Maryland CPAs Share Pandemic Concerns in Virtual Town Hall

More than 400 CPAs attending a recent virtual town hall sponsored by the Maryland Association of CPAs (MACPA) expressed concerns ranging from counseling clients and understanding new laws and regulations to balancing the bottom line and helping their teams feel safe, productive and connected in the sudden shift to remote work amid the ongoing COVID-19 crisis.

The virtual meeting and professional issues update on March 30 took the place of MAPCA’s usual in-person spring events.

In addition to several common business-related challenges, attendees expressed concerns about issues impacting the country as a whole, including uncertainty about what will happen next, keeping those closest to us safe and healthy, work-life balance in an all-remote environment and questions about how long this will last.

By the numbers, some of their biggest concerns included the following:

  • A potential recession – 72%
  • The financial impact on their organizations – 59%
  • The impact on their workforces and a potential reduction in productivity – 45%
  • A decrease in consumer and business confidence – 39%
  • A lack of information with which to make good decisions or to help their clients – 44%

In addition, 65% of those polled expect a slight, moderate or significant decrease in revenue and profitability as a result of the crisis, while 25% weren’t sure what to expect.

MACPA has scheduled additional virtual professional issues updates on April 24, May 22 and June 30 to get ongoing pandemic-related feedback from its members.

“Our next challenge is to continue our advocacy efforts and to provide more resources to our members about the federal and state COVID-19 relief resources,” says MACPA president and CEO Tom Hood.

More news from the MACPA