It’s common knowledge that the United State’s tax code changes on a yearly, if not greater, basis. As a tax professional it can be difficult and stressful to stay up-to-date on the latest tax law changes. Being aware of changes to the tax code and understanding what those changes mean for you, your clients, and their return, so you can explain to them what is happening in the likely event a tax code change impacts their tax return. In this article we will be offering advice on the best way to stay informed about changes to the tax code so when the next tax season rolls around you are better prepared and can offer a higher quality of service than your competitors.
The IRS:
The Internal Revenue Service is the first place you should turn in order to stay informed on tax code changes. They offer a variety of resources to tax professionals to assist in their continued education.
- Approved CE Providers: One of the biggest resources the IRS provides tax professionals with is their list of approved continuing education providers. These are individuals or organizations which provide education resources to enrolled agents. Click here to view a full list of approved CE providers and, if interested, feel free to reach out and see what they have to offer.
- IRS Sponsored CE Programs: On top of keeping a database of approved CE providers the IRS itself provides a variety of continuing education events for tax professionals. You are able to view a full list of these events on the IRS website when you click here. These events range from webinars to multi-day conferences
Your E-file Provider:
If your tax business gets its e-file software through a tax service bureau then that should be the first place you look for tax news and updates. While a service bureau is only required to provide the service you’ve paid for, such as e-file software licensing or support, a great service bureau will also provide its tax preparers with a variety of additional resources. One of those resources should be tax law updates in the form of blogs or email alerts. If your current e-file provider doesn’t provide adequate resources for your tax office then consider switching to Swift Financial Partners for an unmatched level of service.
Consult a Tax Advisor:
Tax and accounting firms have been following a trend, through continuing education they are converting their tax preparers into tax advisories. Tax advisors evaluate the changing tax code by considering facts such as;
- What are some tax law changes my client (you) should know about ?
- What is the commercial impact of the tax law changes?
- When do the changes take effect?
- Should clients conduct their businesses differently based on these changes?
- Can I provide tax planning services to generate additional value?
Protect your Reputation:
Staying up-to-date on the current tax codes doesn’t just benefit your clients, it also benefits your firm as a whole. Through continuing education and advisor services you will be able to grow your tax office’s reputation as a preparer who puts in the extra effort. Even in instances when the changes reduce your client’s tax return or cause them to owe taxes when before they might not have, having the knowledge to explain what’s going on and why it’s happening places your tax business a step above your competition.
Thank you for reading this article on the importance of keeping up with the changing tax laws. If you enjoyed reading this blog then consider checking out our other blogs here.
