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13 posts from March 2020

Reimagine productivity: Working with intention

Shutterstock_609743105It’s fair to say life has gotten a little crazy. With the uncertainty of the financial markets and the constant barrage of news on coronavirus, we all feel a little overwhelmed. When life and work become overwhelming, it’s easy to go on autopilot.

But when you just go through the motions at work and let the day control you, you do more harm than good. Putting your mind on autopilot eliminates the intrinsic rewards of a job well done, making every assignment feel like a slog. Over the long run, it only demotivates you and makes you resent going to work.

Intentionality is the opposite of living on autopilot. It can alter everything from the way you approach your long-term goals to how you act and operate in your career. Understanding how to use intention effectively can increase what you put into your work, and what you get out of it. And the best part is that the only barrier to living more intentionally resides between your ears.

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Five steps for business continuity amid COVID-19

Business man working at office with laptop and documents on his desk  consultant lawyer conceptAs a former CFO, I have managed through crises, including the Gulf War, 9/11 and the 2008 financial crisis. The financial disruption of the coronavirus (COVID-19) pandemic is like having all three of those events occur simultaneously. Our entire global economic and social system is operating in uncharted territory.

Amid the uncertainty, the finance function can create value and elevate its role as a strategic business partner. As CPAs and CGMA® designation holders, our training and experience equip us with the expertise and skills to mitigate risks and lead the recovery efforts for our organizations, businesses and communities.

To help guide you, the Association of International Certified Professional Accountants®, the global voice of the AICPA® and CIMA®, delivers the latest news, resources and guidance through our AICPA and CIMA Coronavirus Resource Centers.  Visit frequently to stay up to date on the coronavirus and learn about upcoming events, such as the free webcast series I’ll host with finance leaders in the coming weeks. This series will offer expert insights on business planning to help you lead your organization through this crisis.

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Free AICPA resources to help you navigate COVID-19

Shutterstock_577965988The coronavirus (COVID-19) pandemic is causing enormous consequences around the globe, and we know many of our members are experiencing uncertainty and concern for what’s next. The Association of International Certified Professional Accountants, the global voice of the AICPA and the Chartered Institute of Management Accountants (CIMA), is here to help you through these challenging times.

Your firms, organizations, clients and communities are depending on your expertise during this crisis. And it’s our job to make sure you have the help and information you need to manage through this pandemic.

We created the AICPA Coronavirus Resource Center to provide you with the latest news, resources, event information and guidance to help you advise your organizations, clients and customers. You’ll also find resources to help you and your staff better manage our new way of working. Bookmark the page and visit often for the latest updates on COVID-19 and new learning opportunities like these:

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9 actions the government must take now to support businesses and employees

Shutterstock_1539445880The American Institute of CPAs® is calling on Congress and the Trump administration to take nine key steps to protect U.S. businesses and employees struggling due to the impact of the coronavirus (COVID-19) on the economy.

In speaking with CPA firms, businesses and AICPA® members across the country, the AICPA identified the below actions as most urgent and necessary for the following groups. Note that the information on current federal activity is current as of the publication time of this blog (24 March 2020, 9am ET).

All businesses:

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10 ways to stay social at a distance

Shutterstock_605728811To limit the spread of COVID-19, we all have to do our part. For the majority of Americans, this means working or schooling from home, limiting all discretionary travel – including social trips – and avoiding groups of 10 or more.

For some, a few days at home may be a welcome break from the daily grind. But if not managed correctly, increased time at home during these stressful, uncertain times can take a toll on your mental and physical health. The American Psychological Association reports that social isolation can lead to poor sleep, poor cardiovascular health and depressive symptoms, as well impairing our ability to focus and manage emotions. While staying home and practicing social distancing are critical to reducing the spread of the virus, it’s also important to take care of your mental health.

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Coronavirus: Prepare your clients and protect your practice

IStock-496569152

March 20 update:  Treasury Secretary Mnuchin announced via Twitter on March 20 that the deadline to file returns has now been extended to July 15, along with the previous extension to pay. We continue to urge taxpayers who are anticipating refunds to work with their practitioners as they are able, to file as soon as possible.  More information is expected, and we will update you as the details emerge.

 March 18 update: Notice 2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, was released on March 18. The notice provides for an extension of time to pay federal income taxes originally due April 15, 2020 until July 15, 2020. The relief is only applicable to individual tax amounts up to $1,000,000, regardless of filing status or up to $10,000,000 for each consolidated group or for each C corporation that does not join in filing a consolidated return. No extension is provided in the notice for the payment or deposit of any other type of federal tax, or for the filing of any tax return or information return. The AICPA continues to work with Treasury for appropriate relief. Continue to check out the AICPA Coronavirus Resource Center for the latest updates and press releases.

