In running your business, it is important to be always updated with the current trend, rules, laws and standards. This is necessary so that your business will always be up-to-date with compliance requirements and statutory deadlines.
One of the areas where you should always keep informed is taxation. You should always take note of the current tax policies and economics, collection deadlines, compliance requirements and local, national and international laws governing tax.
For accounting professionals, information on current policies, rulings and standards from regulatory boards and agencies will guide them on applying the same to the company’s audit and internal control. CPA’s are encouraged to have continuous professional education to boost their career and professional development.