The Mr. R Show

About the Guest: Kelly Bender Kelly is an Enrolled Agent based in Pennsylvania, recognized for her dynamic presentations and entrepreneurial mindset in the tax profession. With extensive experience in teaching tax updates and a passion for aiding entrepreneurs and accountants to enhance their business efficiency, Kelly is also a podcast host and participates in educational sessions nationwide.Episode Summary:Join John Tripolsky and Chris Picciurro in this insightful episode of the Mr. R Show, brought to you by the MRR Institute, as they delve into intricate tax strategies designed for professionals aiming to scale their practice. This session targets specific provisions from the 'One Big Beautiful Bill Act' (OB3) that promise transformative impacts on individual tax filing. Special guest Kelly Bender enriches the conversation with her entrepreneurial approach, discussing fundamental shifts in tax provisions, including the introduction of a car loan interest deduction and a temporary senior deduction, incentivizing better tax deductions for practitioners' clients.Over the course of the discussion, the focus shifts towards practical implementations and future considerations within the tax landscape — providing a comprehensive breakdown of temporary vs. permanent provisions in OB3. Topics include adjustments to tax brackets, child tax credits, and notable insights into new educational incentives like expanded 529 plans benefits and health savings accounts. Kelly's considerable experience underscores the importance of proactive client communication and rate adjustments for practitioners to match the rising complexity within the industry. The episode concludes by highlighting key planning opportunities for optimizing tax outcomes efficiently.Key Takeaways:Expanded Tax Provisions: Analyzed key OB3 changes, including the car loan interest deduction and temporary senior deduction, enhancing individual tax strategies.Tax Bracket Stability: Permanent expansions in tax bracket structures ensure clarity and planning consistency for practitioners.Child and Dependent Care: Enhanced credits and FSAs reflect current economic and educational priorities, aimed at supporting American families.Entrepreneurial Insights: Kelly Bender shared invaluable insights on how practitioners can enhance value through informed rates and strategic client engagement.Future of Tax Planning: Emphasis on incorporating new rules into practice to leverage opportunities in 25-28 tax planning initiatives.Notable Quotes:"This OB3 is packed with changes, especially the car loan interest and senior deductions, promising significant savings." — Kelly Bender"HSAs might just be my favorite tax provision, allowing triple tax advantages perfect for future savings strategies." — Kelly Bender"With these permanent changes to tax brackets, practitioners can better plan with foresight and certainty." — Chris Picciurro"Raise your rates. You're in the upper echelon of professionals; ensure you're valuing your services appropriately." — Kelly Bender"The educational expansions coming are set to fundamentally shift professional development." — Kelly BenderExplore these tax strategies and insights further by tuning into the full episode! Stay connected with the Mr. R Show for more informative discussions and updates in the world of tax and accounting. Subscribe today to ensure you don't miss out on future episodes filled with expert knowledge tailored for tax professionals. (00:00) - Exploring Individual Tax Provisions in the OB3 Act (02:12) - Balancing Family and Business in Tax Practice (08:18) - New Tax Deductions and Their Implications for Taxpayers (16:24) - Tax Implications of Overtime Pay for Hourly Workers (20:15) - Tax Planning Opportunities for Seniors and Practitioner Challenges (27:59) - Aging, AARP, and Benefits of Being 50 and Older (29:35) - Tax Code Changes and Their Impact on Families (36:31) - Maximizing Child Care Benefits Through Tax Credits and FSAs (41:46) - Middle Income Challenges with Income Limitations and Credits (42:56) - Expanding 529 Plans: New Uses and Benefits (45:03) - The Expanding Benefits and Flexibility of Health Savings Accounts (49:40) - Navigating Tax Changes: Permanent Brackets and Temporary Deductions (53:03) - Upcoming Tax Changes and Their Implications for Professionals (01:01:15) - Elevating Tax Professionals Amidst Industry Changes

