113 posts categorized "Culture" Feed

5 ways to motivate your team during tax season

RitaIt’s tax season.

That means it’s showtime for CPAs, and the show must go on. You are the star of the show, and your script constantly changes, making it difficult to keep yourself up to date and focused.

So, how can you motivate the rest of your hardworking team? Many activities and steps can motivate your team. Here are five that are the most critical for success.

 

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New Year's resolution fails: Cut yourself some slack and get on track

NYFailYou made a New Year’s resolution: I will find that job that takes my career to the next level. Perhaps you want to earn that data analytics certificate since you keep hearing about the demand for data analytics skills and how data analytics is changing the profession. Or was your resolution to get through 2021 better than 2020 (fair enough)?

Now it’s March and you feel like a failure, at least on the New Year’s resolution front. Here are three steps to get back on track.

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This Valentine’s Day, talk money

Stress bad headerThey say money can’t buy love, but it can buy heartbreak. Love and finances are exceedingly complex subjects, so it makes sense that it only gets more complicated when you combine them. With Valentine’s Day just around the corner, the AICPA® Financial Literacy Commission encourages Americans to give their loved ones the gift of an honest talk about money.

Nearly three in four (73%) married or cohabitating Americans say financial decisions have caused tension in their relationships. Of these, nearly half (47%) admit that this tension has negatively affected intimacy with their partner. This is all according to a recent AICPA survey The Harris Poll conducted on behalf of the American Institute of CPAs® (AICPA).

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Business funding: A key new advisory category for your firm

Shutterstock_1726789390CPAs are meeting the moment when it comes to small business relief. This is a new advisory service for the profession, one that will last through 2021 and 2022, in terms of lingering pandemic impacts. Beyond that, I firmly believe funding options will continue to be a valuable category for CPAs to explore with their small business clients. To do it right, though, firms need expanded capabilities and tools.

Throughout 2020, the AICPA and CPA.com have been providing resources and guidance to CPA firms on relief developments, particularly those related to the Paycheck Protection Program (PPP). Here’s some of the things we’ve done since March:

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How to audit during a pandemic? You asked. We answered.

GettyImages-655449204This year has been anything but conventional. As auditors prepare to audit clients who’ve found themselves financially affected by the pandemic, we’ve received many questions. To bring a little clarity in the time of COVID-19, this blog presents answers to the most frequently asked questions.

Is it possible and effective to audit remotely?

You’re not prohibited from conducting audit procedures remotely. Auditing standards generally specify what evidence must be collected, but not how it must be collected. In most cases, we can reliably gather audit evidence remotely.

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4 A&A challenges caused by COVID-19

IStock_43524178_XXLARGEFor many public companies, the financial reporting challenges brought on by the COVID-19 pandemic aren’t going to disappear anytime soon. They will continue through year-end, and probably at a minimum for a few quarters after that. We’ve been hearing about the following A&A issues from those of you in the trenches — finance professionals and firm practitioners — and many of these challenges will be discussed at the AICPA Conference on Current SEC and PCAOB Developments next week. Here are some of the topics I’m expecting we’ll hear about.  

  1. Impairment related to non-financial assets

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5 tips to protect yourself while holiday shopping online

Shutterstock_337089266This holiday season, researchers expect consumer spending to mirror prior seasons but with a huge swing to online shopping. While you’re buying for your loved ones and feeling warm and fuzzy, cybercriminals are feeling the same about the uptick in online shopping because it presents more opportunities to steal data.

With cybercrime expected to reach $6 trillion in 2021, being aware and maintaining safe cyber practices will benefit you significantly. Here are five things you can do to protect yourself during the holiday season:

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How to be thankful – even in 2020

Shutterstock_488784811For me, Thanksgiving has historically been an endurance sport. I’ve repeatedly proven to myself that if I can only survive my family’s barrage of questions regarding my singlehood, if I can simply feign an interest in football, if I can laugh off an inebriated uncle’s inappropriate limericks while covering the ears of my innocent siblings, then I will be rewarded with hours of judgment-free gluttony. Turkey with gravy and stuffing. Warm biscuits — split, buttered and steaming. Multiple unnecessary versions of the ever-ubiquitous green bean casserole. Tomato aspic, ostracized and jiggling in a darkened corner of a makeshift buffet table. And pies. Pecan pies. Pumpkin pies. Chocolate chess pies. The delicious bounty makes the familial challenges worth it all.

