Reflecting on 2024
Navigating Challenges, Embracing AI, and Setting Boundaries
As we say goodbye to 2024, I’ve been reflecting on the changes, challenges, and opportunities we’ve faced.
From the back and forth on the Corporate Transparency Act to the transformative rise of AI, this year has been a whirlwind for tax and accounting professionals. Through it all, we’ve (ideally) learned to adapt, innovate, and, most importantly, set boundaries.
The Corporate Transparency Act: Legal Challenges and Uncertainty
The Corporate Transparency Act (CTA) has been one of the most contentious topics of 2024. Designed to combat financial crimes by requiring Beneficial Ownership Information (BOI) reporting, the law has faced significant legal challenges that have left businesses and tax professionals in limbo.
This year, the Fifth Circuit Court of Appeals issued a preliminary injunction, temporarily halting certain enforcement aspects of the CTA with some fun legal back and forths along the way. The court’s decision raised concerns about the law’s constitutionality, particularly regarding privacy and the undue burden placed on small businesses. This has created confusion for many business owners unsure of their compliance obligations. Filings are accepted on a voluntary basis. As of today - the federal government has asked the Supreme Court to reinstate the requirement.
For tax practitioners, the takeaway has been clear—Be vigilant for changes. This is critical for 2025, as major tax-related legislative changes are coming our way. We need to:
- Proactively educate clients on the importance of the law while acknowledging the ongoing legal battles.
- Monitor developments closely to ensure we’re providing accurate and timely guidance.
The CTA (among other changes) will undoubtedly remain a key topic in 2025, and we must continue leading clients through these complex changes. After all, this is what they pay for. (Coming soon! Look for an upcoming article on pricing).
AI in Tax Practice: Beyond the Buzzwords
For many tax professionals, 2024 was the year “artificial intelligence” went from a buzzword to a practical tool. ChatGPT and other AI tools have transformed how we approach everyday tasks, from drafting emails to conducting research.
One of the most innovative uses I’ve discovered this year is role-playing with AI to prepare for client interactions. For example, when faced with a challenging conversation—like explaining the complexities of the CTA or handling a client resistant to filing their BOI report—you can use ChatGPT to simulate the scenario. By practicing responses in advance, you can refine your approach, build confidence, and feel more prepared for real-world situations.
The key takeaway for 2024 is this: AI is not here to replace us—it’s here to enhance what we do. If used thoughtfully, it can save time, reduce stress, and even help us set boundaries by automating repetitive tasks.
The responsible use of AI is vital and often overlooked in this industry. So many people focus on being influencers, prizing virality (clicks!) over the accuracy of their content. This is one reason I am so excited for a new class that Brad Messner, EA, MBA will be doing on AI. I highly recommend you sign up for this:
Sign up: Improving Your Tax Firm Using AI: 2025 Startup Edition
Quality Continuing Education
This year proved that staying ahead of the curve requires continuous learning. With the ever-changing regulatory environment, the need for high-quality education has never been more apparent.
Unfortunately all continuing education is not equal. Be mindful of who is teaching the courses you take and what kind of teaching experience they have. Content expertise and instructional effectiveness are not universal. If you’re looking for online education, I highly recommend Compass Tax Educators. In a world riddled with shoddy education, Compass is like the Hermes Birkin bag of continuing education (but affordable). Everything is cited, well organized, and with top notch instructors.
Looking ahead, I’m excited for several upcoming events:
-WSSEA 2025 Conference (This was last week, but was an excellent event!) - Tax update with Tom Gorcynzski, EA, USTCP. If you’ve never attended one of Tom’s classes, do yourself a favor and take one.
You can see his events at:
- NATP Class: I’ll be teaching a class on preparing year-end forms—essential for anyone managing payroll and compliance deadlines.
- CSTC Conference: I’ll be teaching Representation 101. If you are new to tax representation (or are interested in venturing into this), then his class is perfect for you.
Practice Management: Smarter, Not Harder
The most successful practices in 2024 weren’t the ones working around the clock, tracking their time, or dying at their desk—they were the ones working smarter.
As we move into 2025, here are three ways to optimize your practice:
1. Automate repetitive tasks: Free up your time for more complex work by leveraging automation tools.
2. Set measurable goals: Track metrics like client satisfaction or team efficiency to identify areas for improvement.
3. Educate your clients: Clearly communicate to clients their responsibilities (like BOI reporting) to build trust and reduce last-minute emergencies.
Boundaries: The Secret to Long-Term Success
If there’s one lesson I’ve embraced this past year, it’s the importance of setting boundaries. As tax professionals, we’re often pulled in many directions, and without clear limits, it’s easy to burn out.
Here’s how I’m prioritizing boundaries in 2025:
- Establishing clear communication rules. Clients need to know when they can expect to hear back from you, and you need to give yourself permission to unplug outside of those hours.
- Blocking deep work time. Reserving uninterrupted time for major projects allows for better focus and results.
- Learning to say no. Taking on every opportunity isn’t sustainable. Focusing on the right work—aligned with your values and expertise—is critical. Also, don’t compare yourself to others. What you see on social media is not reality. Any of us can look polished and perfect, and reality is often different. Let’s be honest: we are all humans with flaws and issues.
Boundaries aren’t just about saying “no” to clients; they’re about saying “yes” to your health, your practice, and your future.
Hello 2025!
We faced challenges like the Corporate Transparency Act, an election year (meet me at the bar for my commentary on that), embraced new tools like AI, and learned the importance of investing in education and boundaries. As we step into 2025, I’m optimistic about what lies ahead.
Whether it’s understanding new tax laws, integrating technology, or simply taking time to focus on personal and professional growth, the opportunities are endless. Let’s move forward with clarity, confidence, and a commitment to building practices that serve both our clients and ourselves.
What are your goals for the new year? I am looking forward to providing much more content (and bonuses for paid subscribers) in 2025!
Drop a comment—I’d love to hear what you’re focusing on for 2025!