Tax Advisory Strategies for CPA & Accounting Firms

7 Days Free Trial

for Enterprise Subscriptions

Trusted by 250,000+ Professionals for Continuing Education

Create Your Account 1/2

Already have an account? Log In

First Name

Last Name

Phone

Company Name

Password

Confirm Password

Promo Code

I Accept myCPE Terms and Conditions

You can cancel anytime during your trial period.

Become a Valued Member of myCPE Professionals Community

Trusted by 250,000+ Professionals

"Steven was knowledgeable and thorough…”

Steven was knowledgeable and thorough in his information about the product and what is offered. He was empathetic to my situation. He went above and beyond answering all of my many questions. Excellent service!

Crystal lovejoy

"Great Customer Service”

Great service and very patient as I asked several questions. Steven answered all my questions and helped me make the right decision in my subscription purchase. Thank you.

Lori corry

"It is what it advertised to be”

It is what it advertised to be. Professional quality training and CPE tracking and certificates; systems knows AZ CPA CPE requirements and categories. I've needed help on several occasions and the assistance was quick and effective; however, there were some problems with data entry. The assistance sometimes asks for input, but when I try to type it is dissallowed for some reason. On several occasions I had to close the popup to get it out of my way.

Brian Carey

"Great customer service”

Great customer service. Classes are pertinent. Great value

Steve

1/4

Create Your Free Account

First Name

Last Name

Email Address

Password

Confirm Password

Continue

Already have an account? Log In

Card No.

Card Holder Name

Expiry Date

CVV

Address

Address 2 (Optional)

Zip Code

I Accept myCPE Terms and Conditions

Guaranteed safe & secure checkout

Pay $199

Table of Contents

How to Implement a Tax Advisory Strategy FOR CPA and Accounting Firms

Tax advisory strategies and tax planning software are pivotal components for CPA and accounting firms aiming to offer comprehensive, scalable, and profitable services. The ability to manage diverse tax scenarios and client profiles while leveraging cutting-edge technology is critical for success. This blog explores actionable steps to implement a tax advisory strategy and evaluates the best tax planning software available in the market.

Introduction

Tax planning and advisory services are integral to the success of accounting firms, especially those serving diverse industries. The dynamic nature of tax laws and client-specific requirements demands robust strategies and tools. Implementing a structured tax advisory process and selecting the right tax planning software can streamline operations, improve accuracy, and elevate client satisfaction.

In this guide, we’ll discuss a step-by-step approach to building a tax advisory strategy and provide an in-depth review of available tax planning software, categorized by their features and usability.

How to Implement a Tax Advisory Strategy

Implementing a tax advisory strategy requires methodical planning and a structured approach. Here are the critical steps to build and scale an effective tax advisory service:

1. List All Tax Strategies

Begin by documenting all tax strategies your firm has utilized. This step involves:

Reviewing historical tax returns and strategies applied across various client profiles.
Categorizing strategies by industry-specific needs or tax scenarios such as deductions, credits, and deferrals.

Benefits of Listing Strategies:

Acts as a knowledge base for your team.
Ensures no strategy is overlooked when planning for clients.
Helps identify areas for optimization and standardization.

2. Organize and Document Strategies

To make your tax advisory service consistent and accessible:

Categorize Strategies: Group them into buckets such as individual, corporate, and industry-specific tax strategies.
Create Frameworks: Develop templates that detail when and how to use specific strategies.
Document Processes: Maintain detailed documentation that serves as an internal guide for your team.

3. Train Your Team

The success of a tax advisory strategy hinges on the knowledge and skills of your team. Steps to ensure effective training include:

Conducting workshops on industry-specific tax scenarios.
Providing real-world examples of strategy implementation.
Offering ongoing education to keep your team updated on changing tax laws.

Key Tip: Train both onshore and offshore teams to ensure consistency across all operations.

4. Integrate Offshore Teams

Many firms restrict offshore staff to back-office roles. To unlock their full potential:

Include them in strategy discussions and team meetings.
Train offshore staff to understand advanced tax concepts.
Assign client-facing roles to qualified offshore professionals such as CPAs or EAs.

Outcome: A fully integrated team ensures consistent service quality and scalability.

5. Leverage Technology

Utilizing tax planning software enhances efficiency. Choose tools that:

Automate repetitive tasks like data entry.
Offer insights into strategy optimization.
Provide client-friendly reports and presentations.

