Tax & Accounting News

TaxBuzz Chat: How Leading Tax Pros Use Tax Planning to Boost Their Practices

6/2/2021

Welcome to June, #TaxTwitter! Now that the May 17th tax filing deadline has passed, we can start picking up some conversations that we've had on the back burner over the last few months.

In this June #TaxBuzzChat – hosted on our Twitter account @TaxBuzzOnline – we invited pros across the country to join us to discuss questions such as:

What are your thoughts on influencers who say tax preparation is no longer a viable source of income or that it is a time-consuming commodity that is not worth including in your future growth plans?
With the changing landscape of tax policy, and with some talk of retroactive changes, are you advising clients to proactively discuss tax planning strategies or taking the wait-and-see approach?
What is your best tax planning strategy for business owners facing higher tax rates?
Treasury nominee Ben Harris says the estimate that an $80B investment in the IRS would yield $700B in revenue over a decade is an understatement – it would likely generate higher returns. Do you expect increased enforcement to drive growth in tax audit services?
Has 2020-2021 made you reconsider your work-life balance? If yes, what changes are you making?

Thank you to all the members of the #TaxTwitter community who participated in our June chat – and welcome to all our new attendees. Make sure to check out the full recap below for top highlights of our conversation and sign up to receive our chat invites and recaps via email here.

@TaxBuzzOnline will be hosting our next #TaxBuzzChat on Wednesday, July 7th at 10am PT/ 1pm ET. Check back for updates to make sure you don't miss out on the conversation and Tweet us if there are topics that you'd like to chat about in the future.

Q1. What percentage of your clients now subscribe to recurring revenue tax planning programs? Is it a growing segment? #TaxBuzzChat pic.twitter.com/EMU9n3s0w7

A1: on our Business side, about 40% now have a subscription that includes tax planning, projections, and strategies. on our Individual side, about 20% now have a subscription that includes these items. #TaxBuzzChat @taxbuzzonline

A1. Maybe 8% if you count my business bundle clients. The business bundle includes tax planning. #TaxBuzzChat

A1: None yet. A lot of folks still prefer hourly as that's what they are accustomed to. #TaxBuzzChat

A1. This is how I handle it as well.

A1. I would definitely promote this model if I were in the practice-building stage of my career. A la carte promotes the commoditization of tax services - and that does no one any good. #taxbuzzchat

May I DM you with questions later? I'm trying to do this in Hickory, NC :)

A1 #TaxBuzzChat

None. If we were focusing on building a tax practice now - I doubt if I would even accept a client who did not participate. That allows for fewer clients - more attention to each - more revenue. Win-Win

A1. 100% - it is included in my fee. I set the appointment for tax planning when preparing their return. #TaxBuzzChat

Q2. What are your thoughts on influencers who say tax preparation is no longer a viable source of income or that it is a time-consuming commodity that is not worth including in your future growth plans? #TaxBuzzChat pic.twitter.com/u3n4bDUz6P

A2. Here's my general opinion of "influencers": 🙄🙄

Tax returns are not going away but I think it's smart to build out a practice that has other revenue streams. #taxbuzzchat

A2. My bet is enforcement is coming no matter the party in charge with the looming debt. They have to pay for this spending somehow. Enforcement might be easier than some of the tax law changes they are debating. Ex: Capital gains. #TaxBuzzChat

A2: I 100% disagree. Given the fact that Washington can't help themselves and prefers to make the tax code more challenging, I think that tax returns will be a viable source of income moving forward. Plus there are a lot of people who just don't want to do their own returns.

A2. Almost true...TikTok is rated as the #2 most trusted source now, just behind accountants but ahead of financial planners and lawyers. #TaxBuzzChat

A2 #TaxBuzzChat

Clients with basic, "simple" returns needs don't look like viable clients. BUT...stable people have savings, investments, retirements - and CHILDREN.

They need planning, estate planning, and how to tap into their funds with the fewest taxes possible.

A2. #TaxBuzzChat

A friend of mine worked with low-income college students. Low fees. But she helped them build savings.

Soon, their parents and grandparents became her clients. She built a lucrative practice by being kind to the "simple" return clients.

