By Sidney Kess
The CPA Journal
Under the Tax Cuts and Jobs Act of 2017 (TCJA), the number of taxpayers that take the standard deduction on their federal income tax return may rise to over 90%, according to the White House Council of Economic Advisers. The TCJA made the standard deduction relatively more appealing and lowers the demand for professional tax preparation. Simultaneously, tax preparation is likely to become a less profitable activity for CPA firms as tax preparation services spread beyond CPA firms. The good news is that, because of the TCJA and other current developments, new potential sources of revenue are opening up for CPAs. This article discusses some possible areas where CPAs and staff members might be able to offer valuable assistance to particular individual and business clients.
Published with permission from The CPA Journal.
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