Understanding Tax Act Professionals: Guide to Compliance

Illustration showcasing tax planning and strategy

Intro

Navigating the labyrinth of tax legislation requires more than just a passing understanding of numbers and formulas. Tax act professionals embody a unique blend of expertise, meticulous attention to detail, and ethical grounding. They stand as a beacon for individuals and organizations trying to wade through the fiscal water even when it feels like swimming upstream. This article aims to peel back the layers surrounding these professionals, shedding light on their roles, challenges, and ethical obligations.

Tax act professionals are not merely tax preparers. They are adept at interpreting constantly evolving tax laws, ensuring that compliance is not just about meeting obligations, but rather about optimizing strategies for financial efficiency. They translate complex tax jargon into actionable insights, offering a clear path through the often murky waters of tax regulations. Through this guide, readers will gain an appreciation for how these professionals can significantly influence one's financial standing by navigating the intricacies of tax reforms and compliance issues.

Understanding the full responsibility of these experts reveals their vital role amid evolving legal frameworks and economic challenges. With each new piece of legislation, tax professionals must adapt and respond, emphasizing the significance of their role in today's dynamic financial landscape. As this article unfolds, expect to delve deeper into key aspects of their function and significance.

Role of Tax Act Professionals

Tax act professionals wear many hats, and their role goes beyond just knowing the tax code inside and out. They serve as crucial navigators in the often turbulent waters of taxation, providing valuable guidance for individuals and businesses alike. Understanding this role can illuminate the many benefits they bring to the table. Tax act professionals help ensure that clients comply with regulations while also taking advantage of available opportunities within the tax framework. This balanced approach leads to more efficient financial planning, tax savings, and ultimately a smoother financial future.

Financial Advisory Responsibilities

The financial advisory responsibilities of tax act professionals are multifaceted. They don't just prepare tax returns; they offer insights that can significantly impact a client’s financial decisions.

Tax Planning: Tax professionals craft tailored strategies to minimize tax liability, helping clients choose investments that align with their long-term financial goals. Knowing when to realize gains or losses, for instance, can save considerable amounts over time.
Risk Management: Understanding the potential pitfalls in tax compliance is crucial. Tax act professionals identify areas that may trigger audits or penalties, enabling clients to take preventative measures.
Future Forecasting: With ever-changing regulations, tax act professionals analyze trends to forecast future obligations and opportunities for their clients, be it in the context of retirement planning or business expansion.

By having a finger on the financial pulse, they enable clients to make informed decisions aimed at growth and stability.

Regulatory Compliance Duties

Regulatory compliance duties are perhaps the backbone of what tax act professionals do. In an environment where tax laws can shift like sand, staying compliant is critical not just for avoiding penalties but for building a trustworthy reputation.

Staying Informed: Tax professionals dedicate a significant amount of time staying updated with the latest tax legislation and compliance requirements. They need to ensure that clients adhere to all laws pertinent to their financial activities.
Tax Return Preparation: Preparing accurate tax returns is a pivotal function. A small mistake can lead to an audit or worse, so attention to detail in this area is non-negotiable.
Communication with Regulatory Bodies: Tax act professionals often communicate with IRS or other tax authorities on behalf of their clients. This can include responding to inquiries or negotiating settlements for unpaid taxes.

In essence, their role isn't just about crunching numbers; it is about making sure that clients can operate within the legal framework without missing a beat.

"Navigating tax compliance is more than just a task; it is an art form that requires attention, foresight, and understanding of the ever-changing landscape of tax law."

In summary, tax act professionals are not merely advisors; they are instrumental in crafting strategies that help clients manage their financial futures effectively and compliantly.

Essential Skills for Tax Act Professionals

The realm of tax law is complex and constantly evolving. Tax act professionals play a crucial role in helping individuals and businesses navigate these intricate rules. To excel in this field, certain skills become imperative. This section will discuss the essential skills necessary for tax act professionals, focusing on specific elements that make them effective and the benefits of possessing such abilities.

Analytical Competence

At the heart of being a tax act professional is analytical competence. This skill set involves breaking down complex information, identifying patterns, and drawing meaningful conclusions from financial data. Tax and financial regulations can often feel like a labyrinth, with new rules and amendments cropping up frequently.