A2. And then there's the "fix the Turbo Tax" model. 😉#taxbuzzchat

Q3. With the changing landscape of tax policy, and with some talk of retroactive changes, are you advising clients to proactively discuss tax planning strategies or taking the wait-and-see approach? #TaxBuzzChat pic.twitter.com/F4kpeyohjz

A3. Yes, and all of the above. We can add value by advising our clients of what may be coming - retroactive or not - and help them with planning over multiple scenarios. #taxbuzzchat

A3. Add me to the "wait and see" chorus. I send out mass updates about what's being talked about, but no individual planning on vapor-law. #TaxBuzzChat

A3. #TaxBuzzChat

For some, with large estates, we are looking at planning considerations. For others...most will not be affected.

And I doubt some of those drastic reductions will pass Congress.

A3. I am a "wait and see" kind of gal. Time is money and I don't have a crystal ball. #TaxBuzzChat

Definitely considering the possibilities and discussing with clients. I don't think you can advise a client to do anything drastic at this point based on potential policy, but it's good to discuss the options and be prepared as policy becomes clearer.

A3. We can't do tax planning based off political proposals or legislation that hasn't passed Congress. Laws are hard to change. If and when the tax law actually changes, we will shift as appropriate. #TaxBuzzChat

Q4. How do you market your tax planning services or packages? #TaxBuzzChat pic.twitter.com/REF0CtHA3C

A4. When a potential client comes in to ask about services, usually compliance, I tell them about the partnership we can build together where they have a trusted team member in their corner year round, not just tax time, for a fixed monthly fee. #TaxBuzzChat

A4: We market to our tax preparation clients and we market through our website and through social media that we do more than just tax preparation. #TaxBuzzChat @taxbuzzonline

A4: Always in our niche areas--cross-border, high net worth. Other advisors know we handle those and that does the marketing for us. We get the word out through writing, speaking, social media, and old fashioned networking #taxbuzz

A4. I also take few new clients, although I always find some that pique my interest and that I want to help. I love being able to refer business to other trusted colleagues who are looking for growth. #taxbuzzchat

A4. Good fit is so important in a client relationship. And something that we continually re-evaluate as the relationships grow. #taxbuzzchat

A4: I market mainly through my website and use SEO & social media (mainly LinkedIn and Twitter) to get traffic to my site so people can look at items. So far so good (it helps to have lots of 5 star google ratings & great reviews.) #TaxBuzzChat

Q5. Do you use tax planning software? If yes, what vendor(s) and why? #TaxBuzzChat pic.twitter.com/AkNH8uOemn

A5. #TaxBuzzChat

CFS Tax Tools.

But, mostly, I create a test file in my tax software and use that live software to project various alternatives...mostly that works - if the law doesn't change too much in the following year. That and spreadsheet projections for several years

A5: We use Lacerte and a little bit of Lacerte Tax Planner. I've looked at Corvee and planning on reviewing TaxPlanIQ this year. Both of these look like solid systems for compiling and selling our tax planning strategies. #TaxBuzzChat @taxbuzzonline

A5: Liemberg Number Cruncher is a godsend for us #taxbuzzchat

A5. I am an early adopter of @Holistiplan . I can scan a PDF of a 1040 and get custom tax planning tips and run scenario analysis. It's a great tool. #TaxBuzzChat

A5: we use CS Planner as it came with our UltraTax package. #TaxBuzzChat

A5.b) I also found 1-2 online that are very useful and customizable. If anyone is interested DM me.

Q6. What is your best tax planning strategy for business owners facing higher tax rates? #TaxBuzzChat pic.twitter.com/3HDjjSvnDv

A6. When it comes to tax, estate, and charitable planning, it is important for business owners to plan early and often--before they sell. Don't forget about the "anticipatory assignment of income" doctrine. #TaxBuzzOnline

A6. Tough question because every situation is so different. Watching and waiting with an eye toward the best possible tax & business strategies is about the best answer I can give. #taxbuzzchat

A6. Buy a trailer park. #TaxBuzzChat pic.twitter.com/cAiZyOCAmL

A6. OMG, yes. How many times do we see things after the fact and think, "If only..." Educating clients about the things they should ask about before they transact is another way we can add value. #taxbuzzchat

A6: It depends on their financial situation. Trying to defer/spread out the gains of the big sale, we will look into installment sales, opportunity zone funds and other similar methods. Additionally, try to maximize tax deferred accounts to get under certain thresholds.

