covid-19

remote work is here to stay

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pie chart
the next normal arrives: fully 81% of accounting firms see an increase in remote work even as they re-open their offices. (convergence consulting)

as accounting firms re-open, they’re competing for talent on work-from-home plans and reaping windfalls with smaller offices.

by 卡塔尔世界杯常规比赛时间

no doubt about it, a capacity to work remotely has saved the tax and accounting business.

the question now is: what will tomorrow’s tax and accounting offices look like, post-pandemic?

more:  learning how to hire amid covid | survey: cpa firms reject staff vaccine mandates   |  covid-19 changed what we watch and how  |  why remote workers need retreats   | steven braunstein: new covid strategies for staff recruiting and retention   |  josh fisher: battling for staffers  |  “the new normal” will never be normal again   |  how and when to leverage ziprecruiter, indeed, and social media  |  how covid rewrites the rules for recruiting  |  staffing shortage? look at your business model

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in fact, the increase in remote work is likely to continue and expand in the future. read more →

nine smooth moves to build client satisfaction

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which do you need to work on?

by bill penczak

client relationships have never been more vulnerable, as other firms, reeling from the covid crisis, will be knocking on your clients’ door with promises of better service, more services, and lower rates.

more: re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | the three r’s for beating the corona crisis
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

now, more than ever, tax and accounting firms should examine how they can constantly improve the service and relevance to their clients, for today and into the new normal.

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irs: short on time and running out of room

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the situation isn’t funny, but laughing beats crying.

by 卡塔尔世界杯常规比赛时间

half the country may be vaxxed to the max, but that hasn’t helped the irs recover from last year’s covid-clogged backlog. in fact, it’s gotten so bad that the backlog is causing a logjam that’s backing up more logs.

more: 173% increase in irs correspondence backlog | hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | irs has recruiting problems, too
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when tax clients start to gripe about the refunds they haven’t received, maybe not even last year’s, describe this scenario to them, as described by the interim results of the 2021 filing season report from the treasury inspector general for tax administration.
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women lag men in accounting jobs recovery

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new records set in hourly earnings.

by beth bellor

across the tax and accounting industry, almost all the jobs relinquished by men in the coronavirus layoffs have been regained by men. the jobs given up by women, on the other hand, are still largely vacant.

more on jobs: comeback stalls as layoffs hit 1,500 in accounting | tax & accounting regains 3,800 jobs | accounting jobs recovery slows | tax & accounting firms rehire two-thirds of pre-covid workforce | tax & accounting firms rehire two-thirds of pre-covid workforce
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

overall, the tax, accounting, tax prep, payroll, and bookkeeping sectors employed 1.02 million full-time equivalents in march 2020, before 70,000 layoffs hit in april. so far, the industry has re-filled all but 17,600 positions.

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will new taxes push you to cash out?

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it might be time to implement plan b.

by domenick j. esposito
8 steps to great

the new administration faces global uncertainties. biden officials have set the stage for higher corporate and individual tax increases.

more from dom esposito:  keep your firm from biting the dust | the six ingredients for firm value | four ways to add $100,000 in new business fees every year | eight steps to small firm survival | no partner candidates? whose fault is that? | prune your firm: ‘rightsize’ managers and partners | how partners fail | ineffective management is hazardous to your firm’s health | profitability requires discipline |

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at the same time, if your midsized cpa firm has not at least started to move away from a general “compliance shop” to either:

  • a specialized niche firm that has established a brand in the marketplace that transcends size and locations, or
  • a professional services firm that provides advisory/consulting, accounting, tax and assurance services to marquee clients in specialized industries,

its worth or valuation in the marketplace continues to diminish from the historical one times revenue payable upon individual partner retirements over 10 to 12 years.

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trendwatch: new revenues in financial stress testing

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covid pivot: winning new high-value clients with: “trust, but verify.”

by anthony glomski and russ alan prince
your $5-million high-net-worth practice
now on sale: buy now | learn more

for the extremely wealthy, financial stress testing is quite common. just consider the following case.

more: family feud isn’t just a game show | working with the ultra-wealthy | covid-19 brings high-net-worth opportunities | product-neutral or product-inclusive? | help your referral sources become thought leaders | what the wealthy want
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a super-rich individual (net worth = $500 million or more) asked us to examine a tax mitigation strategy he was using. he was quite proud of how ingenious it was and how well it worked. the complication was that some of his business dealings were under scrutiny, and he wanted to make sure his wealth planning would not cause any problems. as part of this tax strategy, he had done several things:
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the irs’s $3-billion problem

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bar chart

 

92% of paper returns stuck in the backlog.

by 卡塔尔世界杯常规比赛时间 research

tax preparers would be wise to advise their clients to e-file this year. according to the government accountability office and the taxpayer advocate service, the irs is not keeping up with paper returns.

in fact, it seems to be barely trying.

more: hunker down: the irs backlog isn’t going away anytime soon | the irs studebaker bomb | imagine irs ‘concierge’ service. just imagine. | irs has recruiting problems, too
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chickenfeed

the covid-19 pandemic is only part of the problem. yes, of course, last year, with irs offices shuttered and phones shut down for months, a backlog built up. by the end of the year, “irs had a significant backlog of returns and taxpayer correspondence,” according to the gao.
read more →

comeback stalls as layoffs hit 1,500 in accounting

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cpa firms cut average staff pay.

“the tax season from hell?”
join the survey. get the results

by beth bellor
卡塔尔世界杯常规比赛时间 research

the accounting profession sector by sector generally looks slightly brighter, with most reporting headcount growth for the month – but losses for the year.

exceptions include the profession overall, which is taking a 0.2 percent dip, tax preparation services up for the year 3.3 percent, and bookkeeping, up 1 percent.

more on jobs: tax & accounting regains 3,800 jobs | accounting jobs recovery slows | tax & accounting firms rehire two-thirds of pre-covid workforce | tax & accounting firms rehire two-thirds of pre-covid workforce | new job cuts at cpa firms | covid job toll: tax & accounting cuts 17,500 employees | firms recall half of furloughed staffers
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in this report, 卡塔尔世界杯常规比赛时间 highlights:

  • current and long-term hiring trends in each of the bookkeeping, payroll, tax, and cpa segments of the industry (all data seasonally adjusted)
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

read more →