But the tax code, you know, has so many different avenues, whether
it's partnering with a charity and making charitable contributions, or all sorts of things
are possible. The issue is the tax code is so complicated that there is
no CPA firm or law firm that actually knows how many pages are in the
tax code, and that's why it's such a difficult thing to navigate. You
are listening to carry Letts's Financial Survival Network, where you get valuable information you
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and welcome. You are listening to watching the Financial Survival Network on your
owns. Carry Letts Well tax plan problems with the government. Nobody knows what's
going on. Nobody knows what to do except for the person that you are
about to hear from, because he's got six seven hundred other CPAs backing him
up helping him find the best practices. His name is Alex Sonkin. Alex,
great to have you on the show, so the Due Diligence Project.
What is it and what is it going to do for me? Gary?
Thanks for having me great question. Due Diligence Project. We basically we're here
to bring a community of CPA firms together. We have we conduct summits and
we can independent peer of view because we want to help business owners reduce their
taxes, reduce their costs in every way possible. The challenge is how do
we find the best tax planning solutions, the best resources out there? How
do we know they're really the best. And what we've done is we've created
the largest independent peer of view community of CPA firms in the country. We
had close to seven hundred CPA firms participate in our summit this year called the
Due Diligence Project Summit. In twenty twenty, we had I believe eight hundred
forty seven firms participate in our summit. We have ten members who are you
know, big big four tax partners KPMG, Deloitte, PwC. So what
we do is we basically digest a tax code. We have hundreds and hundreds
of independent CPA firms introduced their favorite tax planning resources, cost mitigation resources into
our community. And like Amazon, like Netflix and all these other streaming services
who have everyone independently vet the movies, vet the products. We have elite
CBA firms vetting every resource, every strategy, so in order to mitigate the
risk and mitigate the time that it takes to complete the due diligence, So
what we do is we house all the notes from all the Q and A
from all those sessions, we record education, and we provide that education to
our community of CPA firms who are basically helping millionaires and billionaires and people making
as little as two hundred and fifty thousand dollars a year or more mitigate their
taxes, mitigate their costs like health insurance costs, and all sorts of nine
eight other costs that businesses are overspending on. And the primary thing that we're
really good at as mitigating income taxes, because what we found is that eighty
two percent of Fortune five hundred companies are paying way too much tax and they
should, and eighteen percent of figured out how to zero out their tax returns.
If Fortune five hundred companies cannot hire the very best law firms CPA firms,
none of which know how many pastes are in the tax code to mitigate
their taxes. How is a guy making two hundred and fifty thousand or a
half a million dollars a year going to mitigate his taxes if eighty two percent
of fortune five hundred companies don't know how to do it, So we bring
but tax planning too, small business owner, medium sized business owner, and
also high networth clients that have CPA firms or plugged into our system. So
tell us a success story. You took over the X y Z firms taxes
and cut their tax built eighty percent to such stories exist, Alex, Yeah,
absolutely, you know, um happens all the time. You know.
Unfortunately, you know, we're not out there helping the Bezoses of the world
and some of these other billionaires who have much greater success stoads in our community.
But yeah, you know, we help business owners, you know,
sell their business, sell hybrid their properties that appreciated real state and in many
cases we can either defer the taxes thirty years in the future or eliminate nine
nine percent tax on the sale of that asset. Of course, the tax
coat has many many ways of doing that, right, They can write a
check to you carry you know, someone who's got a million dollar income,
they could just write a middle million dollars check to you and all of a
sudden they don't have an income tax problem any All right, now take it,
and we're like, anyway, I possibly can alex. Yeah. But
the tax code, you know, has so many different avenues, whether it's
partnering with a charity and making charitable contributions or all sorts of things are possible.
The issue is the tax code is so complicated that there is no CPA
firm or law firm that actually knows how many pages are in the tax code,
and that's why it's such a difficult thing to navigate. And so in
order for us to be successful doing it, we use a community of cbas
and mostly CPAs, because they have experience. They have at least ten thousand,
openly fifty thousand hours of experience in audit and tax court to be able
to ask meaningful questions, to be able to vet out and really complete their
due diligence on a structure. But for us, what we really want to
see is we want to see hundreds of these cbas review a strategy and ask
their questions, get their questions answer, to create more confidence for our community,
and independently, we can all plug in and just learn from each other.
Okay, So if the accountants don't know what's in if the government doesn't
know what's in it, what hope is there for your average individual to figure
this thing out? Well, you know, look, the average individual can
easily pick up the tax code and read it themselves. And you know,
obviously you're an attorney, so you know, you know how difficult it is
to just go through that tax good and read what the heck it's trying to
tell us. But the reality is this really CPA's it's there. It's their
responsibility to do tax planning, and it's very very hard for them because they're
spread so thin, just trying to get from one deadline to another deadline to
another deadline. And they're the ones who sign the tax returns, they're the
ones who have experienced an audit and tax cord. They're the ones who actually
if they can figure out how to get rid of their bottom twenty thirty forty
percent of their clients who are just dead weight, and they focus their attention
on plugging into a network like ours where they can just plug into those notes
It takes a long time to complete due diligence and sophisticate at tax structure.
But if you plug into the Due Diligence Project is a CPA, you can
reduce your time and get these nodes and basically get ninety percent of your weight
down. Take the nodes, go into the tax code, confer with other
CPAs in our network, Confer with some of the thought leaders in our network,
get your questions answered, and complete the due diligence and then decide if
you want to bring this solution to your biggest and most important clients are not
and that's the best way to do it is just plug your CPA from in
the Due Diligence Project. The problem is not that CPAs aren't smart, they
don't know. It's that they're not plugged into the right network. Gotcher,
All right, So there you've heard it. Not even the accountants, No,
not even the attorneys. The tax code is so vast, no wonder
or no under the countries in the state that it is. Hey, Alex,
people want to find out more about you, connect with you on the
web, find out more about how you can help them lower your taxes.
How do you do that? Due Diligence Project dot com. Due Diligence Project
dot com. Info at Due Diligence Project dot com. Come visit our website,
take a look at the at large number of podcasts that are free and
available to the public. And then a lot of our secret sauces is in
the members only section that's available to our members. The CPAs the attorneys should
plug into our community and get access to that so they can bring that great
value to their most important clients. All right, well, we appreciate that.
And the link to the Due Diligence Project is on our site and the
show notes this interview on Financial Survival Network dot com. Make sure you go
there, sign up for your free newsletter. Questions, comments, etc.
You want to find out more, you can always shoot me an email kl
at care Lutz dot com. We'll get you an answer. Alex. Appreciate
you coming on. Good luck, Thanks so much, Carry I have a
great one. Thanks for listening to Carrie Lutz's Financial Survival Network, your solution
to today's trying times. For the latest, go to Financial Survival Network dot
com. Financial Survival Network now more than ever