A6. Best recommendation of the day. You deserve it... #TaxBuzzChat

A6. The short answer: save more for taxes. The real answer: Look for any possible avenues not yet explored like organization change, etc. But the range of scenarios is infinite. #TaxBuzzChat

A6. Part 2: And don't gripe at your tax professional because the rules keep changing. It's not our fault. #TaxBuzzChat

Q7. What is your best tax planning strategy for high-income earners? #TaxBuzzChat pic.twitter.com/CCQoXmngh2

A7. So much depends on a holistic look at a person's long and short-term goals. Although I don't practice as a financial planner, I'm very thankful that I earned the CFP credential. That education and study broadened my scope and colors my tax work. #taxbuzzchat

A7. Tax planning for high-income earners depends on how they make their money and what their long-term plans are. Biz owners have a lot more options than W2 employees when it comes to planning. #TaxBuzzChat

A7. Deferred comp is becoming a more popular keyword in search. We are creating articles around it. So great planning tool. #TaxBuzzChat

A7. 2 words: Baby mama #TaxBuzzChat

A7. Yes, it creates great synergy for our clients when we're part of a diverse and collaborative team of professionals. #taxbuzzchat

A7 - Agree. Too many people think they're missing some magic strategy that wipes out their tax liability. You know, "the one all the rich people use". For the VAST majority of taxpayers, that just doesn't exist! #taxbuzzchat

A7. High income earners and those with wealth don't want to pay taxes and want to leave their wealth to heirs, not the government. (1/2) #TaxBuzzChat

A7. Annual review of both these needs allows for strategies to develop and along with other team members, attorneys and financial advisors educate the taxpayer on possibilities, risks and rewards of making changes to fit their wants, needs and desires. (2/2) #TaxBuzzChat

A7: Most of my high earners never do planning & just keep lots of money on hand to pay taxes. With others, capital loss harvesting, potential of having bonus next year instead of this year, plus make an extra mortgage payment early, SCorp planning if applicable. #TaxBuzzChat

Q8. Do you recommend Qualified Small Business Stock Elections? What are the pros and cons? #TaxBuzzChat pic.twitter.com/uTTzLzQAUQ

A8. I think the QSBS gain exclusion is just one more factor to consider in the C corp vs. Sch C vs. S Corp decision. Its a strong advantage to a C corp structure but not the only factor to consider. #TaxBuzzChat

A8. ABSOLUTELY!

Most people are stunned when they see the value in that. And that operating a C corp instead of an S or partnership, they can still reduce profits dramatically because benefits are deductible on the corp level.

A8. Can you provide more insight on the downside risk on maintaining the QSBS status. I think that would be great info for this discussion. #TaxBuzzChat

A8: Great article here: https://t.co/gOFGGzRSTI

A8. #taxbuzzchat If each spouse owns stock - that's $20 million!

A8. But Sec 1244 losses are often not that useful - lack of foresight. Only under $10,000 stock on the books and the rest of the money booked as loans.

Time to think strategy is at the beginning

Q9. Do you recommend high earners set up non-qualified deferred income plans? What are the pros and cons? #TaxBuzzChat pic.twitter.com/1tjyQCVCx7

A9: You have to be really careful with these as the smallest mistake can have big consequences. Plus, they are expensive to implement. The pros must really outweigh the cons to utilize one of these. #TaxBuzzChat

A9. A lot depends on the employer's sophistication and ability to comply with all of the requirements of the plan set-up and administration. Also, kicking tax down the road to a time where rates may be higher may not be the best strategy. #taxbuzzchat

A9. Agree! I think it depends on the TP. IE - if the choice is between no savings for retirement v. contributing to a 401K, then yes contribute. But if the TP can take that $ & invest it & make much more $ after-tax than they would in a deferred plan, do that. #TaxBuzzChat

Agreed but this assumes the deferred comp plan is some sort of stock grant or option. General deferred comp doesn't have an escape hatch like the 83(b). Perhaps having the employee direct that conversation would get it more advantaged.

A9. As employed executives, my clients are all for this, thinking they will not make as much in the future as now and pushing this income into the future would result in lower taxes on it. (1/2) #TaxBuzzChat

A9. The issue is the company: if funds are unsecured, as most are, they may not be there in the future. Frankly, these executives will want the same income in retirement as they have now, if not more, and taxes will surely go up. Educated clients are the best! (2/2) #TaxBuzzChat

Q10. Treasury nominee Ben Harris says the estimate that an $80B investment in the IRS would yield $700B in revenue over a decade is an understatement - it would likely generate higher returns. Do you expect increased enforcement to drive growth in tax audit services? #TaxBuzzChat pic.twitter.com/IznyrOeofl

