April 3rd, 2025
In this session, Veronica Herrera demonstrates how to create a “Plan vs. Actual” report in TaxPlanIQ, helping Hiroko generate accurate ROI data for her client by inputting real deduction amounts. They address how recurring strategies can unintentionally inflate future year savings and discuss potential software adjustments to prevent that. Jesse Gleaton then presents a complex case involving a construction business owner preparing to sell for $2 million. The team evaluates capital gain minimization strategies such as deferred sales trusts (DSTs), installment sales, leveraged investments, life insurance structures, and charitable remainder trusts. Veronica emphasizes the importance of charging a tax planning retainer for time-consuming, high-value events like business sales. Haley Nguyen and Amy Cabrero contribute insight on life insurance in pension plans and upcoming software enhancements. Jesse and Veronica review TaxPlanIQ’s AI-suggested strategies, including healthcare software RTUs and passive income generators, and discuss implementation logistics. Veronica closes by reminding attendees to set clear engagement terms and fees before conducting in-depth planning.
April 10th, 2025
NO LAB THIS WEEK
April 17th, 2025
In this Tax Lab session, Veronica Herrera, Courtney Holness, Jesse Gleaton, and Hiroko Nozaki reflect on lessons from tax season and discuss refining client filtering processes for tax planning. Courtney shares her challenges with last-minute tax prep clients, the difficulty of converting discovery calls into tax planning engagements, and efforts to implement a fee-based structure that better values her time. Veronica emphasizes the importance of upfront qualification—reviewing tax returns and client questionnaires before any meeting—and discourages offering standalone hourly consultations due to the risk of undervaluing strategic advice. Jesse echoes similar concerns about giving too much in quarterly meetings and seeks advice on managing pricing and client expectations. The group encourages moving toward higher-value tax planning clients, refining workflows to identify viable leads, and gradually increasing minimum pricing. They also discuss structuring entity ownership for real estate clients and share thoughts on maintaining lifestyle balance while growing a profitable practice.
April 24th, 2025
In this Tax Lab session, Veronica Herrera guided Jesse Gleaton through a tax plan for a high-income W-2 client with multiple rental properties and private equity investments. The discussion focused on the feasibility of real estate professional status for the client's spouse, the implications of property ownership in a non-community property state, and strategic considerations such as cost segregation, grouping of passive activities under Section 469, and partnership formation. Key participants, including Courtney Holness, Carol Bahou, and Don O'Dell, contributed insights on grouping rules, selling grouped properties, and the redaction capabilities of the software’s OCR feature. The team clarified that short-term and long-term rentals should not be grouped together and explored options for structuring ownership through LLCs or partnerships for both tax and liability purposes.