Newspaper article THE JOURNAL RECORD

Average Taxpayer Will Not Save under Tax Reform, Say Cpas

Newspaper article THE JOURNAL RECORD

Average Taxpayer Will Not Save under Tax Reform, Say Cpas

Article excerpt

The average middle-class taxpayer will not save federal tax dollars under the Tax Reform Act of 1986, according to a survey of the Oklahoma Society of Certified Public Accountants' members.

That is the professional opinion of 81 percent of the 151 certified public accountants who responded to the statewide survey. The survey questionnaires were sent to 200 of the group's 5,000 members, according to Patty Miller, communications director.

A majority of the certified public accountants also predicted that upper-income families also will not benefit from the new tax reform law, although the effect on this group will not be as severe as the impact on the middle class.

By a 3-to-1 margin, the state's certified public accountants said they believed the new tax law treats the middle-class families "unjustly," according to the survey results. A little over half of them indicated they thought the bill gave just treatment to upper-income families.

However, lower-income families can expect a "very favorable" effect from the new tax law, 49 percent of the CPAs said.

The survey did not define which income brackets were to be considered as upper-, middle- or lower-income families, Miller said.

Businesses will not fare well under the new tax law, in the opinion of the certified public accountants participating in this survey.

"The bill creates a myriad of uncertainties and new complex rules causing reporting and record-keeping problems. . .the increased accounting burden to all businesses is unfair," one certified public accountant wrote on his survey form.

About 70 percent of those surveyed said they expect the tax reform to hurt the state's economy.

"The bill seems to be designed to get us away from job-creating industries and to convert us into a nation of shopkeepers andf coupon-clippers," another survey participant said.

Consumers can expect to bear the brunt of the tax reform law, as businesses pass on their increased costs to their customers, according to the survey.

And what's the bottom line of all this - at least as far as CPAs are concerned?

More work, they said. Ninety-four percent said they anticipated an increased workload initially, as a result of the Tax Reform Act of 1986, while 66 percent said they expected that heavier workload to continue. . .

- Nancy Witter has joined Eastland Mortgage Co. of Oklahoma City as vice president of internal auditing.

Witter, a certified public accountant, was the controller of West Central Financial Co., the production office of Eastland Mortgage, before the two firms merged.

Wendell White has been appointed assistant vice president of credit services for Eastland Mortgage.

In his new position, White serves as the liaison between Eastland Bank of Woonsocket, R.I., the parent of Eastland Mortgage, and its commercial clients in Oklahoma. He also supervises all foreclosure and credit service activities.

White recently retired after 20 years in management at B.F. Goodrich Co., where he was Oklahoma City manager of operations. . .

- Jon Rice, the assistant director for finance and investment of the U.S. Small Business Administration's district office in Oklahoma City, is retiring, effective today.

Rice, a 25-year veteran of the Small Business Administration, has supervised the Oklahoma district office's commercial lending activities since 1970.

Over the past 16 years, Rice has worked with about 350 Oklahoma banks to arrange more than $500 million in loans to small businesses. …

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