A few weeks ago I talked about the
jitters many business owners and families are feeling in regards to the
current U.S. economic situation. Now, more than ever, businesses are looking to
their CPAs to help them make sense of this increasingly complex world. At the
AICPA, we want to do everything we can to help you succeed in this environment.
We asked you to describe the angst you are observing in your
practice. We received dozens of comments via the blog post and social media
channels. Overwhelmingly, members said that Congressional action—or in many
cases, inaction—is the primary source of uncertainty and anxiety for clients
and in their companies.
Right or wrong, it is clear that we live in a time when the
Federal government is quite active. Think about it: TARP, the auto-industry
bailout, Dodd-Frank, healthcare reform, American Tax Reform Act—and the list
continues to grow. There will assuredly be more “cliffs” to come this year:
surpassing the debt ceiling, a possible downgrade in US credit ratings,
sequestration, and another continuing resolution(s) to fund the Federal
government.