business the of our business
This section of The Rea Report is dedicated to
providing you with more insight into the innerworkings of Rea & Associates. To read past articles
in this series, visit www. reacpa. com / business-ofour-business.
WILL YOU BE READY TO RESPOND?
Lessons Learned from a Rapid Tax Reform Rollout
By Lesley Mast, CPA, MAcc-Taxation, principal & director of tax services lesley. mast @ reacpa. com
( Wooster office)
You know that feeling when you’ re just going along, minding your own business, and Uncle Sam kicks in the door and shakes everything up? Thanks to the Tax Cuts and Jobs Act( TCJA), we certainly do.
But maybe you run a manufacturing company that’ s facing regulation changes that will impact your supply chain. Or your nonprofit’ s funding sources are being threatened. Sooner or later, you’ ll have to rise to the challenge of dealing with circumstances that are beyond your control.
Tax reform has certainly turned our industry on its proverbial head, and in these last few months, we’ ve learned a lot. Here are some takeaways you might consider if, and when, a major shake-up takes aim at your business or industry.
Build your army.
We’ re a firm of 300 – and many of us tax professionals were chomping at the bit to uncover the details outlined in the TCJA. However, instead of everyone figuring it out on their own, we took a more strategic approach in an effort to be more mindful of our team’ s time. Our tax reform army was led by“ champions” who were tasked with analyzing specific sections of the act. Champions were then responsible for summarizing and disseminating relevant information to the masses – educating not only our employees but our clients as well. Our“ divide and conquer” approach has yielded excellent internal and external tax reform resources designed to provide a deeper level of education.
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