PHOENIX, AZ / ACCESSWIRE / March 2, 2022 / As tax season approaches, millions of Americans are scrambling to get their ducks in a row and ensure that they have their tax affairs in order. ARP Tax Pro, a boutique tax consultancy from Phoenix, has been at full steam ahead assisting their clients with getting the documentation in place, but that work has unearthed a wider concern about the state of tax and estate planning in the country.
Bill Spar, the CEO of ARP Tax Pro, talks eloquently about how most clients only consider their tax situation for the yearly returns and outside of those periods, tend to ignore its implications for the rest of their lives. The truth is that tax and estate planning should be a long-term strategy because your early decisions make a significant difference in how things play out in your retirement and when you pass your assets on to your descendants.
As a country, we need to shift to a much more nuanced and long-term perspective on how we deal with our tax situation if we are to make the most of the tax code that we operate within. Sometimes, a little effort upfront can make all the difference.
This forward-thinking is even more important in the current post-COVID circumstances, where even the IRS itself is far behind where it should be in terms of processing returns. Charles P. Rettig, the current commissioner of the IRS, penned a rather shocking open letter just a couple of days ago which illuminated some of the challenges that the receiver is facing as they struggle to keep up with a huge backlog of returns, refunds, and queries. It is suggested that millions of taxpayers are still waiting for feedback a year or two after submitting returns - which is a state of affairs that is worrying.
Rettig had this to say:
"We want to do more, but we face major challenges. Over the past decade, the IRS budget has been cut by nearly 20%. The agency today has as few employees as it did in the 1970s, despite a 60% increase in the United States population during that time and an unprecedented increase in responsibilities. While more than 90% of the over 160 million individual returns are filed electronically, the remaining people who file on paper lead to millions of time-intensive, manually processed paper returns."
In light of this, ARP Tax Pro is encouraging clients to be proactive and forward-thinking when it comes to their taxes so that they don't find themselves stuck in the quagmire that affects those who are short-sighted. Are you sure you want a historian planning your future?
As a company, they pride themselves on legal, ethical, and moral tax services, helping their clients maximize their use of the tax code. The connection between tax planning and estate planning is inextricable and so a lot of focus goes into getting those two components to work together. Their motto, at the end of the day, is "Lower Taxes, Higher Profit, Greater Wealth."
Spar continues to encourage Americans to take a longer-term perspective when it comes to their tax and estate planning, and now in this time of yearly returns is a great chance to get that right. If you're looking for a professional firm that can guide you along the journey, ARP Tax Pro is a great option. But regardless of who you go with, taking the time to be proactive will be an investment that pays off for decades to come.
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About ARP Tax Pro
ARP Tax Pro is a tax consultancy firm serving individuals and small business owners primarily in the Southwest of the USA. The company offers personable, ethical, and long-term tax and estate planning for retirement and generational wealth transfer.
To learn more about their services, visit https://www.arptaxpro.com/ or https://www.advretirementplanning.com/.
Contact
ARP Tax Pro
Bill Spar
623-889-3403
wmspar@arptaxpro.com
SOURCE: ARP Tax Pro
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