Looking Forward to 2023

I am excited about 2023 – are you?

There is much opportunity in our profession if you ask me. Demand for our services is high, and the supply of qualified tax professionals is decreasing. This gives us the opportunity to be selective about selecting clients that work well with our office and pay us well for the quality work that we do for them.

The tax code is getting more and more complex, as you will read in this issue with the addition of dozens of new tax credits in the Inflation Reduction Act (IRA) of 2022. Our clients need our advisory services to ensure they pay the minimum tax possible under the law. We also have the looming tax Armageddon in tax year 2026, when many Tax Cuts and Jobs Act (TCJA) provisions expire, including the §199A deduction and lower individual tax rates.

The Inflation Reduction Act’s infusion of cash into Internal Revenue Service (IRS) enforcement also means those of us who do representation work will have a steady stream of clients over the next 10 years. If you are not helping clients with representation before the IRS, I strongly encourage you to get trained via the National Association of Enrolled Agents’ National Tax Practice Institute™ (NTPI®).

I’m also looking forward to your EA Journal article submissions this year! For the upcoming 2023 issues, we will accept articles on any topic on a rolling basis. Please contact me at tom@gtax.biz to discuss article ideas that you have prior to submission.

We have two types of articles:

1. Feature articles, which are generally 2,000–2,500 words in length, that go in depth into the selected topic.
2. Snapshot articles, which are generally 750–1,000 words in length, give the reader one to two key useful nuggets. These articles are intended as a quick, easy read.

I wish you a successful tax season!