An 85 percent majority of CPAs in New Jersey expect their businesses to grow in the coming year, according to a new survey.
The survey, by the New Jersey Society of CPAs and Capitol One Bank, was conducted last month during the NJCPA Annual Convention and Expo in Atlantic City.
On the subject of the accounting profession, the survey found that the biggest challenges cited by the New Jersey CPAs polled are the talent shortage (37 percent), followed by increasing fee pressure (20 percent), and IT security and regulatory requirements (18 percent each).
Fifty-four percent of the CPAs surveyed anticipate their clients will pay more taxes in 2016 than they did in 2015, compared to 65 percent in last year’s survey. Despite this drop, 25 percent of respondents said they expect New Jersey’s tax climate will have the largest impact on their own businesses over the next 12 months.
Respondents also believe the Affordable Care Act (21 percent), federal tax policy (16 percent), and regulatory requirements (15 percent) will noticeably affect their businesses in the coming year.
“Here we are six years after the end of the Great Recession and we still can’t seem to get all of the key economic indicators to go in the right direction,” said NJCPA CEO and executive director Ralph Albert Thomas in a statement. “It’s never been more important that New Jersey’s business groups work together with state legislators to promote a pro-growth strategy in the Garden State for the long term.”
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