7 areas to consider when evolving your tax practice

IStock_59008810_XXLARGEThere’s no question that this was a tough tax season. And, with the tax deadlines delayed until July 15, it isn’t over. In our recent Tax Section survey, 60% said COVID-19 had an enormous effect on tax season. Practitioners noted the top three pain points related to assisting with the Paycheck Protection Program (PPP), understanding new legislation and guidance and struggling with ambiguity in the relief.

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Another step closer to evolving CPA licensure

GettyImages-609799244On Wednesday, May 20, we took a big step toward propelling the CPA profession into the future.

If you read the blog posts I wrote in JanuaryMay and July of 2019, you’ll be familiar with CPA Evolution — a joint effort of the AICPA and the National Association of State Boards of Accountancy (NASBA) to design and implement a new approach to CPA licensure.

Our goal is to transform the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future.

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Cyber criminals are finding ways to steal your digital dollars

Shutterstock_778558450The cryptocurrency market — such as bitcoin, ethereum and others — has taken hold in the financial world, with the market now worth more than $200 billion and growing daily.

With so much money at stake, it’s no surprise that bad actors find new ways to use the system to their financial advantage. In 2019 alone, an estimated $4.26 billion in cryptocurrencies was lost due to hacks, cybertheft, scams, misappropriation or insider fraud, up about 250% from 2018.

“With traditional money in our banking system, there’s a paper trail, a record of transactions,” said Mark DiMichael, CPA, CFF and forensic specialist with expertise in cryptocurrencies. “With cryptocurrencies, there is no paper trail. You can move large amounts of money without having to carry around a duffel bag of cash. It could be carried on a thumb drive or sheet of paper.”

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Preparing accounting students for a changing profession

GettyImages-635957998We are in an unprecedented time of change for the accounting academic community. I’ve seen a fire lit beneath educators the likes of which I’ve never seen before as it relates to evolving their classrooms and curricula. Accounting programs have had to quickly make changes, like adapting to full-time remote learning almost overnight in response to the coronavirus pandemic, as well as longer-term changes to ensure programs are preparing the next generation of accountants for the realities of a rapidly evolving business environment.

Research conducted by the AICPA found that public accounting firms are hiring fewer new accounting graduates. Instead, they’re hiring more non-accounting graduates who possess different skill sets, particularly those related to technology. Practitioners are increasingly advising schools that accounting curricula need to help students gain a better understanding of technology and its applications within the profession.

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3 retirement questions your clients are asking amid COVID-19

Shutterstock_1694685292There are a lot of unknowns related to the COVID-19 crisis. Your clients may be feeling stressed and even uncertain about their financial future, and are likely asking questions:

  • When will things stabilize?
  • When will the market volatility be behind us?
  • How will my retirement goals be impacted by everything going on?

Although no one has all the answers, as a CPA financial planner, you have a strong relationship with your clients, vast knowledge of tax and planning strategies and you offer objective advice that is in your clients’ best interest.

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