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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