3 ways the coronavirus pandemic impacts tax preparers
May 20, 2020
Tax return professionals, like many throughout the country, have been forced to adapt their practices to navigate the current coronavirus pandemic. Three examples that are specific to this practice include a changed workplace, amplified focus, and the need for continual change. What does this mean for the future of the business? The following provides some guidance.
#1: Changed workplace.
Like many professionals throughout the country, the actual workplace for tax return preparers is now much different than it was just a few months ago. Instead of going into an office, tax preparers are working from spaces within their homes. This can mean tax professionals are concurrently navigating family and client needs.
Thankfully, those who work in this profession can build and/or maintain a successful practice while working from home. Tax preparers can utilize technology to gather information from clients with the use of email for paperwork and meetings via videoconferencing or with a simple phone call.
#2: Amplified focus.
For some, our current situation may have led to an increased focus on helping their clients. After all, if their clients survive and are successful once restrictions begin to ease, they will likely continue to use their services.
#3: Continual change.
The federal government continues to issue updates that impact clients’ taxes. From stimulus checks and extended tax deadlines to tax breaks and the potential for deductions, there is opportunity in our current situation. Tax professionals can keep their clients updated and provide transparency on these changes and how they will impact their client’s business or individual tax obligations.