Professionals need to interpret these changes swiftly. For instance, understanding the implications of tax code shifts isn't just about knowing what's been altered but also about assessing how it affects a client's financial situation.

Moreover, analytical skills help these professionals in strategic tax planning. They can project tax liabilities based on current financial standings and forecast future needs. In doing so, they assist clients in making informed decisions. Without this analytical prowess, professionals might miss critical opportunities for savings or risk missteps that lead to financial penalties.

Attention to Detail

In the world of tax, there's little room for error. Attention to detail is not merely a skill; it's a cornerstone of effective tax practice. A misplaced zero in figures, overlooked deductions, or miscalculated credits can lead to significant financial consequences.

When preparing returns or audits, tax act professionals must sift through data meticulously. Even the smallest details matter. For example, if a tax professional fails to meticulously track various income sources and expenses, they might inadvertently miss crucial deductions, leaving money on the table for their clients.

Precision in this context often translates to peace of mind for clients. Knowing that their tax affairs are in the hands of someone who doesn't overlook details contributes to the client's confidence and trust in their advisor.

Interpersonal Skills

Lastly, while numbers and regulations govern the work of tax act professionals, interpersonal skills play a pivotal role in client relations. This field is not solely about crunching numbers; fostering productive relationships with clients can make or break a professional's career.

Effective communication is crucial here. Tax act professionals must convey complex tax concepts in layman's terms. Clients often feel overwhelmed by jargon and figures, so the ability to explain these in an easily digestible manner enhances the overall client experience.

Moreover, interpersonal skills are vital for building long-term relationships. Trustworthiness and approachability are traits that clients seek in a tax advisor. Professionals who remember details about their clients—like business goals or family milestones—demonstrate genuine interest, leading to stronger connections.

"Building rapport with clients is as essential as tax codes themselves. A good relationship often leads to referrals and continued business."

Visual representation of tax compliance and regulations

In summary, possessing analytical competence, attention to detail, and strong interpersonal skills equips tax act professionals with the tools to succeed in a demanding field. They enhance decision-making, ensure accuracy, and foster positive client relations, thereby contributing significantly to effective tax strategies and overall client satisfaction.

Impact of Recent Tax Reforms

Tax reforms are a big deal. They don’t just shape the landscape for tax act professionals; they influence everyday lives and business operations. Understanding these changes is crucial, as they often create new opportunities and challenges. Tax professionals need to stay on top of these shifts to offer the best advice and strategies to clients. This section delves into the heart of tax reforms, exploring not only the changes themselves but also their broader significance in the realm of tax strategy and compliance.

Analysis of Legislation Changes

In recent years, legislation changes regarding tax have rippled through the economic landscape more than ever. A critical adjustment was the introduction of the Tax Cuts and Jobs Act in 2017, which altered corporate tax rates and individual deductions dramatically. Understanding how these adjustments impact taxable income is key. For instance:

Corporate Tax Rates: The reduction from 35% to a flat 21% was a significant change. This downturn in taxation has motivated many corporations to rethink their global strategies, investing more in domestic operations.
Standard Deductions: The increase in standard deductions, particularly for individuals, meant that many taxpayers found it more beneficial not to itemize. Consequently, tax professionals had to adapt by revisiting traditional calculations they often relied upon.

These alterations don’t just affect numbers; they redefine how tax professionals guide their clients. It’s about aligning financial objectives with new tax realities.

"Legislation changes are a roadmap – they guide tax professionals in navigating the complexities of compliance and planning."

Implications for Individuals and Businesses

The implications of these reforms stretch across the board, affecting individuals and businesses in distinctive, yet interrelated, ways. More than ever, tax act professionals need to be adept at assessing these effects. For individuals, aspects such as new deduction limits or expanded tax credits can significantly alter tax liabilities. For example:

Child Tax Credit: Now broader and providing greater relief, it might shift the financial burdens for many families, leading tax professionals to ensure that clients can maximize these benefits.
Impact on Small Businesses: Small business owners often feel the pinch during tax season. The pass-through deduction has proven both a blessing and a headache. While it allows a significant deduction, understanding how it interacts with income reporting requires a keen analytical touch.

For businesses, these legislative changes often dictate strategic adjustments in hiring, investment in growth, or reshaping financial structures. Tax act professionals must help clients not just to react but to create proactive tax strategies that align with these changes. This is about finding a way to stay ahead and turning challenges into advantages.

