Keeping up with changes in the tax laws is not simple due to the shifting landscape. For the business owner, individual taxpayer, or professional on tax, failing to keep abreast of such changes can be detrimental. How to keep current with the latest tax laws forms a good basis to commence the discussion here.
Go to a Reputable News Website
One of the better means of keeping up with the latest information is by being on the official sources. The Internal Revenue Service (IRS) updates a lot of its information online by providing such resources as new tax law updates, rules and protocols. The opportunity to receive regular updates from the organization is there for those who choose to subscribe to IRS newsletters or follow the accounts on social media.
Join Professional Organizations
Being a member in a community such as the Association of Certified Public Accountants (AICPA) in the US or the National Association of Tax Professionals (NATP) has with it many privileges. As they do not limit themselves to teaching others about the tax legislation, how to calculate it, and so forth, they offer such trainings online and in person as well. Networking with other professionals in these organizations can also help you stay ahead of the curve.
Subscribe to Tax Newsletters and Publications
Reading tax literature is another effective variant to keep oneself informed about all changes in tax legislation. A lot of companies and financial media, in compliance with the journalism ethics, are known for giving free or paid newsletters to their experienced subscribers, where they analyze the recent tax amendments. Some popular options include Bloomberg Tax, Tax Notes, and Accounting Today. These resources can keep you informed about both federal and state tax law changes.
Attend Tax Seminars and Workshops
To acquire the required knowledge on the new taxation regimes and its impacts, one should attend tax conferences and workshops. Such seminars and workshops are hosted by civil society groups, accounting firms, tax professionals’ associations, and also financial institutions. With such training, an individual is often taken through vigorous presentations and talks by experienced presenters who will explain some of the complex concepts in the law. Whether you attend in person or virtually, these events can be a rich source of up-to-date information.
Utilize Online Resources
Many users can make good use of the internet to keep track of changes in the tax legislation. Websites like IRS.gov, state tax authority websites, and respectable financial news websites often publish articles, updates and analysis related to the tax laws. Bookmarking these sites and checking them regularly can ensure you don’t miss any important updates.
Follow Industry Influencers and Tax Experts
Following industry influencers and tax experts on social media platforms like LinkedIn and Twitter can provide you with real-time updates and insights. Some professionals even interpret and analyze tax changes to explain what they mean in plain language and so it becomes easier to see what such revisions will mean in practice. Engaging with their content and participating in discussions can also enhance your knowledge.
Leverage Tax Software Updates
If you use tax software for your filings, make sure to keep it updated. Tax software companies frequently update their systems to reflect the latest tax law changes. These updates often come with notes or guides that explain the changes and how they affect your tax filings. Staying current with these updates can help you ensure compliance and avoid potential issues.
How to Stay Informed About Tax Law Changes by Steven Patterson