In an effort to cope with the ever increasing complexity of our tax code, practitioners required to deal with more complex issues, have tended to specialise. Of necessity, this fragmentation tends to occur in larger practices where larger clients are willing to accept the higher fees charged for specialist advice.
But what about sole practitioners, and partners of smaller practices? Their clients will still have to comply with the same tax code but will not be amenable to higher fees. Practitioners in this position still need to keep up-to-date, but will need alternative skills to the tax specialists. They will need an overview. It is one thing to appreciate that a particular situation will demand attention and quite another to understand the complexities involved.
And so advisors of smaller clients, who have no immediate specialist support, will need to keep abreast of global changes and know where to get detailed guidance should it be required.
Specialist support is available from many sources, and my company, Informanagement, does not step into this arena. However, we do support firms with weekly updates of what’s changing in tax legislation. This process is a quick and effective means to keep ahead of the game, to maintain an overview.
If you would like to see how we do this then give me a shout.