CPAs may have more assurance this tax season than last year, when they first began to apply the myriad tax law changes under the Tax Cuts and Jobs Act (TCJA). In 2019, tax preparers were getting acquainted with the TCJA changes. This tax season, they can apply their knowledge with greater efficiency and thoroughness.
Over the past year, the IRS has provided guidance on many unclear issues pertaining to individual and business tax return issues. A big unknown, however, is how well the IRS and tax software providers will provide the support and software design needed to make this tax season run as efficiently as possible.
The prospect of another government shutdown, which put the IRS out of commission until the start of last year’s tax season, is not out of the realm of possibility either. Regardless, a longer-term trend toward a later start to the tax season for other reasons has compressed the work time available up to April 15.