Monday, October 25th, 2021

2021 Top Issues

“Everybody gets so much information all day long that they lose their common sense.” – Gertrude Stein

I always look forward to reading the AICPA PCPS Top Issues Survey results.

The PCPS CPA Firm Top Issues Survey gathers insights from practitioners in firms of all sizes to understand the significant issues facing firms across the country. 

The survey responses are broken down by firm size, with separate lists released for sole practitioners and for firms with 2 to 5, 6 to 10, 11 to 20, or 21 or more professionals. The AICPA and its Private Companies Practice Section (PCPS) team use the biennial surveys to pinpoint areas where new tools and resources may be needed to help practitioners address current challenges. Below are the results. Follow this link to read the commentary and learn about resources for firms to use.

SOLE PRACTITIONERS:

  • Keeping up with changes and the complexity of tax laws.
  • Keeping up with COVID relief programs, such as PPP, EIDL, ERC, etc.
  • Challenges when working with the IRS.
  • Seasonality/layering of deadlines.
  • Keeping up with changes in technology and managing associated costs.

2-5 PROFESSIONALS:

  • Keeping up with COVID relief programs, such as PPP, EIDL, ERC, etc.
  • Keeping up with changes and the complexity of tax laws.
  • Challenges when working with the IRS.
  • Seasonality/layering of deadlines.
  • Finding qualified staff.

6-10 PROFESSIONALS

  • Finding qualified staff.
  • Keeping up with changes and the complexity of tax laws.
  • Keeping up with COVID relief programs, such as PPP, EIDL, ERC, etc.
  • Challenges when working with the IRS.
  • Developing the next generation of firm leadership.

11-20 PROFESSIONALS

  • Finding qualified staff.
  • Developing the next generation of firm leadership.
  • Keeping up with COVID relief programs, such as PPP, EIDL, ERC, etc.
  • Keeping up with changes and the complexity of tax laws.
  • Challenges when working with the IRS…. and… Effective staff utilization & management

21+ PROFESSIONALS

  • Finding qualified staff.
  • Retaining qualified staff
  • Keeping up with COVID relief programs, such as PPP, EIDL, ERC, etc.
  • Developing the next generation of firm leadership.
  • Effective staff utilization & management… and… Managing work/life balance initiatives.
  • "We are not in the information age anymore. We're in the information management age."
  • Chris Hardwick

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