But this Thanksgiving is different. For many like myself, instead of the bounty and the family, there’ll merely be isolation.

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AICPA advocacy makes big impact during pandemic

Shutterstock_121973707As the accounting profession continues to build trust, create opportunity and grow prosperity amid the global pandemic, the AICPA has implemented numerous advocacy initiatives, built coalitions, created tools and provided leadership that simultaneously propels the profession while addressing its issues and concerns. The AICPA’s advocacy efforts have helped the profession navigate clients’ and businesses’ needs in the United States and abroad. This blog highlights some important recent events in our U.S.-based advocacy.

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Auditing health-care entities affected by COVID-19

GettyImages-867204006 (2)It’s difficult to overstate COVID-19’s impact on the health-care industry. These changes vary dramatically among individual entities, meaning that there is no one-size-fits-all approach to auditing them. The audit risks vary widely.

Any health-care entity audit should start with a client meeting that covers several COVID-19 variables. They should include whether the client received federal funding, related financial statement implications, remote work arrangements and any furloughs or layoffs.

Here are major considerations to keep in mind during your audits.

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Breast Cancer Awareness Month: A reminder to focus on self-care

6a0133f5884316970b0264e2de96f9200dOf the many lessons 2020 has taught us, one is the importance of self-care. We are often so busy making sure we take care of the things around us that we bypass taking care of ourselves. In our efforts to make sure our employers, clients, children, parents and pets have what they need to thrive, we can overlook our health and happiness.

As we wrapup Breast Cancer Awareness Month, I urge you not to make this mistake. Being a two-time breast cancer survivor, I cannot stress enough the importance of early cancer detection — it saves lives. I encourage you to prioritize your well-being and get your screening on time. If you are already late, make an appointment today.

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Here for good: We’re working with you, for you

Shutterstock_1724121793Main Street America needs CPA expertise more than ever.

Members like you have been working tirelessly to support small businesses and help our country’s economy. You don’t have to face these challenges alone.

Since the start of the pandemic, the AICPA has doubled down on efforts to support the profession and the work you are doing to support your clients and employers.

As your trusted member organization, we serve you, keeping you up to date with changing government guidance and ensuring you have the practical help and resources to do your job.

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The learning journey and speed of change

Shutterstock_1368244235The COVID-19 crisis accelerated us into a new era of digital engagement — an era characterized by greater personalization and omnichannel access.

At the Association of International Certified Professional Accountants, we have a responsibility to the accounting and finance profession and to our members, and 42% of you have told us that you are unsure that you’ve adapted well to challenges resulting from COVID-19. We want to help, and in collaboration with our partner EY Seren, we present Human Signals: New patterns of behavior and the accounting profession. In this blog, we look at the second pillar of the report — the need for flexibility as we adapt and learn.

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How to strengthen client relationships during a pandemic

Shutterstock_776701864How can you expand services to existing clients and attract new clients in the current environment? Here are tips from experts.   

Choose the software that works best for you.

In searching for new ways to maintain ties to clients, Christine DeAngelis, CPA, tax master at 20-person High Rock Accounting has found that video conferencing makes the contact more personal, even when an email would also work.

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Employee payroll tax deferral — Is it workable?

Shutterstock_535688566“Security is mostly a superstition. Life is either a daring adventure or nothing.”

— Helen Keller

These perilous economic times are nothing short of a daring adventure. The reason the AICPA created the Coronavirus (COVID-19) resource center and SBA Paycheck Protection Program (PPP) resources for CPAs is to help our members — in your critical trusted adviser role — as you nurse the small business world back to economic recovery.

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Community has a new look. But we’re still connected.

Shutterstock_1044017923At the Association of International Certified Professional Accountants, we have a responsibility to our members and the accounting profession. A key component of this responsibility is ensuring that we provide informed and robust intelligence across a range of topics. In collaboration with our partner EY Seren, we’re researching the human impact of the COVID-19 crisis and its impact on the profession, its practitioners and the wider community.

The content in the report — Human Signals: New patterns of behavior and the accounting profession — aims to empower readers and provide guidance on how to navigate a highly unpredictable future.

