If tax compliance is looking out the rearview mirror, then just imagine how tax professionals can help their clients if they're willing to look out the front windshield and give them advice on the road ahead.
There is a growing trend of firms of all sizes shifting their focus from primarily tax compliance toward tax planning and strategies (see
Below are 11 specific areas where clients can benefit from forward-looking advice.
The National Taxpayers Union Foundation issued a report saying that federal credit programs are costing taxpayers tens of billions of dollars more than stated because the federal government isn't using fair value accounting.
National Taxpayer Advocate Erin Collins is objecting to proposed regulations that would enable the IRS to shorten its notice requirements from 45 days to as little as 10 days.
The Public Company Accounting Oversight Board settled a disciplinary order sanctioning JTC Fair Song CPA Firm for repeatedly violating rules and failing to cooperate with the investigation.
NASBA announces 2024-25 board of directors; HCVT adds pair of partners; and more news from across the profession.
Plus, Thomson Reuters integrates AI CoCounsel with tax solutions; Sovos introduces 1099 Professional solution; and other accounting tech updates.
Next year will bring a major test with the upcoming expiration of many of the provisions from the Tax Cuts and Jobs Act.