Overview of Tax Planning Software in the Market

Tax planning is an essential service for CPA and accounting firms, but selecting the right tools can make or break the efficiency and accuracy of your tax strategies. Here’s a breakdown of the tax planning software options available, categorized into two main strategies: using integrated tax software and independent tax planning tools.

1. Using Integrated Tax Software for Tax Planning

Integrated tax software simplifies the process by ensuring that data is automatically synced across tax preparation and planning modules. This eliminates the need for manual data entry, saving time and reducing errors. Below is a review of some popular integrated tax software:

1. CH Axcess (Wolters Kluwer):

Good for basic tax projections.
Limited in providing robust tax planning strategies.
Doesn’t support generating polished client presentations like PowerPoint.

2. Thomson Reuters UltraTax:

Excellent for tax compliance and projections.
Falls short in strategic tax planning and lacks the tools to build client-facing presentations effectively.

3. Intuit ProConnect:

Suitable for small firms and simpler cases.
Offers integrated tax planning for a limited set of clients.
Data flows automatically, making it easier to create presentations or customize firm-branded PowerPoints.
Not ideal for mid-sized or larger firms due to its inability to handle complex tax scenarios.

2. Independent Tax Planning Software

Independent tax planning tools are designed specifically for strategic tax planning and often include built-in strategies and templates. However, they come with certain limitations:

Common Limitations:

Data Import Challenges: These tools often require manual data entry despite claims of OCR and AI-powered imports.
Single-Year Data: They only work with last year’s data, which may not reflect the client’s current financial situation.
Generic Strategies: Many tools fail to provide contextualized strategies tailored to specific industries or client profiles.

Top Independent Tax Planning Software:

1. Holistiplan:

Specializes in analyzing tax returns and providing actionable strategies.
User-friendly but limited to historical data.

2. Tax Plan IQ:

Offers strategy-building tools but requires significant manual input.

3. Corvee:

Claims to use AI for strategy generation but requires manual data refinement.

4. Bloomberg Tax Planning:

Advanced software but more suitable for large-scale, corporate-level tax planning.

AI-Powered Tax Planning: The Future

With advancements in AI, tax planning is becoming increasingly efficient. Tools like ChatGPT allow firms to:

Research tax codes and strategies automatically.
Generate client-specific tax plans with customized templates.
Prepare spreadsheets detailing potential savings and benefits.

By leveraging AI, firms can streamline their tax planning process without relying entirely on traditional software. Templates, grouped strategies, and automated reports provide a clear roadmap for implementation.

Final Thoughts

While tax planning software offers valuable support, it’s essential to evaluate them based on your firm’s specific needs. Integrated tools like CCH Axcess or UltraTax are better for firms already using these platforms. Independent tools like Holistiplan or Corvee are suitable for advanced planning but require additional effort for data entry and customization. AI tools present an exciting opportunity for creating dynamic and client-specific tax strategies.

Disclaimer: This evaluation is based on our experience and insights. Firms should conduct their own due diligence before selecting a tax planning solution.

FAQ's

Tax advisory services help firms provide tailored solutions, enhance client satisfaction, and create additional revenue streams.

Conduct regular workshops, use real-world examples, and provide continuous education on changing tax laws and industry trends.

Integrated tools are better for streamlined operations, while independent tools are ideal for firms needing advanced planning capabilities.

AI tools automate research, generate strategies, and create dynamic reports, saving time and enhancing accuracy.

Challenges include manual data entry, reliance on historical data, and generic strategy templates.

Maintaining quality when offshoring requires rigorous quality control measures. Regular audits, performance evaluations, and clear communication channels with offshore partners help ensure a high standard of service.

With proper training, offshore teams can handle advanced tax planning, participate in client meetings, and improve scalability.

CA Nemin Vora

Nemin Vora is a Chartered Accountant (equivalent to US CPA) and Tax Attorney, serving as the Offshore Success Advisor at Entigrity Solutions LLC. With over 7 years of experience working with Big 4s and public accounting firms across North America, he's the person you want to talk to when you're thinking about taking your accounting firm global. Nemin is a seasoned leader and a dynamic content creator, weaving stories and insights on tax, leadership, and life that resonate with a wide audience. This creative outlet not only showcases his depth of knowledge but also his ability to connect and inspire. He consults and speaks on various topics including Building Remote Teams, Remote Working, Offshore Staffing, Strategic Planning, Scalability of Accounting Practice, Cloud Accounting, Practice Management, and AI in Accounting. Outside of work, Nemin is a learner at heart, an actor on the stage, and a tech enthusiast.