Ashley Francis, CPA, Author at Think Outside the Tax Box

AUTHOR SPOTLIGHT

Ashley Francis, CPA

Ashley Francis is a distinguished CPA specializing in ultra high-net worth taxation, trusts, and estates. With an educational foundation from Gonzaga and Golden Gate University, and an extensive background that includes roles at a hedge fund and in the Big 4, Ashley has built a formidable career. Late last year, she ventured into the domain of Generative AI tools like ChatGPT and BingChat and has been sharing her insights ever since. Her ability to simplify complex tax subjects and provide practical applications in AI makes her an invaluable resource. Outside the professional arena, Ashley is dedicated to family and continual learning.

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Not Another ChatGPT Article…

Yes, another ChatGPT article. Or GenAI, really. Okay, I saw you roll your eyes. Well, not “saw” per se, but I felt it allllll the way from over here.

But honestly, this is for your benefit, not mine! I’ve already figured out a ton of ways to use it to make my life easier. Yes, that’s right, it’s made my LIFE easier, not just work. I’m happy to share a little bit about it if you’re interested.

Also, before you say (again), “ChatGPT can’t do tax returns or tax research. It’s a useless piece of technology,” – I get it! So much of what we focus on in our practice is the actual work parts. But we are far more than just tax compliance. Or at least we want to be.
Okay, think about it this way – why did you become a tax practitioner? Was it because you wanted to help people? Or was it because you thought, “Oh boy, I sure love to just crank out tax returns for 80 hours a week, three months a year!” I’m guessing it was the former! And I don’t know about YOUR tax practice, but mine has gotten far more complicated in the last… 20 years?

Let’s think about all of the changes that have happened in just the last five years? (Okay, yes, that’s cheating, but I’m going to do it anyway). We’ve had TCJA, SECURE, CARES, SECURE 2.0, and probably half a dozen more, in addition to new regulations, case law, IRS pronouncements, state tax law changes, etc. And that’s JUST with the tax law.

In your practice, consider all of the things that have changed and gotten more complicated. Hybrid and remote work, finding employees, ever-expanding technology stack, one of those fancy new espresso machines with too many buttons, going paperless but still having at least five clients that mail you their documents, trying to determine a niche to offset the additional complexity, figuring out how to market to that niche…

And on and on and on. So, my question would be – why WOULDN’T you want to use tools like ChatGPT to offload some of the work? GenAI came along just in time to address a lot of these issues. And I get it, it’s hard to see that the pot is boiling when you’re the frog in the soup, but let me tell you – the pot is boiling. Let’s get you out of there!

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“AI Inside” – What Does that Even Mean?

Remember back in the day when having your tax and accounting software in the “Cloud” was the newest, coolest thing? Even if it took us 10 years to realize that the “cloud” just meant someone’s server somewhere else? Similarly, have you noticed that our tax and accounting products have a sprinkling of AI now? And if they don’t, they’re talking about how they’ll be AI-ing soon? (And if they’re not talking about it, do we even want them in our toolbox?) Let’s chat about what it means to have “AI Inside”, especially with the rise of tools like ChatGPT and Bard.

The “AI Inside” label is becoming ubiquitous but can mean many things, so let’s discuss. I’d hate for you to get excited about an AI feature only to discover that you can access it via one of the widely available Generative AI (GenAI) tools (ChatGPT, BingChat, Bard, Claude, etc.). While this new technology has fundamentally shifted everything, what does it mean for us as tax professionals?

On this journey of exploring what “AI Inside” really means, we’re going to discuss what’s going on under the hood. We’ll also dive into why creating a fully functional “TaxGPT” is challenging right now. (Notice I said “right now”). Finally, we can look at what “AI Inside” tools would be handy, even if you CAN get that functionality out of the regular ol’ GenAI applications. In the end, you’ll know whether to be impressed or pass. And, even more importantly, you’ll know whether to spend the extra money on those tools.

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CURRENT EDITION

How to Deal with Huge Tax Debt

The only thing scarier than owing Uncle Sam a lot in taxes is being unable to pay the bill. Luckily, the Internal Revenue Service has ways for you to whittle what you owe. Just make sure which method works for you, depending on such factors as the size of your tax debt and what you can afford to pay and when. Don’t panic. Here’s how individual taxpayers can proceed – and what to watch out for.

Client Retention Strategies for Accountants: Building Long-Term Relationships

Client acquisition is crucial for business growth in the fast-paced accounting world. However, retaining existing clients is equally important, if not more so. Servicing long-term client relationships is a testament to your firm’s reliability and is critical to sustained success. My first client is still with me, now more than seven years. Our relationship has grown and changed over time but has also strengthened.

Loyalty and commitment are two of my core values. I’m always looking to provide value to my prospects and clients to attract and retain them long-term. However, some clients do not fit those values, and I have decided to forgo working with them.

I believe that attracting and retaining the right clients starts with your mission, vision, and core values. However, it is also essential to have effective client retention strategies to ensure clients remain loyal and satisfied for the long haul.

Health Savings Accounts vs Flexible Spending Accounts

With the rising cost of healthcare, our clients are looking to save money where they can, especially if they can save money on their healthcare costs and taxes at the same time. As their trusted advisor, you can offer them a basic understanding of what savings tools are available to your clients. Some of the tools available will come in handy if there is a minor unexpected tax bill this spring.

That is why today we’re going to look at the triple tax advantaged health savings account (HSA) and the health flexible spending account (FSA). We’ll look at what they are, who is eligible to open one, and how they can save your clients money each year.

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