided after the pandemic that they had had enough.
Making matters worse, new college graduates are opting for less technical professions with higher pay, not as much stress and shorter hours. As a result, most firms are critically understaffed and overworked, and clients are suffering because of it.
So, what should you do if, instead of receiving that annual organizer package, you receive a notice that your accountant has sold their practice or retired?
Your first step is to dig out your last three years of personal and business returns with all the supporting paperwork. Your tax professional should have provided you with a pdf or hard copy of your completed returns at the time of service. They also should have returned all of your original documentation.
Should I prepare my own return?
After gathering your documents, the first question you should ask yourself is: Are my taxes simple enough to do myself?
If you are one of the 90% of Americans who no longer itemizes their deductions, and if you do not own a business, rental properties or investments (other than traditional retirement and brokerage accounts), you could consider using a tax program to prepare your own taxes.
Tax programs have become increasingly easy to use, and you can avoid the cost of hiring someone. Programs commonly offer an interview approach with the questions a preparer would ask if they were sitting across from you. Sometimes, a tax person can answer questions over the phone for an additional fee.
The disadvantages of preparing your own taxes…
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