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December 22, 2017

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Tax bill likely to lead to spike in tax preparation services

Tax preparation firms will likely see a spike in demand for tax services as the year closes out. Both houses approved the tax bill and sent it to President Donald Trump’s desk. Upon receipt, the president fulfilled his promise. He signed the bill into law prior to heading out for his holiday break.

So what does this mean for taxpayers throughout the country? For many, it means a call or e-mail to their tax preparer.

Transitions between tax systems are complicated affairs. A recent piece by The New York Times notes that individuals as well as small and large businesses acknowledge difficulty that comes with changing a tax system. As such, many will budget more for tax preparation services. This will likely translate to increased pressure to meet deadlines for more clients. Meeting these expectations while ensuring clients receive quality representation is stressful.

Expectations can become even more frustrating in the event the firm receives a notice from the Internal Revenue Service (IRS). The correspondence could include questions about compliance with reporting requirements or notification of an impending investigation. It is wise for tax preparation firms to take the notification seriously, whatever the purpose of the contact.

One important step is to begin crafting a defense to any allegations. A defense tailored to your firm’s situation can help reduce the risk of civil penalties or criminal charges. Contact an attorney experienced in navigating criminal investigations or civil tax issues for tax preparation firms to help better ensure your business interests are protected. 

IRS