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Networking in a new world

Shutterstock_1726119376Amid continued business uncertainty the COVID-19 pandemic caused, CPAs have successfully moved their professional lives to a virtual environment. But while they may have learned that it’s possible to conduct business interactions online, maintaining personal connections with clients, referral sources and other key contacts can be more challenging. Virtual networking can be done, though, if you follow these tips.

Focus on the personal

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Reflect on morale and team spirit as you consider reopening your office

Shutterstock_1742168762Across the country, CPA firms are deciding when best to reopen their offices, knowing employees are integral to the success. Here are solutions for maintaining employee morale and team spirit while ensuring a good flow of communication between staff and clients.   

Address key concerns.

Given an uncertain economy and rising unemployment numbers, staff may be worried about their futures. At the 13-person Hutchins & Haake, LLC, Chad Allen, CPA, CITP, says “the main concern was putting people’s minds at ease that the firms weren’t planning layoffs.” Chad did that by holding individual video conferences with each team member to answer questions and offer reassurance. Even if jobs are in jeopardy, it’s best to be transparent — secrecy and surprises can damage employees’ trust in firm leadership and lower morale and engagement among remaining staff.

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Pandemic teleworking causes state tax withholding issues

IStock_85468875_XXXLARGEA half-century ago, tax withholding was one of the simpler issues for taxpayers and practitioners. A more mobile society makes state tax withholding more complicated today given the ease of conducting cross-jurisdictional business and the increase in teleworking or remote work arrangements.

Meanwhile, the web of inconsistent state and local income tax and withholding rules affect employees and employers. As the AICPA testified, the myriad state income tax withholding laws and varying de minimis exceptions make compliance difficult and time-consuming.

In the wake of the coronavirus pandemic, more employees are teleworking, and state income tax withholding is a larger burden on employers.

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Key risks when auditing a not-for-profit during the pandemic

GettyImages-182392061 (2)While COVID-19 has cast a cloud of uncertainty over not-for-profit organizations, there is one fact we can all hang our hats on: How we audit a not-for-profit now should look completely different than it did a year ago, a month ago, or even a few weeks ago.

As auditors, we’ve been fortunate to work in a stable environment for some time. The pandemic, however, has pulled the rug out from underneath all of us – and that includes our clients. Not-for-profits are not exempt, and COVID-19 has affected each one in drastically different ways.

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5 reasons borrowers shouldn’t rush their PPP forgiveness applications

IStock_19111721_XXLARGEThis blog post explains why borrowers shouldn’t rush their PPP loan forgiveness applications. Please share with clients who participated in the program.

Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are asking their CPAs if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program details. Organizations — especially small businesses — worry about meeting the maximizing loan forgiveness requirements.

While you may be anxious to apply for forgiveness, here are five factors affecting the forgiveness application process.

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Help small business clients recover through customer retention

Small Business Customer RetentionMany small businesses are struggling because of the unprecedented effects of the coronavirus pandemic on the economy. As a CPA, your guidance is critical to help small business clients navigate these current challenges and enable successes.

One of the most valuable factors in a business’s long-term vitality is customer retention. For instance, DocuSign’s annual sales grew more than 30%, due in part to their high level of repeat customers.

Small and medium businesses (SMBs) can also benefit from obsessively tracking and learning from customer and revenue retention trends. That makes retention analyses an ideal addition to your advisory services — and you can do it using the same accounting data you’re already managing for SMB clients.

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Navigating financial plans during the pandemic

Shutterstock_184777091As news of the COVID-19 pandemic’s spread intensified early this year, the effect on the U.S. economy and American’s financial situations was unknown. We conducted the AICPA PFP Trends Survey in May to explore how CPA financial planners worked with clients during these uncertain times. The U.S. had experienced tens of millions of job losses, extreme stock market volatility and trillions of dollars in emergency federal programs to mitigate the economic fallout for businesses and individuals. The survey results provide an informative snapshot of how AICPA members on the financial frontlines helped their clients calmly navigate this extraordinary situation.

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July 15 Filing Date — Not to Move

Shutterstock_1682999677What's called a difficult decision is a difficult decision because either way you go, there are penalties.

