Addressing Small Business Client Concerns 

    The AICPA understands you need information specific to addressing your clients concerns. We have gathered information from survey’s that indicate small business owners' pain points as noted below and have developed resources for you to use in showcasing your value and knowledge to your clients on need to know items. According to the recent NFIB Small Business Problems and Priorities Report and the AICPA’s Professional Trends Survey, business owner consensus points to angst surrounding the following issues, to name a few:

    • Health insurance costs and understanding the Affordable Care Act

    • Keeping up with government regulation requirements

    • Keeping up with tax changes and the complexity of tax laws

    • Uncertainty over economic conditions

    • Access to capital and small business loans

    Health Insurance Costs and Understanding the Affordable Care Act

    Affordable Care Act

    Small businesses don’t have the time, expertise or personnel on hand to easily absorb the changes of one of the most far-reaching laws in history, but they’re grappling with change in costs, new paperwork and complex, but potentially beneficial tax calculations. As your clients’ trusted business advisor, you can:

    • Communicate your knowledge of the law,
    • Identify additional service opportunities and
    • Maintain your status as your clients’ strategic business partner.

    Tools & Resources:
    Get up to speed:

    Showcase your knowledge to clients:

    Keeping Up with Government Regulation Requirements

    Government Regulation

    According to a past CCH Accounting Firm Client Survey, one of the top five reasons a client leaves their CPA is that the CPA hasn’t kept the client up-to-date on regulations directly affecting them. CPAs can seize the opportunity to alert clients about news or developments that may impact their business and demonstrate their value and expertise.

    State & Local Tax – Mobile Workforce - Each state imposes different withholding requirements for non-residents. The AICPA has joined the Mobile Workforce Coalition, a group of more than 225 businesses advocating for a uniform national standard for state nonresident income tax withholding. As a result, when you have diagnostic discussions with clients to help them comply with current laws, inform them that you are tracking any new developments that may impact them

    Identity Theft - This has been a growing issue for practitioners and their clients. CPAs can provide advice to clients on how to prevent identity theft.

    Industry Specific Reporting Requirements - Knowing you need information specific to your clients' industries, Industry Insights provides financial reporting information for topics important to specific industries.

    Tools & Resources:
    Get up to speed:

    Showcase your knowledge to clients:

    Keeping Up with Tax Changes and Complexity of Tax Laws

    Tax Changes and Complexity of Tax Laws

    IRS Provides Tangible Property Relief for Small Businesses!
    IRS released Rev. Proc. 2015-20, which permits small businesses to change a method of accounting under the final tangible property regulations on a prospective basis, and avoid completing and filing a Form 3115.

    Uncertain Tax Positions
    The threshold is scheduled to drop and CPAs need to raise awareness on this upcoming change and related disclosure requirements with applicable clients.

    Annual Tax Changes
    Complexity and last minute changes hit small business owners hard.  Keeping up with requirements takes time and expertise, all while running a business.  Advise and prepare clients for all the twists and turns and they will value you as their trusted advisor. 

    Tools & Resources:
    Get up to speed:

    Showcase your knowledge to clients: 

    Gaining Access to Capital and Small Business Loans

    Capital and small business loans

    Prior to the JOBS Act, crowdfunding was used primarily via the internet, to raise funds for nonprofit ventures like disaster relief or to finance particular projects.  Now the concept has been expanded to allow a large pool of small investors to buy into a private company, thereby opening a new path for companies to raise capital. A small company can perhaps tap into a loyal customer base to raise up to $1 million per year yet still remain a private company.

    Tools & Resources:
    Get up to speed:

    Showcase your knowledge to clients:

    NOTE to CPA: Are you looking for more detailed, customizable client-facing materials to help you demonstrate your expertise? The AICPA’s CPA Client Bulletin provides in-depth client-facing content and allows you to select the specific topics that are most relevant to your practice. This service can expand your reach to clients and prospects. Download your free preview.

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