FREE CPE (1 credit) via EarMark:https://earmark.app/c/2882About the Guest: Greg Seay, CPAGreg is a seasoned tax professional and the owner of a CPA firm based in Arkansas, specializing in real estate investing. He began his practice in 2016, working initially with friends and family before expanding his clientele. In 2023, he significantly grew his practice by acquiring another firm, increasing his client base tenfold. Greg has a keen interest and expertise in tax planning and strategies related to real estate, which led him to focus his practice on serving real estate investors. Greg is an advocate for building strong client relationships and continuously improving processes for a better client experience.Episode Summary:In this insightful episode of the Mr. R Show, Greg Seay, a CPA with a niche in real estate investing, shares his journey of scaling his practice. Greg discusses his transition from starting a firm on the side to acquiring another firm and significantly increasing his clientele. He delves into the unique challenges and opportunities presented by scaling quickly, emphasizing the importance of maintaining a strong connection with clients while integrating a larger team. Greg highlights how establishing a niche can lead to more effective and targeted client engagement, providing strategic insights into tax planning for real estate investors.The conversation extends to the importance of onboarding processes in a specialized CPA practice. Greg underscores the advantages of utilizing digital tools to streamline client interactions and onboarding, ensuring a seamless experience for new clients. He also explains his strategic focus on nurturing centers of influence within the real estate community as a key growth strategy, advocating for quality over quantity in client relationships. The episode serves as a comprehensive guide for tax professionals interested in specializing, scaling, and strengthening client relationships within a niche market.Key Takeaways:Greg started his CPA firm in 2016 and significantly scaled it by acquiring another firm, emphasizing the importance of maintaining client relationships during growth transitions.Developing a niche, particularly in real estate investing, allows a tax practice to better serve its clients with specialized knowledge and targeted strategies.Effective onboarding processes and clear communication channels with clients are essential for creating a lasting positive impression and establishing a strong client-firm relationship.Leveraging networking opportunities within industry-specific groups can be a highly effective way to grow a practice and build a strong client base.Transitioning client relationships from the firm owner to the team and service-level focus is crucial for scalability and ensuring clients receive value from the entire firm.Notable Quotes:"I want to have healthy growth over growth on there on. And so it's now it's a matter of kind of learning some of your capacity things like do I, I need to take, I need to give myself some time to decompress and not just be so busy where it's a year round tax season.""If I'm saying yes to a bad client, that means I'm saying no to potentially good client on there.""The mindset, too. I mean, I think way you carry yourself out, a lot of things bleed over. Your relationships with your team bleeds out into the relationships with your clients and vice versa.""Having a single platform for them to get into. I've, what I've seen has been very appreciative on the client side.""It's not just a relationship piece. It's. They understand the service that you're doing and the value that you're providing in that service versus just, you know, the conversation with the firm owner." (00:00) - Scaling Tax Practices Through Niche Exploration (02:07) - Greg's Challenging Journeys to Conferences and Reconnection in Vegas (03:45) - Greg's Journey From Solo Practitioner to Real Estate Niche (12:03) - Real Estate CPA Branding and Domain Name Strategy (14:25) - Transitioning Client Relationships in Firm Acquisitions (23:02) - Building Harmonious Team Dynamics and Client Relationships (27:25) - Building a Real Estate Niche in CPA Services (34:47) - Networking and Expertise in Real Estate and Tax Industries (41:39) - Effective Onboarding Practices for Real Estate Tax Professionals (49:53) - Balancing Client Relationships and Sustainable Growth in Tax Services (54:56) - Scaling and Modernizing Your Tax Practice with Expert Insights

FREE CPE (1 credit) via EarMark:https://www.earmark.app/c/2819Guest: Marit BurmoodMarit is a CPA and Enrolled Agent with a specialized focus on influencer tax strategies. After shifting into accounting in her late 20s to launch her entrepreneurial journey, she has spent over a decade building a thriving practice dedicated to serving entrepreneurs—particularly those in the high-profile influencer space. Her experience spans working with high-net-worth clients, teaching fellow tax pros, and sharing insights on national stages. With a master’s degree in taxation and a passion for educating, Marit bridges traditional tax expertise with the modern complexities of the digital creator economy.Episode SummaryIn this episode of The Mr. R Show from the MRR Institute, co-hosts John Tripolsky and Chris Picciurro sit down with Marit Burmood to unpack the unique tax challenges facing today’s social media