Who does the general public trust most when it comes to taxes?
Professional tax accountants – according to a recent global study released by the Association of Chartered Certified Accountants Institute (ACCA) in partnership with the International Federation of Accountants (IFAC).
Who is least trusted? Regarding tax systems, study participants had the lowest level of trust in politicians, with a net trust deficit of -25.7%. The only other deficit category was social media reports, which showed a net trust deficit of -8.6%.
Previously, the ACCA had gathered data across the world’s wealthiest countries; however, this study set out to explore beyond the G20 and included more than 5,600 respondents in 14 countries, determining attitudes about their tax systems.
Several key findings emerged from this study, including where the public’s trust lies regarding taxes and how they engage in their respective systems. The Public Trust in Tax: Global Perspectives 2022 report stated, “Trust is a key component in tax morale, and understanding how taxpayers perceive the existing systems, and who is best trusted to help improve those perceptions, will be fundamental to building enhanced trust and, with it, engagement.”
When it comes to their tax systems, 67.1% of respondents disclosed that they either trusted or highly trusted professional tax accountants, and 64.7% had that level of trust with professional tax lawyers.
According to the data, those sampled demonstrated a clear belief that accountants play a positive role, contributing to a more efficient (71.9%), more effective (70.2%), and fairer (67.4%) tax system. Interestingly, 41.2% of respondents reported using the services of a professional accountant to manage their tax affairs.
Trust, efficiency, effectiveness, and fairness are built over time. In a previous JLK Rosenberger article titled, “Sleep Well, We’re Looking Out for You,” partner Tim Johnson stated, “People often ask me what value CPAs provide in these days of technology. One way we provide value is by letting you sleep when we can’t because Congress is [constantly] coming up with new legislation, and we must know the impact of [the] impending law. My after-hours research is driven by the question: If this passes, what will it mean for my clients and their businesses? I don’t sleep so you can. Good tax pros everywhere are lying in bed thinking about this, so you don’t have to. This is what keeps us driving day in and day out. This is why clients work with us. I hope you sleep better at night knowing that someone is looking after you.”
We’re here to help
There are many ways CPAs contribute to effective, efficient, and fair tax systems. To find out how we can help you and your tax situation, please reach out to us at 949-860-9880 or click here to contact us.