1
00:00:00,080 --> 00:00:04,879
But the tax code, you know, has so many different avenues, whether

2
00:00:05,040 --> 00:00:11,480
it's partnering with a charity and making
charitable contributions, or all sorts of things

3
00:00:11,480 --> 00:00:16,559
are possible. The issue is the
tax code is so complicated that there is

4
00:00:16,600 --> 00:00:21,079
no CPA firm or law firm that
actually knows how many pages are in the

5
00:00:21,120 --> 00:00:25,079
tax code, and that's why it's
such a difficult thing to navigate. You

6
00:00:25,079 --> 00:00:30,320
are listening to carry Letts's Financial Survival
Network, where you get valuable information you

7
00:00:30,440 --> 00:00:35,679
just can't find anywhere else to thrive
in today's trying times. You need the

8
00:00:35,799 --> 00:00:42,159
Financial Survival Network now more than ever. Go to Financial Survival Network dot com

9
00:00:42,200 --> 00:00:48,880
and get your free newsletter and gift. Financial Survival Network now more than ever,

10
00:00:52,359 --> 00:00:57,520
and welcome. You are listening to
watching the Financial Survival Network on your

11
00:00:57,520 --> 00:01:02,719
owns. Carry Letts Well tax plan
problems with the government. Nobody knows what's

12
00:01:02,719 --> 00:01:06,280
going on. Nobody knows what to
do except for the person that you are

13
00:01:06,319 --> 00:01:11,799
about to hear from, because he's
got six seven hundred other CPAs backing him

14
00:01:11,879 --> 00:01:15,879
up helping him find the best practices. His name is Alex Sonkin. Alex,

15
00:01:17,000 --> 00:01:19,879
great to have you on the show, so the Due Diligence Project.

16
00:01:19,920 --> 00:01:23,640
What is it and what is it
going to do for me? Gary?

17
00:01:23,719 --> 00:01:29,599
Thanks for having me great question.
Due Diligence Project. We basically we're here

18
00:01:29,640 --> 00:01:36,200
to bring a community of CPA firms
together. We have we conduct summits and

19
00:01:36,239 --> 00:01:40,879
we can independent peer of view because
we want to help business owners reduce their

20
00:01:40,879 --> 00:01:46,040
taxes, reduce their costs in every
way possible. The challenge is how do

21
00:01:46,079 --> 00:01:52,200
we find the best tax planning solutions, the best resources out there? How

22
00:01:52,200 --> 00:01:56,000
do we know they're really the best. And what we've done is we've created

23
00:01:56,040 --> 00:02:00,079
the largest independent peer of view community
of CPA firms in the country. We

24
00:02:00,120 --> 00:02:05,719
had close to seven hundred CPA firms
participate in our summit this year called the

25
00:02:05,799 --> 00:02:10,159
Due Diligence Project Summit. In twenty
twenty, we had I believe eight hundred

26
00:02:10,240 --> 00:02:15,280
forty seven firms participate in our summit. We have ten members who are you

27
00:02:15,319 --> 00:02:20,080
know, big big four tax partners
KPMG, Deloitte, PwC. So what

28
00:02:20,120 --> 00:02:24,680
we do is we basically digest a
tax code. We have hundreds and hundreds

29
00:02:24,719 --> 00:02:31,879
of independent CPA firms introduced their favorite
tax planning resources, cost mitigation resources into

30
00:02:31,879 --> 00:02:38,000
our community. And like Amazon,
like Netflix and all these other streaming services

31
00:02:38,039 --> 00:02:42,840
who have everyone independently vet the movies, vet the products. We have elite

32
00:02:42,879 --> 00:02:49,560
CBA firms vetting every resource, every
strategy, so in order to mitigate the

33
00:02:49,639 --> 00:02:53,719
risk and mitigate the time that it
takes to complete the due diligence, So

34
00:02:53,759 --> 00:02:57,319
what we do is we house all
the notes from all the Q and A

35
00:02:57,599 --> 00:03:04,360
from all those sessions, we record
education, and we provide that education to

36
00:03:04,599 --> 00:03:09,919
our community of CPA firms who are
basically helping millionaires and billionaires and people making

37
00:03:10,080 --> 00:03:15,240
as little as two hundred and fifty
thousand dollars a year or more mitigate their

38
00:03:15,280 --> 00:03:19,639
taxes, mitigate their costs like health
insurance costs, and all sorts of nine

39
00:03:20,000 --> 00:03:23,879
eight other costs that businesses are overspending
on. And the primary thing that we're

40
00:03:23,879 --> 00:03:29,639
really good at as mitigating income taxes, because what we found is that eighty

41
00:03:29,639 --> 00:03:34,840
two percent of Fortune five hundred companies
are paying way too much tax and they

42
00:03:34,879 --> 00:03:38,439
should, and eighteen percent of figured
out how to zero out their tax returns.

