Most tax professionals (95%) believe their clients want business advisory services, underscoring the staying power of a trend accelerated by the COVID-19 pandemic, a new study finds.
The Thomson Reuters Institute's 2021 report, gathered from a survey of hundreds of tax practitioners, provides a clearer picture of the outsized impact the pandemic had on the profession and what to expect this year and in the future.
Many survey respondents felt forced into a de facto business advisor role during the onset of the pandemic, as clients sought advice about everything from applying for Paycheck Protection Program loans to managing finances to keep their businesses afloat.
Tax professionals see this increased demand for business advice lasting beyond the pandemic, especially in large firms. See more findings.