00:12:55 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. 00:13:28 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! 00:13:50 Sarah Schariest: Yes! 00:13:53 Ibi Ojo: Yes 00:13:54 Patricia Van Stone: yes 00:14:02 dean sloane: can't upload a 1040x to create a plan, why 00:14:07 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! 00:14:10 dean sloane: Dean Sloane 00:14:52 Jeff Wolf: Yes 00:15:01 Alicia Matayoshi: I'm a newbie! 00:15:26 Jeff Wolf: Always need to brush up 00:15:41 Lynn Quick: Excited about going through the entire process 00:16:24 Laura Strobel: Reacted to "Always need to brush..." with πŸ‘ 00:18:54 Kathleen's Notetaker (Otter.ai): Hi, I'm an AI assistant helping Kathleen Dienhart take notes for this meeting. Follow along the transcript here: https://otter.ai/u/K7riSRckk0mc4AcTpDpVbUY34QE?utm_source=va_chat_link_1 You can see screenshots and add highlights and comments. After the meeting, you'll get a summary and action items. 00:22:23 Jessie Seaman: What a champ! 00:22:25 Stephanie T. Mepouyi: Sent an email and haven't heard back yet. On my phone and can't see poll hence my response here 00:22:31 Jeff Wolf: You are a star! 00:22:34 Bobbi Wipperling: Reacted to "Sent an email and ha..." with πŸ‘πŸ» 00:23:09 Sarah Schariest: jackie@taxplaniq.com 00:23:19 Santha Koehn: It's because I'm cramming 1040s in yet!! 00:23:22 Courtney Holness: Feel better Jackie! Thank you for being here! 00:23:51 Joli Rosario: Reacted to "Feel better Jackie! ..." with ❀️ 00:25:50 Bobbi Wipperling: Replying to "can't upload a 1040x..." Hi Dean! We don't currently support reading the 1040x as the RAP feature only supports form 1040. An work around is to upload the original 1040 and adjust the taxable income and total income to match the 1040x. You can change these amounts when walking through the RAP/Upload process 00:26:18 Ibi Ojo: Is this workflow available to us? 00:26:55 Sarah Schariest: Replying to "Is this workflow ava..." Yes, we’re making it look a little bit nicer so we’ll post it in the Facebook group likely tomorrow. But you’re welcome to screenshot it right now too! 00:27:23 Alicia Matayoshi: I haven't used questionnaire yet but wondering if there's DOB on there. Will it put into calculation the consideration of children's ages? If client nearing retirement? I'm sure this will factor in the future years protection tax savings. 00:27:51 dean sloane: Replying to "can't upload a 1040x..." Thanks, got it 00:27:55 dean sloane: Replying to "can't upload a 1040x..." Dean 00:28:04 Alicia Matayoshi: can you share that google doc? difficult to see 00:28:18 Bobbi Wipperling: Replying to "can you share that g..." We will be posting it in the Facebook group by tomorrow! 00:28:26 Laura Strobel: Reacted to "We will be posting i..." with πŸ‘ 00:29:00 Bobbi Wipperling: Replying to "I haven't used quest..." The questionnaire does not interact with the AI/RAP process ... YET! It definitely is pertinent to know ages, or at least approximate ages, for planning around items and children strategies. You can add that to the questionnaire if it is not already in there! 00:36:32 Alicia Matayoshi: Replying to "I haven't used quest..." I have client who is in the works to start new businesses to his existing ones such as develop a vacation community in New Mexico & finding another location to build a PV farm across the US. He currently lives/domiciles & has PV business in Hawaii. Will plans show advantages of opening LLC in Wyoming vs Delaware? These are questions he has asked. 