To wrap it up, understanding the impact of tax reforms is a fundamental asset for tax professionals. They can provide real value to individuals and businesses alike, fostering compliance and guiding them toward efficient tax strategies.

Tax Strategy Development

Tax strategy development is a cornerstone in the work of tax act professionals, playing a vital role in supporting clients—be they individuals or businesses—in navigating the complex maze of tax laws. It’s not merely about compliance; it’s about leveraging tax laws to optimize financial outcomes. A well-crafted tax strategy serves as a roadmap, guiding clients through their obligations while ensuring they capitalize on available benefits. This approach integrates various factors, including income levels, potential deductions, and future financial goals.

The importance of tax strategy development becomes apparent when considering the potential savings that can be realized. Understanding and applying relevant tax codes can translate into significant financial benefits. Through thorough analysis and proactive planning, tax professionals can help clients position themselves to minimize tax liabilities legally. Some key benefits include:

Increased Cash Flow: A competent tax strategy helps improve cash management by identifying tax deductions and credits that the client is eligible for.
Wealth Building: By considering long-term implications of tax choices, clients can make informed decisions that contribute to wealth accumulation.
Risk Mitigation: Strategic planning helps clients avoid mistakes that can lead to costly audits or penalties.

Long-term Planning Considerations

When developing a tax strategy, long-term planning can not be overlooked. Tax act professionals need to have a pulse on not just the current regulations but also the future landscape of tax laws. This foresight allows them to advise clients on how best to structure their financial affairs.

For instance, a client looking to establish an investment portfolio should consider how different assets are taxed. Different types of investments can have varying tax implications; making informed choices now can yield benefits later. This may include:

Entity Structure: The choice of legal structure, whether it be a sole proprietorship, partnership, or corporation, can significantly impact tax obligations in the long run.
Retirement Planning: Contributions to retirement accounts often have immediate tax benefits but understanding withdrawal rules and applicable taxes later is crucial.
Estate Planning: Taxes on inheritance can be hefty, and thus it's wise to consider how property will be transferred to heirs.

Planning for these elements can mean the difference between a tax-efficient portfolio and one that leads to frustration and lost earnings.

Risk Assessment in Tax Decisions

In the realm of tax strategy, it’s paramount not to ignore risk assessment. Tax decisions can carry significant risks, and professionals must carefully evaluate the potential implications before proceeding. This includes being aware of:

Legislative Changes: Laws are always evolving, and recent changes might affect existing strategies. Professionals should be vigilant to adapt strategies accordingly to avoid unexpected liabilities.
Client Profiling: Recognizing the unique circumstances of each client ensures that risk assessments are tailored. Industry, size of the business, and even personal financial habits come into play.
Tax Shelter Use: While legal tax shelters can offer savings, they can also raise red flags with authorities if not properly documented.

Ethical Considerations in Tax Practice

In the realm of tax services, the ethical conduct of tax act professionals is more than just a set of rules. It's the backbone of trust and credibility in a profession where the stakes are often high, both for individuals and businesses. When considering the nuances of this field, it becomes ever clearer that maintaining integrity is crucial to effective practice.

Navigating tax laws and compliance can present tax act professionals with dilemmas that test their ethical boundaries. These challenges often call for a fine balance between advising clients in a way that maximizes their benefits while ensuring compliance with the law. Ethical considerations do not merely serve as guidelines; they protect the profession’s integrity, ultimately fostering a landscape that encourages fair practices and profitability for both clients and professionals alike.

Maintaining Professional Integrity

Professional integrity in tax practice can be defined as the commitment to uphold the highest standards of honesty, transparency, and ethical behavior. This integrity is not just a professional requirement; it is a moral one, impacting how clients view their accountants and advisors.

Tax act professionals must adhere to strict guidelines about truthful reporting and comprehensive documentation. Failure to maintain such standards can lead to severe consequences, including penalties from regulatory bodies, loss of clients, and damage to reputation. Moreover, a reputation built on trust can become an invaluable asset, leading to increased clientele and greater stability in business relations. Clients are more likely to return to professionals who are forthright, knowing their best interests are prioritized.

Infographic on ethical practices in tax profession

Maintaining professional integrity also means regularly educating oneself on the latest tax regulations and ethical standards. Continuous development not only serves to uphold personal integrity but also enhances the professional's skill set, making them more effective in their role. Beyond that, it elevates the entire profession.

