Last December, Trump signed the “Tax Cuts and Jobs Act” implementing sweeping changes to tax policy at the federal level. In the wake of this widespread tax reform, accountants are scrambling to make sense of the changes and determine the best way forward for their clients. There are many great tax reform resources to help keep your firm up to date on the latest changes, and as accountants are the AccountingSuite rockstars – we want to help keep you in the know!
Whether you’re a CPA or privately contracted accountant, it may seem difficult to wrap your head around these dramatic shifts in tax law, especially when you factor in the rapidly shifting landscape states are dealing with in the lead up to 2018. Demystifying tax reform and managing changes to your clients’ taxes is more complex an issue than ever. Still, your clients will expect an intimate knowledge of the new bill and its consequences as soon as possible in order to take advantage of new cuts and savings for businesses both large and small.
The good news is, business should continue its unprecedented boom for accounting firms, as expert knowledge on tax reform and managing changes becomes more valuable than ever. And luckily, there’s a host of new resources out there to help even the most novice accountant an expert on the new rules. Here are a few of the best.
It’s no surprise that one of the most popular publications for accountants is leading the conversation around the new tax bill. Updated several times daily, it’s a go-to source for anyone wanting to follow ongoing tax changes as they unfold. In the midst of important news and breakdowns of key components of the code, you can find individual perspectives of knowledgeable professionals that provide tips and tricks to maximize the benefit your client receives.
Though their website requires a free registration, and is connected to Bloomberg’s line of tax products, Bloomberg’s Tax Reform Watch site offers an in-depth, consistently updated look at the new changes. Accountants should definitely check out their 2018 Future Outlook pamphlet, which examines the impact of the Tax Cuts and Jobs Act from a number of different perspectives.
Also offered under the Bloomberg umbrella, the Tax & Accounting Podcast, a.k.a “Talking Tax,” offers a fresh and comprehensive look at a new tax issue every few days. As you might imagine, most episodes lately have been focused on the fallout from the new tax bill, providing analyses from industry experts on all kinds of new concerns that have arisen after H.R. 1 was passed.
Definitely check out episode 55, in which a set of Bloomberg’s tax advisors dig into the nitty gritty of tax reform and managing changes, weighing accountant’s options and speculating as to the best practices for 2018.
Most importantly, make sure you have an attorney who is familiar with the laws and can give you solid advice when it comes to tax reform. Have some tricks up your sleeve? Share your resources with our growing community of accountants and small business owners in the comments!
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