Fiscal Cliff Leaves Accountants Hanging, Too
Published December 10, 2012
Changes in tax law mean that accountants have to retool and learn new things. But the fiscal cliff, with its host of associated changes, presents a challenge unlike anything the pros have dealt with in the past, NPR.org’s Jordan Teicher reported. “
The difference this year is the volume and the unprecedented amount of issues coming at the same time," said Ed Karl, vice president of taxation for the AICPA. Although professionals can’t provide certainty in this uncertain time, they can help their clients prepare for possible outcomes. One thing they can do, according to Karl, is to work with clients on scenario planning. "In other words, 'Let's talk about your situation. If this happens or doesn't happen politically, then we should do this, or I recommend you do this.' So when you get to [Dec. 21 or Dec. 22], which is when we're guessing there will be a clearer picture of what might happen, you'll be in a better position to make decisions from a planning perspective," Karl says.