BONUS CLIENT ALERTS - Assessing the Impact of New Tax Legislation - Think Outside the Tax Box

BONUS CLIENT ALERTS – Assessing the Impact of New Tax Legislation

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As accountants, no doubt you are aware that the House recently approved new tax legislation, some of which applies retroactively to 2023. Reliable reports suggest that the Senate likely won’t vote on their version of the bill until later this month or possibly in March due to a two-week recess starting on 02/12/2024 – if they even approve it at all, which is still up in the air thanks to the objections of a few senators. Observers are closely monitoring the legislative process, focusing on potential ramifications for individuals, small businesses, and rental properties.

Should the legislation pass, that would mean that there has been only one filing season (2023) in the last five (2020-2024) where tax law changes and other issues have not affected the filing season. We know that these sorts of changes have huge implications for the timing of service you can offer your clients, as well as the price you may need to charge for your work.

Below you’ll find two messages, crafted by regular Think Outside the Tax Box contributor Amber Gray-Fenner, breaking down the situation for your clients. One version is for if you need to increase prices this tax season, while the other is if your prices are remaining the same. They are free for you to download and use as you’d like.

For more great strategies for optimizing your practice, check out our BEYOND THE RETURNS series, hosted by regular Think Outside the Tax Box contributors Amber Gray-Fenner and Matt Metras. This 8-hour course guides you through building a practice that will generate the best results for your clients and the most value to yourself – all while ensuring that you have the time to enjoy the fruits of your labor. Featuring transcripts, fillable worksheets, quizzes, and other supplementary materials to complement the content presented in the professionally edited videos, this is a package you won’t want to miss!



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