Key Use Cases

So, what are the key use cases for TruePilot? Here are the different types of queries and uses we have seen so far:

Advisory Services

This can be used to answer questions like how much did this client save by being an S Corp.? Or how much salary should they take according to IRS regulations? And how much would they say if they reduced their salary to that amount? Similarly, what are the options for retirement savings? Or general tax savings questions?

These types of topics and more can lead to a quick paid advisory opportunity for small firms. They can be formatted in report summaries or emails to be sent to clients.

Tax Research

Another obvious use case is tax research. This product is designed to be more of a reference guide like a quick finder than a deep research tool where you might look at case law. For example, what are the next rules for a particular state for sales taxes? What are the rules around certain types of tax credits? What are the rules for different entities and what are the restrictions? There are thousands and thousands of potential topics here, but the important part is to know that we have an incredible breath of data accessible.

We have all 50 states, and federal tax law included so your staff can quickly identify answers even in areas they might not have a lot of knowledge - like states you are not familiar with!

Database Search

A less obvious use case is to look at your client database in more detail. You could be looking for advisory opportunities like clients that have a certain amount of income on a schedule C might benefit by forming an S corp. Conversely, you could look for clients who have a loss on a schedule C to ensure that you are compliant with hobby laws.

We have also seen firms look for clients who have foreign reporting requirements, for example. That would be a useful way to identify the need for further education for the staff or chances to charge more for certain clients with significant complexity. You can also look for clients who have R&D expenses or significant depreciation for revenue opportunities like R&D credits or cost segregation studies.

Tax Return Delivery Letters

Another good use case is to summarize a tax return - and TruePilot can also compare year-over-year returns to give a summary of what changed. You can include a summary as well as tax savings ideas and drivers of any change in tax due. Additionally, TruePilot can identify drivers of underpayment and much more if prompted.

Projecting Tax Changes Impact on a Client

TruePilot can also project changes in state and federal tax law and the impact it would have on a specific client. This can be really helpful in very quickly understanding the impact of our ever-increasing changes in both state and federal tax law. For example, over the major changes in a particular state last year? Then, you can ask how will this impact X client?

The system will give you a quick summary of the changes and the system will give you a quick summary of the changes and impact you. This can save many many hours of work and it is a huge value for the client.

M&A Context - Practice Composition

TruePilot can also be used to understand a new group of clients in a more detailed way. This has come up in the example where a firm is buying additional clients. In minutes, you can quickly understand the exposure to foreign tax reporting requirements, R&D or other tax credits, pass-through income, significant capital gains and much more. This helps direct the new firm towards areas of interest, risk, and revenue for these new clients.

Other Ideas

We’d love any other feedback you have on other use cases - we’re just starting this journey with firms and have much to learn! Reach out with anything we’ve missed and we would love to add it here. contact@trueprep.ai