250-Firm Accounting Franchise Tackles Post-Election Tax Challenges at Annual Conference

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Dec 03, 2024, 11:11 ET

Tax changes ahead – likely not for campaign promises like the elimination of tax on tips

ATLANTA, Dec. 3, 2024 /PRNewswire/ -- Padgett, a leading tax and accounting franchise serving small businesses and individuals across North America, recently held its annual FOCUS Tax Seminar, bringing together hundreds of tax professionals to prepare for the 2025 tax season. Designed to foster in-depth learning and networking, the seminar addressed key tax changes, evolving policies, and strategies for helping clients navigate opportunities and challenges in the year ahead.

A key topic of conversation? The implications of the recent election on taxpayers. During the seminar, Padgett surveyed its network to capture insights on the post-election tax landscape. The survey revealed that expiring tax incentives, such as those introduced by the Tax Cuts and Jobs Act, are a primary concern for tax and accounting professionals. The looming expiration of these provisions highlights the importance of proactive planning to minimize impacts and seize remaining opportunities.

Still, 89% of attendees said they expect clients to be better off or experience no significant change due to the election, though 11% anticipate challenges. When asked to rank the likelihood of various campaign promises being implemented, the majority indicated no significant tax policy changes were likely, aside from potentially eliminating taxes on Social Security benefits.

"The firm owners in Padgett's network are trusted to navigate uncertainty and provide clarity for our clients," said Jeff Phillips, CEO of Padgett. "This seminar demonstrates the value of our network's collective expertise and commitment to staying ahead of the curve. Whether it's helping clients maximize expiring incentives or preparing for policy shifts, we are equipped to handle whatever comes in 2025 and beyond."

The seminar concluded with attendees energized by the opportunity to learn from expert speakers, including John McInelly of the IRS; collaborate with peers; and refine strategies to support their clients. For taxpayers, Padgett professionals continue to emphasize the importance of early preparation and regular communication with a trusted advisor.

About Padgett
Through a network of hundreds of individually owned firms, Padgett provides tax, accounting, payroll and advisory services to tens of thousands of small businesses across the U.S. and Canada. With an entrepreneurial spirit and more than 50 years of experience, Padgett aims to serve as trusted advisors and empower business owners to pursue their financial and personal goals. Learn more: padgettadvisors.com.

CONTACT INFORMATION:
Padgett Advisors
Katarina Thomas
706-583-5117
[email protected]

SOURCE Padgett