What are the biggest challenges for accountants at this time?

What are the biggest challenges for accountants at this time?
For those in public practice, CPA firms are not only helping their clients but their own practices to stay viable. Meaning, what CPAs are learning to help their clients minimize loss and expedite financial recovery is also helping their firms stay economically viable by using the same actions. Another challenge CPAs in public practice face is showing more value to their clients in these times of crisis — thus the importance of remaining calm, objective and open-minded and helping their clients with the new opportunities that the [Coronavirus Aid, Relief, and Economic Security] Act or state government economic programs could offer their organizations.



CPA firms and CPAs in the industry are being provided, almost on a daily basis, guidance on tax issues coming from the IRS and other tax authorities because of tax issues that are not only linked to updates regarding tax filing extensions but changes in federal, state and local tax regarding payroll tax, real estate and property taxes , and sales tax. All three levels of government have various levels of modification or clarification that are in motion that CPAs will need to continue to monitor for themselves, clients, and companies they support.

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