What’s Inevitable
As tax professionals, we are bound to have questions. After all, how could we not? The tax code is massive, and there are always changes. Combine that with the nuances and facts and circumstances of each client—there is no way a single person can know it all. This is where continuing education, research, and community are essential.
Looking for Answers
There are many places where tax professionals can read about the latest updates and conduct research. Here, I’ll highlight a few that I use and then discuss one that I am excited—or should I say “Incited”—about. Please share, too, your thoughts on how you find answers to your most perplexing tax questions.
Google - When people want an answer to a question, often their first thought is “Google it.” Results, however, can be mixed. While this can be a fast and efficient way to look up a citation or a relevant article, it can also direct you to a blog that may be written by someone who has no business giving any advice. Be mindful of the credibility, accuracy, and currency of the information sources.
The Tax Book - Around since 2005, The Tax Book is a cost-effective, reliable, and efficient source for looking up basic information quickly. It comes in printed and digital formats; personally, I prefer everything digital. Also, if you use Drake, that software links directly to The Tax Book. (And yes, I know that by mentioning Drake, I’m eliciting snobbish looks of disapproval from some of you. I get it; it’s the same reaction I have to an Android’s “green bubbles”.)
Social Media (Facebook/Twitter) - It’s easy to disparage social media because we all have clients who have watched a 30-second TikTok clip and formed multiple LLCs or thought they could deduct a trip to Japan in a $5,000-a-night suite. However, there are some areas of social media where tax professionals can seek answers from reliable sources. Facebook groups are very popular, but again—beware! Some are good resources, but several (one in particular) are a complete dumpster fire, prompting even the most stoic tax professional to cry at the state of the industry. Twitter (Sorry, Elon, X is a foolish name; it will always be Twitter to most of us) is also popular; though when it comes to technical tax advice, I’ve never found it particularly helpful. For me, it’s a good platform for networking (I’ve met many tax friends through Twitter), so I will always have some fondness for it. The problem with asking questions on social media is how it often plays out: You ask a question, then you get five different answers, one of which is a surly response that you’re dumb. When you follow up asking for a citation, you’re told it isn’t their job to teach you tax. All in all, though, social media can be a good starting point.
Taxnotes - I’m a big fan of Taxnotes. Its content–federal, state, and international tax matters–is meticulously curated and written by seasoned tax professionals and journalists, ensuring the information is both accurate and insightful. In addition, they send out a daily email summary of articles and updates. This is particularly helpful, plus I love being able to pull up a court case and have a well-written summary. While the search tool can be a bit difficult to use, and the price is not cheap, I consider it a valuable resource and have no regrets about my subscription.
Time to get Incited!
Want a place to ask tax questions without fear of judgment and get reliable (cited!) answers? Look to Incite.tax, “a community of tax professionals supporting each other through technical knowledge, industry experience, and innovative research.”
This community was founded by four industry experts—Tom Gorcynski, Natalie Kolodij, Brad Messner, and Matt Metras—each with their own specialty area. Tom has been described as a generalist, but that doesn’t do justice to his breadth of knowledge on all things tax: if you download the tax code and all related information to a person’s brain, that would be Tom. In addition to his many endeavors, he offers an “Inner Circle” program designed to help tax professionals achieve their highest potential through technical tax knowledge and effective practice management. Natalie’s expertise is in real estate taxation, and she is the founder of the CRETS (Certified Real Estate Tax Strategist) credential. She also has a new podcast I’d highly recommend. When you think of cybersecurity in this industry, you think of Brad. He has made it his mission to make this industry care about security. Be sure to check out Financial Guardians for the latest security information and how you should implement this in your firm. (FYI - You need a WISP, and this isn’t a once-and-done document) Matt’s specialty is digital assets (cryptocurrency, NFTs, etc.), a complex and rapidly changing area that few specialize in, and even fewer have the ability to educate others in. He is also an educator and connoisseur of tequila. (No Jose Cuervo for him!) I could go on about each of these individuals, but for time’s sake, I won’t; instead, I’ve linked their respective websites, so you can learn more about them.
In addition to the founders, Incite’s community of experts is growing. They’ve recently added highly regarded international tax expert Mary Beth Lougen. I have attended and thoroughly enjoyed her classes and am looking forward to her contributions on Incite. She also has a class with Compass Tax Educators on July 25th — International Taxation Overview.
How Incite Works
Easy to use, Incite is built on the Circle community platform and has iOS and Android apps for accessing from your mobile device. You ask questions, and they provide expert cited answers (this is the beauty of the service: you can rely on the answers you’re given because they are backed up by citations). It is also a community where people are not afraid to admit if they are wrong (do we ever see that on social media?).
Incite isn’t just technical questions and answers. Members can interact via messaging, and there’s a lounge forum for non-tax talk. An additional benefit is access to the live workshops (scheduled, but also recorded in case you miss them) on various topics. This past week, I was traveling, but I made sure to watch Brad's session discussing AI and ChatGPT. Informative and interesting, his workshop provided an actual use case for ChatGPT versus the fun (and often unnecessary) uses you see on social media. Of course, in true Brad fashion, security was discussed! Next week, Matt will discuss the final regs the IRS released on digital assets.
The monthly membership for Incite costs $99, less than many of us spend a month at Starbucks (and Incite is tax deductible). This pays for itself quickly. Being able to ask questions and get reliable answers to your most challenging tax questions is essential for a successful tax practice. Plus, the online workshops and networking are an added bonus. Once you sign up, you will quickly realize how much time this saves you.
Want to improve your research skills?
Compass Tax Educators will offer a masterclass on tax research presented by Tom Gorczynski, EA, USTCP. Tax Research is a two-week program featuring three interactive virtual sessions. These sessions will be complemented by homework assignments, which the Compass instructional staff will review and provide feedback on, thus enhancing your learning experience. Due to its interactive nature, it will be limited to 100 participants. Once capacity is reached, a waitlist will be implemented.
Masterclass: Tax Research will be $549, and sales will open on July 15, 2024 at 2:00 PM ET. They anticipate this class will sell out quickly! At 2PM ET check out the Compass website.
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Full transparency: I am a moderator on Incite, a Compass Tax Educators pass holder, an “Inner Circle” member, and a CRETS (Certified Real Estate Tax Strategist). However, this post, like all of my other Substack articles and social media posts, contains my own thoughts and opinions (both positive and negative). I do not endorse anything unless I use it and think it is a quality product or service.