00:39:45 Alicia Matayoshi: Replying to "I haven't used quest..." I just opened TPIQ & saw a notice to update tax strategies. How do I do this? I don't see anything in tax strategies to be able to update this. 00:40:45 Laura Strobel: Replying to "I haven't used quest..." @Alicia Matayoshi the tax strategies screen will have a button in the upper right to accept the changes. I just found it. 00:41:05 Stephanie T. Mepouyi: Is there a tool that we can use to assess if it is worth for a SMLLC to elect S Corp? 00:41:08 Bobbi Wipperling: Replying to "I haven't used quest..." @Alicia Matayoshi If you see a blue button labelled "Update All Strategies" in your Strategy library, be sure to select it. If you do not, that means your library is already up to date. RE: State comparisons - the software is for tax strategy presentation and tax savings calculations and not general planning advice. The comparison would need to take place outside of the software 00:41:47 Gary Watts: "We have new capabilities..." 00:41:55 Sargis Ivanov: Reacted to ""We have new capabil..." with πŸ‘ 00:41:59 Stephanie T. Mepouyi: Reacted to ""We have new capabil..." with πŸ‘ 00:42:26 Bobbi Wipperling: Replying to "Is there a tool that..." In the resource tab of the "Choice of Entity - Overview & Analysis" Strategy, there is a QBI calculator that can compare this for you - https://proconnect.intuit.com/tax-reform/entity-selection-calculator/ This is also located under the S Election strategy as well 00:42:33 Ibi Ojo: How about it is a new service or offering? 00:42:34 Alicia Matayoshi: Replying to "I haven't used quest..." Did you mean "Accept All Updates"? 00:42:46 Bobbi Wipperling: Replying to "I haven't used quest..." I did! Thank you - apologies for the confusion 00:42:52 Bobbi Wipperling: Reacted to "How about it is a ne..." with πŸ‘πŸ» 00:42:54 Bobbi Wipperling: Reacted to ""We have new capabil..." with πŸ‘πŸ» 00:43:02 Alicia Matayoshi: Replying to "I haven't used quest..." No problem!! And Thank you!!!! 00:43:52 Stephanie T. Mepouyi: Reacted to "How about it is a ne..." with πŸ‘ 00:43:53 Bobbi Wipperling: Replying to "I haven't used quest..." You are very welcome! 00:44:56 Sarah Schariest: Also remember that not everyone will be a fit for planning and that is okay! When you get a no, you’re one step closer to a yes. 00:45:03 Bobbi Wipperling: Reacted to "Also remember that n..." with πŸŽ‰ 00:45:14 Joli Rosario: Reacted to "Also remember that n..." with πŸŽ‰ 00:46:13 Veronica Herrera, CPA: Reacted to "Also remember that n..." with ❀️ 00:48:17 Eden Badertscher: Going off video to eat for a couple minutes. 00:48:26 Laura Strobel: Reacted to "Also remember that n..." with πŸ‘ 00:48:46 Bobbi Wipperling: Reacted to "Going off video to e..." with πŸ‘πŸ» 00:49:56 Stephanie T. Mepouyi: Replying to "Is there a tool that..." Thank you! 00:50:04 Bobbi Wipperling: Replying to "Is there a tool that..." You are very welcome! 00:50:22 Alicia Matayoshi: Why does it not show the vendor in "preferred vendors" when viewing Cost Segregation? 00:51:04 Lynn Quick: I've used Engineered Services and they do a great job. 00:51:08 Sarah Schariest: Reacted to "I've used Engineered..." with πŸ‘ 00:51:26 Lacee Workman: Is there a preferred vendor for Financed Software Leaseback strategy? Or where do go to start that? 00:51:29 Bobbi Wipperling: Replying to "Why does it not show..." I am in our support instance and do see it under the Preferred Vendors tab. Can you try to refresh your page? 00:52:02 Bobbi Wipperling: Replying to "I've used Engineered..." I used them prior to my time with TaxPlanIQ and also have had wonderful experiences! Responsive, professional, and thorough! 00:52:50 Mandi Nivens: Has the group discussed clients having price tag shock for advisory/planning compared to the normal compliance fees they're used to? 00:53:04 Bobbi Wipperling: Replying to "Is there a preferred..." We do not currently have a preferred vendor. If you find or have someone who have enjoyed working with, please let us know. We are always looking to add new vendors! 