-Elia Kazan

To advocate effectively on our members’ behalf and deliver the right resources, the AICPA periodically conducts member surveys to gather opinions on various subjects. As we navigate through this ongoing filing season, the AICPA Tax Executive Committee asked Tax Section members for their concerns and opinions regarding the July 15 deadline. The Tax Executive Committee has been carefully considering a decision regarding July 15 since, well, April 15. If you read July 15 filing date — To move or not to move, you know the heart of the matter was whether to move the deadline. We now have an answer — don’t move the July 15 due date. As famous ‘50s and ‘60s Hollywood director Elia Kazan infers above, our decision was complicated and multi-faceted. There were many issues to consider.

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5 tips for working from home with kids

Shutterstock_1677609325Remember “Take Your Child to Work Day”? For many of us, that’s become every day. The COVID-19 pandemic has shut down offices, leaving professionals to carve out workspaces in their homes while keeping children occupied or helping them with schoolwork at the kitchen table. We’ve compiled the following advice to help CPAs remain productive, including tips from members of the AICPA Women’s Initiatives Executive Committee:

Protect your space. With so many firms going remote without much notice, not everyone was set up to work from home. If you have an office or spare bedroom, consider designating that a no-interruption zone for when you have important meetings or projects. If your environment doesn’t allow for that, try using a signal to your kids — like an upside-down cup on the counter — that you need uninterrupted time.

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5 must-have tax tools before July 15

GettyImages-1189336762Have you seen the memes or cartoons on social media that joke about how days and months are non-distinct during quarantine? While sheltering in place, we’ve had a vague notion of time. But for a few months now, we’ve had a new date on our radars: July 15th.

As the new tax deadline approaches, here are questions, ideas and resources for your toolbelt:

  1. Have you heard from all your individual clients?

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Turn challenges of sheltering in place into opportunities

Shutterstock_489814966This pandemic has rocked our world and the digital accelerator was pushed to the floorboard. We’re not going back to business as usual before COVID-19, and this presents opportunities for women to propel our profession forward with expanded influence and leadership.

Relationship building

During this time, we’ve been invited into one another’s home and experienced one another’s personal daily lives. We’ve seen a host of previously unknown aspects of personal lives — each other’s homes, favorite T-shirts and PJs, and children and pets via Zoom bombs.

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Considerations before reopening your office

IStock_000049546004_XXXLargeReopening your office isn’t as simple as unlocking the office door. Consider several factors before jumping to any reopening decision, starting with a couple of questions:

  1. Are our employees still productive with the office closed?
  2. Are our clients’ needs being met?

If the answer to both is “yes,” then what’s the rush to reopen? Understandably, you and your employees may be a little stir-crazy being at home, or maybe you’re frustrated paying rent for unused office space. Neither are good reasons to rush to reopen and risk employee safety. Perhaps now is a better time to consider boosting employee morale or focus on a long-term virtual solution that keeps clients and employees safe and shows that you care. There’s a session at this year’s all-virtual ENGAGE2020 (July 20-24) on enabling remote workers and virtual office.

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6 ways CPAs are making a difference right now

Shutterstock_664170823Healthcare and frontline workers have the daunting task of keeping communities safe, clean and fed. We salute them. Accountants and finance professionals have the responsibility to lead businesses through the economic recovery.

You’re needed now more than ever. Here are six ways you’re making a difference.

1. You help small businesses stay afloat and preserve jobs.

Small businesses are dealing with a multitude of COVID-related problems and are relying on your expert advice, including understanding the details and application process for the Paycheck Protection Program. In this podcast, experts untangle key parts of the application, and the Town Hall Series: CARES Act and Paycheck Protection Program offers up-to-the-minute news on PPP and the CARES Act.

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Small businesses should focus on PPP’s intent, keep using funds

Shutterstock_1717147000When the Department of the Treasury and Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) many businesses saw an opportunity to stay open and their employees paid during this very difficult time.

There is no question that small businesses are the heart of our nation’s economy, and without them our road to recovery will be longer and significantly more difficult. I am inspired every day by the stories I hear about our profession’s tireless efforts to support small businesses everywhere. The AICPA is committed to our economic recovery, and I would like to provide some perspective to advance the understanding of the PPP.

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Can you separate PPP facts from the myths?

