New world, new skills finance professionals need

Even before the pandemic, digital transformation and new ways of working were significantly influencing the skills and capabilities finance teams need. The coronavirus pandemic accelerated that need as people and businesses sought digital experiences and solutions more than ever.

3 steps NFPs can take to prepare for continued uncertainty

A year has passed since COVID-19 began its worldwide disruption, but the full effects have not yet been realized. The anniversary prompts us to pause and consider where we’ve been and where we’re going. A recent Not-for-Profit Section webcast offered key takeaways to help not-for-profits (NFPs) manage current disruption and prepare for changes yet to come. The overarching theme? Plan for the worst, prepare for the best.

How to implement diversity and inclusion throughout your firm

Embracing diversity and practicing inclusion is critical to the success of your firm. Welcoming different perspectives and creating a true sense of belonging for everyone is how you build strong teams.

Many of us are familiar with the concept of diversity as including people of varying race, color, religion, sex, sexual orientation, gender identity or expression, pregnancy, age, national origin, disability status, genetic information and protected veteran status.

Inclusion, as a concept, can be more difficult to grasp and, therefore, challenging to implement.

Organizations have varying roles, and steps must be implemented at each level for the company to achieve diversity, equity and inclusion (DEI).

3 EBP audit considerations in 2021

I’m sure many of us relate to the “one-year-later” pandemic fatigue prominently featured in the news. I’ve heard from several members about difficulties connecting with and supervising remote audit teams while dealing with life during a pandemic.

Because I once was an employee benefit plan auditor, I understand your pain. EBP auditors must know and adhere to U.S. auditing standards, plus follow additional U.S. Department of Labor requirements. There are many changes for the EBP auditor to master this year.

5 ways to motivate your team during tax season

It’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.

 

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

You 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.

Women strengthen the accounting profession

International Women’s Day — March 8, 2021 — is a time to celebrate the achievements of women and acknowledge the valuable insights of women in the accounting profession.

This year, we asked AICPA and CIMA members to share their perspective on the pandemic.

Are you ready for these ESG trends?

Investors, customers and key stakeholders continue to seek reliable and transparent information on a variety of environmental, social and governance (ESG) metrics. The accounting profession  has a key role to play. Accountants within organizations play an important role in integrating critical business information; implementing and maintaining relevant processes and controls; making and enabling business decisions; and reporting to stakeholders in a holistic, integrated way. Public accountants play a critical role in providing assurance and advisory services to organizations to enhance confidence in the reported information. As influential members of almost every business, government and non-governmental organization, professional accountants are uniquely positioned to make a difference.

COVID-19 challenges in commercial real estate audits

Now that 2020 has concluded, many owners of commercial real estate are contending with the coronavirus pandemic’s impacts on their financial performance.

As auditors, you should recognize that the execution of financial statement audits for 2020 is going to be different from prior years, and the commercial real estate market brings with it a range of issues that you will have to be prepared for. You can expect many facets of a commercial real estate audit to feel the pandemic’s effects. The focus of this blog is on impairment considerations for commercial real estate properties.

You and your engagement team may want to make use of AICPA resources such as the COVID-19 audit toolkit and the COVID-19 accounting resources.

7 tips to help you tackle tax season

Around this time last year, 12 months and 135 years ago to be exact, we binge-watched “Tiger King” and pondered Prince Harry and Meghan’s royal departure. In early March 2020, we also worked through what we thought would be another conventional tax season. Remember when we were laser-focused on improving our client services and figuring out the Tax Cuts and Jobs Act (TCJA) and the term Paycheck Protection Program (PPP) wasn’t in our vocabulary? That all feels like a lifetime ago.

The COVID-19 pandemic turned our lives, communities and ways of working upside down. We grappled with remote working and technology, dealt with IRS operational issues, struggled to keep up with new tax laws and guidance and took on new advisory roles while dealing with a never-ending tax season.

Three cybercrime trends to prepare for in 2021

Cyber breaches have become more common threats for businesses. The COVID-19 pandemic accelerated the digitalization of many companies and a shift to remote working. That increased first-quarter cybercrime 273%  in 2020 compared to 2019. The new and innovative ways hackers found to steal company data cost U.S. businesses an average of $8.64 million per breach. Even more startling: small businesses were victims of nearly a third of all cyberattacks.

What new trends, patterns and hacks can we expect this year? How can CPA firms protect their practice and their clients from cyberattacks?

