- Job Title: Tax and Cost Reduction Specialist
- Company: Platinum Tax Group
- Specialization: Federal and state incentives available since 2018 Farm bill passed
- Location: Denver, CO
- Website: https://gmg.me/223790
- Linkedin: https://www.linkedin.com/in/seanlcovi/
With age comes wisdom. Have you ever told yourself “If I knew then what I know now, I would have made different and potentially better decisions”? The truth is you don’t know what you don’t know…until you find out. Many business owners simply don’t know they are already ‘sitting’ on a large check that they can’t deposit yet, especially with the recent change in legal status for hemp businesses given the passage of the Agriculture Improvement Act of 2018. Sean Covi’s efforts help many business owners, including cannabis, keep more of what their business already earns.
Some businesses are not aware of areas where they are wasting a lot of money and Sean doesn’t expect them to take that suggestion on faith. His team will demonstrate it and recover the excess for the business. Savings often can be tens or hundreds of thousands of dollars, potentially more for large businesses.
Sean works with businesses and their tax planners to help them implement underutilized expense controls that reduce tax and operational costs with an emphasis on improving profit and financial performance. The strategies he brings are often overlooked by CPA’s because they are not directly accounting related, they may not know which programs are allowed within the parameters of code section 280E or in the case of hemp they are no longer bound by CSA schedule I or 280E, so many business owners don’t even know such tools exist to save them money. Yet business owners rely on their tax advisor to make them aware of these things so Sean partners with other financial and tax professionals to do joint work in these specialty areas.
Sean Covi’s focus is to identify areas where a business is already eligible to reduce tax and business costs but does not have the needed process or paperwork in place to receive the benefit they are owed. Sean’s team performs due diligence to gather and document data needed for a business to capture hidden cost reductions. Companies who get the most from Sean’s efforts usually hire 1 or more employees each year, may own commercial real estate, develop a product and test QA before going to market, pay a significant amount of income tax or P&C insurance premiums or have large utility bills, although some start-ups can benefit as well.