A10: I also welcome higher tax audit rates... I would rather the IRS audit those who aren't being compliant with existing laws/taxes than raising rates on law-abiding taxpayers. I know its not either/or but I'd rather focus on enforcement. #TaxBuzzChat @taxbuzzonline

A10. For those of us who have advised our clients to do the right thing over the years, increased enforcement is very welcome. I do expect representation work to grow between increased IRS enforcement and the growth of people relying on TikTok for tax advice. #TaxBuzzChat

A10. Came here to say this, sadly #TaxBuzzChat

A10: Yes! Also because poorly trained IRS agents are going to make everything difficult=time consuming=expensive #taxbuzzchat

A10 I'd prefer they restock their toner and clear the unopened mail backlog first. I expect a perceived increase but not for a while so they can catch up on current cases. #TaxBuzzChat

A10. The need for quality representation services will increase. Unfortunately, we'll probably also see an increase in taxpayer exploitation by unscrupulous practitioners. #taxbuzzchat

Q11. Has 2020-2021 made you reconsider your work-life balance? If yes, what changes are you making? #TaxBuzzChat pic.twitter.com/MVkfT7FuEt

A11. Yes, big time. Say "no" more. Fire problem clients. Make smart hires. Get this CAS thing going and stick to my guns on fees. #TaxBuzzChat

A11. Reconsider? Hell, yes. Making changes? Doubtful. There has to be a better way but seems hard to obtain a good balance. #TaxBuzzChat

A11 #TaxBuzzChat My website now 1) doesn't list a phone # (and my next order of business cards won't either), 2) says I don't take unscheduled calls, and 3) directs them to either book a meeting on my scheduler or send me an email. They can request a phone mtg instead of Zoom. 2/

A11. I think we say this every year. For a part-time CPA, I work WAY more than I should. I need to raise rates but am stuck in that same rut that we all face. So basically, yes - more cats, more quilting, more volunteering. #TaxBuzzChat

You're definitely preaching to the choir there. I have been saying that for years, now I really have to plan to see it through.

A11 #TaxBuzzChat I feel seen.

So true!! pic.twitter.com/X0telm3z3K

A11. I would argue that the reimagination has already started. The problem is many pros are set in their ways and risk-averse. Good to see #TaxTwitter, on the whole, is ahead of the game. #TaxBuzzChat

A11. Actually 2018-2021 - I have worked more hours, without a break, than ever in my entire life.

Yes. I have reconsidered - and saying lots of NOs and not renewing some ongoing commitments. (notice has been given to some clients)

For 2022 - @TaxMama is taking her life back!

A11. 2020-2021 made me even prouder to be a Tax Pro. We work with what we are given, strive to prepare complete & accurate returns and devote ourselves to the US System of Taxation and the taxpayers we serve. What profession gives me the same opportunity? #TaxBuzzChat

That's a wrap #TaxTwitter! Thanks to all of you for joining this month's #TaxBuzzChat. Feel free to keep chatting today - recap will be up soon. Next chat will be 7/7. Talk to you then!

— TaxBuzz.com (@taxbuzzonline) June 2, 2021

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Lauren Detweiler

I am equal parts marketer, traveler, and writer, and I've been doing all three for as long as I can remember. I have spent most of my time since graduating university traveling and working remotely in Africa and Europe. My passion lies in conveying the right messaging to the right people, and being a part of the CountingWorks and TaxBuzz team means I get to do that not only for our company, but for clients across the country as well.

