The pressure to adapt business models to the present while simultaneously preparing for the future has always been a force acting upon professionals.   

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Association of International Certified Professional Accountants, representing AICPA & CIMA, and Donald A. Nelson, EA, Co-Founder — Pacesetter Tax, discuss current technology buzz words and what it takes to become modern firm in a sustainable model.

What you’ll learn in this episode

• What the term “embrace the change” means (0.50)
• Evaluate your tech stack (3.08)
• The IRS tech stack (4.50)
• Key things to keep in mind when considering modifications to your tech stack (7.00)
• What a “modern firm” is (8.01)
• Ways to incorporate automation to facilitate efficiency (9.37)
• Steps firm leaders can take to help themselves and staff avoid burnout (14.58)
• Overview of Pacesetter Tax (17.39)

AICPA resources

• Technology hub – Provides access to the latest technology information, tools and resources to best serve your clients or support the organization where you work.
• Tax Practice Quarterly: Managing a Tax Practice in the Modern World | Tax Section webcast archive – Webcast archive from May 19, 2021 that covers important issues such as how to expand your service offerings as a result of the pandemic, delve into the evolution of the virtual tax practice and explore best practices from a human resource and a client-service perspective
• Talking to clients about the advanced child tax credit before July | Tax Section Odyssey – This podcast, recorded in late June 2021, covers the latest news to date regarding the child tax credit advanced payments and the related online tools and portals.
• 2020 tax software survey – Journal of Accountancy article featuring the results of their annual tax software survey

Other resources

• Pacesetter Tax – Integrated solution that allows tax preparation practices to work more efficiently and serve clients more effectively. Pacesetter Tax is designed to work seamlessly with whatever tax software your practice uses, from basic to top-of-the-line, and to replace the patchwork of other one-off tools that don’t play nicely together.

Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links.

This episode is brought to you by the AICPA’s Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.