Planning ahead for potential tax turmoil

As tax season approaches, professionals are facing unprecedented challenges in planning due to looming uncertainties. Annie Schwab, franchise operations manager at Padgett Business Service, stated: “Historically, when we talk about tax planning, it involves deferring income or bunching expenses or implementing shifting strategies. But not this year!” The expiration of the Tax Cuts and Jobs Act in 2025 and the upcoming elections could lead to significant changes in tax legislation. Additionally, complexities surrounding the Clean Vehicle Credit and the recent breach of nearly 3bn Social Security numbers add to the difficulties. Tax professionals are urged to implement security measures and adapt their pricing strategies to provide value to clients, as fewer individuals are entering the profession.