In: Accounting
With the ever-changing tax rules that come into effect every year, what options would you use to notify your client of the changes to the tax code that may affect them?
Give several specific examples of different circumstances that warrant a communication and the services that you would subscribe to for each example. Give an example of a tax change that occurred this year that you would not notify your clients about.
Part I:
Since the tax rules changes almost every year it is important to keep the clients informed about the recent changes to ensure that they are up-to-dated with the current income tax rules. This helps tax consultants while providing tax consultancy to the clients. Following options can be used to notify the clients about changes in tax rules:
Part II:
In case following circumstances arise communications should be made with the clients to notify them:
Part III:
The marginal tax rates applicable to individuals, married couple filing return jointly and head of the household have changed in 2018. This warrants immediate communication with the clients and thus, must be communicated to the clients.