Seventy-nine percent of New Jersey CPAs anticipate their clients will pay more taxes in 2014 than 2013, according to a new survey.
In addition, 46 percent of the CPAs surveyed by Capital One Bank expect increased taxation to have the largest impact on their own businesses over the next 12 months, followed by 23 percent who anticipate limited access to credit.
Capital One Bank conducted the survey last month at the New Jersey Society of CPAs’ Annual Convention and Expo in Atlantic City. Despite their concerns over tax rates, 87 percent of the CPAs who responded to the survey expect their businesses to grow over the next year.
“An overwhelming majority of CPAs in New Jersey expect their businesses will grow next year, despite challenges such as higher taxes and limited access to credit,” said Capital One Bank senior vice president Bill Gascoigne.
The survey found that 56 percent of the CPAs polled rate their firms’ financial performance as better now compared to a year ago.
The majority also expressed optimism in New Jersey’s resilience despite the impact of Superstorm Sandy. Seventy five percent of the CPAs surveyed said the New Jersey economy is doing as well or better than the national economy, while 25 percent said it is doing worse.