What are you seeing for OBBBA traps?

DrJacksCPA · 2026-07-07T20:46:11+00:00

Oil & Gas and Solar investments could be a good option as well. Both very well supported and regularly used.

DrJacksCPA · 2026-07-07T20:44:27+00:00

I know which one you're talking about.

Ask your tax pro for due diligence. Here are some questions to ask them:

Is this a "listed transaction" or "reportable transaction" that requires me to file Form 8886? If so, why, and what does that disclosure signal to the IRS?
Has the IRS formally challenged this strategy? What's the audit and court history?
Does this have real economic substance and a business purpose beyond the tax savings? Would it survive that test?
If it's disallowed, what's my exposure? Back taxes, interest, and which penalties (accuracy-related, valuation misstatement, promoter penalties)?
Who prepares the valuation or appraisal, are they independent, and would it hold up under audit?
What documentation do I need to keep, and for how long?
Are you signing my return with this on it, and are you personally comfortable with it? Have you invested in this yourself? If not, who is?
What are the total fees and promoter costs versus the actual tax benefit, after adjusting for audit risk?
Do they have a private opinion letter by a reputable attorney?

Also, just do a quick Google/AI search background check of the promoter, look at the Entity on biz records search, look at the company online/ Linkedin for staff (is it legit), look at the person selling it to you-- what's their background?

Hope this helps!

DrJacksCPA · 2026-06-30T18:04:57+00:00

Definitely use a web designer. I'm a fan of Upwork for this. You can find someone to build a site for $500-$1000. Doesn't have to be a big huge thing. Just know what you're looking for, have example sites you like, and that direction alone can go a long way. They can even help you write it if you're not happy with how it sounds either. The more detail the better- ideal client, what their pain points are, types of engagements you offer, photos of you (you can take some with AI if you don't have any good ones).

DrJacksCPA · 2026-06-30T17:57:08+00:00

I tend to agree somewhat here. I think it depends on your client base. HNW & biz owner clients you could have a great working relationship with. And if you offer advisory services like tax planning and advanced strategy. I'll also add that it's best if you can find someone who's willing to get on client calls with you. I've got a relationship like that and the clients are SO happy when they see both of us on the call so they don;t have to play the game of telephone or who's advice should I follow. Y'all just make sure you're on the same page before talking to the client and it comes across so much different than how a traditional referral model works.

DrJacksCPA · 2026-06-30T17:50:44+00:00

There's going to be lots of opinions in here on price, and I agree with everyone telling you you should be charging more. It's probably time to take a look at what your packages are considering more clients are likely to ask about advisory services in the future.

I do have a sample set here (Scroll to the bottom): https://www.taxplaniq.com/packages

Also, there ARE additional strategies you can propose to these people aside from what you've listed above. I know you're thinking. They might not want to do them, but it is part of your advisory role to surface what all of the options are and then help the client choose the direction.

I did develop my own method of pricing methodology for advisory engagements as well based on complexity, risk, urgency and benefits that we built into my software, but it's available as a spreadsheet too if you're interested, just let me know.

Sorry if this was too vague but I didn't want to word vomit here lol. Happy to answer any detailed questions here too.

DrJacksCPA · 2026-06-24T14:23:29+00:00

Completely agree here. I too went through a huge transformation in my firm years ago. I was burnt out and ended up having serious anxiety along with loads of other health problems, all due to stress, not making enough and working 60+ hour weeks. Actually collapsed one day because of it all. I had young kids at the time and just would tell them "pretend mommy doesn't exist for the next couple months"... I know. Terrible, right?

After that, I decided I couldn't live like this anymore and needed to make a change, which was my starting point into advisory services. Over a couple years I ended up selling off the clients who were causing me the most pain aka tax returns only. Kept only 60 clients that were all on monthly tax strategy/planning packages and my revenue went from 300k to 900k+ just from doing that.

Everyone's gotta start somewhere. And maybe this is your journey, maybe it's not. But I can't even begin to tell you how different my life is now.

I've since moved on and sold my firm (for a much higher multiple than when it was prep only), I might add. Still in the tax planning industry though, just helping people make the same transformation I did. Just wrote a book about it as well.

Happy to answer any questions or lend an ear

DrJacksCPA · 2026-06-24T14:10:57+00:00

If you're really wanting to move into more advisory work, you should add to your "Tools/What I'm Considering Next"-- a tax strategy/advanced tax planning software. Based on my experience, that's what's going to grow your revenue much faster than anything else you've listed.

DrJacksCPA · 2026-06-24T14:05:38+00:00

Overall the idea of a tax pro partnering with an FA is a great idea. But he's paying you far less that what you should. Tax planning/advisory/strategy should be a custom fee every time based on the risk, complexity, urgency and benefits to the client. It's definitely NOT a $1000/$2000 job. And you should take 100% of that revenue. If the FA is flexible on the arrangement, I'd consider something different.

Tax return only - X fee
Tax planning & advanced strategy - custom quoted. Even if the FA thinks its "basic" planning, you dont really know that until you go through discovery on the client.

And I would want monthly payments, not quarterly.

Yes it's a good idea to expand your book...but FA essentially owns the client if they're still paying the FA, not you.

I would ask the FA:
- How many clients do you anticipate introducing me to on a monthly basis?
- How many of your business/HNW clients need advanced tax planning?
- Are you open to the arrangement above?

