INTERVIEW
put me in coach... by joe innace
In a favorable tax situation
T
here are more than 800 certified tax coaches in the United States – a relatively exclusive and elite network of specialists around the country trained by the American Institute of Certified Tax Coaches, an independent, not-for-profit corporation based in San Diego. The AITCT provides training to tax professionals including certified public accountants (CPAs), attorneys and enrolled agents (EAs), who wish to become expert in proactive tax planning. Meet Heather L. Denehy, CPA, and one of the country’s 800 CTCs (certified tax coaches) whose firm is based in Lynnfield,
with small businesses,” Denehy said. “I feel that there’s a great need for small businesses to have somebody that they can lean on, ask questions, bounce ideas off of,” she added, “someone with an outside perspective who has their back.” Denehy relies on her expertise in accounting, tax and financial analysis as a tool to help business owners understand their goals – and to then collaborate with them to fulfill those goals. “A few people just want their 1040s done during filing season, but I get many more phone calls from people who are looking for additional guidance,” Denehy added. Most of her business
“THERE’S A GREAT NEED FOR SMALL BUSINESSES TO HAVE SOMEBODY THEY CAN LEAN ON AND BOUNCE IDEAS OFF OF.” Massachusetts. She recently told Advisors Magazine that a tax coach’s training is not just about compliance but is focused on uncovering tax deductions and loopholes that most tax professionals don’t know how to find. Their extra special skill set is most effective in reducing taxes for successful small business owners, entrepreneurs, and high net worth individuals. “I really enjoy working closely 34 / ADVISORS MAGAZINE
JAN 2023
clients are in New England thanks to existing clients who are quick to provide referrals, but she also has individual tax clients all over the country. Regarding other services and ongoing tax guidance, Denehy says she may offer advice on how to prepare for retirement, how to transfer wealth to grandchildren, Medicaid/ Medicare planning, trusts, wills, and much more.
“I see my role as explaining those complex tax and accounting issues that are out there in the most basic of terms so that my clients easily understand it all,” Denehy said. “It’s like going to the doctor; You don’t want to hear the names of all the tendons and muscles around your knee, you just want to understand what’s going on and how it will be fixed.” The medical analogy comes easily from Denehy who started college majoring in microbiology before ultimately graduating from Boston’s Northeastern University in 1997, earning a BS in business administration with a concentration in accounting. She became a CPA in Massachusetts in September of 2000. Her first