Are you too busy to be a proactive, future-focused advisor?

Here is a big opportunity for you – The Tax Cuts and Jobs Act of 2017 and the Maryland tax changes being discussed in Annapolis. These changes will be huge and every taxpayer and business wants to know how it impacts them.

And then there is this – The #1 reason clients leave CPAs is that they are providing reactive services instead of proactive advice.

Many CPAs and advisors will be treating this as business as usual, focusing on the 2017 tax returns with a minimal amount of focus on 2018 and the larger conversations that are possible. They are simply too busy with the current year taxes.

What if you had a conversation about your client’s future instead of just jumping into last year's taxes?

Start with asking the client about their vision for the future? What are the major things they want to see in their business? Family goals? Where do they see the biggest opportunities? And what is getting in the way?

Then, think about how you can help and what areas of expertise you and your firm can bring to help them achieve their future. I am sure that the tax impact is just one of those areas.

About this tax act, the biggest in thirty-one years. You should start with the major certainties you know about the Tax Cuts and Jobs Act (TCJA) and the Maryland Tax changes you know are coming. Then you can apply these to your client’s circumstances and offer advice and planning to help them think about the future from the tax standpoint.

We have a lot of resources to help you prepare to be that proactive, future-focused advisor your clients want. We suggest starting with our federal and state tax resources, especially the Maryland Comptroller’s 60-day Report, then get up to speed on the major tax changes at the federal and state level. Think about the areas of the federal bill that need clarity (see the 39 areas identified by the AICPA Tax Team). Add in the issues of HSA / HDHP deductibility in Maryland, the pending implementation of the Healthy Working Families Act (Mandatory Sick Time) in Maryland, and you have plenty of future-focused insights to share.

The point is that you will be talking about their future first before limiting the conversation to just tax and that may just open up a world of opportunities. Or are you just too busy to be proactive?

Here are the latest updates on these breaking issues to help you stay informed as the most trusted, future-focused advisor to businesses and individuals:

• MACPA state tax leaders advise Maryland’s governor, legislators on tax impact to Maryland
• Legislative Update for CPAs
• Maryland lawmakers enlist CPAs’ expertise in crafting tax-relief bills

To help our members get ahead of this major new law, we have added a rebroadcast of Don Farmer’s Tax Cuts and Jobs Act of 2017 Update on Feb. 8.

To receive updates and information sign up for our blog here.

TOM HOOD, CPA, CITP, CGMA is considered one of the most influential thinkers in the CPA Profession. He was named to the Accounting Hall of Fame by CPA Practice Advisor and the Second Most Influential Person in Accounting by Accounting Today Magazine for the past five years. He is the CEO of the Maryland Association of CPAs (MACPA) and CEO of the Business Learning Institute, the innovation, strategy, and learning affiliate of the MACPA, a leading strategic planning and talent development organization for CPAs, finance and accounting professionals in the world.