Narrowly averting a government shutdown, the House and Senate recently passed the Consolidated Appropriations Act, 2020. Ostensibly, the purpose of the legislation is to fund the federal government through its next fiscal year; however, the legislation includes various amendments and provisions that affect a wide variety of taxpayers in several ways. As a result, many taxpayer provisions which expired after the TCJA have been retroactively extended through the end of 2020. The impact on individual taxpayers, for example, is quite broad. Impacted individuals may include those with medical expenses, tuition deduction, mortgage insurance premiums and retirement savings.
Because this legislation is so broad, the amount of time needed for research and planning has risen significantly. The diverse needs of your client base require relevant information and helpful data to support important decisions made in filing 2019 taxes. Not only must you be knowledgeable of the issues at hand, but you must then contextualize that knowledge for each of your clients who need to react to the legislation in different ways.
Find out who’s affected
CCH Axcess iQ is a powerful tool that we created specifically for times like these. At its core, iQ helps you provide top-level client service and advisory services to your clients by informing you of the latest tax news and providing a list of potentially impacted clients.
Here is a sample of the topics currently covered in the growing list of the Consolidated Appropriations Act, 2020 iQ events. We anticipate there being 20-30 such events.
- Deduction for Tuition and Related Expenses
- Medical and Dental Expenses
- Mortgage Insurance Premiums
- Credit for Energy Efficient New Homes
- Employer Tax Credits
- Energy-Efficient Commercial Buildings
- Credit for Nonbusiness Energy Property
- Employee Retirement Benefits
- Expensing Rules for Certain Productions
- Vehicle Credits
Each iQ event includes an article explaining the legislation, a list of clients potentially impacted by the event, as well as an editable client letter that you can use to start communicating with your clients. With this content and data in hand, you have what you need to inform your clients about these important tax law changes and increase your revenue-generating opportunities as a result.
Provide personalized client service
In addition, the newest version of CCH Axcess iQ can display a list of tax events on a per-client basis. This means when you are meeting one-on-one with a client, you can use a personalized list of iQ events to drive the conversation towards the most important topics.
CCH Axcess iQ can turn the uncertainty surrounding these changes into opportunities to grow the demand for your services. Contact your CCH Axcess account representative today to learn more or register for a demonstration today.