CPAs, like everyone else, have faced personal and professional challenges in this unprecedented year as they try to weather what has become a long and grueling storm.
We spoke with five CPAs across the country and asked them to describe the difficulties and silver linings they've encountered in 2020 and convey the lessons they've learned along the way:
Moti Halberstam, CPA, co-founder and co-managing partner of Fasten Halberstam LLP in New York City, said his firm worked harder than ever this year as it attempted to help distraught clients deal with extended tax deadlines. "We haven't had a day off since March 7," he said on Oct. 16. But none of that compared to the sadness he felt when colleagues and friends died from the coronavirus. "Personally we probably knew 30 people who passed away," he said. As 2020 closes, he reflected: "We came to appreciate life, and learned how to have more patience and understanding, more tolerance toward employees, clients, friends, family. Not everything is about deadlines."
Tricia Duncan, CPA, director of operations at Jones & Roth P.C., in Eugene, Ore., was designated the COVID officer for her firm, tasked with ensuring it was following state policies and procedures. These new responsibilities, in addition to her human resources and recruiting tasks, have weighed heavily on her. "Being responsible for everybody is the hardest part, keeping people positive, focused, and trying to find a balance," she said. This year, among other things, Duncan has learned to stay "in the moment," she said. "You just have to focus on what you can handle and what the issue is right now. If we think too far ahead or try to make too many assumptions in this environment, it creates a lot of extra turmoil and work."
Kyle Nagy, CPA, founder of KPN Enterprises LLC in Overland Park, Kan., said his greatest challenge this year was balancing work in a home office and taking care of his four children, ages 7, 9, 10, and 11, while his wife was at her health care job. "It was a lot easier for me to separate work from my personal life when I had an office to go to," he said. But there was an upside as well, he noted: This year has made him more "intentional" about a work/life balance, and spending quality time with family while catering to clients' needs. He offers this advice to other CPAs: Give clients options, such as whether or not to come into the office, and be flexible and understanding. "It is really helpful to value the relationship over just the transaction," he said. "We're all trying to navigate this situation in our own way, the best way we can."
Adrienne Davis, CPA, an independent financial adviser in Atlanta, has a favorite quote, coined by author Neale Donald Walsch: "Life begins at the end of your comfort zone." Davis was working as a tax accountant earlier this year but found herself craving a change. "I didn't feel passionate about tax," she said. So in August, Davis took a leap of faith and, through a connection, accepted a post with Northwestern Mutual. Today, she is helping people navigate their finances and is happier. While 2020 was difficult in many ways, the intense year prompted her to make this much needed change. "Once you step out of your comfort zone, that's where you see the most growth," she said.
Niko Yanouzas, CPA, a partner at Whittlesey in Hartford, Conn., has faced numerous trials this year as he worked exclusively from home. He's learned how to operate in a more isolated environment, and worked through some irksome technological glitches. His firm, too, faced challenges. "One of the biggest struggles was navigating a new way to generate business," he stated. Despite the pandemic, Whittlesey ramped up its internship program and worked hard to help clients, many of whom were struggling financially. And the firm made it through a very tough year. "No doubt about it, we're going to survive and thrive because we've learned to live in this new world," he said. His view on what helped with that COVID-19-era survival: "You have to open your mind to a totally different way of doing things, from meeting people, talking to people, organizing your life."