Handling Conflicts of Interest

Another significant ethical dimension in tax practice surrounds the management of conflicts of interest. Conflicts can arise when a tax act professional represents multiple clients whose interests may clash or when personal interests could sway professional judgment. Addressing these conflicts requires direct communication and transparent practices.

Recognizing Conflicts: Tax professionals must remain vigilant in identifying potential conflicts before they escalate. This means continuously assessing whether new clients could conflict with existing relationships.
Disclosing Interests: Transparency is key. Clients have a right to know whether their advisor has any competing interests that might affect the quality of service they receive. A simple discussion can resolve many misunderstandings.
Seeking Consent: In cases where a conflict cannot be avoided, securing informed consent from all parties involved can be a way forward. This ensures that all clients are on the same page and aware of the circumstances.
Implementing firm policies: Organizations can set up strict internal policies to address conflicts of interest. By institutionalizing processes, tax professionals can navigate these potential pitfalls while upholding ethical standards.

"Integrity is doing the right thing, even when no one is watching."

In summary, a staunch commitment to ethics within tax practice doesn’t just help individuals navigate legislation but also plays a pivotal role in the profession's reputation. As tax laws continue to evolve, the moral compass that tax act professionals maintain becomes ever more critical in fostering trust, professionalism, and long-term success in their advisory roles.

Navigating Tax Technology

In the modern landscape of tax compliance and strategy, embracing technology is no longer a luxury—it’s a necessity. Tax act professionals are now at the helm of an evolving framework that utilizes technology to streamline processes and enhance efficiency in their operations. The integration of various technologies can result in significant advantages such as improved accuracy in tax calculations, faster processing times, and better compliance monitoring. Understanding the tools available and how to navigate them is vital for professionals who wish to stay relevant in an increasingly digital world.

Software and Tools for Tax Tasks

Tax professionals often rely on specialized software tools to manage their responsibilities effectively. These tools range from comprehensive tax preparation software to client management systems that help in effectively handling an individual’s financial portfolio. Some popular software options include

Intuit ProConnect: Known for ease of use, this allows tax professionals to prepare returns quickly and accurately.
Drake Tax: Offers extensive features tailored for practitioners looking for depth in multi-state tax return preparation.
H&R Block Tax Software: While often used by individuals, it's also relevant for professionals assisting small businesses.

Choosing the right software depends on various factors, including client volume, complexity of tax situations, and specific needs of the practice. As these tools often come equipped with built-in compliance features, they significantly mitigate the risk of errors that could lead to audit triggers or penalties. Moreover, regular updates integrated into these platforms ensure that professionals are not left in the dust regarding the latest tax regulations.

The Role of Data Analytics

Data analytics is transforming how tax professionals approach their work. By using data-driven techniques, they can provide more insightful tax strategies tailored to the unique situations of their clients. Tools like Tableau or Microsoft Power BI offer powerful capabilities for visualization, allowing professionals to present complex data in an understandable form.

The role of data analytics doesn't end there; it extends to predictive analytics, where historical tax data can inform future strategies. This could involve:

Identifying trends in spending, which can uncover potential deductions.
Analyzing client data to optimize their tax situation based on projected earnings or changes in the law.

Utilizing data analytics not only enhances decision-making but also builds a strong case for strategic planning when interacting with clients, making the tax advisor a more valuable partner in financial growth.

"In the age of information, data analytics is like a goldmine for those who know how to dig it out effectively."

The integration of technology in tax practices stands as a hallmark for efficiency, allowing tax act professionals to navigate their complex duties with greater ease and precision.

Client Management Techniques

Effective client management is the cornerstone of any successful practice for tax act professionals. The ability to manage client relationships properly can set apart the good from the great in this field. It's not just about filing taxes accurately; it's about building trust and rapport with clients, ensuring they feel valued and understood in a complex landscape of financial regulations.

Effective Communication Strategies

Clear communication is vital. Tax act professionals must articulate complex information in a way that makes sense to their clients. This involves not only providing updates on legislation changes but also tailoring the information according to the client's understanding. Engaging clients with layman's terms can prevent confusion and help them grasp their unique tax situation.

