Sophisticated Tax Planning: Who Should We Get Advice From?
Alex Sonkin
DueDiligenceProject is the leading & largest CPA Community conducting independent peer-review for sophisticated tax and cost mitigation strategies.
Sophisticated tax planning strategies are often viewed as complicated and hard to understand. But when completing due diligence, whose ideas and feedback should we trust most? Who is most qualified to provide feedback with respect to audit and tax court risk? For a nation that was built as a republic rather than a full democracy, mob rule should be avoided when it comes to due diligence on sophisticated tax planning.
Oftentimes, successful business owners will ask financial advisors and estate planning attorneys about sophisticated income tax mitigation structures because they are “experts” in financial matters. The problem with that strategy is that the financial services industry is so diverse and specialized, that unless they have the audit and tax court experience, and they actually have to produce and sign tax returns, they are probably not qualified to discuss sophisticated income tax planning or provide any meaningful feedback.
The ideal candidates to give feedback regarding these strategies are highly experienced professionals in the tax field, such as CPAs and elite tax attorneys with at least 10k hours (hopefully over 50k hrs) of IRS audit and tax court experience. These individuals have the necessary knowledge, qualifications and expertise to conduct independent research, ask great questions, and ultimately give an informed opinion about particular tax plans. The organized, cumulative feedback from hundreds of experienced, independent tax professionals can be an invaluable resource for Family Offices and successful business owners looking to maximize their financial situation through intelligent tax planning.
If your CPA is not part of an independent, peer reviewing community of other elite tax advisors, who introduce their favorite resources, strategies, tax attorneys and specialists for independent review by other qualified, experienced tax professionals, you may not be getting the very best tax planning ideas.
You can introduce your CPA to the www.duediligenceproject.com or a competing network for better results.
Join us for the Due Diligence Project Summit May 11, 2023.
Learn more and enroll at: https://www.duediligenceproject.com/2023summit
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1 年Excellent explanation and insight as to the importance of having qualified professionals handle due diligence on sophisticated tax strategies. Well done, Alex!
Bestselling Author | The Short Book Formula: A Financial Professional's Guide to Writing a Book In 6 Weeks to Attract Ideal Clients | Host of The Million Dollar Producer Show
1 年Great ideas!
I help workplaces engage employees, increase retention & improve wellness ツ Founder: Society of Happy People ツ Author ツ Speaker ツ Coach (CPC) ツ
1 年Someone you trust for sure. Taxes are tricky.
Fractional CMO & Marketing Automation Expert ? Certified Performance Coach ? Helping Independent Advisors & RIAs Create More Efficient and Scalable Practices ? Podcast Host
1 年Thanks for sharing Alex.
Nationally Syndicated Radio Talk Show Host / CEO / Creator of the Thrive Sales Mastery Course / Noted 10 Time Author / Keynote Speaker / Sales Psychology Trainer / #1 Actiontainer in the World
1 年Sounds like a great newsletter to read, Alex Sonkin Will definitely take a look at it.