May 1st, 2025
In this Tax Lab session led by Veronica Herrera, participants explored the Deferred Sales Trust (DST) strategy in depth, particularly how it applies to clients realizing large capital gains, such as from crypto or fund distributions. Veronica and Tim Sanchez-Mustapha discussed a real-world scenario involving a client facing $1 million in crypto gains. Veronica demonstrated how to present DST in TaxPlanIQ, calculate tax savings, and structure fees based on ROI. She emphasized how to integrate DST with other strategies like the Leveraged Entity Option (LEO), reviewed vendor collaboration, and discussed state tax implications, installment note structuring, trust taxation, and long-term financial planning. Verlin Taylor also asked detailed questions about deferral timing and implementation. Bobbi Wipperling noted that her prior firm often used 1031 exchanges and opportunity zones instead of DSTs. Veronica concluded by encouraging new planners, especially those with sales backgrounds, to partner with technical experts and use the ROI method to confidently present and sell tax planning services.
May 8th, 2025
In this Tax Lab session, Veronica Herrera guided Keithie Graham through a case involving a retired couple starting a new sole proprietorship landscaping business in Texas. The discussion focused on strategies for minimizing self-employment taxes, structuring retirement income to avoid triggering Social Security taxation, and determining whether an S Corp election would be appropriate. Veronica emphasized the use of the new redaction feature in the software, the value of uploading full 1040 returns, and how the system proposes strategies based on existing return data. Strategies explored included retirement planning, backdoor Roths, qualified charitable distributions (QCDs), hiring a spouse under a Medical Expense Reimbursement Plan (MERP), and evaluating pretax employer benefits. The group discussed how client goals and bottom-line income should influence entity decisions and touched on the importance of written information security plans (WISPs) for compliance. The session closed with a walkthrough of how to upload documents and use the Read, Analyze, Propose (RAP) feature in TaxPlanIQ.
May 15th, 2025
In this Tax Lab session, Bobbi Wipperling and Veronica Herrera hosted an open discussion with CPAs including Dustin Minchey and David Tunstall about pricing models, transitioning from compliance to tax planning, and the use of TaxPlanIQ’s ROI Method to support pricing decisions. Dustin shared his firm’s structure, including minimum monthly fees, quarterly planning charges, and a high client retention rate through value-focused advisory services. The group discussed strategies for onboarding clients, whether to include tax preparation in upfront fees, and how to handle situations where clients have little to no ROI. Veronica emphasized using the ROI calculator strategically by backing out tax compliance costs and packaging services to maintain a strong perceived return. The conversation also covered acquisition concerns, with David exploring the potential purchase of a low-margin tax prep book of business and receiving feedback about the operational risk and revenue trade-offs. The session closed with a discussion of Growth Program benefits and an invitation to additional weekly coaching and strategy sessions.
May 22nd, 2025
In this session, Veronica Herrera led a hands-on review of a real client’s tax return with participants including Hiroko Nozaki, Jesse Gleaton, and Jeff Wolf. The client had multiple K-1s from family-owned businesses, prompting a discussion on partnership structuring, basis tracking, and how to reflect changes in ownership. Veronica explained how to identify partner capital accounts on Schedule K-1 and addressed how to structure related parties as owners in a partnership or S corporation while maintaining compliance and avoiding double taxation. The team reviewed the ROI strategies suggested by the system, including the S corp election and accountable plan reimbursements, and clarified the use of the QBI deduction across partnership income. Veronica emphasized that the “Read, Analyze, Propose” (RAP) feature will continue evolving to better interpret complex returns and guide advisors on implementation steps. Participants also discussed the strategic use of separate entities for liability protection, basis adjustments, and the importance of documenting loan basis when partners take distributions.
May 29th, 2025
In this Tax Lab session, Bobbi Wipperling and Veronica Herrera, discussed various tax planning strategies for clients belonging to Serge Louis. Serge reviewed his client’s tax return and identified opportunities for maximizing retirement contributions and optimizing tax deductions. The session included a review of strategies related to retirement accounts, charitable deductions, and pre-tax benefits, with a focus on identifying areas where tax savings could be achieved. Bobbi also provided guidance on handling S Corps and real estate, emphasizing the potential tax benefits and pitfalls of the structure. They explored the possibility of implementing an accountable plan and discussed using the Augusta Rule for tax savings. The session was aimed at refining Serge's tax planning approach for the client and ensuring accurate tax savings projections.