Shutterstock_1713483700Do you remember playing the telephone game in elementary school? I’ll spare you the rules. But, in the end, the game exposes the way information mutates after numerous people filter it. As information about the Small Business Association’s Paycheck Protection Program rolled out, it quickly started to feel like a large game of telephone with misinformation floating around rampantly. Small businesses are extremely vulnerable during these times and cashflow is top of mind for every CPA and their client. Nobody can afford to live with confusion around a program promising direct relief. Let’s address a few pieces of PPP information — or misinformation. See if you can guess if the following are MYTHS or FACTS:

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The tax season in the Upside Down

IStock_85574993_XXXLARGEIn early May tax practitioners are typically easing back into work after a well-deserved break. For many reasons, that is not the case this year.  

For those who have seen “Stranger Things” (no spoilers for season 3, please!), you may feel like you’re in the Upside Down. If you haven’t seen the TV show, think alternate parallel universe. And not in a good way.

A global pandemic has us grappling with what it means for our personal and work lives. There was unprecedented filing relief extended to all types of income tax returns due between April 1 and July 15. Legislation led to new types of credits, as well as many other relief measures. This included the Small Business Administration’s Paycheck Protection Program, which has tax practitioners brushing up on many new rules. A lot of practitioners struggle with remotely serving clients and working from home because of all the potential distractions that come with it.

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Zoom virtual backgrounds for CPAs

Shutterstock_1606120399With remote working becoming the norm, who hasn’t had to take a video call for work? Meetings, check-ins and briefings are all happening on video apps now, but a backdrop of piled-up laundry, milling family members or unwashed dishes probably isn’t what you want to share with your colleagues while discussing the latest financial report.

What can you do about it? Use one of our new Zoom virtual backgrounds. These easy-to-implement backdrops cover up everything behind you. We always want finance professionals to look their best, so we’ve created a range of options to make working from home a little more interesting. Just right-click and save!

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COVID-19 creates 11 new state tax issues

Shutterstock_55579699This is the most unusual tax season on the books -- April 15 came and went and yet tax season isn’t over. Over the past several weeks, we’ve heard from members about state and local tax filing, payment and administrative issues. We’ve shared 11 recommendations with the state CPA societies and encouraged them to consider these with their state and local tax authorities.

A recap on the past couple of months 

As you know, over the past two months, the AICPA® has been busy advocating on your behalf and working with Congress. We successfully urged Treasury and the IRS to provide immediate filing and payment relief, along with broader relief for all returns. This led to a delay in federal filings and payments until July 15 for returns due from April 1 to July 15. Our teams continue to advocate and monitor the situation, and we will keep you informed as developments arise.

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Here's how to help non-filers in your community

Shutterstock_1705162879The U.S. government is issuing stimulus checks to every eligible American. But for millions of people of low socioeconomic status (SES) — those most in need of the stimulus checks — there’s an extra step.

The IRS created an online form for people who don’t normally file a tax return, known as non-filers. It’s a free and easy way to provide basic information so people of low SES can receive their economic impact payment as soon as possible. Do you know someone who needs help getting their stimulus check? On their own or with the aid of a trusted person, the individual can visit IRS.gov and select the non-filer application.

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Don’t get scammed out of your stimulus check

Shutterstock_1691728840The federal government is in the process of delivering cash to many U.S. citizens to help stimulate the economy, providing tax credits to individuals of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child.

For those struggling to pay bills or who have lost their jobs, these payments can help them stay afloat during these extraordinary times. But it’s also a potential windfall for scammers, who are continually trying to find new ways to steal from unsuspecting individuals.

“Scammers prey on people’s emotions and weaknesses,” said Howard Silverstone, CPA and American Institute of CPAs (AICPA) Forensic and Litigation Services Fraud Task Force member. “Right now, people haven’t been going to work every day. They’re home with the kids. They’re stressed. They may have lost their jobs. They need that money. Scammers know this and are preying on it.”

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Reimagine productivity: Tips and tricks

Shutterstock_793129432Over the previous articles in this series, we’ve covered big-picture wellness topics that can help you decrease stress, perform better at work, and find more satisfaction in your career. Allowing yourself to be emotional at work, eating healthy, going about your day with intention are behaviors that will benefit you today and for years to come.

