By Jessica Salerno, OSCPA senior content manager
Thanks to the pandemic and a busy legislative year, CPAs have had no shortage of work when it comes to staying on top of tax policy.
“I've never seen anything like it,” said Tony Nitti, national tax practice leader at EY. “And I've been covering tax policy for 10 years.”
Nitti joined the State of Business podcast this week to discuss what he’ll cover Dec. 15 at OSCPA’s Mega Tax Virtual Conference. Staying informed on every potential tax change that might occur can be exhausting, Nitti said, especially when certain proposed changes don’t even pan out.
“Professionals are burned out, they're frustrated, they're tired,” he said. “It's been a very tough year.”
Nitti said he’s hearing frustration from those in the profession that many of their clients don’t understand how difficult the past year and a half has been for tax practitioners. Despite the tough year, it’s essential for CPAs to keep the lines of communication open with clients and working to be their trusted advisers.
“The only way you can fail through this whole process is to not communicate enough,” Nitti said. “Even if you're reading a couple things every week, reach out to a client and say, ‘Here's where things stand right now.’”
While noting that policy now could change before the end of the year, Nitti said he thinks that it might quiet down in 2022.
“I think we're going to get a little reprieve in 2022,” he said. “Because history would show that the Republicans will take back, either the House, the Senate, or both. And we have a Democratic president. So, we'll have a split Congress, and we'll probably get a couple years of relative quiet.”
To hear more from Tony Nitti and gain additional tax-related learning, register now for the Mega Tax Virtual Conference Dec. 14-15!