One thing that an individual can do with the IRS is the TAS which is a part of the IRS, but they
advocate for individuals this is not for profit business but if you find yourself in need (IRS, 2023).
Also, there are many different apps. On the computer nowadays that just about will do your taxes
for you. However, it does not have the human factor of decision-making involved for ethical issues,
so you must make sure you are putting everything in the right place. Even Google searches will give
you a good start to help you find where to begin looking and give you an idea of what you are
looking for. There are also sites like Bloomberg Tax that will give you a demo if you request, they use
those sites. Also, the big four have sites that will help as well. That is the big four accounting firms in
the world. U.S. treasury department is another good source for finding tax information.
Business owners should always consult with a CPA for all their original needs let the CPA set the plan
and give the training to the bookkeeper and office manager so the next person can be trained on
these issues. Also, to own any rule changes the business owner needs to make it a priority to learn
these changes ASAP and put them into place. If one waits you could be so far behind it gets
everyone overwhelmed and ready to quit. If the manager is effective, they will want to be a part of
this anyway so let them run with it you cannot be everywhere at once you must delegate duties. Tax
planning is most effective if you start out with a plan but, you must be willing to change if situations
change (Herigstad, 2023). For instants, business owners needed to know last year that The Secure
Act Section 45E credit for all or a portion of employer tax years starting in 2023. This gives the
employer a credit of $1,000 max per employee. These types of issues can help or hurt your revenue
turning it into a loss or gain in seconds (Herigstad, 2023).
Of course, this depends on which type of business it is such as a sole proprietorship and partnership
have pass-through which means the income passes through the business and goes to the individuals
according to your basis. Whereas the C. corporation does not, and they would have accountants and
controllers on staff more than likely. Yet if it were my business, I would want to know anything that
is going to help or hurt my bottom line. It depends on the manager and what he is trying to control
with the information that he has. He should always be following some type of tax plan which would
ensure he knows at least what would help or hurt the company.
There are many ways to keep updated with the constant changes in tax law. c As a CPA and EA, they
have to keep up with their CPE training credits each year. c Having the requirement set by the IRS
that EA must obtain 72 hours of continuing every three years and with a 16 hours per year (“FAQs:
Enrolled agent continuing education requirements.”, 2023). c This allowed for the CPA and EA to be
current on tax updates with the continued education required. You can also follow the IRS on
twitter and review IRS news releases. c
CPA and accountants could be associated with the AICPA and for CPAs in NY the New York State
Society of CPAs (NYSSCPA) will get updates thru their newsletters on stating what changes are being
made with tax law. c CPAs and accounts can also keep current with Internal Revenue Bulletin (IRB)
which the IRS publishes all substantive ruling necessary to promote a uniform application of the tax
law. c The CPA could also review Private Letter Rulings, Technical advice Memoranda’s and
determination letters, which are published but the name of the taxpayers are redacted for privacy
purposes (Sawyers & Gill, 2021). c The CPA and accountants can use the information to get specific
treatment like the taxpayer that requested the information if within the same issue arises. c
Small business to keep up with the constantly changes with tax laws need to use the right business
tax software, track spending, and have regular check in with the budget team to make sure they are
on course with the budget or not and keep business and personal expenses separate from each
other (Peek, 2023). c Meaning have a business account and personal account with separate income
and expenses.
Reference:
FAQs: Enrolled agent continuing education requirements. Internal Revenue Service. (2023).
https://www.irs.gov/tax-professionals/faqs-enrolled-agent-continuing-education-
requirements#:~:text=Enrolled%20agents%20must%20obtain%2072,an%20IRS%20approved%20CE%
20provider.
Peek, S. (2023, March 23). Small business owners must think about taxes year-round. business.com.
https://www.business.com/articles/business-taxes-matter-all-year/
Sawyers, R., & Gill, S. (2021). Federal Tax Research (12th ed.). Cengage.
Herigstad, S. (2023, 07 12). heres what small business ownners can expect for the tax year. Retrieved
from Business news daily: https://www.businessnewsdaily.com/7720-small-business-taxes.html
IRS. (2023). Retrieved from IRS.gov: https://www.irs.gov/businesses/cost-segregation-atg-chapter-6-
4-relevant-court-cases
Sawyers, R. G. (2021). Federal Tax Research. Retrieved from McGraw Hill.com:
https://mbsdirect.vitalsource.com/reader/books/9780357366448/pag
