CPAs in New York State are not expecting business conditions in the state to improve next year.
Nearly 70 percent of New York State Society of CPAs NYSSCPA members polled this past autumn believe business conditions in New York State will show little to no improvement in the coming year, with about half of the survey respondents expecting the unemployment rate to remain flat.
The NYSSCPA poll, conducted by the market-research firm Stanford H. Odesky & Associates and the NYSSCPA, between October 10 and Oct.25, polled members on a variety of business conditions, taxes, politics and the Affordable Care Act. Nearly 600 members responded to the online survey.
NYSSCPA members said personal income taxes in the state are too high, and 78.6 percent said business taxes are too high. While Governor Andrew Cuomo’s economic policies enjoy a more than 70 percent approval rate among Society members, 52.6 percent believe business conditions in the state have remained largely the same under his administration.
“Our members’ pessimism toward the economy is high,” said NYSSCPA president Gail M. Kinsella in a statement. “I, along with my colleagues, are hopeful for news of more positive financial forecasts and that the economy and business does improve in 2013.”
Sixty-four percent of those polled indicated they are dissatisfied with President Obama’s economic policies and most of them expect to remain that way—60 percent said his re-election will have a negative impact on the economy.
In other findings from the report, NYSSCPA members believe that finance, health care and technology, respectively, are the top three industries that will have the largest impact on the state’s future economic outlook.
Among those familiar with the Affordable Care Act, 67.3 percent of those surveyed believe that the legislation will negatively affect both small and large businesses. However, most believe the health care law will only moderately change the way they do business.
When asked what is affecting their business, nearly 50 percent of NYSSCPA members said their clients have been slow to pay for services.