Tutorial
Below are examples and tips on how you can use CPA Pilot. If you have any questions, email us at support@cpapilot.com
Client Emails
Please draft an email to clients explaining the importance of quarterly tax payments
You can also copy and paste a client email into CPA Pilot and ask for a reply draft
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 an analysis?
You can include additional details about the client to create a more specific and accurate analysis
or
ask it for a list of questions you can answer to help CPA Pilot give you a more specific analysis.
Lists
My client and his wife are both have W-2 jobs, and a side business. The client also sold RSU’s through his brokerage. They have 2 kids. 1 is in college and the other is in High School. The kid in college earned a few thousand dollars through work study. Create a comprehensive checklist of documents and information I will require to prepare and file their 2023 federal income tax return that I can send to the client.
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?
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
Links to Resources
Provide a list of links and resources to gain a thorough understanding of 1031 exchanges
Calculations and 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.
Tables
Provide 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.