More accountants are finding themselves the bearers of bad news this tax season as clients see the results of their 2018 tax returns, the first under the Republican tax overhaul. Although most filers received a tax cut over the course of the year, their returns are producing very different results compared to the past, with many receiving smaller refunds and even surprise bills. As a result, some CPAs are stocking up on palliatives including chocolate and painkillers – “both for unhappy clients and for themselves,” says Laura Saunders of The Wall Street Journal.
Here’s a sample from Saunders’ report:
“Kathy Brown, a tax preparer in Warsaw, Ky., says that 90% of her clients have gotten a tax cut. Still, most have smaller refunds or owe taxes. A California wildfire firefighter burst into tears on the phone with her when he found out his expected refund of about $1,500 had turned into a $2,000 bill due to withholding changes.”
Read the full piece here (paywall).