Plan for your clients to get both PPP loans and the ERC

New legislation from the Consolidated Appropriations Act, 2021 creates a chance for some of your clients to take advantage of both Paycheck Protection Program (PPP) loans and the Employee Retention Credit (ERC).

Several changes specific to the ERC can provide an opportunity for additional relief for your clients. The significant changes that affect small businesses include:

Business funding: A key new advisory category for your firm

CPAs 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:

4 A&A challenges caused by COVID-19

For 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

Cannabis legalization: States continue to take the lead

Following November’s election, most states have legalized cannabis for either medicinal or personal adult use. Voters in four states — Arizona, Montana, New Jersey and South Dakota — approved ballot measures legalizing cannabis for personal use for adults at least 21 years old. Mississippi and South Dakota legalized cannabis for medicinal use, with South Dakota becoming the first state to legalize medicinal and recreational use cannabis in the same election.

Arizona

Proposition 207 regulates adult-use cannabis and imposes a 16% sales tax to fund community colleges, infrastructure, public safety and public health programs. It allows localities to prohibit cannabis businesses through zoning and bans smoking marijuana in public places.

4 steps to take your tax practice to the next level before 2021

This year has been a whirlwind. I’m sure that the extended April 15 filing deadline, the payment deadlines and helping clients navigate PPP funding have kept you busy. Like me, you’re probably just catching your breath. When you’re ready, why not take a moment to reflect on the year you’ve had and consider your goals for your practice. Have you spoken with clients about their retirement or estate plans? Now might be the time to proactively and more formally incorporate financial planning into your tax practice—and begin identifying yourself as a CPA financial planner. Here are four steps you can take to get started: 

Unlock 4 hidden benefits of succession planning

If you’ve been putting off starting or updating your succession planning, I’d like to share a stark reminder I experienced a couple of years ago: It’s important to act now. My 10-person, Windham, N.H., firm was considering buying a CPA firm from a sole practitioner who had an interesting practice in a good location. We had several positive meetings. But just as we were formalizing a deal, we heard the sole practitioner had unexpectedly passed away. Although the next of kin wanted to continue with the sale of the practice, we had to decline since we knew that many of the firm’s clients would have already moved on by the time we took over. The CPA’s failure to plan for transition made the firm less valuable to us.

Hispanic Heritage Month Spotlight: Tony Torres

It’s no secret. The accounting profession is in dire need of more ethnic diversity.

While numbers have increased over the last decade, only 15% of enrollees in accounting bachelor’s and master’s programs are Hispanic. Despite the knowledge that diversity within an organization breeds success, even fewer —10% — go on to get hired into accounting and finance roles in U.S. CPA firms.

Tony Torres, whose father immigrated to the U.S. from Cuba in 1961 and whose mother immigrated from Bolivia in 1963, is the Chief Inclusion Officer of Audit & Assurance at Deloitte & Touche, LLP and a member of the AICPA’s National Commission on Diversity and Inclusion. I spoke to Torres to learn how he has successfully navigated the accounting ecosystem.

Why CPAs should care about RPA

Big data. The Fourth Industrial Revolution. You’ve heard it before — automation will change how we work. While exciting, the prospect of mastering new technology — or even the lingo — can seem overwhelming at times. What does automation really mean, and how will it affect your career specifically?

Whether you’re new to the profession, own your own company or work within the finance function of a business, the Association of International Certified Professional Accountants is here to empower you with the knowledge you need to stay relevant. Our resources make it easy to learn about some of the hottest technology, like automation, data analytics and cybersecurity.

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

At 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.

Networking in a new world

Amid 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

8 things to know about the audit evidence standard

As we were finalizing Statement on Auditing Standards No. 142, COVID-19 arrived and caused major disruptions to the country’s economy, including changing the ways auditors were working. Automated tools and techniques — like conducting remote observation using cameras or drones — became necessary to perform certain audit procedures, such as observing the physical count of inventory. These and other automated tools and techniques are referenced in the guidance accompanying the audit evidence standard that was issued last month. After practitioners’ experiences over the past several months, these techniques likely will feel more familiar today than they did several months ago.

Before you dive in to read the standard, we’d like to highlight some key changes; the standard:

Pandemic teleworking causes state tax withholding issues

A 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.

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

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.

July 15 Filing Date — Not to Move

What'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.

Turn challenges of sheltering in place into opportunities

This 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.