Here are some effective strategies that can be implemented:

Active Listening: Take the time to truly hear what clients are saying. Their concerns might reveal not just their needs but also areas where additional guidance is essential.
Regular Updates: Keeping clients informed about deadlines and changes in tax laws is key. A simple email or newsletter can update them without overwhelming their inbox.
Visual Aids: Using charts or graphs can simplify complex concepts. When clients can see the numbers laid out clearly, it often becomes easier to discuss their financial situation.

These strategies foster transparency and cultivate understanding, ensuring that the client's voice remains at the forefront of your practice.

Building Long-term Relationships

Establishing long-term relationships with clients is as important as the immediate task of tax preparation. Relationships built on trust can result in loyalty, as satisfied clients are more likely to return and recommend your services to others. Some considerations for building these relationships include:

Personalization: Remember significant details about each client, from family milestones to business updates. A personalized touch can make a lasting impression.
Feedback Mechanism: Encourage clients to provide feedback about your services. This can help in improving areas where clients feel their needs aren’t being fully met. Accepting constructive criticism is a part of growth.
Consistent Value: Provide value beyond just tax season. Offer financial planning advice or workshops on relevant topics. Maintaining consistent engagement allows you to stay top-of-mind with clients.

"Building long-lasting client relationships is not just about the numbers; it's about connecting on a human level."

By implementing these client management techniques, tax act professionals can create an environment that fosters trust and ensures clients feel not just serviced but also valued.

Diagram illustrating challenges faced by tax act professionals

Common Challenges Faced

Navigating the realm of tax legislation is fraught with challenges, and tax act professionals find themselves at the frontline of these complexities. Their role is pivotal in ensuring compliance while simultaneously optimizing tax strategies for their clients. The importance of recognizing these challenges cannot be overstated. It equips both tax professionals and their clients with the knowledge to manage expectations and refine approaches to tax matters. This section highlights the pressing challenges faced in the industry today, echoing why understanding them makes for a comprehensive overview of the profession.

Keeping Up with Legislative Changes

In the ever-evolving landscape of taxation, keeping pace with legislative changes stands out as a significant hurdle. The tax code is like a roller coaster—thrilling but quite baffling at times. A tax act professional must stay abreast of new laws, proposed reforms, and regulatory shifts that can affect their practice.

The repercussions of neglecting to stay informed are manifold. Not only can outdated knowledge lead to compliance issues for clients, but it can also damage the reputation and reliability of the professional providing the advice. To combat these pitfalls, tax act professionals often need to engage in continuous education—attending seminars, subscribing to legal updates, or participating in webinars, all of which can be time-consuming and costly.

Moreover, clients don’t always understand the complexities of tax law changes. Therefore, professionals must possess the ability to distill intricate legal jargon into digestible information.

Strategies for Managing Legislative Changes:

Regularly subscribe to tax-related newsletters.
Attend training workshops to enhance knowledge.
Collaborate with colleagues to share insights and experiences.

"Staying updated is not just an option; for tax act professionals, it is a vital necessity."

Managing Client Expectations

Setting and managing client expectations can be akin to walking a tightrope. Clients come to tax act professionals with diverse backgrounds and varying degrees of understanding about tax laws and their implications.

A common scenario might be a client expecting an aggressive tax refund, based on anecdotal advice from friends. This often leads to inflated expectations and disappointment when the reality doesn't align. Clear communication is indispensable here. Professionals need to articulate what is feasible, explaining not only the potential benefits but also what could go awry if a strategy is not grounded in existing legislation.

Tips for Managing Expectations:

Transparent Communication: Clearly outline what services will and will not be provided.
Regular Updates: Keep clients in the loop about any developments that could affect their tax situation.
Educate Clients: Provide resources or workshops that can help clients understand taxation better.

In summary, the art of managing expectations isn’t just about avoidance of disappointment; it builds trust and solidifies a long-term working relationship. When clients feel their concerns are understood, they are more likely to engage meaningfully with their tax act professionals, leading to better outcomes for all parties involved.

The Future of Tax Act Professionals

Understanding the future of tax act professionals isn't just a nice-to-have; it’s a must. The landscape of tax laws is constantly evolving with globalization, technology, and regulatory changes playing pivotal roles. Professionals in the tax field must adapt their skills and knowledge to remain relevant and effective. The relevance of this topic extends beyond mere survival; it speaks to the very crux of how organizations manage risk and leverage tax strategies for growth.

