coronavirus

retired cpa partners face pay cuts from covid

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facing the fallout from the covid crisis, 10 percent of small and midsized firms are already trimming compensation for retired partners.

firms target annual net profit caps, early retirement provisions, and mandatory retirement ages.

by domenick esposito

with profits likely to take a short-term hit, retired partners at many cpa firms are facing cuts to their payouts, according to our straw poll of 30 leading firms.

more from dom esposito:  keep your firm from biting the dust | the six ingredients for firm value | four ways to add $100,000 in new business fees every year | eight steps to small firm survival | no partner candidates? whose fault is that? | prune your firm: ‘rightsize’ managers and partners | how partners fail | ineffective management is hazardous to your firm’s health | profitability requires discipline |

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coronavirus crisis updates: start here for a guide to all our coverage.

with covid-19 hurting revenues and bottom lines, firms of all sizes are reconfiguring their staff loads and renegotiating their space requirements.

but we haven’t heard much about what firms are doing about their obligations for deferred compensation partner retirement plans. until now.

read more →

covid tests accountants’ entrepreneurial talents

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young black woman sitting in front of laptop looking thoughtfulthree questions to re-set your mindset.

by ed mendlowitz
tax season opportunity guide

accountants and tax practitioners are entrepreneurs. maybe now, more than ever.

more: have you gotten where you wanted yet? | 3 questions for determining your value | 41 items to check on business tax returns | keep these tax clients while you have the chance | what makes a good tax season client?
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this means their practice needs to be run as a business with sound business decisions being made.

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new & updated! covid-19 crisis toolkit

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https://inovautus.com/ffcratoolkit-cpatrendlines/
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guidance, templates, client letters and emails, phone scripts, conversation starters, best practices for your firm – available through 卡塔尔世界杯常规比赛时间.

卡塔尔世界杯常规比赛时间 is partnering with inovautus consulting, a nationally recognized leader in marketing and business development programs for accounting firms, to offer a new client covid-19 client communications and practice management toolkit that will be updated continuously for the duration of the coronavirus crisis.

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the “ffcra+ toolkit” was launched with coverage for the families first coronavirus response and the coronavirus aid, relief and economic security acts, and will include coverage of all future crisis-related legislative, regulatory, and business impacts.

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beat the covid crisis with these 20 steps for your firm and your clients

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the ultimate checklist for focusing on cash, communication, continuity – and accepting uncertainty.

卡塔尔世界杯常规比赛时间 business barometer
your best advice to colleagues and clients?
join the survey. get the results.

by 卡塔尔世界杯常规比赛时间 research

the toll of covid-19 on business will be an ongoing trauma. it ain’t gonna be over ’til it’s over, and that ain’t gonna be for a long, long time.

more on covid crisis management: how to inoculate your firm against covid competition | pro tax prep stalls to a crawl amid covid-extended season | covid kills 67,600 jobs in tax and accounting | client accounting services poised to surge in post-corona world | clients, revenues, profits – trending down, down, down | andrew argue is on a mission | 3 questions for determining your value | covid crushes rosey forecasts | the seven factors keeping accounting firms afloat amid covid-19 | feeling the pain? the biggest job losses by client sector |

see: all 卡塔尔世界杯常规比赛时间 special coronavirus crisis coverage

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to survive, tax and accounting practices are going to need to take precautionary and proactive measures to ensure their financial continuity. those measures must necessarily include guidance for clients to help them survive. because failing clients mean failing firms.

crisis management is a lot easier if it starts before the crisis hits. here are some steps that accountants can take for themselves and their clients, gleaned from the thousands of accountants and advisors we’ve been hearing from over the past several weeks. read more →

3 steps to better client communication in a crisis

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help yourself while you’re helping them.

by jody grunden

clients desire transparency. being transparent with clients and having open, honest communication with them helps build really strong, healthy working relationships. it’s never been so important for us to have open communication channels with our clients at all times no matter what form of communication is being utilized.

more: the right way to onboard new clients | how to audit 401(k)s | 3 measures of the effectiveness of your team | how to profit with workflow apps | cyber security at a virtual cpa firm | top tech choices for the virtual firm | keeping the right people on the bus
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in some organizations, people hide behind their computers if they feel too busy or if they don’t want to face the client because they aren’t able to meet a deadline. we, on the other hand, make it a priority to be available to our clients at all times.
read more →

new rules: covid shifts m&a landscape

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checklists: top 10 tips for buyers and sellers.

by ira rosenbloom

many cpa firms go into merger conversations thinking that, because they have done deals before, they can do what they’ve done in the past. but in this covid-impacted economy, the tolerance for risk is low—and changing day-to-day.

more ira rosenbloom: seven smart ways to make this your best tax season ever | eight steps for re-engineering the role of managing partner | ten steps to a better tax season | feeling the urge to merge? first, consider the angles

coronavirus crisis updates: start here for a guide to all our coverage.

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we’re seeing every day how much the pandemic can impair and alter both daily life and business fundamentals, so the more efficient you can be in getting ready for a merger, the better. these days, you need to move fast or risk losing out.

here are some recommendations crucial for getting both buyers and sellers properly prepared for their next step in m&a negotiation.

read more →

do you have the guts to beat the covid crisis?