influencers. From brand deals and platform income to in-kind sponsorships, the conversation explores how these nontraditional revenue streams collide with classic tax rules.Marit provides practical, real-world strategies for tax professionals navigating mixed-use expenses (like travel, wardrobe, and events), entity selection decisions, and the nuances of nexus when influencers travel for work. She also highlights the importance of strong client communication to prevent scope creep and ensure compliance. Listeners walk away with clear, actionable advice to confidently support influencer clients while reinforcing the fundamentals of good tax practice.Key TakeawaysDiverse Income Streams: Influencers earn through brand deals, platform payouts, sponsorships, and in-kind payments—each with tax implications.Mixed-Use Expenses: Learn how to properly manage and document expenses like travel, wardrobe, and events.Entity Selection: When and why forming an S Corp (or other entity) may benefit influencers.Complexity in Simplicity: Foundational tax rules still apply—it’s about adapting them to new contexts.Communication Matters: Clear boundaries and ongoing dialogue keep client relationships strong and compliant.ResourcesMRR InstituteMarit Burmood CPA

FREE CPE (1 credit) via EarMark:https://earmark.app/c/2732Welcome to the Mr. R Show, presented by the MRR Institute, where listeners dive into the evolving landscape of the tax industry. This episode focuses on empowering tax professionals to transform their practices by reframing traditional tax tasks into proactive opportunities for growth and client value enhancement. Chris Picciurro, a seasoned tax planner, leads the discussion to shed light on moving from compliance-focused tasks to strategic tax planning that maximizes both revenue and client satisfaction.Chris delves into the intricacies of utilizing tax schedules such as A, C, D, and E to unlock the advisory services' value. By reframing how these schedules are perceived—from mere compliance to gateways for strategic advice—tax professionals are encouraged to take a more proactive role in client engagement. The episode outlines actionable strategies for tax advisors to enhance client relationships year-round, emphasizing the lucrative potential of elevating from simple tax preparation to comprehensive financial strategy. Furthermore, the potential for monetizing advisory services is thoroughly discussed, offering tax professionals a path to maximize their impact and revenue.Key Takeaways:Reframe Compliance Tasks: Transition from seeing tax filing as compliance to leveraging it as an opportunity for strategic tax planning and advisory services.Utilize Major Tax Schedules: Engage with schedules A, C, D, and E to discover new chances for client advisements, like optimizing deductions and identifying passive income opportunities.Increase Revenue Through Advisory Services: Adopt various pricing strategies, such as hourly rates, a la carte fees, and subscription models, to monetize advisory services effectively.Comprehensive Client Engagement: Shift from transactional tax services to year-round client interactions, which enhances loyalty and provides immense value.Partnerships for Revenue Growth: Collaborate with implementation partners for additional revenue streams while still ensuring ethical transparency and client value.Notable Quotes:"Ideas are cheap. Implementation is valuable." – Chris Picciurro"Your tax returns should be a verb and not a noun." – Chris Picciurro"A tax return is a snapshot of what happened the year before." – Chris Picciurro"Implementing a Section 105 plan can convert personal medical expenses into a business deduction." – Chris Picciurro"Clients want you to be around year-round—they want you available, and that's where the value is." – Chris PicciurroResources:Connect with Chris Picciurro through the Teaching Tax Flow community and engage in the TaxPro 2.0 Facebook group for further collaboration and insights.Visit MRR Institute to explore practice resources, coaching opportunities, and join a peer-to-peer mastermind group.Immerse yourself in this insightful episode to gain strategic advantages in the tax industry, and stay connected for more enriching content from the Mr. R Show. Discover the art of transforming tax preparation into an advisory powerhouse, enriching both your professional practice and client experiences. (00:00) - Summary (00:00) - Enhancing Tax Practices with Expert Strategies and Free CPEs (02:53) - Transforming Tax Compliance into Advisory Opportunities (08:26) - Core Tax Schedules and Strategic Tax Planning Opportunities (15:37) - Maximizing Tax Deductions Through Medical and Dental Expenses (20:31) - The Importance of Advisory Roles in Tax Professional Relationships (22:40) - Tax Strategies for Maximizing Deductions and Charitable Contributions (29:08) - Maximizing Tax Efficiency for Schedule C Filers (35:31) - Strategic Tax Planning with Capital Gains and Losses (41:01) - Tax Strategies for Real Estate and Pass-Through Income Optimization (48:28) - Monetizing Advisory Services in Accounting (51:07) - Monetizing Tax Advisory Services Through Various Revenue Streams (57:27) - Transforming Tax Practices Through Advisory Roles and Client Engagement

