Explore the latest shifts in U.S. accounting standards led by FASB, focusing on revenue recognition and lease accounting. Learn what these changes mean for businesses.
Read more...
Explore how accounting firms are embracing remote solutions, leveraging cloud technology, and enhancing client trust in the evolving digital landscape.
Read more...
This article explores the transformative impact of cloud technology on accounting practices, highlighting efficiency, security, and collaboration advantages.
Read more...
Explore how the shift toward digital commerce impacts sales tax compliance and the strategies businesses use to navigate these evolving regulations.
Read more...
Explore how leadership dynamics in accounting firms are changing due to technology and diversity trends, with insights into modern strategies and tools shaping the industry's future.
Read more...
How AI Is Reshaping Payroll: What Every Business Needs to Know The 2025 Payroll Special Report explores how artificial intelligence is revolutionizing payroll—transforming it from a back-office function into a strategic powerhouse. Discover how AI is enabling greater efficiency, accuracy, and compliance while unlocking real-time insights and cost-saving automation. With insights from industry leaders at ADP, Paychex, KPMG, and more,…
Intuit believes that the number of tax returns filed during the 2011 tax season will be unchanged from last year. That's after two consecutive years of declines that stemmed from the recession. That prediction was among several points made this morning by Brad Smith, the tax and accounting company's CEO, as he addressed attendees at the company's annual shareholders' meeting.
Without providing the number of expected returns at the end of the season, Smith commented, "we forecast it will be roughly flat." Intuit's handle on tax return rates is partly based on the fact that 40 precent of all 1040 returns are prepared via the company's products.
Smith also noted that Intuit's payment processing business shows that average charge volume per merchant has improved. "It's not as bad as it was at the depth of the recession," he said. "But it's still down 3 percent year over year." Smith said that compared to a drop of 8 percent to 9 percent the prior year.
He also said that the company's small business hiring index showed that small business hiring has grown at a 3.5 percent rate. However, that isn't enough to drive the economy forward quickly. "It will take us five years to get back to 2007 employee levels," Smith commented. "It isn't a beautiful picture. It's a volatile picture. It's going to be a long, protracted recovery."
Smith repeated his frequent analysis that in recessions, the number of small businesses formed typically increases as laid off employees start their own operations. However, given the credit crunch, that hadn't happened until recently.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Intuit 
