Last year, we were one of the first companies to provide comprehensive CPE on the PPP and EIDL processes so that you could assist your clients with such matters.
Because of that, I’ve been getting a ton of emails from people over the last three weeks asking when we’re going to teach PPP/EIDL update classes.
Here’s your moment of disappointment: This year, we are choosing NOT to present such classes, despite recent legislation.
Why not? For a number of reasons:
1). The PPP program hasn’t changed that much from last year. You should be able to fill in the gaps easily from journal articles and official guidance from SBA and Treasury.
2). The EIDL program has changed even less, so ditto to above.
3). It’s not our core competency, doesn’t fall into our central mission, and is therefore something we shouldn’t even focus on.
It’s this last thing that I really want to address.
Our website is https://TaxResolutionAcademy.
Hmmm… If something needs “resolution”, that must mean there is some sort of issue. A problem. A dispute.
See, the name itself provides a clue about where our boundaries are.
In my normal email signature, I include a quote from author and entrepreneur Oliver Emberton: “Monomaniacal focus on a single goal is perhaps the ultimate success stratagem.”
What’s he talking about? Focus on what you do best.
If you’ve been reading my emails for a while, you may be thinking that I’m about to go off on a rant about niching your business. Focusing on specific services and serving specific industries or professions.
My monomaniacal focus right now is on finishing development of the CTR™ program. There are still about 20 classes, of two hours each, still to prepare. There’s a case study practicum to create. An exam to write. In terms of new content creation, this is my focus right now, as it should be — not PPP and EIDL matters that are not directly related to our core focus.
You should be applying a filter, also. If 100% of your client base consists of W-2 wage earners, it’s an absolute waste of your time, money, and brain cycles to learn about PPP and EIDL stuff. Absolute waste. Shouldn’t even be a consideration. On the other hand, if your clientele is 100% small business owners, then you dang well better be studying SBA Standard Operating Procedures (SOPs) and forms, reading every tidbit of Treasury guidance, even reading actual legislation itself — because you need to be an absolute expert on these topics.
I’ve said it before and I’ll say it a million times more: The era of the generalist accountant or tax professional is coming to an end. If you want to survive the rise of the machines (AI, ML, RPA, etc.), then you must become a specialist. It’s simply no longer optional. All those recent emails from readers have provided a good reminder to me that I need to follow my own advice: This is the Tax Resolution Academy®, not the SBA Loan Academy (there is a business to be had there for anybody sufficiently motivated to build it).
So your question to ponder for the day is thusly:
What is the monomaniacal focus of your tax firm?
If the answer happens to be starting, growing, or running a profitable and efficient taxpayer representation firm, then I invite you check out for yourself what’s inside the Tax Resolution Academy® with a complimentary 7-day test drive:
To singular focus,
~Jassen Bowman, EA, CTR™, NTPI® Fellow