Three ways to get it wrong and only have one chance to get it right.
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By Stephen Nelson
Over the last few months, I’ve answered hundreds of questions about PPP loans. And I’ve written a short e-book, “Maximizing PPP Loan Forgiveness” for the accountants who will help small businesses with their forgiveness applications.
After shedding 77,800 jobs in April, tax and accounting employers have added back 45,300 employees, but the total headcount has dipped again and remains down by 32,300 from the pre-COVID level, according to the latest data reviewed by CPA Trendlines.
What the AICPA and NASBA could learn from other professions.
By Donny C. Shimamoto, CPA.CITP, CGMA
I’ve been watching NASBA and the AICPA communicate the need for a change to the requirements to be CPA. While their rationale may seem to make sense, I’m not sure I agree with their direction – enabling more non-accountants to be CPAs.
When I think further about the bigger picture of the accounting profession, I believe the accounting profession needs to be more cohesive and inclusive – and perhaps that is the better course to pursue.
It used to be common for practice management conference agendas to include a panel of luminaries – prominent consultants and rock star managing partners – to make predictions for the CPA industry. As an up-and-coming consultant (who was too new to be invited as a panelist), I saved several years of these predictions to see if, years later, the predictions came true.
I was not surprised to find that only 10 percent of these predictions came true. (Examples: the demise of small and midsized firms; outsourcing to become mainstream; tax law simplification.) I vowed then, as I continue to do today, to refuse invitations to make predictions. READ MORE →
But praying for rain isn’t going to work. Neither will a rain dance. The most effective action is often simply a matter of asking and offering.
A new survey of small and midsized businesses and their CPA firms finds that clients are generally willing to pay 50 percent or more for additional accounting-related advisory services … but only if their accounting firm offers them.
New research shows opportunities to boost revenues by up to 31%.
By CPA Trendlines
As CPAs know better than anyone, these are turbulent times. Whatever the situation was, it just changed. CPAs know because they are at the center of it all — the calm, analytic eye at the center of Hurricane Upheaval.
As the economic recession and health concerns in our nation are at a pivotal point and closely linked in a “Perfect Storm,” strategy-oriented CPA firm leaders will take more of a holistic approach to manage and lead their firms.
Coming to terms with the recession and health risks, leaders must not only focus on the current and immediate issues affecting their firms but now they must also plan for the near and long-term future “New Model.”
New CPA Trendlines 2020 Busy Season Barometer results bear bad tidings for CPA firms, their clients, and their families. The forecast is not good. Accountants know numbers, and the numbers they are seeing do not bode well.
As the U.S. braces for a summer surge in coronavirus infections, the economy is crashing – with GDP down at an annual rate of 33 percent last quarter, and a 10 percent drop from the first quarter – the worst declines in more than 70 years of record-keeping. And new jobless claims in the latest week rose by 867,000 to 17 million.