As tax professionals, we work with clients from all walks of life, each with unique financial circumstances. Yet nearly all share a common concern: “Do I have enough for retirement, and am I maximizing my tax savings?” It’s a great question, and one they often bring to either their financial advisor or their tax preparer.

While financial advisors may provide insight into investment growth or retirement projections, they often lack the tax expertise needed to optimize savings between now and retirement, or what we refer to as the client’s exit date. This is where tax professionals can step in and add significant value.

We don’t need to replace the financial advisor. But we are in a prime position to guide clients through core tax planning strategies that can have a substantial impact on their financial future. Even the most informed clients often need coaching when it comes to deciding between a traditional IRA and a Roth, understanding 401(k) contribution options, utilizing backdoor Roth conversions, leveraging 529 plans for both children and adults, or contributing to HSAs. Each of these tools, when used strategically, can yield $50,000 to $200,000 in tax savings over time – especially for clients age 50 and up.

There are tools, however, to help visualize and explain these strategies more clearly. When exploring platforms, it’s helpful to look for one that allows professionals to model basic tax planning scenarios and present them in a client-friendly way. Easy-to-read graphs and walkthroughs help clients understand the “why” and “how” of their plan, not just the numbers.  

As clients increasingly look to their tax professionals for guidance that extends beyond tax return preparation, offering tax planning isn’t just a value-add, it’s essential. Without it, clients may default to self-preparation or miss opportunities for long-term savings.

Adding planning conversations to your tax services doesn’t require deep financial forecasting, just a willingness to walk clients through the basics and introduce tools that support smarter financial decisions.

Question: On Jan. 1, Edna and Stacy each contributed $100 in cash to a new limited liability company (LLC) taxed as a partnership, Counting Cowgirls. Each partner has a 50% interest in the LLC. The LLC immediately obtained an $800 loan to purchase a laser printer, qualifying for $320 of bonus depreciation (40% of $800). This creates a business loss of $320 for the year. Can Edna and Stacy deduct this loss against their outside basis, or is the loss suspended?

Answer: Yes, Edna and Stacy can each deduct their share of the $320 loss. Deductibility hinges on outside basis, which is sufficient due to the liability allocation.

Each partner contributed $100. The $800 partnership loan increased each partner’s outside basis by their $400 share of liabilities, bringing their outside basis to $500 each ($100 + $400). Outside basis includes a partner’s share of liabilities and cannot go negative. Losses are only deductible to the extent of a partner’s outside basis.

The $320 bonus depreciation is allocated equally, resulting in a $160 loss per partner. Outside basis, remains positive at $340 ($500 - $160), so the entire loss is currently deductible.

The tax industry is moving faster than ever. AI is reshaping workflows, IRS enforcement is changing and clients are demanding more strategic value year-round. It’s no longer enough to keep up. Tax professionals need to lead the change.

So how are forward-thinking pros preparing and where are they getting answers?

Here’s what you need to know to stay ahead in 2025.

The big disruptors in 2025

There’s no shortage of change shaking up the profession. Here are four of the biggest shifts on every tax pro’s radar:

1. AI and automation

Generative AI tools like ChatGPT and Blue J are transforming how tax research and client communications happen. The question now isn’t if you should use AI, it’s how to use it responsibly and efficiently.

2. IRS enforcement and regulation

Even though there have been some recent shake-ups at the IRS, it’s still sending out notices. But with decreased staffing levels, it could be difficult to get answers. Representation and risk mitigation skills are more valuable than ever.

3. Changing client expectations

Clients want more than compliance; they want strategy. From proactive planning to business advisory, tax pros are redefining their role as year-round partners.

4. Uncertain tax law landscape

With the passage of One Big Beautiful Bill by the House on May 22, 2025, it goes to the Senate in August. This could mean significant changes for huge swaths of taxpayers.

What tax pros are doing about it

To adapt, top professionals are actively:

• Upskilling through specialized CPE sessions on AI, advisory services and compliance updates
• Shifting services to include more consulting and planning to meet client demands
• Investing in smarter tech to boost firm efficiency and reduce admin burden
• Learning from real experts, not just surface-level webinars or social feeds

Why Taxposium 2025 is the go-to resource

That’s where Taxposium 2025 comes in.

Held July 21-23, 2025, at Caesars Palace in Las Vegas, this three-day event is designed to help tax pros thrive amidst change with 40+ expert-led sessions on the profession’s biggest disruptors.

Whether you’re focused on growth, protection, or evolution, Taxposium delivers:

• Hands-on insights into AI tools and real-world use cases
• Updates on IRS priorities, enforcement and audit trends
• Strategies for building a future-focused, balanced tax business
• Unmatched networking with EAs, CPAs, educators and industry influencers

Future-focused sessions you don’t want to miss

Harnessing Generative AI for Better Answers & Practice Growth

Tales from the Darkside: IRS Enforcement of Cryptocurrency

Unlock Hidden Savings: A Deep Dive into Overlooked Tax Breaks

Building a Profitable and Balanced Tax Practice

Disruption is inevitable. How you respond isn’t. Change is coming fast. Taxposium 2025 is where you prepare, adapt and lead. Register for Taxposium 2025 today.