The laws and regulations relating to taxation keep on changing on an ongoing basis. It is essential for
businesses as well as individuals to always keep their tax-related knowledge. The lack of adherence
to updated tax laws and rules may give rise to legal consequences for clients. In order to have up-to-
date knowledge of the current tax laws, a diverse range of services can be used.
One of the most fundamental and authentic sources that can be used to gain insight into current tax
laws is the Internal Revenue Code (IRC). IRC is the body of law that is responsible for the codification
of all federal taxation laws relating to real estate, income, excise, employment, etc. (United States
Census Bureau, n.d.) This resource can be easily searched online to get the latest tax-related
information. It serves as a primary source which means that the details that are captured are from
the very source of origin and hence accurate.
The Internal Revenue Service (IRS) website acts as another useful source that can be used to get the
latest tax updates. A major advantage of using the source is that individuals can subscribe to the
latest news. By choosing this option, they can get timely alerts on the latest tax-related information.
For deriving the maximum value from the IRS website, accountants and CPAs can sign up on the
website. It will make them eligible to receive the latest publications relating to tax changes and
updates and how they impact businesses and individual taxpayers.
Thomson Reuters Checkpoint is another useful source to get the latest information on the current
taxation laws. It basically offers fast access to real-time tax-related information to users. The
availability of the latest research resources, editorial insights, online learning options, news updates,
etc., can ensure that the authenticity of the information remains intact (Thomson Reuters, n.d.). It
can serve as an instrumental tool that can aid accountants and CPAs to use archives and compare
new tax laws with previous laws and thus understand the exact changes that have been made.
For keeping up with the constantly changing tax laws, small businesses can subscribe to Thomson
Reuters Checkpoint. The information that is available can be of immense help to them as they can
understand how a change in taxation policies can impact their business operations (Thomson
Reuters, n.d.). It can serve as a useful source to manage their taxes professionally and competently.
Business owners need to take help from advisors to understand technicalities of taxation that may
be beyond their comprehension.
Tax laws are constantly changing so it is important for CPAs and Accountants to be up to date with
the current laws. There are several ways to get the tax updates. For federal tax updates you can
subscribe to IRs.gov for their E-news for tax professionals. Another way to stay updated is to take
CPE classes. CPAs need continuing education of 40hrs per year to stay updated. By taking specific
CPE classes you can make sure you are aware of the new tax laws. The most common way to get
updates is by subscribing to commercial tax and accounting research tools like Thomson Reuters
Checkpoint, BNA Tax Management Portfolio by Bloomberg Tax, AICPA News. These services send
email notifications when there are changes in for federal tax laws as well as state laws. For updates
in state laws, you can also visit the state webpage and look in to news section for any updates.
Knowledge is power. Small businesses may choose to subscribe to commercial tax update services
that are geared towards just small businesses. They can also subscribe to the newsletter provided
from the CPA firms. Most CPAs send out weekly or monthly newsletter to their clients regarding new
tax updates. Keeping an eye on these newsletters will help small businesses ask better questions to
their tax advisors. They can also look in to IRS.gov and search for "small business" and they can find
variety of resources that they can learn. They can subscribe to IRS E-news for small business to learn
about new tax updates.
Business owners do not need to learn the regulations and code sections but they should be aware of
any tax law changes. They cannot just rely on your tax advisors for all the tax updates. If the
business owners are knowledgeable then they can ask specific questions if the tax situations in the
business have changed. Tax advisors cannot give advice if they are not aware of your tax situation.
References:
E-News subscriptions
Internal Revenue Service. (n.d.). https://www.irs.gov/newsroom/e-news-subscriptions
Sawyers, R. & Gill, S. (2021). Federal tax research. (12th ed). Cengage.
Title 26, U.S. Code - History - U.S. Census Bureau. (n.d.). United States Census Bureau.
https://www.census.gov/history/www/reference/privacy_confidentiality/title_26_us_code_1.html#:
~:text=The%20Internal%20Revenue%20Code%20(IRC,for%20them%20at%20that%20time.
Thomson Reuters Checkpoint Solutions for tax, Accounting & Audit. Thomson Reuters Checkpoint
solutions for tax, accounting & audit | Thomson Reuters. (n.d.).
https://tax.thomsonreuters.com/en/checkpoint#:~:text=Checkpoint%20provides%20fast%20access%
20to,news%20updates%2C%20and%20marketing%20resources.