FREE CPE (1 credit) via EarMark:https://www.earmark.app/c/2627--- --- ---In this episode of The Mr. R Show, Chris Picciurro and John Tripolsky dive deep into the intricacies of client acquisition for tax professionals looking to modernize and scale their practices. The duo highlights the importance of carefully selecting clients amid an industry facing a demographic shift with retiring professionals and a shortage of new entrants. This episode is centered on developing a robust client acquisition strategy, leveraging both traditional and digital touchpoints.Chris emphasizes the concept of the "Modern Contact Journey," guiding listeners through the six critical stages from lurker to fan, emphasizing the value of each step. He breaks down the transformative steps needed to turn prospects into loyal clients and, ultimately, into fans who can refer new leads directly. By weaving in real-world examples from his own firm, Chris provides actionable advice, while John underscores the power of consistency and transparency in building a trust-based client relationship.Key Takeaways:Modern Contact Journey: Understand the six stages of client acquisition from lurker to fan, and how each step contributes to converting leads into loyal clients.Client Acquisition Process: Learn Chris's step-by-step methodology for qualifying and converting leads, which includes using specific tools like qualifying URLs and CRMs to streamline engagements.Niche Focus: Discover the importance of specializing your practice and using targeted URLs to simplify client understanding and engagement.The Power of No: Realize the value in declining misaligned opportunities to protect your firm's integrity and resources while focusing on ideal clients.Long-term Client Relationships: Embrace strategies for nurturing client relationships, turning clients into fans who will naturally refer others in their network.Notable Quotes:"You have to say no to say yes." - Chris Picciurro"Let your best clients pick your next clients." - Chris Picciurro"Stress is expensive. When you relieve stress, you create value." - Chris Picciurro"Sometimes people don't want to engage... because they feel more vulnerable when they do." - John TripolskyResources:Explore more from Chris Picciurro and the MRR Institute: MRR Institute WebsiteTax Pro 2.0: Profitable Practice Management for Tax Professionals (00:00) - Client Acquisition Strategies for Tax Professionals (04:41) - The Value of Long-Term Client Relationships and Adaptation (07:00) - The Modern Contact Journey for Ideal Client Acquisition (11:04) - Understanding the Six Steps of the Contact Journey (13:49) - Effective Client Acquisition Through Targeted Social Media Engagement (21:04) - Lead Generation and Conversion Strategies for a CPA Firm (23:45) - Effective Form Building Through Quick Execution and Iteration (24:07) - Transforming Leads Into Fans Through Strategic Client Acquisition (30:23) - Streamlining Client Acquisition with Qualifying URLs and Automation (38:01) - The Power of Simple and Memorable Domain Names in Marketing (41:25) - Effective Client Acquisition and Relationship Management Strategies (43:42) - Best Practices for Conducting Effective Client Discovery Meetings (48:48) - Effective Quoting Strategies for CPA Firms (51:46) - Client Onboarding and Relationship Building Strategies (55:27) - Scaling and Modernizing Your Tax Practice with Expert Guidance

FREE CPE (1 credit) via EarMark:https://earmark.app/c/2552--- --- ---About the Guest: Bob Doyle Bob is the President and CEO of the Michigan Association of CPAs (MICPA). Before entering the accounting field, Bob worked in marketing, communications, and advocacy within the robotics and automation industry. With a bachelor's degree in environmental engineering, he possesses a rich background that spans engineering roles in the automotive industry to leadership positions in associations. Since joining MICPA five years ago, Bob has been a pivotal figure in advocating for CPAs across Michigan, emphasizing education, collaboration, and advocacy to advance the profession's future.Episode Summary:In this enlightening episode, John Tripolsky and Chris Picciurro, CPA, engage in a vibrant discussion with Bob Doyle, the President and CEO of the Michigan Association of CPAs (MICPA). The episode navigates through Bob’s unique journey from engineering and marketing to leading a prominent association for CPAs, highlighting the dynamic changes and future trends in the accounting profession.During the conversation, Bob