Unleashing the Power of Asking the Right Questions with Dominique Molina
Sep 6, 2023
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In this episode, Dominique Molina, an expert in unleashing the power of asking the right questions, discusses topics such as advanced tax deductions, transitioning from a transactional to a consultative model, the importance of changing pricing structure, exploring tax crimes, understanding context in expense documentation, and utilizing technology and resources in tax planning.
Tax professionals should shift towards a consultative model to provide highly customized services and be adequately compensated for the value they provide.
Staying on top of changing tax laws requires continuous education, collaboration with experts, and the use of tax planning software to build strong cases and provide accurate advice to clients.
Deep dives
Tax planner Dominic Molina shares insights on tax reduction strategies
In this podcast episode, Dominic Molina, a certified tax planner and CPA, discusses the importance of tax planning and advanced tax reduction strategies. Dominic highlights that many tax professionals lack expertise in this area and explains how it is not just for the wealthy but can benefit everyday small businesses as well. She emphasizes the need for specialized education and collaboration to navigate the complexities of the tax code and stay on top of changing laws. Dominic also stresses the importance of providing customized and consultative services to clients, rather than falling into the transactional pricing model.
Challenges in the current tax business model and the need for change
Dominic Molina addresses the limitations of the conventional tax business model, which often leads to underpricing and a transactional approach. She highlights the need for tax professionals to shift towards a consultative model that focuses on building relationships and delivering highly customized services. Dominic emphasizes the importance of being adequately compensated for the value provided and being able to invest in ongoing education to stay up to date with complex tax laws. She also discusses the negative impact of the current pricing structure on the profession, leading to burnout and a potential decline in the number of tax professionals entering the field.
Navigating tax law complexity and planning for the future
Dominic Molina addresses the challenges of staying on top of constantly changing tax laws and regulations. She emphasizes the need for tax professionals to continuously educate themselves and collaborate with experts to navigate the complexity and uncertainty. Dominic stresses the importance of planning and building strong cases to support tax positions, highlighting the value of expertise in using tax planning software effectively. She also acknowledges the difficulty of forecasting tax laws in the long term, especially with potential changes and sunsetting provisions. Despite the challenges, Dominic emphasizes the ethical obligation to provide accurate and informed advice to clients.
Exploring the intersection of true crime and tax crimes
Dominic Molina discusses her passion project, the Tax Crime Junkies podcast, where she combines the fascination with true crime and tax-related crimes. She explores various tax crimes, including money laundering and wire fraud, and highlights the interesting cases covered in the podcast. Dominic draws parallels between the forensic nature of investigating tax crimes and the strategic planning required for compliant and effective tax strategies. She also underlines the importance of understanding legal processes, evidence requirements, and the value of expertise in building a strong case in tax-related matters.