As we start the year, much of the uncertainty that surrounded us last year will remain. In fact, many questions remain unanswered about 2021 tax changes. With the Democrats now controlling both chambers of Congress, what specific items can we expect in terms of tax policy? With the deployment and development of new COVID vaccines and treatments, how quickly will the virus subside? What additional stimulus packages might we expect? No one knows the future, but all of us anticipate 2021 to be an active year for tax professionals.
The challenges ahead
Thinking about the new and remaining uncertainty in the new year reminds us of the associated risk involved. How can you be prepared for something if you don’t even know what to expect? Offering advice to your clients sometimes seems like aiming at a moving target.
In 2021, satisfying your clients may not be enough to build and maintain a strong relationship with them. With strong competition in the tax and accounting space and many employing a “race to the bottom” approach by pumping out tax returns as quickly and cheaply as possible, people are looking for trusted partners; someone to come alongside them to help navigate tricky financial situations.
The twin pressures of mitigating risk in uncertain times while also delighting your clients are next to impossible without increased productivity, operational agility, and intelligent tools. Tax and accounting firms of the future are using research and analysis tools to do the heavy lifting for them. Next-generation predictive analytics tools like CCH Axcess iQ can translate new tax law changes into advisory opportunities by analyzing your clients’ past behavior to uncover future possibilities.
Peace of mind has been a hard thing to come by this past year. Concerns include not knowing when you’ll be able to visit loved ones, send your kids to school, or regain employment. Fortunately, the uncertainty in the tax and accounting landscape doesn’t have to lead to increased risk and anxiety. With the proper approach, the volatility around us can be an advantage. That’s because, in times like these, people need good financial advice. Additionally, going above and beyond for your clients rather than merely satisfying them is an opportunity few of us could afford to pass up.
CCH Axcess iQ is a unique product in the tax and accounting space because it is the only product that combines the wealth of tax data stored in your cloud database with the knowledge brought by the best editorial staff in the industry. iQ provides digestible synopses of recent tax events and provides a list of clients who are likely to be impacted by them. All that’s left to do is strike up a conversation.
In just the past week, a host of new events related to the Consolidated Appropriations Act, 2021 have been added to CCH Axcess iQ that focus on areas such as the Paycheck Protection Program, employee retention tax credits, paid family and medical leave, and educational tax benefits, just to name a few.
You can mitigate the risk of 2021 tax changes and offer enhanced consulting services to your clients. Contact your Wolters Kluwer account representative to schedule a demo of CCH Axcess IQ.