43
00:03:38,039 --> 00:03:45,199
If Fortune five hundred companies cannot hire
the very best law firms CPA firms,

44
00:03:45,240 --> 00:03:47,560
none of which know how many pastes
are in the tax code to mitigate

45
00:03:47,599 --> 00:03:51,960
their taxes. How is a guy
making two hundred and fifty thousand or a

46
00:03:52,000 --> 00:03:55,680
half a million dollars a year going
to mitigate his taxes if eighty two percent

47
00:03:55,680 --> 00:04:00,120
of fortune five hundred companies don't know
how to do it, So we bring

48
00:04:00,280 --> 00:04:03,159
but tax planning too, small business
owner, medium sized business owner, and

49
00:04:03,240 --> 00:04:08,840
also high networth clients that have CPA
firms or plugged into our system. So

50
00:04:09,199 --> 00:04:13,719
tell us a success story. You
took over the X y Z firms taxes

51
00:04:14,120 --> 00:04:18,439
and cut their tax built eighty percent
to such stories exist, Alex, Yeah,

52
00:04:18,480 --> 00:04:23,439
absolutely, you know, um happens
all the time. You know.

53
00:04:23,680 --> 00:04:29,279
Unfortunately, you know, we're not
out there helping the Bezoses of the world

54
00:04:29,480 --> 00:04:32,959
and some of these other billionaires who
have much greater success stoads in our community.

55
00:04:33,360 --> 00:04:35,839
But yeah, you know, we
help business owners, you know,

56
00:04:35,879 --> 00:04:43,560
sell their business, sell hybrid their
properties that appreciated real state and in many

57
00:04:43,600 --> 00:04:47,519
cases we can either defer the taxes
thirty years in the future or eliminate nine

58
00:04:47,639 --> 00:04:51,399
nine percent tax on the sale of
that asset. Of course, the tax

59
00:04:51,439 --> 00:04:55,800
coat has many many ways of doing
that, right, They can write a

60
00:04:55,879 --> 00:04:59,079
check to you carry you know,
someone who's got a million dollar income,

61
00:04:59,120 --> 00:05:01,000
they could just write a middle million
dollars check to you and all of a

62
00:05:01,040 --> 00:05:03,800
sudden they don't have an income tax
problem any All right, now take it,

63
00:05:04,360 --> 00:05:09,399
and we're like, anyway, I
possibly can alex. Yeah. But

64
00:05:09,480 --> 00:05:14,639
the tax code, you know,
has so many different avenues, whether it's

65
00:05:15,160 --> 00:05:20,519
partnering with a charity and making charitable
contributions or all sorts of things are possible.

66
00:05:21,000 --> 00:05:26,680
The issue is the tax code is
so complicated that there is no CPA

67
00:05:26,759 --> 00:05:30,079
firm or law firm that actually knows
how many pages are in the tax code,

68
00:05:30,279 --> 00:05:33,759
and that's why it's such a difficult
thing to navigate. And so in

69
00:05:33,879 --> 00:05:38,879
order for us to be successful doing
it, we use a community of cbas

70
00:05:38,920 --> 00:05:42,680
and mostly CPAs, because they have
experience. They have at least ten thousand,

71
00:05:42,720 --> 00:05:46,759
openly fifty thousand hours of experience in
audit and tax court to be able

72
00:05:46,839 --> 00:05:49,879
to ask meaningful questions, to be
able to vet out and really complete their

73
00:05:49,959 --> 00:05:54,240
due diligence on a structure. But
for us, what we really want to

74
00:05:54,240 --> 00:05:59,279
see is we want to see hundreds
of these cbas review a strategy and ask

75
00:05:59,319 --> 00:06:02,600
their questions, get their questions answer, to create more confidence for our community,

76
00:06:02,759 --> 00:06:06,279
and independently, we can all plug
in and just learn from each other.

