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The Tax Conundrum | Nasdaq – Stay Current News
  • August 5, 2021

The Tax Conundrum | Nasdaq

A In a maze of complex language, codes, and guidelines, breaking the layers of the Internal Revenue Code is a challenge for even the most seasoned accounting and tax professionals. As a finance concierge, I’m not a tax professional, but I certainly dedicate a large part of my practice to working with accountants and tax attorneys to proactively understand the implications of tax legislation and bring unique solutions to the table for clients.

One constant that persists among all allied tax professionals is the need to have many hands on deck. It is not for nothing that big decisions in large organizations are always made by groups of people with different perspectives and not just by one expert. Different perspectives, opinions and interpretations enable a holistic approach. We just can’t rely on one person to be the last one when it comes to handling our clients’ complex tax obligations.

What does that mean for you? That means you have to have the right people in your corner. The right advisor who is familiar with tax law, a smart auditor who is open and willing to look at solutions to tax challenges in a unique way, as well as a tax attorney who plays well with related professionals and can bring tax nuances into code and case law ans Light.

This trifecta is very important, but it is not easy to maintain. Each professional has been trained to look at opportunities, limits and success in a different way. For the consultant, it’s often about dollars saved and dollars earned for the client. The CPA often focuses on accounting accuracy and compliance, while the tax attorney is deeply anchored in case law and the Code and applies them to various circumstances their respective clients face.

Bringing these experts together requires an open mind. It requires a bigger vision of what customer success is like and is something every tax professional should be committed to.

My personal experience in this area has shown that not only the customer, but also the associated professionals have enormous value when fluid and concise planning and coordination are achieved. It enables solutions that are extremely complex, but ultimately serve the customer, since every basis to be covered is comprehensively addressed.

Our industry has always created an unnecessarily tough battle consisting of poor coordination, poor leadership, and poor communication. As consultants, we need to take the time to learn how we can appropriately complement connected professionals while bringing immense value to our doorstep with solutions that they don’t have the time to research. That’s exactly how winning works. Gather several practical experiences, consolidate a clear vision and rely on each other to create added value within the respective domain.

Our clients deserve our best and our best should be defined by a 360 degree value that covers all facets of tax planning, coordination and execution with other experts who complement our solutions.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.

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