The Tax Cuts and Jobs Act of 2017 Opens New Tax Planning Revenue Opportunities

Tax Season 2018 is in full swing, and tax and accounting professionals across the country are extremely busy. They’re sifting through source documents, interviewing clients, keeping staff motivated, and obviously preparing tax returns. Perhaps more than at any time in the last 30 years, tax professionals are also spending hours addressing client inquiries. Clients have numerous questions regarding the Tax Cuts and Jobs Act of 2017 — the first major “tax reform” law enacted since 1986 — and how it will affect them.

All in all, it’s a perfect storm that can lead to new revenue streams for Public Accounting firms as they take time to advise their clients on what they need to do in relation to the new legislation.

That’s where Wolters Kluwer Tax and Accounting, North America comes into play, along with two of their powerful tax planning solutions — Tax Projector and CCH ProSystem fx Planning – which are currently available in a special bundle promotion for less than $925 through February 28th.

Here how they can help firms expand their service offerings to clients, and generate new revenues in the process.

  • Tax Projector. This optional module shows how 2017 income and expenses will be handled under 2018 tax laws and rates. The tax projection consists of a 2-year summary comparison of the tax liability calculation. It also includes projected government forms and a list of assumptions and explanations for the current and subsequent year.
  • CCH ProSystem fx Planning. This tool provides up to 10 years of calculations (prior year, current year, and up to 8 years of projections). Firms can use up to 30 different cases to create different 1040 tax planning scenarios. Scenarios might include selling a business or asset one year versus another year. Or, for example, changing from employee to consultant, retirement, and more. In addition, CCH ProSystem fx Planning’s integration allows firms to jump start the tax planning process by importing base-year amounts from CCH Axcess Tax, CCH ProSystem fx Tax, or CCH Global fx.

How Are the Solutions Different?

Why would a firm need both Tax Projector and CCH ProSystem fx Planning you may ask?

Well, firms can use Tax Projector on every 1040 return they prepare by default with a single setting.  They can then use those results to up-sell post tax season value-added services using CCH ProSystem fx Planning.  Think about that for a moment. Without doing any extra work during tax season, the accountant can take steps to generate more revenue after tax season.  Not to mention the fact that their clients will appreciate having them proactively looking after them during these uncertain tax times.

Additionally, although Tax Projector is not as comprehensive as CCH ProSystem fx Planning, it provides a number of options, overrides and adjustments that allow the user to customize the projection.  It’s also important to note that Tax Projector is for Federal returns only, while CCH ProSystem fx Planning includes all resident states, and offers a new feature that includes 23 nonresident states — with more to come.  Lastly, after the tax returns are completed or extended, CCH ProSystem fx Planning will help firms take a deeper dive with recent enhancements that allow them to create a correspondence letter to communicate key tax planning information to clients, and produce various graphs to visually depict or compare tax scenarios.

Special Tax Planning Bundle Promotion Available Through February 28th

Learn more about our special, limited time Tax Planning bundle — now available for less than $925 with the 25% discount — and how it can help you drive more profitable, value-added client opportunities this tax season.  But hurry…this offer ends on Wednesday, February 28th!


Jack Gallagher

All stories by: Jack Gallagher