Recently, President-elect Donald Trump proposed creating a new agency called the External Revenue Service (ERS) to manage tariffs, duties, and foreign-sourced revenue. The idea behind the ERS is to shift more of the U.S. tax burden to foreign trade partners, with the goal of reducing taxes on American businesses and families.
The announcement comes as part of Trump’s ongoing focus on trade policies and addressing the U.S. trade deficit. However, the details of how the ERS would operate—and how it would interact with existing agencies like U.S. Customs and Border Protection—are still unclear.
According to Trump, the ERS would ensure that foreign entities doing business in the U.S. are contributing their share of revenue through tariffs and other duties. The goal is to reduce the financial burden on U.S. taxpayers by generating more revenue from international trade.
The idea aligns with Trump’s broader economic strategy to rework trade agreements and boost domestic industries. Supporters see it as a way to strengthen U.S. trade policies and protect American jobs.
Critics of the proposal have raised concerns about how the ERS would impact both businesses and consumers. Some economists worry that increased tariffs on foreign goods could lead to higher prices for everyday items in the U.S. Others are concerned about potential trade tensions with foreign countries.
On the other hand, supporters argue that by increasing tariffs, the U.S. can level the playing field in global trade and encourage more domestic production.
For business owners—especially those involved in import/export—the creation of the ERS could lead to changes in tariffs and trade policies. These changes may impact pricing, supply chains, and overall costs of goods. It’s important to stay informed on any regulatory shifts to prepare for potential impacts.
Whether the ERS will be implemented or how it will function remains to be seen, as new agencies typically require legislative approval. As with any proposed policy, it’s essential to watch for updates to understand how it may affect your business or personal finances.
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Hi, I’m Alfred Beato, founder of Legacy Advice Group, and I’ve dedicated my career to helping clients navigate both their business and personal finances with clarity, care, and proactive advice.
My journey in public accounting started when I was just 15 years old, working part-time at a small CPA firm. What began with making copies and organizing files quickly turned into learning the fundamentals of bookkeeping and tax preparation, and from that moment on, I knew I wanted to build my own firm one day.
After earning my bachelor’s degree from FIU in 2015, I joined Appelrouth, Farrah & Co., a respected CPA firm in Coral Gables. It was here that I gained invaluable hands-on experience — not just preparing tax returns but learning how to work directly with clients, build relationships, and offer meaningful advice.
Throughout my time at Appelrouth, I also continued working with another CPA firm — my brother’s practice, Beato Pimentel & Associates. Whether it was providing input on client engagements or assisting with operations, this experience allowed me to gain a deeper understanding of the entrepreneurial side of running a firm.
In 2020, I completed my master’s in taxation from NOVA Southeastern University, further refining my knowledge in tax planning and advisory services. These experiences taught me to think beyond the numbers and approach every client relationship as a trusted advisor, not just a tax preparer. This foundation has shaped the way I serve my clients today.
I’ve always known that I wanted to be self-employed. The idea of building something meaningful and helping clients on my own terms has been my goal from day one. Over the years, I’ve had the privilege of working with some incredible firms, learning everything from client engagement and billing strategies to tax planning and business advisory. But at the end of the day, I realized that no one firm could fulfill my dream of running my own practice.
That’s why I started Legacy Advice Group. It’s about more than just compliance work — it’s about guiding clients through their financial journey and helping them build a legacy for their families and future generations.
With roots in Cuba and the Dominican Republic, and being fluent in both English and Spanish, I’m proud to bring a unique perspective to my practice. Many of my clients have ties to Latin America, and I understand the cultural and financial challenges that come with managing cross-border finances.
Our team at Legacy Advice Group also shares this diverse background, allowing us to better serve clients from all walks of life — whether they’re navigating U.S. tax compliance or managing foreign investments.
I believe in building relationships with my clients beyond the numbers. If you’d like to get to know me better, feel free to connect with me on social media:
I share both personal and professional updates, and I welcome you to join me on this journey as we grow and build together.
Legacy Advice Group and I are one and the same. As much as I’d like to say the business operates separately from me, the truth is that it doesn’t. This industry — like any business — demands time, energy, and attention to detail. Things don’t just happen on their own.
Because of that, every client relationship is personal to me. I don’t take a one-size-fits-all approach. Whether it’s reviewing your tax return in detail, helping you structure your business, or guiding you through a complex financial decision, my goal is to ensure you feel heard, understood, and supported.
You’re not just hiring someone to prepare your taxes — you’re partnering with someone who will guide you through every financial decision, helping you stay on track, minimize liabilities, and build a secure financial future.