Emerging Trends in Tax Compliance

Tax compliance is a moving target. Given the ever-changing nature of tax regulations, emerging trends drastically reshape the terrain tax act professionals must maneuver. Here are a few key trends:

Increased Use of Artificial Intelligence (AI): AI is no longer just a buzzword. Tax professionals are beginning to utilize machine learning algorithms to analyze large datasets quickly. This means they can provide timely advice and more accurate predictions regarding tax obligations.
Global Standardization: As businesses operate more globally, there’s a push for standardized tax reporting across borders. Tax professionals need to familiarize themselves with diverse tax laws and how they interact. This global perspective is vital for ensuring compliance.
Focus on Sustainability Issues: There’s a growing expectation for companies to address environmental, social, and governance (ESG) criteria within their tax practices. Tax act professionals are now being called to help organizations align their tax strategies with sustainable practices.

"Adapting to these trends is not just about keeping pace; it's about proactively positioning oneself as a valuable asset in the tax compliance arena."

Tax professionals must hone their analytical competencies and keep their fingers on the pulse of these developments, ensuring they can provide meaningful advice.

Adapting to a Digital Landscape

The digital landscape is revolutionizing the way tax professionals work. With the shift towards online services and remote operations, there are several key adaptations that need to be addressed:

Remote Consultation Tools: As the demand for remote services increases, tax act professionals must equip themselves with the right communication tools that facilitate meaningful consultations. Video conferencing and document-sharing platforms have become essential for effective client interactions.
Data Security Measures: Cybersecurity must be a top priority. Sensitive financial information comes with serious risks, and tax professionals need to implement robust measures to protect client data. Regular training on cybersecurity practices ensures everyone remains vigilant.
Continuous Learning: The digital world is always evolving, and tax professionals should embrace a mindset of continuous learning. Online courses covering the latest tax technologies and digital compliance tools can empower professionals to stay at the forefront of their field.
Emphasizing Digital Literacy: The ability to analyze data and navigate electronic filing systems is no longer optional; it’s a prerequisite. Tax act professionals should focus on improving their digital skills to manage electronic submissions and understand the implications of virtual transactions.

In this ever-changing environment, the future of tax act professionals hinges on their ability to adapt not just to new tools but also to the shifting expectations of their clients and employers. Embracing these changes is not only essential for compliance but also critical for positioning oneself as a forward-thinking professional in a competitive landscape.

Epilogue and Recommendations

In this closing segment, we synthesize the essential takeaways from our exploration of tax act professionals. The role they play is not merely confined to number crunching but extends into the broader landscape of financial and regulatory guidance. Their presence can often be the cornerstone for individuals and businesses navigating the often murky waters of tax regulations.

Summarizing Key Points

Tax act professionals function as critical intermediaries in the intersection of law and finance. Here are several key points to remember:

Diversity of Roles: Their responsibilities range from advising clients on complex financial matters to ensuring compliance with ever-evolving regulations.
Skills and Competencies: Successful tax professionals possess a blend of analytical skills, attention to detail, and effective communication abilities.
Ethics and Integrity: Upholding ethical standards is paramount in maintaining trust and credibility in their practice.
Adapting to Change: The tax landscape is changing rapidly with reforms and technological advancements, which means tax professionals must remain vigilant and adaptable.

In summary, the role of tax act professionals is multi-faceted, with an emphasis on both strategy and compliance. Their services not only help clients meet their obligations but also facilitate better financial decision-making and planning.

Strategies for Continued Professional Development

Tax act professionals should engage in continuous learning to adapt to the fast-paced changes in tax laws and technologies. Here are recommendations to aid their development:

Attend Workshops and Seminars: Regular participation in industry workshops keeps professionals abreast of the latest trends and insights.
Pursue Certification Programs: Engaging in specialized certifications can deepen their expertise and improve their marketability.
Join Professional Networks: Being part of organizations or forums allows for mentoring opportunities and knowledge sharing. Websites like reddit.com host communities dedicated to sharing experiences and strategies.
Embrace Technology: As tax technology evolves, those who invest time in mastering new software and tools will have a competitive edge.
Stay Informed on Legislation: Regular reading of reliable sources—whether that’s articles from britannica.com or updates from the IRS—ensures that professionals know the latest regulations.