Can CPAs Really Complete Due Diligence in 10x Less Time?
Alex Sonkin
DueDiligenceProject is the leading & largest CPA Community conducting independent peer-review for sophisticated tax and cost mitigation strategies.
"The hardest thing in the world to understand is the income tax." - Albert Einstein
Sophisticated tax planning due diligence can be a daunting and time-consuming task for CPAs. With a tax code?that's hundreds of thousands of?pages long?and constantly changing, finding the right resources and specialists can be challenging.?The Due Diligence Project ?aims to change that, providing a community of?independently-vetted?experts and resources that can help CPAs complete their due diligence in 10x less time. But is this claim truly feasible? Let's explore the other side of the argument.
The DDP?summit?provides?a platform for sharing knowledge, ideas, and best practices, and you'll gain valuable insights into the latest trends and innovations in the field. Don't miss out on this unique opportunity to network with other professionals and deepen your understanding of due diligence in tax planning.
Go to?https://www.duediligenceproject.com/2023summit ?to learn more and enroll.
The Complexity of the Tax Code
The tax code's immense size and complexity make it virtually impossible for any one person to have read it in its entirety. While The Due Diligence Project offers a wealth of resources and connections, it's essential to remember that even the most seasoned experts may not have all the answers. In some cases, the sheer volume and intricacy of the tax code could make it difficult to complete due diligence at such an accelerated pace.
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Finding the Right Specialist
The Complexity of the Tax Code
The tax code's immense size and complexity make it virtually impossible for any one person to have read it in its entirety. While The Due Diligence Project offers access to peer-reviewed due diligence notes on hundreds of strategies, thought leadership, access to a community of other elite, tax-focused CPAs, and a wealth of resources and connections, it's essential to remember that even the most seasoned experts may not have all the answers. In some cases, the sheer volume and intricacy of the tax code could make it difficult to complete due diligence?on certain complicated issues.
Finding the Right Specialist
The Due Diligence Project?instantly?connects CPAs with?vetted thought leaders, specialists and other tax planning professionals?who have completed their due diligence on specific topics. However, finding the right specialist for your particular situation can still be challenging, and that is why the DDP’s independent ranking and rating system of each strategy and specialist is such a useful tool to save time, generate confidence, and simplify what can be an arduous process.
The Importance of Thoroughness
While completing due diligence in 10x less time is an attractive proposition,?The Due Diligence Project was designed specifically not to sacrifice thoroughness and accuracy for speed.?Ensuring a quality result, eliminating as much risk from the equation as possible, and creating maximum confidence are the primary goals.?
By utilizing an independent peer-reviewing community of hundreds of tax-focused CPAs, with at least 10,000 hours of experience in audit and tax court, The Due Diligence Project revolutionary process ensures that the community analyzes as many data points as possible when reviewing a sophisticated tax strategy.?
Conclusion
The Due Diligence Project ?is revolutionizing the way CPAs approach due diligence by providing instant access to high-level due diligence notes and an independently vetted community of resources and experts.?It's important to remember that the complexity of the tax code, finding the right specialist, and the need for thoroughness will still require each CPA to complete their independent due diligence carefully.?The entire community benefits from the work completed and questions asked by each participant, and this approach ensures the best outcomes for your most important clients.??
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1 年It seems to me that AI should be able to cut this effort down to something manageable. Also, I would expect that all 10,000 pages don't change every year. With proper tracking (or just good AI comparison algorithms), a good and experienced tax account should be able to keep up to date on the code. Ultimately, the code itself should be recognzied as a document that reflects a broken system. No "operating manual" should be 10K pages. With effective use of AI technology, it should be possible to assess and revamp the whole document, removing redundancies and identifying conflicts in short order. With this done, it is a matter of deciding on and implementing the changes to remove the inconsistencies. The fact that it hasn't been done is a reflection of a government that chooses ambiguity over efficiency. Power and money are buried in this process, but ultimately, these are the systems that eventually crash a kingdom. I suspect the next generation will fix this problem. They have little tolerance for big, weighty tomes of incomprehensible verbiage.
CEO, 'I Need More Clients' best-selling author. ??Since 2005, we position brands #1 online. Be Seen. Get Chosen! Grow traffic, leads & revenues. Wordpress websites, SEO, PPC, AI, & social media. (Former CPA & attorney).
1 年The Due Diligence Project seems like a valuable resource for CPAs to streamline the process of completing due diligence in tax planning. However, it's important to remember that the tax code's complexity and finding the right specialist can still present challenges.
CEO and Portfolio Executive development - MAKING YOUR FUTURE WORK with Freedom, Joy and more opportunities to offer Love to those around you.
1 年The Due Diligence Project sounds like a valuable resource for CPAs who are looking to save time and streamline their due diligence process.
Helping Mid-Career Software Engineers Get Unstuck And Fire Up Their Careers / Career Coach / Mental Health Advocate / Ex-Amazon
1 年It feels like no human can master the enormity of the tax code. Thanks for providing this useful service.
Author | Digital Marketer & Strategist | AI Innovator
1 年Hi Alex, this sounds like an awesome event for CPA's. You're covering a lot of topics and attendees should take away some real value. Good luck with this!