True Partners Insights

Pillar Icon

Crain’s Chicago Business Roundtable on Tax Strategies Featuring Anli Chen

By: Anli Chen |

It’s the first quarter of a new year, and taxes are on the minds of businesses and individuals. While taxpayers are still absorbing the changes to the tax code made by the 2017 Tax Cuts and Jobs Act (TCJA), there’s still time to take action to adjust 2019 tax bills. Three Chicago-based tax experts shared their insights with Crain’s Content Studio, including client concerns and their own advice for navigating the current tax season and beyond.

What types of tax services does your organization provide?

Anli Chen: True Partners assists clients with every aspect of their taxpayer and financial reporting responsibilities. Because we don’t provide audit services, we’re a truly independent business advisor to some of the most recognized companies in the world. Public companies, private businesses, private equity funds, portfolio companies and high-net-worth individuals turn to us for expertise and solutions regarding tax structuring, planning, compliance, IPO readiness, tax due diligence and unclaimed property. Our consultants advise clients through their tax planning, provision and compliance cycle with an eye toward maximizing the value of tax software implementation and emerging tech solutions. We also advise large public companies on the complex area of unclaimed property, helping company counsel, CFOs and tax departments understand and comply with state reporting rules and regulations.

What’s the most common tax-related question or concern you’re hearing from your clients?

Chen: With more stringent, and sometimes more convoluted tax requirements and regulations, compliance season simply gets tougher every year. More manual interventions, such as collection of paper-based or non-integrated records, chair-swiveling reconciliations and the manual line-by-line field checking that tax software unintentionally creates are just a few examples. The expanding regulatory complexity and increasingly manual processes are compounding the already long days of tax season. The effects of TCJA are still evolving and shaping new tax strategies in businesses of all sizes. These are the biggest issues our clients are struggling with.