3 estate planning conversations to have now

The coronavirus pandemic has encouraged people with existing estate plans to consider reviewing and modifying them, and people without plans to develop them. Regardless of your client’s situation, there are worthwhile conversations about estate planning to be had.

As a CPA, you have a strong relationship with your clients and a comprehensive understanding of their finances. Because of this, you provide great value, and when partnered with an attorney, you form a solid team. You bring your expertise on the financial structure and they bring their knowledge of the legal system.

Future-proofing the tax system with small businesses in mind

Life has quickly changed because of the COVID-19 pandemic. The responses from Congress, the Department of Treasury, IRS and Federal Reserve have been wide ranging. The coronavirus has caused tremendous upheaval for small businesses and their employees. Technology, the economic environment and new ways of working are being pushed to new phases, requiring new tactics.

COVID-19 has highlighted elements in the U.S. tax system that create barriers for small businesses. In a May 7^th comment letter to Congress, AICPA identified a dozen of these barriers that Congress needs to address to future-proof our tax system and bring it into the 21st century. This post highlights three of the barriers small businesses frequently encounter:

Preparing accounting students for a changing profession

We 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.

3 retirement questions your clients are asking amid COVID-19

There 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.

Bouncing back: How to recoup after a busy season

When this extended busy season ends, we’ll notice summer days feeling warmer and brighter. When crossing that proverbial finish line, I acknowledge freedom that leaves me feeling spacious, accomplished and abundant. Busy seasons (especially this one) can be hard, but we all come out a little stronger, wiser and more learned each year.

Once you feel this freedom, do you ever feel a little confused about what to do with this free time? Before you rebound to the nearest couch for a Netflix marathon, restore your body, mind and soul. 

I’m no Dave Brubeck, but today’s post includes my rendition of “Take 5.” I invite you to explore my Take 5 Method to come alive again. You dedicate a lot of time, energy and knowledge to your work. After the busy season, give yourself permission to be selfish during this transition time and prioritize what brings you back to YOU.

More than a sense: 5 innate tools to reduce stress

When life is busy, it’s easy to neglect our well-being. We may think, “I don’t have time” or “I’m too tired,” but what’s more important than health? We can’t give our best to anything or anyone if we don’t make time for self-care.

Simple truth: The more you invest in yourself, the more your body and mind will give back to your work, your relationships and beyond.

According to Ayurveda, one of the world’s oldest medicinal practices, a primary component of health that is often overlooked is how we treat our five senses: hearing, sight, smell, taste, touch. In a standard work day, most of us are misusing or abusing our senses; this can exacerbate our stress levels, especially when the body and mind are fatigued. If we learn to use our five senses, we uncover steadiness and energy boosts.

COVID-19 creates 11 new state tax issues

This 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.

Reimagine productivity: Tips and tricks

Over 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.

Remain the best advocate for clients amid scaled-back IRS operations

COVID-19 has altered how businesses, governments and agencies operate around the world. The Internal Revenue Service (IRS) is no different. The IRS recently announced it has scaled back some of its operations.

To protect employees and taxpayers, agents are now working remotely and only holding teleconferences. Scheduled meetings are still likely to take place on their scheduled date virtually, and agents are requesting teleconferences with taxpayers to work their cases.

However, scaled-back operations and staff working remotely doesn’t mean the IRS is unavailable to you.

6 things your clients must know today for a better tomorrow

The 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.

Clients and CPAs can benefit from a 100% forgivable loan

As 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.

3 reasons it’s time to embrace virtual learning

The 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.

You’re the future of accounting. Help shape the CPA exam.

A major research initiative is underway that will help shape the future of the Uniform CPA Examination^® (CPA Exam), and your critical feedback is needed by April 30^th. If you work in public accounting, business and industry, academia, or even for yourself, you’ve likely noticed that the accounting profession is rapidly changing.

CPAs face new challenges

Advanced technology is changing how businesses operate — many businesses are more data-driven than ever before. Data analytics is fundamentally changing the way auditors collect and document audit evidence and make decisions. As technological developments continue, auditors must expand their technical knowledge and skills and revise audit planning and testing procedures to perform effective and efficient audits. These changes extend beyond auditing and expand to nearly all parts of the accounting profession.

Reimagine productivity: Working with intention

It’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.

10 ways to stay social at a distance

To 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.

Coronavirus: Prepare your clients and protect your practice

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.

Reimagine productivity: Self-care moments

When 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.

Reimagine productivity: Eat better, work smarter

The 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.