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What near-zero interest rates mean for your wallet

Shutterstock_581002882The Federal Reserve cut interest rates to near-zero in an emergency move Sunday meant to make borrowing as cheap as possible as the U.S. economy feels the economic impact of the spread of the coronavirus (which causes COVID-19). The benchmark U.S. interest rate is in a range of 0% to 0.25%. The Fed also announced it will buy at least $500 billion in Treasury securities and $200 billion in mortgage-backed securities in the coming months as part of a quantitative easing program.

The reduction of interest rates, alongside the announcement of a $700 billion purchasing program, has not calmed investors. All U.S. indices opened sharply down Monday and continued to fall throughout the day, all closing down more than 10%. Though the economic impact of COVID-19 is concerning, the health and well-being of Americans and their families is a top priority. As a part of that well-being, there are steps Americans can consider to protect their financial standing.

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Reimagine productivity: Self-care moments

Shutterstock_745951657When work gets busy or stressful, the little things we do to make ourselves feel good are often the first activities to fall by the wayside. At a time when every minute at the office feels precious, spending some time enjoying a good meal, taking a walk or listening to music can seem like a frivolous and selfish gesture. As paradoxical as it sounds though, foregoing these small pleasures, which are gestures of self-care, can actually have a negative impact on our work. When you don’t care for yourself, your mood, productivity and quality of work are all likely to suffer. Additionally, you may not show up to work with the desired energy to share with those around you. Regardless of when your “busy” time of year is, it’s important not to lose sight of your needs as a person.

Carving out a little time for self-care every day can be hugely beneficial. To accomplish this feat, you need to understand what self-care is, why it’s important and how to implement it in your daily routine.

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Three common challenges (and three solutions!) for women in the profession

IWD picIn honor of International Women's Day—a century-old global event that brings the world together in celebrating the social, economic, cultural and political achievements of women—we look at challenges women face in the workplace and ways the Association of International Certified Professional Accountants, the unified voice of the AICPA and CIMA, can help.

Support amidst challenges

1. Find a sponsor. Sponsors can play a significant role in advancing a career. The people they know can become the people you know. They can open doors for you and introduce you to clients. They can advocate on your behalf in meetings and casual conversation and protect you from political dynamics of the workplace.

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Test your knowledge on tax extensions

Shutterstock_145713260March is here, and that means it’s time to talk to your clients about possibly extending their returns. How knowledgeable are you about extensions?

Find out with this short quiz:

#1: True or false: An extension of time to file means that the tax isn’t due until the return is filed.

False.

An extension extends the time to file, but not the time to pay. If an extension is filed but taxes are ultimately owed, there will be interest and penalties charged each month that the balance isn’t paid.

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Fraud is harder on emotions than finances for aging clients

Shutterstock_397734877Financial abuse and fraud that targets elderly clients can do more than devastate their savings and ruin their credit. The AICPA’s recent Personal Financial Planning (PFP) Trends Survey found that falling victim to fraud is much more likely to have an emotional impact on the elderly than a financial one.

Of the many types of fraud or elder abuse CPA financial planners have seen perpetrated on their older clients over the past five years, phone and internet scams top the list. The next most common issue is the inability to say “no” to relatives and identity theft.

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What the emergency Fed rate cut means for your finances

GettyImages-171573445As a result of increasing fears about the impact the coronavirus may have on the U.S. economy, the Federal Reserve announced an emergency cut to the target range for the federal funds rate of 0.5%. The new target rate is now 1% to 1.25%. This reflects the largest rate decrease in more than a decade and the first emergency cut since 2008.

Most Americans are primarily focused on the health and wellbeing of themselves and their loved ones during this time of uncertainty, and rightfully so. But it’s important not to overlook how the Federal Reserve announcement may impact their financial wellbeing.

Neal Stern, CPA, member of the AICPA’s National CPA Financial Literacy Commission, spoke with AICPA Insights about what the rate cut means for Americans’ finances.

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Reimagine productivity: Eat better, work smarter

Shutterstock_262640492The link between nutrition and workplace performance

In his 1825 book The Physiology of Taste, Jean-Anthelme Brillat-Savarin provides a series of aphorisms “to serve as a preamble to his work and a lasting foundation for the science of gastronomy.” The most famous, “Tell me what you eat, and I shall tell you what you are,” has even been condensed into a cliché you’ve heard countless times: You are what you eat. Clichés are clichés for a reason, of course. In the case of this one, science has only found more evidence linking nutrition to all aspects of health, including work performance.

During busy season, it’s easy lose track of the fuel you put into your body. You may skip meals entirely or grab whatever’s convenient to just keep plowing ahead. But opting for junk, skipping meals or eating erratically will decrease your efficiency, spoil your mood and hamper the quality of work. Instead, be mindful of what you eat, when you eat it and build nutrition into your day to ensure your brain functions at its best.

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