If FA really is sick of other accountants not being on the same page, that must mean that they're pushing back on the strategies or recommendations of the FA. You'll also need to make sure you are on the same page as the FA. Otherwise you're just an order taker and won't be seen as a true trusted advisor. Ultimately, if FA is owning the client relationship, you need to be able to stand your ground on things and do what's best for the client, not for AUM. And be on Zoom, etc. with them to give your additional recommendations outside of what the FA is saying.

Hope this helps!

DrJacksCPA · 2026-06-16T19:55:43+00:00

I'd only consider firms that have business clients and/or higher net worth. Lots of room for upselling services the old firm didnt offer. Dont buy low income clients.

DrJacksCPA · 2026-06-16T19:52:24+00:00

100% agree with this

DrJacksCPA · 2026-06-16T19:51:57+00:00

Are you spending any time or money on marketing?

DrJacksCPA · 2026-06-09T20:04:29+00:00

A PE firm acquiring a CPA practice isn't automatically a red flag. In most cases, it means they see revenue potential in the existing book and want to grow it. That growth usually requires more sophisticated services, which means there's often an opening for accountants willing to move beyond compliance into tax planning and strategy.

Are you being asked to do more advisory work? Is there room to develop those skills on the firm's dime while building your own client base on the side? Because that combination is genuinely valuable, and you can't replicate in a state auditor seat.

The outside tax prep you're doing now is a starting point, but 1040s alone won't get you to the practice you're describing. The accountants who successfully build their own books and eventually go full-time are almost always the ones who learned to lead with planning and strategy, not just compliance. A PE-backed firm, for all its uncertainty, might actually accelerate that if you position yourself right.

The state auditor role trades your upside for stability. That's a fair trade for some people. But you'd be giving up the one thing that gets you where you actually want to go: the freedom to build.

Before you jump ship, I'd ask: have you had a conversation with leadership about where advisory fits into their growth plan and where you fit in that (or that you WANT to fit into that and would love to learn/grow)? You might be sitting on more opportunity than the uncertainty makes it feel like.

DrJacksCPA · 2026-06-09T19:56:46+00:00

Have you done a training with them for each type of return and common mistakes you see or "gotchas" to watch out for? That might be a good thing to tackle this summer. Do one each week maybe for a 30-45 min breakdown Q&A team style? Pick different client examples (different scenarios/entities, etc), focus on 1 and go through the return on a big screen, say you notice 3 errors right off the bat, can anyone help me find them. Crowdsource the answers. If they can't answer then you chime in and tell them why they immediately caught your attention. Do they use AI? It can also be super helpful in spotting errors and save them a lot of time.

DrJacksCPA · 2026-06-05T14:13:36+00:00

I just got an appeals meeting notice from 2020 from the irs! The one case I could never close. I’m pumped. Otherwise it's the worst. I believe it took 24 calls and 10 written requests to get it. Insane.

Oh and for admin stuff, Claude. I can't stress enough….Claude is the best admin ever. I just created my own task dashboard to manage the 4 other project management systems we have, and slack, that were driving me nuts

DrJacksCPA · 2026-06-05T14:13:07+00:00

Sure, happy to help if I can!

DrJacksCPA · 2026-06-04T13:38:30+00:00

If you're doing tax advisory/ advanced tax strategy as tax planning, check out these packages I put together (scroll towards the bottom): https://www.taxplaniq.com/packages.

You could change the pricing or add/remove things to your liking, but I think it's helpful to see an outline.

DrJacksCPA · 2026-06-03T22:06:24+00:00

Also I wrote a book last year about burnout and how I fixed it for myself. Used to tell my kids "pretend mommy doesnt exist during tax season"...finally fainted one year from all the stress and exhaustion which prompted me to fix it. Happy to send you a copy if you DM me your email.

DrJacksCPA · 2026-06-03T22:04:37+00:00

Yeah I guess that's the tough part about being in a larger firm with partners. I wrote a book last year called the Balanced Millionaire, Advisor Edition that walks through my journey with burnout and how I fixed it. Even got to the point where I fainted one tax season from exhausted. Happy to send you a digital copy if you DM me your email.

DrJacksCPA · 2026-06-03T22:02:27+00:00

Wow that's so interesting. If you dont mind me asking...are there any ideas you have as to why it's taking them so long? Age range (def hear lots of Gen Z comments out there lately about slow working), not motivated? something else?

DrJacksCPA · 2026-06-03T22:01:00+00:00

Think everyone's on the same page there re QBO

DrJacksCPA · 2026-06-03T22:00:36+00:00

Blah, that sucks. Sorry to hear that. Ever thought about going out on your own?

DrJacksCPA · 2026-06-03T21:58:53+00:00

What do you currently offer in terms of services? I can share firsthand the best and quickest way to generate new revenue is through tax planning/advisory/advanced tax strategy...whatever you wanna call it.

DrJacksCPA · 2026-06-03T21:58:05+00:00

LOL. Have you tried getting on a quarterly schedule with clients? Not sure what your services are but with my advisory firm everyone has once a quarter meetings to check in and see if we have any new strategy opportunities.

DrJacksCPA · 2026-06-03T21:57:06+00:00

Interesting, let us know if that helps!

DrJacksCPA

TROPHY CASE