State and local taxes should be discussed with clients in year-end conversations to prepare for 2022.
At LumaTax, we recognize that accounting firms are in the middle of a BIG shift. In response to client needs and expectations, firm leaders are introducing much more technology into every practice and shifting the profession away from telling our clients what they did to telling them what to do next. The age of advisory is upon us.
With this in mind, our founder, Robert Schulte, started to consider the two sides of Sales and Use tax in accounting firms: the operational functions, typically handled by software, and the episodic activities that require professional analysis and guidance (advisory).
In the last 20 years, we've seen the advent and growth of technology serving the operating side to determine rates and prepare returns. Still, little to enable the advisory side- the critical work to ensure the operational activities are set up for success. Most of this work remains in spreadsheets and reactionary communications, without much capacity to deliver a great client experience. In the meantime, sales tax issues continue to grow in complexity and blindside clients.
That's where LumaTax comes in. We brought together a small but mighty team to tackle accountants' most significant challenges in their sales tax practices. We envision a future where accountants can spend more time proactively delivering valuable, data-driven insights to help clients succeed. We continue to evolve our tools and technology to help you do so.