An overwhelming majority of tax professionals agree that clients seek business advice from them, according to a new Thomson Reuters report.
The COVID-19 pandemic impacted every industry with its ensuing lockdowns and economic crises, leaving clients in desperate need of financial guidance. So, they turned to their tax advisors.
Were many tax professionals ready to provide such client advisory services? Not necessarily. Only 59% of the survey respondents identified as highly confident in giving business advice.
For firms to move forward in their advisory services, they need to determine methods for growing confidence within them and their advisors, the report concludes.