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The Due Diligence Project -- Alex Sonkin #5850 · Financial Survival Network

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