Integrative legal, tax, accounting, and business advisory services are more critical than ever as we address the challenging environment of continuous change. Seek change; wherever you find it, opportunity will exist.
The speed of business has rapidly accelerated in recent years, and the ability to resolve problems and take prompt advantage of opportunity separates success from failure. The very nature of the ever-evolving and changing business climate presents existing companies, growing businesses, and entities seeking new access to geographic or vertical markets with substantial challenges.
Business service providers with a broad scope of expertise have become much more challenging to find. Many believe an expert in a single aspect of business provides insight and focus. That can be the case when the challenge before you is limited to a single aspect of your company. However, most business challenges are actually the mask of a much larger problem underneath. This is why it is important to work with an integrative legal, tax, accounting, and business advisory services partner.
Today’s business challenges extend across multiple aspects of your organization and the departments within it.
The new U.S. administration and Congress must focus on multiple vital issues, including the sunset of the Tax Cuts and Jobs Act (TCJA) of 2017. Many important provisions in this law, including the base tax rate for all U.S. taxpayers, corporate taxation, and important reductions in the Alternative Minimum Tax, are scheduled to sunset at the end of 2025. Will the provisions be allowed to sunset, or will the new Congress and administration seek to renew or even expand the tax cuts provided by the TCJA?
How will issues such as deregulation, spending on our national defense, foreign policy, and tariffs affect the business interests of American companies? Many subsidies under the Affordable Care Act also expire in 2025. A new congress may not choose to extend these subsidies, resulting in a spike in healthcare costs for large swaths of the workforce. Issues such as potential shutdowns over government funding or the U.S. debt ceiling have impacted business in the past, and prudent executives and managers are preparing strategies to address these potential challenges in the future.
How will the changes of 2025 and beyond affect cross-border business opportunities with Mexico and Canada under the USMCA? How will the new administration handle the review to continue this essential agreement, scheduled for July 1, 2026? How will the issue of tariffs and a new administration impact the climate for international business?
What new strategies will position your company to thrive in a changing national and global marketplace while adapting the structure and internal processes of your business or constellation of entities?
Many businesses rely upon the input of several different professionals, from business and tax attorneys to CPAs, financial management advisors, business consultants, and accounting services. The two primary issues with seeking actionable information from several different and vertically specialized sources are the cost of the project at hand and the difficulty of combining the input of varying professionals.
A CPA will not be able to provide insight into a decision’s impact on the structure of your business entities here in the U.S. and around the world. A business attorney may not understand the intricacies of international tax, transfer pricing, and water’s edge elections and how these must be optimized to reduce taxation and increase profitability. Tax specialists are usually not concerned with the impact of decisions on the operational aspects of a business, accounting processes, or the legal issues and disputes that your company may face. Any substantial change within the company will usually require adjustments to how information is captured and structured within your internal accounting systems.
Once each separate business professional or expert provides their proposed solution, another problem arises: the client is left with apparently conflicting recommendations based upon the limited perspective of each professional and no idea of how to blend the proposals to identify and implement a genuine solution.
This is why it will be crucial to identify and establish a relationship with a business partner offering integrative legal, tax, accounting, and business advisory services as we approach the challenges of the coming year(s).
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