00:53:42 Lynn Quick: Cost seg we got a comp proposal after acceptance we paid 1/2 up front bal on completion 00:54:43 Nick Secord: great review of the vendors 00:54:59 Scott Edmiston: Jackie mentioned "R C Reports" as a vendor. that vendor does not appear in my vendor list. 00:55:26 Alicia Matayoshi: Replying to "Why does it not show..." Awesome! It's there now :) 00:55:35 Nick Secord: rcreports.com 00:56:08 Bobbi Wipperling: Replying to "Jackie mentioned "R ..." We no longer have them as a preferred vendor, but they are still a great resource. Highly regarded among many professionals in the tax industry. 00:56:23 Courtney Holness: Congrats Robert!!! 00:56:26 Scott Edmiston: i increasingly see disconnects between what I understand from training materials and what I see in my particular instance of TPIQ 00:56:37 Scott Edmiston: I've refreshed, and still not there. 00:56:37 Sarah Schariest: Amazing job Robert!! 00:56:45 Nick Secord: great job Rob 00:56:59 Ibi Ojo: Jackie, what is the effect of the recurring strategy? Do you price the same each year though you are repeating same strategies? 00:57:01 Bobbi Wipperling: Replying to "Why does it not show..." Glad to hear! 00:57:06 Veronica Herrera, CPA: Replying to "I've refreshed, and ..." RCR Reports is not a preferred vendor in TaxPlanIQ 00:57:52 Scott Edmiston: Replying to "I've refreshed, and ..." OK. Kinda frustrating for a guy trying to learn. 00:58:14 Bobbi Wipperling: Replying to "i increasingly see d..." Whenever you have issues, please be sure to reach out to support@taxplaniq.com. We typically respond same day but it may be up to 24 hours. Is see Veronica answered your question below. Please let us know if you have further questions! 00:58:51 Scott Edmiston: Replying to "i increasingly see d..." My experience is less than stellar. I don't want to be a PITA. . . but frankly i need help. 00:59:07 Alicia Matayoshi: I don’t understand the purpose of entering spouse as related party Some tax strategies could be to both spouse & TP for example maximizing 401k. I did a plan & it only showed it for spouse but not TP. 00:59:12 Scott Edmiston: Replying to "i increasingly see d..." rephrase: my experience with TPIQ support is less than stellar. 01:00:36 Bobbi Wipperling: Replying to "i increasingly see d..." Thank you for your feedback. We want to ensure you have a positive and impactful experience. We will be reaching out to you outside of this meeting to discuss how we can better support you. 01:02:15 Scott Edmiston: Replying to "i increasingly see d..." I was approaching this 10-day challenge as a third attempt at learning how to use the software. But i suppose I need something more structured before the free-form approach we're pursuing at this moment. 01:02:39 David Kolts: Replying to "i increasingly see d..." Bobbi. Please reach out to me as well. I am having challenges as well. I need some support with best practices. 01:03:06 Michele Harris: Replying to "i increasingly see d..." Can you explain the Plan Amount when setting up a strategy? For example the LIRP Strategy 01:03:32 Lynn Quick: Reacted to "Can you explain the ..." with πŸ‘ 01:03:46 Alicia Matayoshi: Question....are the recommended vendors able to work with my clients located in Hawaii? 01:05:30 Sarah Schariest: Reacted to "Bobbi. Please reac..." with πŸ‘ 01:06:18 Bobbi Wipperling: Replying to "I don’t understand t..." It is not a requirement to enter the spouse as a related party. You can do this only if you want to show the client separately who is cash flowing the plan. Some taxpayers prefer to have their information separate, even if they file joint. You can use your best judgement here! 01:06:20 Alicia Matayoshi: So the proposal fee is for 1st year. but when showing savings is it calculating ROI based on 10 years. 