june2021 - 22
FEATURE
A COVID Tax Season PostFROM
A CLIENT'S perspective, CPAs are the solution to
confusing financial problems. However, with the past two
tax seasons peppered with pandemic-related stressors,
extended tax deadlines and a whirlwind of economic
stimulus legislation, who is helping the accountants?
Running an accounting practice
has always come with unique challenges,
but the COVID-19 pandemic
brought unprecedented challenges,
as well
as
some
less-obvious
opportunities.
As lockdowns come to an end
and the economy picks back up,
it's a good time to reflect on what
went right (or at least ok), what went
wrong, and what needs to change
as we begin a slow transition into
whatever the " new normal " looks
like, post-COVID, for the accounting
industry.
FIRMS WITHOUT BORDERS
When firms and their clients were
forced to close their doors, everyone
got a crash course in working
remotely. Business leaders who
didn't trust a distributed workforce
before had no choice but to place
their trust in people and technology,
and accounting professionals rose to
the occasion.
WHAT WENT RIGHT
It's easy to focus on all the hurdles
placed in our way, but there have
been some silver linings.
It's a change that's likely to
last. According to a December 2020
survey from EisnerAmper, 60% of
business leaders plan to let their
staff continue to work remotely
post-pandemic. Only 8% will not
allow employees to work virtually,
and 32% are undecided.
Embracing virtual work means
firms are no longer limited by geography
when looking for talent or new
clients. With today's technologies,
firms can work with people and businesses
regardless of where they're
located, allowing even the smallest
firms to have a worldwide reach.
REINFORCING THE ROLE OF
CPA AS A TRUSTED ADVISOR
For a while, there was a lot of
talk about the work of CPAs being
automated. The past few months
have shown that while automation
can augment an accounting professional's
skills, in times of crisis,
clients don't simply want a tax
return or financial statement - they
want the trusted counsel that only a
human advisor can provide.
Many people who handled their
own books or filed their own tax
returns in years past turned to
accountants in 2020 and 2021 for
help with their tax and accounting
issues, including Paycheck Protection
Program (PPP) loans, stimulus
checks, new tax credits and early
retirement account withdrawals.
With more tax changes likely on the
horizon, businesses and individuals
will continue to need trusted advice,
which presents an opportunity
for CPAs to help more people and
ultimately grow their firms.
22 JUNE 2021 ■ www.CPAPracticeAdvisor.com
http://www.CPAPracticeAdvisor.com
june2021
Table of Contents for the Digital Edition of june2021
From the Editor: On Being a Cook and Accountant
The Leadership Advisor: Better Advisory Through Genuine Connection
AICPA Proposes New Quality Management Standards for Firms
From the Trenches: Client Experience for Today: Personal Tax Advisory
Strengthen Your Client Relationships with Financial Planning
The Labor Law Advisor: Problem Employees: Develop or Dismiss
The Millennial Advisor: FOMO
The Staffing & HR Advisor: 9 Ways Accountancy Consultants Can Benefit Small Businesses
Marketing Your Firm: How to Use Polls to Measure Your Clients' Needs
Apps We Love: Reference Apps
Using Agile Methodology on The Digital Transformation Journey
AICPA News: A round up of recent association news and events.
A Covid Tax Season Post-Mortem for 2021
2021 State of Accounting Staffing
Stuck in the Middle
3 Tips for Finding Remote Staff During Covid
The ProAdvisor Spotlight: QuickBooks Online Innovations: What You Need to Know
Finance Leaders Depend on Business Intelligence to Drive Change
A Guide to Earning and Managing CPE Credits
Is a Niche Marketing Strategy Possible for Small Firms
Post-Pandemic Priorities: Reassess Your Target Markets
What to Know When Measuring Your Team's Productivity
Bridging the Gap: 6 Essential Measurements of Firm Culture
june2021 - 1
june2021 - 2
june2021 - 3
june2021 - From the Editor: On Being a Cook and Accountant
june2021 - The Leadership Advisor: Better Advisory Through Genuine Connection
june2021 - AICPA Proposes New Quality Management Standards for Firms
june2021 - 7
june2021 - From the Trenches: Client Experience for Today: Personal Tax Advisory
june2021 - 9
june2021 - 10
june2021 - 11
june2021 - Strengthen Your Client Relationships with Financial Planning
june2021 - 13
june2021 - The Labor Law Advisor: Problem Employees: Develop or Dismiss
june2021 - The Millennial Advisor: FOMO
june2021 - The Staffing & HR Advisor: 9 Ways Accountancy Consultants Can Benefit Small Businesses
june2021 - Marketing Your Firm: How to Use Polls to Measure Your Clients' Needs
june2021 - Apps We Love: Reference Apps
june2021 - Using Agile Methodology on The Digital Transformation Journey
june2021 - AICPA News: A round up of recent association news and events.
june2021 - 21
june2021 - A Covid Tax Season Post-Mortem for 2021
june2021 - 23
june2021 - 2021 State of Accounting Staffing
june2021 - Stuck in the Middle
june2021 - 3 Tips for Finding Remote Staff During Covid
june2021 - 27
june2021 - The ProAdvisor Spotlight: QuickBooks Online Innovations: What You Need to Know
june2021 - Finance Leaders Depend on Business Intelligence to Drive Change
june2021 - A Guide to Earning and Managing CPE Credits
june2021 - 31
june2021 - Is a Niche Marketing Strategy Possible for Small Firms
june2021 - Post-Pandemic Priorities: Reassess Your Target Markets
june2021 - What to Know When Measuring Your Team's Productivity
june2021 - Bridging the Gap: 6 Essential Measurements of Firm Culture
june2021 - 36
https://www.nxtbook.com/endeavor/cpapracticeadvisor/december2022
https://www.nxtbook.com/endeavor/cpapracticeadvisor/octobernovember2022
https://www.nxtbook.com/endeavor/cpapracticeadvisor/august2022
https://www.nxtbook.com/endeavor/cpapracticeadvisor/june2022
https://www.nxtbook.com/endeavor/cpapracticeadvisor/april2022
https://www.nxtbook.com/endeavor/cpapracticeadvisor/december2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/november2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/october2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/september2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/august2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/july2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/june2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/may2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/april2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/march2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/february2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/december2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_November_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/october2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/september2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/august2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_July_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_June_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/may2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_April_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_March_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/february2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/december2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/november2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/october2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/september2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/august2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/july2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/june2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/may2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/april2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/march2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/february2019
https://www.nxtbookmedia.com