For many affluent business owners and professionals, one of their biggest expenses is taxes. When they go to their CPA or accountant, they are told something along the lines of, “You’ve had a great year, and after all the standard deductions, you should be grateful to have such a problem.” And the conversation ends there. That wasn’t good enough for — Alex Sonkin, Founder of The Due Diligence Project and the Virtual Family Office (VFO) Hub. Sonkin has spent the past three decades in finance, most of the time educating, coaching, and mentoring CPAs on how to retain and attract ultra-affluent clients. Sonkin himself ranks among the ultra-affluent, as his family founded a nutrition company called GoMacro, which is now a leading health-food manufacturer and distributor of Macrobars that sell in over 25,000 grocery stores throughout the US and Canada. The community of elite CPAs, family office leaders, and other thought leaders in the tax arena that Sonkin has been building for years has now grown to more than 500 active members. Paul G. McManus, Founder of MCMF Publishing, sat down with Mr. Sonkin to interview him for his latest book: The Due Diligence Project: How Open-Source, Peer-Reviewed Due Diligence Is Supercharging Elite CPA Firms And Family Offices, While Disrupting A Multi-Trillion Dollar Industry. (Second Edition) Question: What made you want to write the second edition? Sonkin: The first edition was just the highlights of what we are doing. In this second edition we wanted to provide more detail, more background, and do a deeper dive into the Due Diligence Project and how we tackle the nuances of sophisticated tax planning. Question: Who makes up the Due Diligence Project community? Sonkin: Our community is made up of hundreds of tax-focused CPAs, tax attorneys, and other specialists who have at least 10,000 hours of experience with audit and Tax Court. All of these independent CPA firms introduce their favorite resources into our hub, and then together we independently review every single resource and every single strategy. We then rank and rate every strategy based on ROI, net of cost and net of risk, as compared to all other strategies. Question: Why is your community of CPAs so popular amongst the ultra-affluent? Sonkin: At the end of the day, there’s an element of risk to tax planning. Building this community helps us to eliminate that risk for business owners who want to legally pay the least amount of taxes as permitted by the tax code. There is currently no other network or institution that is offering anything close to what we have created. Question: Is this book for CPAs or affluent business owners? Sonkin: The book is written primarily for CPAs so that those who qualify can apply to join our community. If an affluent business owner who would like to pay less in taxes comes across this book, we recommend that they give a copy of the book to their CPA. Or if their CPA isn’t open-minded to new ideas then we can introduce the business owner to one of our many member CPAs.
Contact Info: <br/>Name: Alex Sonkin<br/>Email: Send Email</br>Organization: Due Diligence Project</br>Website: https://www.duediligenceproject.com/<br/>
Release ID: 89066280