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five tough questions to ask about your firm’s leadership in these tough times.

by bill penczak

in times like these, firms should be challenging themselves with the tough question, “what do we want to be, today and into the future?”

more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | the three r’s for beating the corona crisis
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if maintaining the status quo and “serving clients,” whatever that really means, are the only responses your partner and leadership teams can muster, then perhaps it’s time to evolve from being a lifestyle firm to being one with a vision and the guts to achieve it.

read more →

covid launches a new reality: now what?

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^click to play: aquila addresses covid crisis response strategies.

eight new trends you can’t ignore in the new normal.

by august aquila

every day we get a clearer picture of what the future holds for the accounting profession, business in general and the overall population. while the future may look daunting, we will do our best to make the most of it and come out stronger. it’s what we have always done.

more: 6 action steps for a smooth retirement transition | 7 succession planning best practices | grissom and aquila on partner performance evaluations | gross profit in a professional services firm: opening a dialogue | checklist: 18 essential steps to effective billing | how to get partners to accept a new pricing philosophy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

nevertheless, don’t plan on the old ways coming back. i just read that more than 60,000 accountants have already lost their jobs. perhaps, the war for talent will be over. there will be further reductions in the professional service workforce and firms will be able to pick and choose from the talent pool.
read more →

pro tax prep stalls to a crawl amid covid-extended season

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data chartpros hold the margin, but barely.

by beth bellor

new tax filing statistics show only a couple of upticks over last year: diy e-filings and irs website traffic, suggesting tax practitioners have hit the big “pause” button on tax season 2020.

more: tax pro e-filings down 20 percent | irs web traffic doubles over year-ago | covid drowns irs in new filings | 2020 tax season comes to a screeching halt | the tax season 2020 dumpster fire | tax pros fall behind 6.2% in returns filed | tax pros trail by 908,000 returns | tax pro irs filings lag by 532,000
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

then again, if you’re in i.t. at the irs, that might not be such happy news.
read more →

covid kills 67,600 jobs in tax and accounting

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two years of steady gains wiped out in one month

profession loses four years of job growth in the first month of the coronavirus recession, reversing years of steady gains.

by beth bellor

crushed by the covid-19 pandemic, the tax and accounting profession has fallen below 1 million employees for the first time in two years – way below, and that may be just the tip of the iceberg, according to 卡塔尔世界杯常规比赛时间 research.

more on jobs and hiring trends:  planning for the coronavirus recession  |  pre-covid-19, accounting profession hits new highs  |  the fight for new tax clients  |  tax & accounting headcounts hit record high   |  hiring growth rate shows signs of leveling off   |  what staffing shortage?   |  payroll agencies lead jobs growth in the tax & accounting industry   |
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in this report, 卡塔尔世界杯常规比赛时间 highlights:

  • current and long-term hiring trends in each of the bookkeeping, payroll, tax and cpa segments of the industry (all data seasonally adjusted)
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

the data comes with a big asterisk.

read more →

client accounting services poised to surge in post-corona world

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seven covid-driven deliverables clients need today.

six-minute survey:
what’s your opinion of client accounting services?
yes. we’re doing it.
no. but we’re considering it.
no. and we’re not considering it.
no. we’ve tried it and dropped it.
huh? what’s “client accounting services?”

by hitendra patil

coronavirus caught the entire world totally unprepared for its aftermath. the impact on economies is unfathomable. accounting firms are not immune to this unprecedented situation.

more on client accounting services:  20 ways to grow your firm in 2020 | ‘found money’ delights clients  |  is client accounting services overhyped? | 3,771 accountants help uncover cas success secrets

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but, “same as last year” or “as always” will not work for accountants in the immediate and distant future. if you haven’t yet done so, it is time to start thinking about how are you going to overcome the crisis, and even thrive in the near future and beyond. especially important is to think about how client accounting services (cas) will emerge as a much-required and more valuable than ever service accountants can provide.

what are accountants doing now?

so, other than helping clients obtain small business loans and apply for paycheck protection program (ppp) benefits, what are accountants doing now? based on daily conversations with accountants over the last six to eight weeks, here are some core focus areas of accountants: read more →

clients, revenues, profits – trending down, down, down

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eckelkamp, neilson, blank: clients late, clients new, clients in need

pandemic cuts profits at 42% of firms, client numbers off at 29%, and revenues down at 38%.

the 卡塔尔世界杯常规比赛时间 business barometer
how accountants are managing:
join the survey. get the results.

by 卡塔尔世界杯常规比赛时间 research

like just about every other business in the world, cpa practices are hunkering down for a year of hard times. yet a third of them think they can buck the odds and see some increase this year.

more:  saving 10,000 businesses from the covid crash  | the seven factors keeping accounting firms afloat amid covid-19 [survey results] |  feeling the pain? the biggest job losses by client sector  |  tax season pivots to covid rescue season  |  how accountants are coping with covid-19 |  survey: confronting coronavirus chaos | planning for the coronavirus recession | tax season turns ugly under coronavirus | tax season turns ugly under coronavirus | coronavirus culture-shift hits accounting firms | 41 items to check on business tax returns | tax season funnies: the poetic versions | how to stop drowning in covid tax deadlines [webinar]

卡塔尔世界杯常规比赛时间 is providing free access to some of our latest coronavirus crisis updates: start here for a guide to all our free coverage.

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back in the bullish days of february, the 卡塔尔世界杯常规比赛时间 2020 busy season barometer was reflecting expectations of more clients, burgeoning revenue, and increased profit, with a medium-chance of more extensions.

but these bearish days see most practitioners expecting a year stagnant at best and quite likely worse than stagnant in all benchmarks of success.

read more →