Jeff Scroggin provided lisi

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Practicing in Complexity. All of this complexity creates a number of tax practice imperatives that tax advisors should consider, including:

  • Never think you know all of the exceptions, limitations, definitions, exclusions and unexpected consequences of any tax matter. Run most client issues through the Code and regulations rather than relying upon your memory.

  • In most instances, it is strongly advisable to run the math and see the final result of any tax advice. There are too many limitations affecting income, deductions, and credits to do it in your head and the actual results will often surprise you.

  • When the tax law changes, spend the time to review both the terms of the law and their implications.

  • In most tax planning, adopt as flexible an approach as possible so that unexpected events or problems can be fixed as well as possible.

  • Narrow your tax practice niches to those areas you know well. Don't cavalierly wander into other niches without doing substantial study and research.

  • Know what you don't know. For example, if you are not going to keep up with the rules governing qualified plans, or Medicaid planning, or tax controversies, stay out of the niches.

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