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- F. You understand that when using the Website, you will be exposed to User Submissions from a variety of sources, and that neither Taxbuzz nor CountingWorks, Inc. are responsible for the accuracy, usefulness, safety, or intellectual property rights of or relating to such User Submissions. You further understand and acknowledge that you may be exposed to User Submissions that are inaccurate, offensive, indecent, or objectionable, and you agree to waive, and hereby do waive, any legal or equitable rights or remedies you have or may have against Taxbuzz and CountingWorks, Inc. with respect thereto, and agree to indemnify, defend and hold Taxbuzz, CountingWorks, Inc., their affiliates, and/or licensors, harmless to the fullest extent allowed by law regarding all matters related to your use of the Website.
- G. Taxbuzz permits you to link to materials on the Website for personal, non-commercial purposes only. User Submissions (including any that may have been created by users employed or contracted by Taxbuzz) does not necessarily reflect the opinion of Taxbuzz or CountingWorks, Inc. Taxbuzz reserves the right to remove, screen, edit, or reinstate User Submissions at our sole discretion for any reason or no reason and without notice or liability. Taxbuzz has no obligation to retain or provide anyone with copies of User Submissions, nor do we guarantee any confidentiality with respect to User Submissions.
- H. You agree not to, and not to assist, encourage, or enable others to use the Website to:
  - Violate our Content Guidelines (below), for example, by writing a fake or defamatory review, trading reviews with other businesses, or compensating someone or being compensated to write or remove a review;
  - Violate any third party's rights, including any breach of confidence, copyright, trademark, patent, trade secret, moral right, privacy right, right of publicity, or any other intellectual property or proprietary right;
  - Threaten, stalk, harm, or harass others, or promote bigotry or discrimination;
  - Promote a business or other commercial venture or event, or otherwise use the Website for commercial purposes, except as expressly permitted;
  - Send bulk emails, surveys, or other mass messaging, whether commercial in nature or not; engage in keyword spamming, or otherwise attempt to manipulate the Website's search results or any third party website;
  - Solicit personal information from minors, or submit or transmit pornography;
  - Violate any applicable law;
  - Modify, adapt, appropriate, reproduce, distribute, translate, create derivative works or adaptations of, publicly display, sell, trade, or in any way exploit the Website or Website Content (other than your User Submissions), except as expressly authorized by Taxbuzz;
  - Reverse engineer any portion of the Website;
  - Remove or modify any copyright, trademark or other proprietary rights notice that appears on the Website or on any materials printed or copied from the Website;
  - Record, process, or mine information about other users;
  - Access, retrieve or index any portion of the Website for purposes of constructing or populating a searchable database of business reviews;
  - Reformat or frame any portion of the Website;
  - Take any action that imposes, or may impose, in our sole discretion, an unreasonable or disproportionately large load on Taxbuzz's technology infrastructure or otherwise make excessive traffic demands of the Website;
  - Attempt to gain unauthorized access to the Website, user accounts, computer systems or networks connected to the Website through hacking, password mining or other means;
  - Use the Website or any Website Content to transmit any computer viruses, worms, defects, Trojan horses or other items of a destructive nature;
  - Use any device, software or routine that interferes with the proper working of the Website, or otherwise attempt to interfere with the proper working of the Website;
  - Use the Website to violate the security of any computer network, crack passwords or security encryption codes; disrupt or interfere with the security of, or otherwise cause harm to, the Website or Website Content; or
  - Remove, circumvent, disable, damage or otherwise interfere with any security-related features of the Website, features that prevent or restrict the use or copying of Content, or features that enforce limitations on the use of the Website. The restrictions above only apply to the extent permissible under applicable law. Nevertheless, you agree not to act contrary to them (even if permissible under applicable law) without providing 30 days' prior written notice to Taxbuzz, together with any information that we may reasonably require to give us an opportunity to provide alternative remedies or otherwise accommodate you at our sole discretion.
    - I. Content Guidelines. TaxBuzz allows Users to contribute different kinds of User Content including reviews, private messages, biographies, photos and more. What follows is a non-exhaustive list of general guidelines for the posting of User Content: Colorful language is acceptable, but defamatory language, threats, harassment, lewdness, hate speech and other forms of bigotry is not tolerated and will be removed. Please make sure that your reviews are a snapshot of your experience with the directory participant. TaxBuzz is not a forum for political views or employment practices that do not address your relationship with the directory participant. Do not post directory participant’s private information. Do not post your confidential information or the confidential information of third parties. Do not post reviews for your own business or solicit reviews from family or friends who are not clients. Do not post content from other sites. Make your reviews unique to TaxBuzz.
Warranty Disclaimer
PLEASE READ THIS SECTION CAREFULLY AS IT LIMITS THE LIABILITY OF TAXBUZZ, CountingWorks, Inc. AND THEIR AFFILIATES TO YOU. EACH SUBSECTION BELOW ONLY APPLIES UP TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW. NOTHING HEREIN IS INTENDED TO LIMIT ANY RIGHTS YOU HAVE WHICH MAY NOT BE LAWFULLY LIMITED. IF YOU ARE UNSURE ABOUT THIS OR ANY OTHER SECTION OF THESE TERMS AND CONDITIONS, PLEASE CONSULT A LEGAL PROFESSIONAL PRIOR TO ACCESSING OR USING THE WEBSITE. BY ACCESSING OR USING THE WEBSITE YOU REPRESENT THAT YOU HAVE READ, UNDERSTOOD AND AGREE TO THESE TERMS AND CONDITIONS. YOU ARE GIVING UP SUBSTANTIAL LEGAL RIGHTS BY AGREEING TO THESE TERMS.

