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

Across 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.

5 reasons borrowers shouldn’t rush their PPP forgiveness applications

This 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.

Everyone fails: Here’s how to bounce back

Epic fail. We’ve all been there — set out to do something great, only to come up a little short of our expectations. But that’s when the real test happens. Do we choose to throw in the towel or do we push through and use our experience with failure as motivation?

Author J.K. Rowling, who experienced some disappointments before publishing her first blockbuster Harry Potter novel, said that “it is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all, in which case, you fail by default.”

If you’re preparing to take the CPA exam, you may be wondering about the possibility of failure. Did you know a significant number of successful CPAs don’t actually pass the exam the first time around? In fact, an average of 50% of test takers fail at least one section. The average candidate sits six to seven times before passing all four sections. So, if you’ve had a setback in one or more parts of the exam — or are worried that you might — don’t stress. You’re not alone.

7 ways women can advance their careers

Women’s History Month is a great time to take inspiration from the achievements of outstanding women, and a chance to check in on your own goals. Are you aiming for advancement and trying to decide the best ways to get there? These are some steps you can take to enhance your prospects for getting ahead.

1. Set yourself apart. What does your organization need? Someone to spearhead cybersecurity efforts or to develop a strategy for addressing the impact of blockchain technology? A professional with expertise or a strong interest in a new and promising service area? Becoming the go-to expert in a hot topic area can raise your visibility and put you in a better position to be considered for new roles or leadership opportunities.
2. Get on track with mentoring. Need an objective source for advice and career insights? Be sure to take advantage of any mentoring options inside and outside your company (these free mentoring and networking resources will give you some pointers). Once you have some experience under your belt, it’s also a good idea to offer to become a mentor to a less seasoned professional. It can be a satisfying and educational experience. It also helps you learn and demonstrate leadership skills that will benefit you as you move up the management ladder.

Switching to a C corp? Think twice about it.

Most people probably don't even know what toothpaste they buy; they just recognize the box on the shelf.

--Charles Duhigg

The recently enacted P.L. 115-97, known as the Tax Cuts and Jobs Act, will have a significant effect on tax planning for clients, but many CPAs are also investigating what it will mean to their own firms. Best to listen to the advice of American Pulitzer prize-winning reporter and best-selling author Charles Duhigg on the process; make sure you know what’s in the tax planning “box.”