Where are the best accountants? That question still keeps CPA firm leaders up at night, according to the most recent results of the biennial CPA Firm Top Issues Survey from the American Institute of CPAs (AICPA) Private Company Practice Section (PCPS).
Results differ between firms of different sizes, but ALL firms (except for sole practitioners, unsurprisingly) say finding qualified staff is the top concern. For the largest firms (11+ professionals), retaining staff is No. 2.
Other issues for the very largest firms include effective staff utilization/management and staff compensation/rewards. Firms with 2–20 professionals all cite challenges when working with the IRS as a problem. Sole practitioners struggle most with keeping up with changes and complexity in tax laws, as well as challenges when working with the IRS.
Identity theft is nothing new, but bad actors are trying new ways to steal sensitive tax information from preparers. The IRS continues its partnership with the Security Summit to protect the tax system against tax-related identity theft and fraud. Here are trending scams:
With staffing challenges keeping CPAs up at night (see CPA firm worries, top), retaining employees is just as important as attracting them. That’s why we’ve released a companion to the VSCPA Recruitment Guide. The Retention Guide offers tips, tricks and ideas to help you kickstart retention efforts at your organization. Here are a few:
Download the VSCPA Retention Guide today.
CPAs managing teams, either at firms or in corporate finance, nonprofit or government settings, be alert: New overtime rules from the U.S. Department of Labor (DOL) are here. The DOL published its final regulations on April 23, 2024, which update and/or revise overtime protections that affect millions. The rule will be implemented in three phases, with the standard minimum salary thresholds for overtime pay exemption changing to the following:
