00:04:06 TaxPlanIQ's Read.ai meeting notes: Amy, Asif, Brandon, Chris, Chris, Desiree, Jackie, Jesse, Madeline, Omolara, and hope added TaxPlanIQ's Read.ai meeting notes to the meeting. Read provides AI generated meeting summaries to make meetings more effective and efficient. View our Privacy Policy at https://www.read.ai/pp Type "read stop" to disable, or "opt out" to delete meeting data. 00:04:53 Snoopy is Taking Notes: Hello everyone! I'm so glad to be here with you today. I'll be quietly helping out with recording and taking notes so you can focus on what matters most - your great ideas and collaboration. Looking forward to supporting your meeting! 00:06:59 Scott Edmiston: Is it possible to manually enter 1040 info into TPIQ? 00:09:35 Bobbi Wipperling: Replying to "Is it possible to ma..." You can manually create a client and enter in taxable income, total income, tax rates, etc. You can't individually enter 1040 data as in specific income categories (Sch E, W2 wages, etc). 00:10:02 Lauren Kinser Cordon: Welcome to today’s session! We’re so glad to have you with us. Jackie always loves an interactive experience, so please feel free to use your Zoom reactions and drop any questions into the chat throughout the session. At the end of today’s session, you will receive a brief post-event survey. We would greatly appreciate you taking a moment to complete it. It not only gives us your valuable feedback, but it also ensures we have the correct information to submit your earned CPE. We are excited to get started and thank you again for joining us! Jackie@taxplaniq.com 00:13:52 Ibi Ojo: My win I guess is creating the workflow, pricing package and engagement letter for tax planning. I can't execute like i would like to now but hopefully after 10/15 i can use all the knowledge that I am gaining here. 00:14:28 Bobbi Wipperling: Replying to "My win I guess is cr..." This is a great win! Those are the background things that are easy to put off! 00:14:32 Bobbi Wipperling: Reacted to "My win I guess is cr..." with πŸ‘πŸ» 00:14:35 Stephanie T. Mepouyi: Reacted to "My win I guess is cr..." with πŸ‘πŸ» 00:15:05 Ibi Ojo: Replying to "My win I guess is cr..." Thanks Bobb! 00:15:33 Bobbi Wipperling: Replying to "My win I guess is cr..." You'll be ready to hit the ground running post 10/15! 00:16:23 Laura Strobel: I thought it was a great script and most definitely beneficial to hear that. 00:16:33 robert king: Easy to follow. 00:16:41 Michele Harris: Replying to "My win I guess is cr..." How do you do adjust the PY 1040 upload to account for a big tax event that occurred for 2025? For example, client sold farm land with Capital gains of 1.5 million. 00:17:52 Michele Harris: Script is a great resource? I still struggle with what the plan amount in the strategies are? I just can't get my head wrapped around it. I've worked with support one on one, but it still doesn't click. 00:19:10 Scott Edmiston: Jackie is showing a "tax planning process" slide. Is that available to us as TPIQ users? 00:19:34 Ty Niblack: Do clients typically pay the initial / implementation fee up front, through installments, or as part of annual plan (paid monthly)? I'm guessing most clients would prefer installments or monthly amounts, especially if they are relying on tax savings to provide cash flow to pay for fees. Just curious about timing of payments and what typically works for clients. 00:20:15 Laura Strobel: Replying to "Script is a great re..." @Michele Harris the video for today was the script and at the bottom of that web page is the written script of what was said. 00:20:59 Michele Harris: Replying to "Script is a great re..." Sorry...that was supposed to be ! instead of a question mark. 00:21:03 Michele Harris: How do you adjust the PY 1040 upload to account for a big tax event that occurred for 2025? For example, client will have a 1065 K-1 capital gain for sale of farm land - approx. $1.5 million gain. They did not want to do a 1031 exchange. 00:21:05 Bobbi Wipperling: Replying to "Script is a great re..." I would love to get on another 1:1 with you to help better explain. To clarify, are you struggling with knowing what to put in as the "Plan Amount?" I encourage you to raise your hand in the zoom and ask Jackie as well. Either way, let's jump on another 1:1 00:22:22 Loren Oesterle: Where can we download the Tax Planning Process Chart/Page? 00:22:31 Bobbi Wipperling: Replying to "How do you adjust th..." You can edit those amounts within the plan after it is created. You edit this using the "Rates" selection on the upper right of the screen. 00:24:12 Bobbi Wipperling: Replying to "Do clients typically..." We highly encourage to pay up front or perhaps 1/2 up front and 1/2 upon implementation, then start the monthly maintenance fee if you are going to continue to support via meetings, quarterly estimates, etc. 00:24:36 Michele Harris: Replying to "Script is a great re..." Yes, not sure what to put in Plan Amount. It seems it differs depending on what strategy it is. My assumption is the cash outlay the client will need to implement that plan. 00:24:38 Eden Badertscher: Is there anything wrong with pricing, taking half before moving forward with finalizing plan, then take the other half after meeting with the client to finalize but before implementation in case that fee needs adjusted up or down? 00:24:47 Scott Edmiston: Reacted to "Where can we downloa..." with πŸ‘ 00:25:32 Michele Harris: Replying to "How do you adjust th..." Would you need to put the amount of capital gain the client would expect for 2025 in client details as well? 00:26:57 Bobbi Wipperling: Replying to "Script is a great re..." That is correct for most of the strategies. Where it is different is when there is a multiplier on a strategy. You want to put in the Plan amount the amount that is NOT subject to tax. So, for most strategies, it is the cash outlay or the credit. For some alternative investments, it may differ from cash outlay. For example, the Fee Simple has a 4-5x multiplier on your donation. So, if you donate $100k, the amount shielded from taxes is $400-$500k as long as your AGI allows for that large of a deduction. Let's connect if you want to talk through it more! 00:27:35 Bobbi Wipperling: Replying to "Is there anything wr..." Nothing wrong with this at all! Keep in mind, the hope is to have enough info on the client to get a 90-95% accurate report so no fee adjustment needs to happen 00:28:22 Bobbi Wipperling: Replying to "How do you adjust th..." There isn't currently an input for capital gain only income. 00:34:21 Michele Harris: Replying to "Script is a great re..." Will set up a 1:1. Thanks! 00:36:36 Bobbi Wipperling: Reacted to "Will set up a 1:1. ..." with ❀️ 00:37:43 Bobbi Wipperling: Replying to "Script is a great re..." I realize I didn't really finish answering your question. So, to expand on the Fee Simple example, although the cash outlay is $100k, the Plan amount would be $400-$500k depending on the vendor you recommend! 00:37:55 Lauren Kinser Cordon: Replying to "Where can we downloa..." Hi Loren, great question. I will share it in the 10 Day Challenge Facebook group and it will shared in the resources tab in the Growth Plan tab in TaxPlanIQ. 00:38:32 Jesse Gleaton: Reacted to "Hi Loren, great ques..." with ❀️ 00:38:56 Bobbi Wipperling: Replying to "Where can we downloa..." @Scott Edmiston FYI! 00:39:22 Scott Edmiston: Replying to "Where can we downloa..." Thank you, Bobbi 00:39:36 Loren Oesterle: Reacted to "Hi Loren, great ques..." with πŸ‘ 00:40:00 Bobbi Wipperling: Replying to "Where can we downloa..." You are most welcome! 00:40:39 Lauren Kinser Cordon: Reacted to "@Scott Edmiston FYI!" with πŸ‘ 00:41:11 Scott Edmiston: Jackie, this is outstanding information! The interpersonal advice is very valuable!! 00:41:25 Eden Badertscher: Reacted to "Nothing wrong with t..." with πŸ‘ 00:41:27 Bobbi Wipperling: Reacted to "Script is a great re..." with ❀️ 00:41:31 Bobbi Wipperling: Reacted to "Jackie, this is outs..." with ❀️ 00:43:10 Laura Strobel: Reacted to "Jackie, this is outs..." with πŸ‘ 00:43:48 Santha Koehn: Reacted to "Jackie, this is outs..." with ❀️ 00:44:59 William Kinsey: Use CPA Charge so you can accept affirm. 00:45:05 Bobbi Wipperling: Reacted to "Use CPA Charge so yo..." with πŸ‘πŸ» 00:45:18 Alicia Matayoshi: Reacted to "My win I guess is cr..." with πŸ‘ 00:45:27 Jesse Gleaton: All the ones I've sold have been one time cost and then monthly. I did do one last year where the client wanted three installments for the implementation cost over three months, which I did and no problems. Sorry I didnt answer my big win right away earlier, its still morning in CA, haha. To go along with the plans Ill be pitching soon, that were getting close to completely redoing our website to focus on tax planning! 00:46:00 Bobbi Wipperling: Reacted to "All the ones I've so..." with πŸ‘πŸ» 00:48:09 Lauren Kinser Cordon: Tax Lab link to register: https://us06web.zoom.us/meeting/register/tZYtc-qhrDspHt3S1BKty-ERuK788o8rzPm2#/registration/ 00:48:35 Miriam Wilson: When planning like retirement and/or financial plan (ie: SEP etc) do you partner with experts in this field to help implement the plans? If so, where do you find people like that to partner with? 00:51:08 Bobbi Wipperling: Replying to "When planning like r..." We have preferred vendors for some of our strategies. You can find them in the preferred vendor tab or directly in the strategy under the preferred vendor section. Otherwise, reach out to your group of professionals. Other professionals typically have someone to refer you to if you do not quite yet! Posting in our Facebook Accounting Firm Influencers is a great start. 00:51:59 Lauren Kinser Cordon: Replying to "When planning like r..." https://www.facebook.com/groups/Accountingfirminfluencers Link to join AFI group 00:52:12 Bobbi Wipperling: Reacted to "https://www.facebook..." with ❀️ 00:53:00 Bobbi Wipperling: Replying to "When planning like r..." @Miriam Wilson We do recommend partnering with someone who is an expert in that area. Makes your life much easier and brings greater value to your client! 00:55:49 Scott Edmiston: How do we get CPE credit for these sessions? What is the process? 00:57:43 Lauren Kinser Cordon: https://www.facebook.com/groups/taxplaniq10daychallenge Link to join 10 Day Challenge FB group 01:00:00 Lauren Kinser Cordon: Replying to "How do we get CPE cr..." Hi Scott, we submit CPE earned for these sessions to CPA academy. It takes about 4-6 weeks for it to reflect in your CPA academy portal. We also use the email you registered for this event with to submit the CPE so if you have a different email on record with CPA academy or need help setting up a CPA academy account, please reach out to support@taxplaniq.com 01:01:09 Carolina Grasso: Thank you!!