Friday, January 15, 2021
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4 Ways to Stay Ahead of New Business Tax Laws

Every year, new tax laws and adjustments can dramatically impact your business, yet it’s not easy to stay abreast of all the new tax law changes at the state and federal levels. Whether you need to plan for a greater tax expense this year or can take advantage of small business tax incentives, current tax information is a critical part of your bottom line.

Where can you get the latest and most accurate information on new business tax laws? The answer is multifaceted. There is more than one way to learn about new tax laws. Use one or more of the following suggestions to keep your company up to date on breaking news and information on new business tax laws:

Partner with a Tax Lawyer

There are legal professionals who specialize in the area of tax law. For the latest tax law information, you might consider partnering with a seasoned attorney who can help you learn new tax laws and apply them practically in your small business. This might be a costlier option, but it is a tried and tested approach that features reassurance from someone who knows the law inside and out. Investing in a partnership with a tax lawyer can be a lucrative investment because they can keep you abreast of any new tax breaks or incentive programs.

Of course, your CPA should constantly stay ahead of changes in tax regulations. Make sure your CPA attends refresher courses and publishes quarterly newsletters that contain important information about upcoming changes. These are signs that your CPA can help your business position itself strategically for upcoming tax changes.

Use Local Associations to Gather Information

Some local associations in your area may have access to information about new tax laws. You can get this information by attending meetings of area Chambers of Commerce, business owners associations and other civic groups. There you may build business connections with knowledgeable professionals who can help you interpret and understand new business tax laws.

State Government Websites

Your state government should feature updated tax law information. It should be clearly visible on the official state government website. You should also be able to request printed literature on new business tax laws by contacting your state government office.

Go Straight to the Horse’s Mouth

When in doubt about new tax laws, there is nothing quite as practical as going straight to the horse’s mouth. This means looking to the IRS for updates on tax law information. The IRS features a comprehensive website that includes essential forms that you can fill out on your computer and print with the click of a mouse. In addition to the printable forms, you will also find detailed documents containing details about new tax laws. Pertinent updates are featured on the homepage. Check the official IRS website regularly for updates that pertain to new business tax laws.

For the sake of your business, your assets and reputation, it is critical that you take the time to educate yourself about new developments in tax law. No matter what the size and scope of your small business, new tax laws will dramatically impact the way you operate your business. The resources listed above will help you navigate tax law information and keep your small business in complete compliance.

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