77
00:06:06,519 --> 00:06:12,920
Okay, So if the accountants don't
know what's in if the government doesn't

78
00:06:12,959 --> 00:06:17,120
know what's in it, what hope
is there for your average individual to figure

79
00:06:17,120 --> 00:06:20,519
this thing out? Well, you
know, look, the average individual can

80
00:06:20,600 --> 00:06:25,800
easily pick up the tax code and
read it themselves. And you know,

81
00:06:25,920 --> 00:06:29,560
obviously you're an attorney, so you
know, you know how difficult it is

82
00:06:29,600 --> 00:06:33,160
to just go through that tax good
and read what the heck it's trying to

83
00:06:33,199 --> 00:06:39,439
tell us. But the reality is
this really CPA's it's there. It's their

84
00:06:39,480 --> 00:06:43,879
responsibility to do tax planning, and
it's very very hard for them because they're

85
00:06:43,920 --> 00:06:46,399
spread so thin, just trying to
get from one deadline to another deadline to

86
00:06:46,399 --> 00:06:49,839
another deadline. And they're the ones
who sign the tax returns, they're the

87
00:06:49,839 --> 00:06:55,120
ones who have experienced an audit and
tax cord. They're the ones who actually

88
00:06:55,160 --> 00:06:59,680
if they can figure out how to
get rid of their bottom twenty thirty forty

89
00:06:59,680 --> 00:07:03,079
percent of their clients who are just
dead weight, and they focus their attention

90
00:07:03,160 --> 00:07:08,079
on plugging into a network like ours
where they can just plug into those notes

91
00:07:08,800 --> 00:07:12,399
It takes a long time to complete
due diligence and sophisticate at tax structure.

92
00:07:12,759 --> 00:07:15,000
But if you plug into the Due
Diligence Project is a CPA, you can

93
00:07:15,079 --> 00:07:20,079
reduce your time and get these nodes
and basically get ninety percent of your weight

94
00:07:20,079 --> 00:07:25,199
down. Take the nodes, go
into the tax code, confer with other

95
00:07:25,240 --> 00:07:28,600
CPAs in our network, Confer with
some of the thought leaders in our network,

96
00:07:28,680 --> 00:07:31,680
get your questions answered, and complete
the due diligence and then decide if

97
00:07:31,680 --> 00:07:35,079
you want to bring this solution to
your biggest and most important clients are not

98
00:07:35,720 --> 00:07:39,639
and that's the best way to do
it is just plug your CPA from in

99
00:07:39,680 --> 00:07:44,240
the Due Diligence Project. The problem
is not that CPAs aren't smart, they

100
00:07:44,240 --> 00:07:47,600
don't know. It's that they're not
plugged into the right network. Gotcher,

101
00:07:48,120 --> 00:07:53,240
All right, So there you've heard
it. Not even the accountants, No,

102
00:07:53,439 --> 00:07:59,959
not even the attorneys. The tax
code is so vast, no wonder

103
00:08:00,079 --> 00:08:03,079
or no under the countries in the
state that it is. Hey, Alex,

104
00:08:03,120 --> 00:08:05,920
people want to find out more about
you, connect with you on the

105
00:08:05,959 --> 00:08:11,560
web, find out more about how
you can help them lower your taxes.

106
00:08:11,800 --> 00:08:15,879
How do you do that? Due
Diligence Project dot com. Due Diligence Project

107
00:08:15,879 --> 00:08:20,680
dot com. Info at Due Diligence
Project dot com. Come visit our website,

108
00:08:20,720 --> 00:08:24,839
take a look at the at large
number of podcasts that are free and

109
00:08:24,920 --> 00:08:28,439
available to the public. And then
a lot of our secret sauces is in

110
00:08:28,480 --> 00:08:33,600
the members only section that's available to
our members. The CPAs the attorneys should

111
00:08:33,600 --> 00:08:37,399
plug into our community and get access
to that so they can bring that great

112
00:08:37,519 --> 00:08:41,399
value to their most important clients.
All right, well, we appreciate that.

113
00:08:41,559 --> 00:08:46,080
And the link to the Due Diligence
Project is on our site and the

114
00:08:46,120 --> 00:08:52,000
show notes this interview on Financial Survival
Network dot com. Make sure you go

115
00:08:52,039 --> 00:08:54,720
there, sign up for your free
newsletter. Questions, comments, etc.

116
00:08:56,440 --> 00:08:58,480
You want to find out more,
you can always shoot me an email kl

117
00:08:58,559 --> 00:09:03,279
at care Lutz dot com. We'll
get you an answer. Alex. Appreciate

118
00:09:03,320 --> 00:09:05,000
you coming on. Good luck,
Thanks so much, Carry I have a

119
00:09:05,000 --> 00:09:11,480
great one. Thanks for listening to
Carrie Lutz's Financial Survival Network, your solution

120
00:09:11,639 --> 00:09:16,919
to today's trying times. For the
latest, go to Financial Survival Network dot

121
00:09:16,000 --> 00:09:20,159
com. Financial Survival Network now more
than ever