Big news! IDFPR just changed the law governing basic training requirements for Private Detectives, Private Security Contractors, and Private Alarm Contractors AND their employees. It is effective 01-01-22. We break the law down by profession. Note that Fred and I wrote these new training provisions at the request of several private detectives and guard industry associations.

Private Detectives (PD)

Accountants can face many potential issues throughout their career as a licensed professional. If one wants to pursue the field, one must be aware of the variety of situations that can come with providing a service to the public and being regulated by the state’s standard of codes.

Setting aside clientele interaction, there are certainly internal problems that can occur and can equally impact one’s ability to practice accounting. The office could have employees that are not following proper accounting practices, cutting corners, or even ignoring certain practices from their clients (i.e., distribution of funds, business tax returns, etc.). Equally important, it is the business’ responsibility to follow the current and exact protocols for recordkeeping, renew licensure, and, obviously, that their clients are not involved in fraudulent tax issues. If there are any faltering employees or practices within this machine, one’s license and ability to practice accounting could be put on the line. Thus, it is important to maintain an active role within the firm since one is held accountable regardless of complicity in any potential issue.

Accountants are privy to and responsible for individuals’ and businesses’ most private and sensitive financial information. It is of utmost importance to maintain these standards and protect this information with unmatched levels of professionalism. Because of the nature of these particular conditions, clients may be particularly sensitive about their financial information or what their tax situation involves/represents; having the ability to get the job done without placing a client in an uncomfortable situation or pushing them outside of their comfort zone is integral. If these standards are not maintained, the licensed professional runs the risk of being on the receiving end of a complaint from a disgruntled client.

For licensed funeral directors and embalmers, there are a variety of potential issues that could occur within the profession, both industry-specific and even license-specific issues that could affect the individual’s ability to practice their profession.

Making sure the families of the decedent understand the process, the cost, the options, and other related conditions is integral to both the quality of the client’s experience, and the ability to avoid potential complaints placed against their license. If funeral directors communicate properly about the real costs of the services they provide, and genuinely attempt to provide the most appropriate funeral package to the individual instead of simply pushing the most expensive option regardless of the fit, clients are going to feel comfortable with their decision and feel supported during a very difficult time. Hiding costs/fees or purposefully pushing a specific package with a hidden agenda is not in best practice and could even create a licensing issue if the client decides to pursue a case against the funeral director for these behaviors.

It is also important to explain the options for the body of the decedent. Generally speaking, a few funeral directors may push for the embalming/funeral/casket route because it brings in more money. Although some clients will naturally go this route regardless of cost, the option to cremate is sometimes not even shared or touched upon with the client likely due to the fact that it is a much cheaper option and will generate less revenue. However, many clients would still prefer the full range of options provided to them, and if cremation is ignored, the individual could even file a complaint against them for failing to provide all possible options, or because the client feels like they were swindled by being led toward the more expensive and intensive option.

CPAs have not been untouched by the pandemic; their industry, too, faces specific challenges directly pertaining to the pandemic. These challenges come in the form of different deadlines, IRS closures, various tax credits, stimulus payments, and amendments to law during tax season.

The IRS closed in March of 2020 due to the threat of the pandemic, and as of Summer 2021, was still in the process of slowly reopening facilities. This closure meant that employees were working from home, or on furlough, while tax returns and other tax-related communications rolled into the temporarily closed IRS facility. Citizens who mailed in their tax returns or estimated tax payments during this period of time are most likely still waiting for the process to be fulfilled as the IRS had millions of backlogged mail. Unfortunately for their clients and their own peace of mind, CPAs could do nothing to rectify this situation. It was certainly equally stressful for CPAs to not receive their clients’ filed tax returns, estimated tax payments, and other related matters. General communication with the IRS was/is also virtually impossible, which makes it even more difficult to determine the status of anything. These issues may take months, if not years, to fully unravel and rectify.

Despite the pandemic and the closure of the IRS, there were many federally implemented changes to either tax deadlines, tax law, or the creation of credits and payments that would eventually affect the accounting industry. While it is not necessarily uncommon for the government to move the tax filing deadline, the circumstances for this movement were unique, and the deadline was extended further out than normally done. Deadlines for tax extension payments and for retirement contributions were also altered. Licensed accounting professionals were expected to keep up with these random, sudden changes as they occurred to keep their clients informed, even when the occurrences weren’t clear or were unprecedented with no prior examples for reference.

A widely-documented and much-discussed phenomena is occurring in the housing market right now – homes are being listed well above the estimated value, and furthermore, people are buying these houses at amounts even higher than the already inflated asking price. Home inspections are being waived and offers are being rejected if buyers try to suggest them. Sellers are heavily counter-offering. Buyers are putting down fully cash offers. Deals are closing within 3 weeks. The list goes on. If there were two words to describe the housing market for most of 2020 and 2021, the words would be “frantic” and “unprecedented.” Real estate brokers have adapted to these conditions now, but what about the theoretical inevitable stagnation of these conditions?

Many economics and real estate industry experts have been hypothesizing for months if, and when, these aforementioned conditions will change and the market will revert to a calmer, more seller-buyer balanced harmony. Generally speaking, there are multiple reasons why these conditions cannot be sustained or will not sustain themselves. Although the demand is extremely high, the reasons for it are subject to change. Conditions of the pandemic have created these circumstances by which people either have the freedom to move elsewhere due to the prevalence of remote work, or because staying at home for so long has caused individuals to reevaluate their home space and to pursue better ventures. Similarly, sellers are listing their houses solely, in many cases, just to get a chance to sell their houses at a higher price than valued due to the high demand from buyers. If a buyer purchases a home above the asking or listing price, they could have trouble reselling the home when the market calms down or lose their equity when the amount they purchased it for is impossible to recapture upon selling it. While this does not necessarily affect the market overall, it certainly affects the experience of the seller and buyer.

If the conditions of the pandemic effectively created the market as it is, then the eventual improvement of the current health crisis may also affect the duration of this frantic, unprecedented market. As infections reduce and businesses reopen, and society goes back to “normal,” priorities and needs will inevitably change. The waves generated by the fervency of buying and selling will calm down, and people will either stay rooted and enjoy their new neighborhoods and cities, or alternatively, feel trapped by their decision and unable to resell at the amount in which they purchased the house. Just as they had to learn to navigate the current market, licensed professionals in the real estate industry will also have to (re)learn how to navigate calmer and smoother waters. Market literacy is a must.