By Marc Rosenberg
The Rosenberg MAP Survey
An extraordinarily perfect storm was experienced by CPA firms in 2020: the endless tax season plus the virus. In mid-July, five months after the virus’s onset, no one knew anything for sure going forward – neither the science of the virus and people’s health nor the economic impact of the virus on the business world.
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Here is data from a survey we took of 61 CPA firms in mid-June. Virtually all firms had annual revenue of $35 million or less, with the average being about $10 million. It is important to understand these firm sizes because the top 25-50 firms were making more drastic operational moves (mainly layoffs and partner draw reductions) than typical local CPA firms.