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Tax Season

Make this your last bad tax season

Thomson Reuters Tax & Accounting  

· 5 minute read

Thomson Reuters Tax & Accounting  

· 5 minute read

By embracing change, you can transform tax season into a more manageable and rewarding experience for your firm and your clients.

Jump to:

  Unravel tax law complexity with AI-powered tax research

  Alleviate workload pressures with AI-powered workflows

  Prioritize well-being and renewal

  Strengthen client relationships by shifting to an advisory model

Has a stressful tax season left you reeling? If so, you’re not alone.  

From rising client expectations to ever-changing tax laws to overwhelming workloads, the stress from tax season often lingers well past filing deadlines. But amidst the struggle, there is good news. By embracing AI-powered solutions, prioritizing well-being, and adopting an advisory approach, you can transform tax season into a more manageable and rewarding experience for your firm and your clients.  

Let’s take a look at some common tax season pain points and how accountants like you can embrace change now to unlock new opportunities for growth and success — and take the sting out of future tax seasons.  

1. Unravel tax law complexity with AI-powered tax research

As we all know, tax laws are notoriously complex and subject to frequent changes. Keeping up with these changes while ensuring compliance can be a daunting task for accountants, leading to potential errors and inefficiencies in the preparation process.  

But there is a solution. By streamlining the tax research process with an AI-powered search of the most relevant and up-to-date news, content, and expert commentary, accountants can efficiently navigate complex tax rules and provide meaningful advice for clients — quickly and accurately.  

The algorithms built into an AI-powered tax research tool have incorporated millions of user data points, including usage patterns and prior questions, which point accountants to trusted answers faster.  

Most importantly, the difference you’ll notice when using a trusted tax research platform over a typical Google search is the quality of the results. When you choose a tax research engine built specifically for tax and accounting professionals, you get only trusted, vetted, and reliable results from expert sources alongside news, insight, and expert commentary. It can even offer specific tax planning and advisory engagements, so you can confidently provide clients with meaningful advice and guidance.  

2. Alleviate workload pressures with AI-powered workflows

During tax season, accountants are often inundated with a high volume of work, leading to long hours and increased stress levels. This can result in burnout and reduced productivity, negatively impacting the quality of service provided to clients. Add to that the current labor shortage and you’re left with a recipe for disaster.  

By embracing AI technology in your workflow, you can transform the way your firm approaches tax season. AI-powered tax software can streamline repetitive tasks, such as data entry and document review, freeing up valuable time for you and your staff to focus on more strategic, client-centric activities. Additionally, AI algorithms can analyze vast amounts of data to identify tax-saving opportunities and minimize compliance risks. 

AI, including generative models, can be used to identify patterns and anomalies in financial data that may indicate fraudulent activities. By analyzing large datasets, AI systems can help auditors and accountants detect irregularities. Generative AI models can also be applied for predictive analysis by analyzing historical financial data. This can help accountants forecast future trends and make more informed decisions.


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3. Prioritize well-being and renewal

Alongside optimizing your firm’s workflow technology, consider ways to support post-tax season renewal and rejuvenation for you and your staff. By recognizing the toll that tax season can take, it’s important to take time off and engage in self-care activities that can help mitigate burnout, increase job satisfaction, and boost overall well-being for you and your staff.  

Checking in with staff and clients to offer words of support and encouragement during busy or stressful times can strengthen relationships and build community. You likely have long-standing relationships with clients and staff over many years. Reinforcing these relationships is mutually beneficial from a mental health perspective.  

Further, encouraging work-life balance can boost engagement and job satisfaction, so consider using AI-powered technology to not only streamline workflow, but enable flexible work schedules for you and your staff.  

4. Strengthen client relationships by shifting to an advisory model

The traditional 1040 workflow has become increasingly commodified, with many clients viewing tax preparation as a transactional service rather than a value-added offering. This mindset can undermine the expertise of accountants and diminish the perceived value of their services. 

To address this challenge, more and more forward-looking accountants are shifting towards an advisory model in which they serve as strategic partners to their clients all year round. By providing proactive guidance on tax planning, financial management and business strategy, an advisory approach adds significant value beyond the confines of tax preparation. 

So how do you educate your clients on the value of advisory services? By emphasizing the strategic insights and personalized guidance that advisory services offer, you can position your firm as a trusted advisor rather than sole tax preparers. This shift in mindset can result in increased job satisfaction for you and your staff, meaningful year-round tax insight for your clients, and increased profitability for your firm. 

Ready to take the next step and put bad tax seasons behind you?

Whether it’s moving towards an advisory model, leveraging AI technology, or prioritizing post-tax season rejuvenation, now is the time for accountants to embrace change and unlock new opportunities for growth and success.  

If you’re ready to take proactive steps now to eliminate the pain of future tax seasons for good, jumpstart your journey with Practice Forward and learn how to implement an advisory model 

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