Tax season is once again upon us. And while tax law didn’t change much for the 2024 filing year, there has been plenty of news. The Trump administration has begun laying off what are expected to be 6,700 of the Internal Revenue Service’s 84,000 employees. And provisions of the Tax Cuts and Jobs Act are due to expire after the end of the year if they’re not extended by Congress.
For this week’s Barron’s Advisor Big Q, we asked financial professionals what they’re telling clients about filing their taxes this year. They weighed in on whether the IRS staff cuts might impact taxpayers, and shared proactive steps individuals can take to mitigate present and future tax bills.
Josh Hederick, financial advisor, Prime Financial Capital: We do a lot of business with Schwab institutional. If clients with Schwab accounts have switched over to receiving statements electronically, they want to make sure they pay attention. Because if they don’t give them to their CPA, they’re going to miss something, and that’s going to make their taxes for 2024 inaccurate. Some clients 4/4 aren’t as technologically savvy, and they don’t check their email for statements. It helps if you have all your accounts set up the same way, either for all paper statements or all electronic statements
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