Compliance is always a top priority for CPA firms in the U.S., but with new regulations and laws continually being introduced, staying compliant can be a real challenge.
There are several reasons why CPAs should always be aware of legislative changes to tax laws, but perhaps one of the most important is because it allows them to provide their clients with accurate assistance; helping them avoid mistakes from being made, or additional tax obligations from being incurred. Fortunately, the existence of professional tax outsourcing services means that CPA firms don’t have to worry about keeping themselves continually updated on tax laws, as their outsourced service provider will do it for them.
However, while outsourcing is a fantastically viable way for CPA firms to meet demand and grow their businesses, it never hurts for them to work on their own tax law knowledge and compliance, and here are 5 effective methods for doing exactly that:
- Taking educational courses
You’ll find a number of professional organizations offering tax-related courses and webinars online, or seminars that CPAs can attend in-person. One organization of note is the American Institute of CPAs (AICPA), and through these, CPAs can educate themselves on all new and upcoming tax laws, and earn Continuing Professional Education (CPE) credits to help them maintain their license.
- Subscribing to professional journals
A lot of organizations publish tax compliance articles and updates, and subscribing to these can help CPAs gain a more in-depth understanding of tax changes, and their impact on both their clients, and their own firm.
- Joining a professional organization
When CPAs join professional organizations, such as the AICPA or the National Association of Tax Professionals (NATP), they can stay connected with other professionals in their industry, and gain access to valuable resources informing them of the latest laws and regulations related to taxes. The guidance and advocacy provided by these organizations enables CPAs to continue their education, and enhance their professional network.
- Attending conferences and seminars
Providing tax professionals with excellent opportunities for networking while staying updated with tax laws, conferences and seminars are often hosted by such organizations as the IRS, AICPA and NATP, and provide attendees with valuable insights into all tax-related issues.
- Outsourcing
Growing in popularity exponentially, corporate tax outsourcing is a cost-effective way to ensure that you’re always updated on even the smallest of regulatory changes to tax laws, without having to do any of the things listed above! That isn’t to say that you shouldn’t do any of those things as a CPA, but outsourcing provides you with a failsafe method for always being tax law proficient, and gives you a means of gaining the support you need when dealing with tax season influxes and staff shortages.
As tax professionals, outsourcing partners can change the way in which CPAs deal with their clients for the better, and relieve much of their burden at such times of the year as tax season.
Tax law changes must never be allowed to get the better of you as a CPA; if they do, you can be certain it’s your business that will suffer the most. Stay on top of tax laws and compliance as a whole by simply taking advantage of the tax prep and planning services provided by an outsourcing partner.
