Young accountants must not only stay informed about regulatory and legislative changes in taxation but also understand the impact on each client and situation. This blog offers tips to on how to stay ahead of ever-changing tax laws.
With new rules, court decisions, and legislative changes, tax laws are consistently changing. Young accountants must not only stay informed about regulatory and legislative changes in taxation but also understand exactly what has changed and the impact on each client and situation. Clients expect their accountants to be fully knowledgeable, confident, and accurate in all aspects of tax guidance. Additionally, firms require all professionals to provide informed and up-to-date service and guidance. With the following strategies, young Pennsylvania accountants can stay ahead of the curve of ever-changing tax laws while also increasing the value of their role in the accounting industry.
Stay Informed
Accounting is a learning industry, and that requires persistent training and education in tax law. For example, Pennsylvania requires CPAs to complete 80 hours of continuing professional education (CPE) every two years, with at least 20 hours each year. This ongoing educational requirement ensures accountants stay informed and up to date. It’s imperative for young accountants to take full advantage of these opportunities by committing themselves to discipline and lifelong learning practices. To stay current, young accountants should enroll in tax law webinars and workshops provided by professional organizations like the PICPA, the AICPA, and local colleges and universities. Subscribing to updates from regulatory bodies such as the Pennsylvania Department of Revenue, the IRS, and the Tax Foundation also provides access to significant tax law developments. Young accountants can acquire knowledge that sets them apart from their peers and increases their value with clients and employers.
Legislative developments in taxation are frequently highlighted in news outlets, industry blogs, and publications. It’s strategically imperative for young accountants to develop the discipline of reading credible sources regarding the changes that could influence their work. The IRS website for federal tax information and the Pennsylvania Department of Revenue website for state-specific information are both excellent sources for staying informed. They contain information on tax laws, regulations, rulings, and new legislation. Furthermore, publications such as the AICPA’s Journal of Accountancy, The Tax Adviser, Bloomberg Tax & Accounting, and PICPA’s Pennsylvania CPA Journal and website provide helpful information on both federal and state tax matters. By incorporating a daily or weekly reading routine on tax news and developments, young accountants can stay ahead of industry trends and confidently provide exceptional work.
Make Connections
For a young accountant, a strong professional network can be exponentially helpful in staying informed of tax changes and understanding how to respond to them. Engaging in discussions with experienced professionals, attending meetings or seminars, and asking questions are great ways to gain insights often not covered in textbooks or publications. Young accountants should also consider joining professional associations such as the PICPA, which hosts networking events, group discussion forums, and educational programs on Pennsylvania tax laws and issues. A mentor, too, can be of great value: experienced accountants are able to help with understanding tax provisions and trends in the industry. Online groups such as the PICPA's AccounTable or LinkedIn groups dedicated to state can also be great resources to get real-time updates and practical application of tax law changes.
Other like-minded individuals, experts, policymakers, and thought leaders are excellent people to converse with to learn as much as possible. Industry conferences are an excellent way to do just that. Some of them also provide CPE and time for networking. The best conferences and seminars for tax professionals include the PICPA Tax Conference, which focuses on Pennsylvania tax laws; the AICPA and CIMA National Tax Conference, which covers major federal tax issues; and the IRS Nationwide Tax Forum, where attendees receive updates on tax law changes and practices. These events both provide young accountants with an understanding of the direction in which their industry is moving and improve their tax knowledge.
Be Tech Savvy
Advances in technology have made it easier to track tax law changes and conduct research efficiently. Many tax professionals use specific tax research software to stay up to date. Some of the better tools include Checkpoint by Thomson Reuters, CCH IntelliConnect, Bloomberg Tax, LexisNexis Tax Center, Tax Notes, BNA Tax Management Portfolios, Wolters Kluwer CCH AnswerConnect, Parker Tax Pro Library, and of course the IRS website. Young accountants should get comfortable with these tools at the beginning of their careers to save time on tax research and to be aware of the latest changes in regulations.
Social media and podcasts are increasingly popular tools for staying informed on tax law changes. Accountants, tax and financial professionals, and organizations post updates, thoughts, and analyses on LinkedIn. LinkedIn groups such as Tax Professionals or CPA Network, and listening to podcasts like Simply Tax and The Journal of Accountancy are great ways to keep up with tax law and the accounting industry. Great accounts to follow on X (formerly Twitter) include IRSnews, the Pennsylvania Department of Revenue, AICPA, PICPA, and other established tax experts. By leveraging digital resources, young accountants can remain well-versed in tax law changes in a convenient and accessible manner.
Stay Sharp
Young accountants should also develop strong critical thinking skills to accurately interpret and apply tax law changes. Not all the changes in tax law will impact every client, so it’s vital to understand and use new information properly. Strong critical thinking skills will greatly help accountants further develop their skills as they continue to discuss tax issues, work on case studies, and apply new knowledge in real-life situations.
Staying ahead of tax law changes is not just about compliance. It’s about elevating expertise, client service, and career advancement. By adopting an adaptive learning mindset, following industry news, engaging with mentors, utilizing research tools, attending conferences, leveraging digital media, and developing critical thinking skills, young accountants can skillfully maneuver through the flux of tax law. Staying informed and adaptable is essential for long-term success in the accounting profession. Leveraging resources like the IRS, the Pennsylvania Department of Revenue, and the PICPA helps accountants stay ahead of both federal and state tax changes. Young accountants who actively immerse themselves in these updates will distinguish themselves as top-tier professionals, ensuring they remain valuable and competitive in our ever-evolving industry.
Anthony J. Borrelli is a staff accountant at Maillie LLP in West Chester, Pa. He holds a B.S. in accounting from the University of Pittsburgh and is committed to maintaining compliance and upholding the integrity of accounting processes.
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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of the PICPA's officers or members. The information contained herein does not constitute accounting, legal, or professional advice. For actionable advice, you must engage or consult with a qualified professional.