Staying updated on tax-related news is crucial, and there are several valuable resources available
for both individuals and small businesses. The New York Times, Forbes, and the Journal of
Accountancy are highly recommended sources for such updates. Clients can either subscribe to
these platforms or regularly check their websites for the latest information. Forbes even offers a
dedicated section specifically focused on taxes, making it easily accessible. Also, e-filing websites
like Turbo Tax and HR Block provide excellent resources to keep tax knowledge current.
For small businesses, Score proves to be an invaluable resource as it collaborates with the US Small
Business Administration (SBA). Small business owners can benefit from a wealth of resources,
including mentorship, workshops, and educational materials covering various aspects from business
start-ups to tax planning and franchising.
While it is wise for business owners to have a tax advisor, possessing a basic understanding of tax
laws remains essential. This understanding empowers business owners to grasp what information
needs recording and tracking. Although tax advisors can assist with this, being well-informed
ensures responsible record-keeping among the owners themselves. Finally, distinguishing between
personal and business expenses is crucial, as tax advisors may not always discern the difference.
Being aware of the importance of this separation and its implications on taxes can prove highly
beneficial for business owners.
As tax professionals, staying updated with the ever-changing tax laws is essential to provide
exceptional services to our clients. A list of resources that I use to remain well-informed and ensure
clients receive the most proficient answer to their questions are:
-Tax research platforms like Bloomberg Tax and CCH IntelliConnect offer access to the latest tax
laws, regulations, and expert feedback. Their extensive search function streamlines information
retrieval and equip tax professionals with innovative tools to model and analyse different scenarios,
providing valuable tax planning for clients. By simulating the impact of tax law changes on their
financials, we can offer well-informed strategies to minimize tax liabilities and optimize our client’s
overall tax position.
-Tax newsletters and Journals, such as subscribing to publications like "Tax Adviser" by AICPA and
The Journal of Accountancy, include insightful articles and updates on changes in tax laws.
-Webinars, Seminars, and CPE organizations like NATP and accounting firms like KPMG, PLI, Becker,
Deloitte, and PwC host virtual seminars on recent tax developments, providing valuable learning
opportunities.
-Stay updated on official IRS announcements and tax tips for individuals and small businesses by
visiting the "Newsroom" section of the IRS website, which provides information directly from the
government.
- Tax Software Providers such as CCH, Lacerte, Drake Tax, TurboTax or TaxAct Professional Edition
are all equipped with automatic updates, ensuring compliance with the latest tax regulations and,
depending on the plan purchased, access to beneficial and knowledgeable representatives,
accountants, and bookkeepers.
Preparing for financial statements and filing tax returns causes stress and worry to some clients
because of tax laws, making it intimidating for individuals and small business owners to file
accordingly. Therefore, it is very important to keep informed and keep your clients aware of the
changes that can benefit their business, but at the same time, be mindful of the difference
between a short answer and a billable time.
Business owners benefit from regular consultation and scheduling periodic meetings with the tax
advisor to facilitate discussions on changes in business operations and ensure compliance with the
latest tax regulations. While small business owners should understand fundamental tax obligations
such as filing deadlines and estimated tax payments, and delegating complex tax matters to their
tax accountant. Tax advisors can provide indicated advice and navigate complex tax planning
strategies. By adopting valuable resources and approaches, we empower ourselves to stay
informed, elevate our service delivery to clients, and ensure compliance with the ever-evolving tax
laws.
Reference.
AICPA & Cima. AICPA & CIMA. (n.d.). https://www.aicpa-cima.com/
CCH Publications: Wolters Kluwer. Tax & Accounting U.S. Hub. (n.d.).
https://shoptax.wolterskluwer.com/en/cch-
publications?gclid=Cj0KCQjwn_OlBhDhARIsAG2y6zPrBB23lhMsfuj7pTVNgdOgejqTZgEh7NTQty8-
NQl0ZPPK8tox0iAaAjqFEALw_wcB
Global Tax Data & Analysis. Tax Foundation. (n.d.). https://taxfoundation.org/center/global-tax-
policy/
Software for complex tax returns: Intuit Lacerte. Intuit. (n.d.). https://proconnect.intuit.com/lacerte/
