Today's Features

Accounting Firms Take Billions in PPP Payouts

CPA firms grab the biggest slice of PPP loan payouts, accounting for 56% of the tax and accounting industry’s imperiled jobs. (CPA Trendlines Research)

Thousands of tax prep shops, bookkeeping companies, CPA firms, and payroll services take emergency loans, promising to save over 200,000 jobs.

By CPA Trendlines Research

Some 6,610 tax, accounting, payroll, and bookkeeping firms have so far received millions of dollars in Small Business Administration Paycheck Protection Program loans, potentially saving over 210,613 jobs, according to new data obtained by CPA Trendlines Research.

The CPA Trendlines full list of tax, bookkeeping, payroll and CPA firms is available to PRO Members here.

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The leading borrowers have all been CPA firms – each collecting $5 million to $10 million against a promise to save 10,298 jobs, more than half of the entire industry headcount threatened by the pandemic-fueled economic crash.

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The Top Six IRS #FAILS this Tax Season (So Far)

Erin Collins, IRS Taxpayer Advocate
Collins

Sending out notices with expired deadlines? Check.

BUSY SEASON BAROMETER:
How accountants are battling the Coronavirus recession
Join the survey. Get the answers.

By CPA Trendlines Research

It’s been a hard year for everyone, from pauper to president to tax practitioners. The latter have been triple-whammied by the need to keep clients and employees healthy, the shifting rules and deadlines made to accommodate the lockdown and the staggering, stumbling service of the Internal Revenue … well, Service.

MORE on TAX SEASON 2020: Tax Pros Handling Bigger Share of E-filings | How COVID Has Pulverized IRS Operations | The Mystery of 10 Million Missing Tax Returns | COVID Cuts Accounting Profits | Why Busy Season May Never Be the Same Again | Getting a Handle on COVID |

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Let us pause to pity poor Erin M. Collins, who late last year landed a great new job: National Tax Advocate. She replaces Nina Olson, who held that position from 2001 to 2019, bowing out in the nick of time, leaving behind an impressive record of improvements in the American system of tax collection.
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Tax Pros Take Bigger Share of E-filings

Refunds up, but not by much.

By Beth Bellor

Ever so slowly, the professionals are closing the gap with the DIYers in tax preparation.

MORE: The Mystery of 10 Million Missing Tax Returns | The Tax Season 2020 Dumpster Fire | The Fight for New Tax Clients
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The Internal Revenue Service had received 139.9 million individual income tax returns as of the week ending June 26 – the latest data available – down 3.5 percent from the same period in 2019. It had processed 128.5 million returns, down 10.6 percent.
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The Only 3 Metrics You Need

A totally virtual firm outlines the metrics it uses to measure staffers.

By Jody Grunden
Summit CPA Group

If you want to grow your accounting firm, it’s important to evaluate the effectiveness of your process on a regular basis. You want to be aware of what’s working well and what’s not. You also want to continually be improving upon your services over time.

MORE: How to Attract Clients Like a Magnet | Riches in Niches | Marketing Is About Thought Leadership | How to Audit 401(k)s | 3 Measures of the Effectiveness of Your Team | How to Profit with Workflow Apps
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There are three things you can specifically monitor when it comes to the effectiveness of your team. Here’s how we do it at Summit CPA Group. Maybe these ideas will work for you too.
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Syncing Up for the COVID Era

Woman reading paper document at office desk in front of computerThe three key ingredients for success in internal communications.

By Steven E. Sacks

Imagine this: A local reporter or a potential client contacts your firm after visiting your website. What happens next?

MORE: The New COVID-19 Workplace: Are You Prepared? | How to Create Effective Internal Communications | How to Select Your Firm’s Board | Trust Is a Key Organizational Ingredient | Real Influence Vs. Immediate Gratification | Fake It ‘Til You Make It: An Ultimate Goal?today.

With the media and clients clamoring for COVID-Era solutions, it’s happening increasingly often. Here’s how to be prepared.

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Networking for Fun and Profit

Young man riding hour hand of clockHow to make business development fun, and not a dreaded, anxiety-provoking activity.

BONUS CHECKLISTS with 57 ITEMS: From 15 simple conversation starters to top 5 mistakes.

By Marc Rosenberg
The Rosenberg Practice Management Library

Networking is creating a group of acquaintances and professionals and keeping it active through regular communication for mutual benefit.

MORE: Why Consultative Selling Works | How Marketing Systems Produce Business Growth | 6 Keys to Developing New Client Prospects | Now Is the Time to Activate Your Referral Network | Does Your Firm Recognize All Its Skills? | Protect and Grow Existing Clients | The 4 Marketing Disciplines | 15 Powerful Niche Marketing Practices
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Truthfully, all professional service providers want to be held in high esteem by their clients and professional colleagues. Practicing true professionalism means becoming more than just a vendor who takes and fills orders from a client. It means transitioning into a trusted advisor whose expertise transcends your individual practice. Trusted advisors know the right questions to ask and where to find the right answers.
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The New COVID-19 Workplace: Are You Prepared?

woman's hand with touchless soap dispenserHere’s a question: Do you HAVE to renew your lease?

By Steven E. Sacks

If you are a managing partner and are deciding when and how to reopen your office, keeping in mind the safety and well-being of your staff, what steps will you take? More important, do you know whose brains to pick to do the reopening well and properly?

MORE: How to Create Effective Internal Communications | Profit Is Not a Mission | Confronting Leadership: Not Such a Bad Thing | New Opportunities for a ‘New Normal’ | Is Trust Elusive? | Working Remotely Shouldn’t Mean Feeling Isolated | How Engaged Are Your Employees?
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Consider who your advisors should be: scientists, doctors, public health officials, interior office design professionals, air-quality professionals and architects.
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