Promoting diversity and inclusion for 50 years and counting

At the National Association of Black Accountants, Inc. (NABA), we are celebrating our 50th anniversary of challenge, achievement, success and survival in the diversity and inclusion (D&I) arena. Our business model continues to mature. We honor and salute our partner, the AICPA, for its dedication to the D&I mission.

By 2045, the United States will be significantly more diverse. The U.S. Census projects that more than 50% of the population will be non-white: 24.6% Hispanic, 13.1% black, 7.9% Asian and 3.8% multiracial. Slightly more than 49% of the population will be white.

Yet corporations still struggle to determine how they can increase diversity in the workforce and define success for their initiatives. I recently discussed D&I in accounting with Barry Melancon, CPA, CGMA, President & CEO of the American Institute of CPAs. Our conversation covered the D&I business imperative and how firms can move further along on the inclusion maturity model. Below are some highlights.

Reimagine Productivity: Master your productivity rhythm

Maximizing your efficiency during the busy season involves planning your day. For many of us, tax season doesn’t leave a moment to spare. Getting the job done requires a consistently high level of performance. Getting the job done, however, cannot come at the expense of accuracy. Productivity and accuracy are necessities that can lead to an increased sense of stress and an inclination to work around the clock. While it may be tempting to put your head down and plow through, it’s far from beneficial for efficiency or quality of work. The best way to be efficient during the busy season isn’t to work until you’re bleary-eyed, but rather to learn your personal rhythm and match your workflow to that rhythm.

The terms “early birds” and “night owls” have seemingly existed for as long as there have been people watching the sun rise and set. Science supports the existence of these two basic categories which are identified by when a person is most likely to sleep and certain behaviors associated with each. However, mastering your personal rhythm requires more effort than simply labelling yourself as a morning or night person. Before you can begin to apply strategies to maximize your productivity cycle, you must know when it starts and ends.

It’s not too late to resolve to improve

The first month of the year is over and, for several reasons, I’ve not committed to any goals in 2020. Has that happened to you? I always try to set goals around learning — one for fun and one to enhance my career. Let’s apply that adage, “It’s better late than never.”

The digital revolution has changed my communications profession. Dedication to learning is not optional. It’s mandatory for me to keep up. As a CPA, you are also in a constant race to outpace change. Technological developments fuel workplace changes and challenge you to stay on top of every skill set. To thrive in the digital era, you need to “unlearn” some old routines and develop some new (and unexpected) skills and competencies. Here are four resolutions every CPA should consider this year:

Two guaranteed ways to thrive this busy season

Now that we’ve fully stepped into the new year, busy season is picking up speed. During this period of longer work hours and takeout dinners, it can be challenging to address your own needs when your day-to-day priority is your clients.

This imbalance might not be noticeable at first, but it can have a cumulative effect as the weeks pass by. Instead of being a time when we realize our greatest potential, busy season can leave us feeling stuck and overwhelmed. Does this sound familiar? Before you know it, it’s June and you’ve somehow lost half of the year.

Here’s the thing: If you don’t take time for your wellness, you will take time for your future illness.

Reimagine Productivity: Mindfulness, emotions and mood

Accountancy is a vibrant, dynamic profession that involves more than crunching numbers. And the people we work with are unique and complex. But in any workplace — whether it’s a CPA firm, Hollywood set or football practice field — people have been asked to put aside parts of themselves in order to perform better. “It’s not personal. It’s just business,” the old saying goes.

Increasingly, however, that conventional wisdom is coming under question. Separating ourselves from our work isn’t only difficult; it adds unnecessary stress to an already demanding career.

During busy times, there’s particularly strong pressure to compartmentalize ourselves and our work in order to get everything done. But suppressing emotions during your workday can create pent-up emotions. This affects the energy you generate in the workplace and triggers undue stress and tension in our bodies.

Life transitions trigger an opportunity for deeper client service

It’s no secret that a phone call can change a life’s trajectory. Two decades ago, I received a call that not only had a deep impact on my family, but also sent me down a career path to help my clients navigate critical life transitions — unexpected and otherwise.

Unexpected events and major life transitions offer a critical opportunity to assist clients.

Over 20 years ago, my mom called and asked if I had talked with my dad that day. He had recently suffered some health issues but was doing well, so I assured her that he was probably out for coffee with friends. The day did not end well. I soon discovered that my dad had passed out while driving due to adjustments in medications and died in a one-car accident. He was only 64.