Along with these vital concepts, it’s nice to have some hard-and-fast tips for getting a little more done without having to burn the midnight oil. You can call them life hacks, productivity tricks, efficiency systems, or whatever else you’d like. I like to think of them as performance optimizers. And when you’re in the throes of busy season, you need all the optimization you can get.

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The dashed hopes of an “easy” tax season

Shutterstock_1548855965“Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead.”  Sigmund Freud

If there’s one thing I’ve learned in the 37 years of working at the AICPA, it’s that you don’t want to mess with tax filing season. Sure, tax season is never “easy” and spreading the work over a longer period is important. But most CPAs just want to get it over with. I was in practice before I came to the AICPA and I can still empathize with these sentiments all these years later.

Minimizing tax filing season disruptions and changes is important to the IRS, too. Sure, there have been a few snafus over the years. But, by and large, the IRS manages massive amounts of data well and it does us proud in administering a system with 156 million individual returns and 112 million refunds amounting to $321 billion. The average refund is about $3,000. April 15 is prominent in the IRS’ psyche because it’s prominent in the psyche of the American public.

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6 things your clients must know today for a better tomorrow

GettyImages-1097998980The coronavirus (COVID-19) pandemic has created different day-to-day challenges than a few weeks ago. Just last month, you were probably discussing business expansion or future growth opportunities with clients and now you’re talking about how to stay afloat during uncertain times.

Practically overnight, your clients’ needs have changed completely. Some of your client questions might even go beyond what you have been accustomed to addressing.

Here are some ways to help center your client communications to focus all parties on building a brighter and stable future.

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Clients and CPAs can benefit from a 100% forgivable loan

Shutterstock_551991082As companies struggle with the economic uncertainty caused by the COVID-19 pandemic, small businesses — the backbone of the economy — have the power to pave a path toward economic recovery. They can do that, in part, by keeping their staff employed or by rehiring them if already laid off or furloughed.

New legislation has given them the power to do that.

CPAs can reap many benefits for helping clients apply for newly available loans under the Paycheck Protection Program (PPP), a joint effort by the Department of the Treasury and the U.S. Small Business Administration to provide small businesses with $349 billion in forgivable loans for keeping or rehiring employees and to cover certain other expenses.

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3 reasons it’s time to embrace virtual learning

Shutterstock_1635991822The coronavirus (COVID-19) pandemic has made an impact worldwide like generations of us have never seen. From how we buy groceries, the ways we socialize, school our children and work, our current normal is often virtual.

Suddenly, you’re working from home in your sweatpants (admit it) and holding meetings via videoconferencing. You might feel uncomfortable with the technology you’re now forced to use. The good news is you’re learning on the job. When life gets back to normal, many of you will have picked up a new technology skill or two that you’ll continue to use for work or even in your personal life.

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Expand your knowledge each day with this 14-day challenge

AICPA 14 Day Challenge FBWe’re all doing our part to slow the spread of coronavirus, and it’s easy to feel discouraged by the many changes we’ve had to absorb over a short period of time. To make lemonade out of lemons, why not take this 14-day challenge?

The 14-day challenge invites you to expand your knowledge each day with tools and resources designed to help you face complications that the global pandemic has presented.

Day 1: This client letter regarding the coronavirus is helpful communication to let your clients know about resources and the impact of the coronavirus to your practice.

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4 ways to help your clients get through coronavirus anxiety

IStock_97431761_XXXLARGEAs a CPA, your clients often turn to you. Now, with all of the uncertainty and questions ranging from financial to personal, clients need you more than ever. Here are four tips to help you support your clients during the weeks and months to come.

  1. Your relationships are key. You’ve developed strong bonds with your clients, had conversations about difficult topics and been there for them during the hard times as well as the good. They know you’re willing to listen and eager to offer advice. The trust you’ve built from these experiences will serve you during this tumultuous time.
  1. Be intentional about your communications. Every client is unique, so your communications shouldn’t be one-size-fits-all. Reach out to clients and work with them to determine the ideal frequency and method of communicating going forward. Given their current stress level and current portfolio, what makes the most sense? Once you have the logistics worked out, focus on providing personalized advice. You’ll further reinforce your role as their trusted adviser.

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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

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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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