01:06:22 Sargis Ivanov: Is it dumb to send the powerpoint proposal before you pitch a client to allow them to digest the high price tag? 01:06:38 Veronica Herrera, CPA: @David Kolts sending you an email 01:06:51 Bobbi Wipperling: Replying to "i increasingly see d..." @David Kolts I will reach out to! 01:07:11 Sarah Schariest: Replying to "Question....are the ..." Yes they should be able to. Everyone works virtually across the US πŸ™‚ 01:07:12 Ty Niblack: For amounts that client needs to contribute to get tax savings (ex. 401k higher contribution, HSA contribution), are these amounts included as part of the total investment? Similar to paying a 3rd party to help implement. 01:07:53 Bobbi Wipperling: Replying to "So the proposal fee..." The software does project out for 10 year savings, but the ROI is calculated based on the first year only. 01:07:57 Alicia Matayoshi: Reacted to "Can you explain the ..." with πŸ‘ 01:08:05 Michele Harris: Reacted to "I was approaching th..." with πŸ‘ 01:08:58 Bobbi Wipperling: Replying to "Is it dumb to send t..." It is not recommended. You want to be able to have the conversation with them "face to face." Presenting "in person" and reading you as a person is what helps potential clients buy in. 01:09:07 Sargis Ivanov: Reacted to "It is not recommende..." with πŸ‘ 01:09:42 Alicia Matayoshi: Replying to "So the proposal fee..." How is the Yr2 + forward consideration calculated? This might be a stupid question but this is what we WILL charge or "estimated" fee for next years. 01:09:55 Bobbi Wipperling: Replying to "For amounts that cli..." That is not included in the ROI calculation as the ROI is based on their investment in you. It is important to discuss the cash outlay with your client and take the cash outlay into consideration when pricing your plan. 01:10:02 Sarah Schariest: Replying to "Is it dumb to send t..." And it helps to be able to verbally explain the value to them vs. them interpreting the PPT themselves. 01:10:25 Sargis Ivanov: Reacted to "And it helps to be a..." with πŸ‘ 01:10:40 Bobbi Wipperling: Replying to "So the proposal fee..." It is an estimated fee based on what you have entered for years 2+! 01:12:23 Bobbi Wipperling: @Michele Harris the plan amount is the amount that is shieled from taxes. It is a little less straight forward with alternative investments or after-tax items such as a LIRP. Specifically for the LIRP, we HIGHLY recommend you reach out to the preferred vendor, Dave, to have him help come up with a more accurate amount for the plan amount. There is massive after-tax-growth with the LIRP. Dave is a wonderful guy and is great at explaining the opportunities around the LIRP. 01:12:25 Nick Secord: Is there specific training videos on "selling" the plan / ROI method based on Jackie's system? 01:12:55 Alicia Matayoshi: Replying to "So the proposal fee..." So Years 2 is to maintain strategies from year 1 or NEW strategies planned for year2 or both? 01:13:12 Sarah Schariest: Replying to "Is there specific tr..." That’s on Friday! 01:14:00 Stephanie T. Mepouyi: Do we adjust our fees if the plan savings reduce in actuals vs what was in our initial/final selling meetings? 01:14:05 Bobbi Wipperling: Replying to "Is there specific tr..." As a sneak peek, there is also a video available to you as a Growth User under your Growth Plan tab -> Step by Step planning guides. I will email you! 01:14:26 Jennipher Branch: I have to jump off for another meeting. Thank you! 01:14:28 Lauren Kinser Cordon: Thank you all for joining us today. We truly appreciate your time and participation in the session. As a quick reminder, please be sure to complete the post-event survey. Your feedback is important to us, and it also ensures we have your correct information to submit your earned CPE 01:14:39 Alicia Matayoshi: Replying to "So the proposal fee..." Note. I announced that I'm introducing 3-tier packages last month with the thought of adding TPIQ in mid & higher levels. How do I price without running ROI? what is good price to charge for TPIQ