Influencing Tax Policy: Navigating the 2024 Election Candidate Policies

“Our role as CPAs is to cut through the political noise and focus on what really matters – the facts and the realities for our clients and businesses.”

As we approach the 2024 elections, tax policy is once again at the forefront of political debates, and the implications for accounting professionals and businesses are significant.

In a recent episode of Accounting ARC, Liz Mason, CPA; Byron Patrick, CPA.CITP, CGMA; and Donny Shimamoto, CPA.CITP, CGMA; engage in a thought-provoking discussion on the role of tax professionals in interpreting and reacting to political shifts that affect tax legislation. The conversation sheds light on the importance of staying informed about tax reforms, navigating client relationships, and the responsibilities tax professionals carry in shaping the future.

The Political Impact on Tax Professionals
Tax legislation is constantly evolving, and with every political cycle, there are new proposals that can drastically change the landscape for both individuals and businesses. Mason, founder of and CEO for High Rock Accounting, reflects on the early years of her tax career, sharing her experiences with the constant changes in tax code. “Every two years, there’s a major overhaul,” she notes, “and it’s not great for business or the economy.” This instability poses challenges for firms and clients, requiring tax professionals to be not only knowledgeable but adaptable to these rapid changes.

Mason also touched on the complexity of navigating personal beliefs in a professional setting. As a firm owner, she has had to separate her political views from what is best for her clients and business. This balancing act is crucial in maintaining client trust while also understanding the broader implications of tax policy on the economy.

Advocacy for Tax Reform
Patrick, CEO for VERIFYiQ and vice president of client success at The B3 Method® Institute, shares an insightful story about his experience advocating for tax policies with the Maryland Association of CPAs. Every year, CPAs meet with representatives to discuss bills and their potential effects on businesses. Patrick explains how he found himself in a difficult position when the association’s stance on a bill conflicted with his personal beliefs. “It was awkward,” he recalls, but it emphasized the necessity for professionals to understand and navigate the political landscape while representing the interests of their clients and profession.

Preparing for the Future
Shimamoto, founder and managing director of IntrapriseTechKnowlogies LLC and founder and inspiration architect of the Center for Accounting Transformation, highlights how CPAs and tax professionals have a civic duty to help others make sense of complex tax policies. He emphasizes that the accounting profession is uniquely positioned to cut through the noise of political rhetoric and focus on the practical implications of tax reform. “We need to make sense of these changes for our clients,” Shimamoto stresses.

With the 2024 elections looming, tax professionals will need to stay ahead of potential changes in tax policy. As Shimamoto and the others suggested, this isn’t just about understanding taxes – it’s about understanding how policies affect businesses, individuals, and the economy as a whole.

The Final Vote
As the tax profession continues to evolve alongside political shifts, accounting professionals play a pivotal role in helping clients navigate these complexities. By staying informed and adaptable, professionals can provide invaluable insights that not only support their clients but also ensure the sustainability of their businesses in an ever-changing tax landscape.

Check out the latest episode of the Accounting ARC Podcast on the Center’s YouTube channel. 

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