Below are the examples of how you can use CPA Pilot:
| Question Type | Prompt Example |
| Client Emails | Please draft an email to clients explaining the importance of quarterly tax payments |
| Video Scripts | I’m creating an educational video on the topic of navigating tax deductions for self-employed individuals. Could you provide a detailed script outline that covers the key deductions to consider, how to document them properly, and tips for maximizing tax savings for the 2023 tax year? Include descriptions of images that should be used for each scene |
| Analysis | I have a client who is considering a significant investment in a Qualified Opportunity Zone. They are looking for a comprehensive analysis of the potential tax benefits and implications of such an investment, including deferral and exclusion of capital gains, as well as any risks or limitations associated with the Opportunity Zone program for the tax year 2023. Can you provide this analysis? |
| Pros and Cons | I’m considering converting my sole proprietorship into an S Corporation for the 2023 tax year. Can you provide a list of pros and cons for this business structure change, specifically focusing on the tax implications and how it might affect my personal liability? |
| Links of resources | Provide a list of links and resources to gain a thorough understanding of 1031 exchanges |
| Calculations or Numeric examples | A freelance graphic designer has net earnings of $80,000 from self-employment in the 2023 tax year. Calculate the self-employment tax owed and explain the steps involved in the calculation. |
| Flowchart or Diagrams | Design a flowchart that outlines the process for a taxpayer to determine whether they need to make estimated tax payments for the 2023 tax year. The flowchart should start with the taxpayer’s income type and guide them through various criteria such as adjusted gross income, tax liability from the previous year, and current year’s withholding and credits. Include decision points that help the taxpayer assess if they are required to pay estimated taxes and the deadlines for each quarterly payment |
| Lists | Create a comprehensive checklist of documents and information required for individual taxpayers to prepare and file their 2023 federal income tax return. |
| Tables | Develop a table outlining the key changes to tax deductions and credits for the 2023 tax year, including the new thresholds, phase-out ranges, and any relevant updates to tax legislation that may affect individual taxpayers |
| Step-by-step Guides | Create a step-by-step guideline for tax accountants to assist their clients in determining eligibility and calculating the Home Office Deduction using the Simplified Method for the 2023 tax year. Include steps for measuring the home office space, identifying qualifying expenses, and completing the relevant sections of IRS Form 8829 or Schedule C. |
| Personalized Advice | Please advise on the tax implications for a client who sold a rental property in 2023. The property was purchased in 2018 for $250,000 and sold for $400,000. The client has made $30,000 in capital improvements and incurred $15,000 in selling expenses. Additionally, they have been depreciating the property since purchase. How should we calculate the capital gains tax, account for depreciation recapture, and what are the potential deductions or credits that could apply in this situation? |
| Case Studies | Develop a case study that examines the impact of the Qualified Business Income Deduction (Section 199A) on a small business owner’s tax liability for the 2023 tax year. The case study should include a scenario where the business owner is evaluating their eligibility for the deduction, calculating the potential savings, and considering the implications for their tax planning strategy. Include steps for determining the deduction amount, limitations based on income thresholds, and the interplay with other tax provisions. |
| Summary | Could you provide a concise summary of the key points of IRS Publication 946 on How to Depreciate Property, particularly focusing on the changes to depreciation limits and methods for the 2023 tax year? |
| Follow Up Questions | Give a list of follow up questions that will give you enough information to assess whether a C-Corp should convert to an S-Corp |
Additional Tips:
- Talk to it like you would to a junior accountant, specific and clear about what you are looking for
- The more specific you are the more accurate and specific CPA Pilot will be
- Ask it follow up questions
- Break requests up into parts. If you’re drafting an email ask it “Give me a pros and cons list about short term rentals”. Then when you are happy with the answer CPA Pilot has provided, ask it to draft this as an email to your clients, or as a video script and use tools like heygen.ai and fliki.ai to create the video in minutes using the script