Four New CPA Opportunities for the New Economy

CPA Mike Ramos sees government policies moving the economy in a new direction.

This will affect your clients’ business — and their business needs. Your opportunity is to provide a service to address those changing needs.

Four promising areas to consider:

1. Tax planning and compliance: The American Recovery and Reinvestment Act (ARRA) — dubbed the stimulus package — brought major changes to the tax code. So does the Obama administration’s budget. The tax code overhaul offers significant opportunities in tax planning and compliance.

2. Services for state and local governments: Firms skilled in audits of state and local governments and the requirements of OMB Circular A-133 are well positioned to expand their practice. The ARRA’s reporting requirements go far beyond existing rules for those receiving federal funds. ARRA fund recipients have many questions.

3. Services for nonprofit organizations: Many nonprofits are receiving ARRA funding. They face the same issues facing state and local government receiving ARRA funds. Moreover, many nonprofits will face another challenge: preparing for their first A-133 audit.

4. Renewable energy: Keep your eye on wind, solar and other renewable energy sources. The Obama administration has signaled it will make significant investments in the rapidly growing renewable energy sector.

In these historic times, Ramos says, CPA firms that decline to change their pre-2007 business model risk being overtaken by competitors.

via Four Trends CPAs Need to Know.