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Regarding the current tax plan, it is vital to ascertain that the individual income tax rates are cut while the standard deductions are doubled. The personal exemptions are also eliminated in the current tax plan. According to the new tax plan, the corporate tax rate is cut to 21 percent from 35 percent (Rogofsky, Chard and Yoong, 2018).Following the current tax plan, the standard deduction will be doubled, and therefore the deduction for the single filer will is half the deductions in the previous tax plan. For the joint and married filers, the tax deductions increase from $24,000 from $12,700 (Reardon, 2011).In the current tax plan. I presume that the current tax rate has a significant impact on the way in which I view the aspects of taxation. One of the aspects that I like concerning the current tax rate is the reduction of the individual income tax rate. I presume that the cutting of the individual tax rate will favor the employees since the amount that they will remit to the government will decline, and therefore their disposable income will increase.
The recent tax plan will have a significant impact on the accounting industry. The recent tax plan gives an implication that the current accountants will be required to offer additional services to the clients regarding the new tax regulations. The accounting workload will increase following the inception of the current tax plan since the clients will need advice regarding the new tax regulations (Reardon, 2011). The accountants will also be required to carry out the adjustment of the tax assets and the deferred liabilities.
Following the changes in the regulations and the accounting industry, it is vital to ascertain that the accounting profession is likely to face challenges in the future. The inception of new technology, the aspect of globalization in reporting and the introduction of new regulations are some of the trends that are likely to face to incept challenges in the accounting profession (Hales, 2018). Following the inception of smart and new technologies, the accountants will encounter a challenge in using the new technologies, and therefore they will be required to attend training programs to have knowledge in the use of new technologies (Arnold, 2018).There will be a significant shift in employment in the accounting industry as individuals in the accounting profession will be triggered to offer services in other countries. The intergovernmental tax action will have an adverse impact on the individuals in the accounting profession.
Artificial intelligence has a significant impact on forensic accounting. Artificial intelligence has a positive impact on forensic accounting since it has resulted in enhancing accuracy in the field of forensic accounting. I presume that there is a probability for the algorithm entities to replace the traditional business structures. Algorithm entities are defined as the firms that carry their operations without human control (Arnold, 2018).Following the sporadic development of technology; there is the likelihood that the algorithmic entities will replace the traditional business structures (Hales, 2018). In the future, the role of the forensic accountants will be highly demanded following the trends of technology and globalization.