YOU AGREE THAT YOUR USE OF THE WEBSITE SHALL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, TAXBUZZ, CountingWorks, Inc. THEIR OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE WEBSITE AND YOUR USE THEREOF. NEITHER TAXBUZZ NOR CountingWorks, Inc. MAKE ANY WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE WEBSITE'S CONTENT, THE DIRECTORY PARTICIPANTS OR BUSINESSES ADVERTISING ON THE WEBSITE OR THEIR SERVICES, THE USER SUBMISSIONS OR THE CONTENT OF ANY SITES LINKED TO THIS WEBSITE AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY (I) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT, (II) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF OUR WEBSITE, (III) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SECURE SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM OUR WEBSITE, (IV) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH OUR WEBSITE BY ANY THIRD PARTY, AND/OR (V) ANY ERRORS OR OMISSIONS IN ANY CONTENT OR FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF ANY CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE WEBSITE. TAXBUZZ DOES NOT WARRANT, ENDORSE, GUARANTEE OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE ADVERTISED OR OFFERED BY A THIRD PARTY THROUGH THE WEBSITE OR ANY HYPERLINKED WEBSITE OR FEATURED IN ANY BANNER OR OTHER ADVERTISING, AND TAXBUZZ WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES. AS WITH THE PURCHASE OF A PRODUCT OR SERVICE THROUGH ANY MEDIUM OR IN ANY ENVIRONMENT, YOU SHOULD USE YOUR BEST JUDGMENT AND EXERCISE CAUTION WHERE APPROPRIATE.
Limitation of Liability
IN NO EVENT SHALL TAXBUZZ, CountingWorks, Inc., OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR LICENSORS BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHATSOEVER INCLUDING AS A RESULT OF ANY (I) ERRORS, MISTAKES OR INACCURACIES IN CONTENT, (II) PERSONAL INJURY OR PROPERTY DAMAGE, (III) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM OUR WEBSITE, (IV) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR THROUGH OUR WEBSITE, AND/OR (V) ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF YOUR USE OF ANY CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE WEBSITE. THE FOREGOING SHALL APPLY WHETHER THE DAMAGE IS BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY AND WHETHER OR NOT TAXBUZZ OR CountingWorks, Inc. IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION. YOU SPECIFICALLY ACKNOWLEDGE THAT TAXBUZZ AND CountingWorks, Inc. SHALL BE LIABLE FOR USER SUBMISSIONS OR THE DEFAMATORY, OFFENSIVE, OR ILLEGAL CONDUCT OF ANY THIRD PARTY AND THAT THE RISK OF HARM OR DAMAGE FROM THE FOREGOING RESTS ENTIRELY WITH YOU. TAXBUZZ’S MAXIMUM LIABILITY TO YOU WITH RESPECT TO ANY DIRECT DAMAGE SHALL BE LIMITED TO $100.

The Website is controlled and offered by Taxbuzz from facilities in the United States of America. Taxbuzz makes no representations that the Website is appropriate or available for use in other locations. Those who access or use the Website from other jurisdictions do so at their own volition and are responsible for compliance with local law.
Indemnity
You agree to defend, indemnify and hold harmless Taxbuzz, CountingWorks, Inc. and their respective licensors, officers, directors, employees and agents, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorneys’ fees) arising from: (i) your use of and access of the Website; (ii) your violation of any term of these Terms and Conditions; (iii) your violation of any third party right, including without limitation any copyright or any other intellectual property, property right, privacy right; and/or (iv) any claim that your User Submission(s) caused damage to a third party. This defense and indemnification obligation will survive these Terms and Conditions and your use of the Website.
Ability to Accept Terms and Conditions
You affirm that you are either older than 18 years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms and Conditions and to abide by and comply with these Terms and Conditions. In any case, you affirm that you are over the age of 13, as the Website is not intended for children under 13. If you are under the age of 13, then do not use the Website—there are lots of other great websites for you. Talk to your parents about any products you want to purchase, as Taxbuzz sells its products and services to adults only.
Assignment
These Terms and Conditions, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by Taxbuzz or CountingWorks, Inc. without restriction.
General
You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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