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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here again. To add to my point about how bad the economy is: I recently spoke to my CPA and told me that he and his firm have been swamped the past three months revising estimated earnings, financials and taxes. Why? He said that an incredible number of people in this area have been hit by the sequestration and the cutbacks. For what it's worth this is in the Chevy Chase, MD area.[/quote]
What exactly is your CPA revising? It is time to calculate actual numbers for 2012 and to calculate estimated tax payments based on the 3/31 financials. So it is time to prepare 2012 tax returns; 3/31 financials; to pay actual tax due for 2012 and make estimated tax payments for the 1st quarter - not to revise anything. It sounds like you heard something, but didn't understand it.[/quote]

OP here. My CPA didn't need to revise anything for me. The way I understood him was that federal contracts started being cut prior to Jan. 1, 2013. The cutbacks increased through this spring and what I understood from his point was that he was revising estimated payments for quarterly taxes. I didn't stop to question him, he was just talking about how things were in general. He's been my CPA for 6 years and has never said a word about something like this. He may not have clearly stated something to a non-CPA (myself), but he's general message was that the economy has gotten worse, at least in this area.[/quote]

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