sheds light on pivotal initiatives, including the evolution of CPA credentials and the strategic emphasis on talent pipelines. The dialogue dives into how the landscape is shifting towards more inclusive pathways for early-stage (interested) CPAs, enhancing flexibility in education and fostering community-driven practices. Bob's insights into the profession’s future paint a picture of an industry embracing technological advancements and innovative collaboration, ensuring that CPAs remain not just integral but indispensable to their clients' success.Key Takeaways:Inclusive Pathways: The introduction of alternative pathways to CPA licensure aims to remove barriers for aspiring accountants, offering an option of a bachelor's degree plus two years of experience.Evolving CPA Role: The shift towards a more advisory role highlights CPAs as indispensable business partners, going beyond traditional tax preparation.Community-Based Practices: Emphasizing the importance of community-driven and small firm practices, which play essential roles in local economies and offer substantial career satisfaction.Technological Integration: The growing importance of embracing AI and other technologies as tools to augment, not replace, the value CPAs deliver.Leadership and Succession Planning: The need for proactive succession planning and cultivating workplace cultures that retain talent amid a generational shift.Notable Quotes:"Accounting is a great career not because you’re stuck in it, but because it offers a variety of pathways to exciting opportunities." - Bob Doyle"The future of the CPA profession lies in being an indispensable business partner through advisory and client-centric services." - Bob Doyle"AI will not replace accountants; it’s the accountants leveraging AI who will surpass those who don’t." - Bob Doyle"It's not just about the numbers. Being an accountant means being a pivotal part of your client’s success story." - Bob Doyle"Think of CPAs as the coolest profession around, integrating community impact with professional rigor." - Bob DoyleResources:Michigan Association of CPAs (MICPA)Connect with Bob Doyle on LinkedInMRR Institute (00:00) - Exploring the Future of the Tax Profession with Bob Doyle (05:30) - From Engineering to Accounting: A Journey of Leadership (08:20) - Building a Collaborative Future for CPAs in Michigan (13:52) - New Pathway to CPA Licensure in Michigan (16:42) - The Evolving Role and Future Challenges of the CPA Profession (22:54) - Opportunities for CPAs in Michigan's Small Firms (24:20) - The Modern CPA: Passion Beyond Numbers (25:53) - The CPA Legacy and Nike's Phil Knight Connection (27:17) - Balancing Work Hours for a Positive Company Culture (28:15) - The Human Element in Accounting and Client Relationships (31:23) - Collaboration and Learning in Small Firm Leadership (32:50) - The Importance of Algebra Skills in Accounting Careers (35:14) - Opportunities for CPAs in Small Towns and Rural Areas (37:59) - Succession Planning and Networking for Small Firm Practitioners (41:45) - Young Professionals Prefer Office Work for Career Advancement (43:30) - The Future of Accounting and Firm Dynamics (47:58) - Embracing AI in Accounting for Future Success (49:27) - The Evolving Role and Opportunities for Small CPA Firms (51:29) - The Coolest Profession: Insights Into the CPA Journey (54:39) - Scaling Tax Practices and Investment Advisory Disclaimers

FREE CPE (1 credit) via EarMark: https://earmark.app/c/2472About The Guest: Ivan ArroyoIvan is a seasoned tax professional and the owner of a CPA practice in the Wenatchee Valley, Central Washington. With a focus on personalized client service, Ivan has significantly transformed his firm by adopting a subscription model, allowing for predictability and efficiency in business operations. Bilingual and deeply integrated into his community, Ivan specializes in serving the Hispanic business community, and he has built a reputable practice known for its strategic tax planning and consulting services.Episode Summary:In this episode of the Mr. R Show, the focus is on transformative strategies for modernizing tax practices through the successful adoption of a subscription model. Hosts Chris and John invite Ivan Arroyo, a seasoned CPA with a deeply personal approach to client relationships, to share his firsthand experience transitioning his firm to a subscription-based model. Recorded with rich insights and humor, the conversation delves into the initial fears, strategic shifts, and rewarding outcomes of this business model overhaul. Ivan emphasizes the critical thinking and calculated risks involved in such a transformation, presenting an honest portrayal of the journey from a traditional framework to a more advantageous subscription model.Ivan details how he managed this significant changeover within his practice, which involved strategic client selection, service diversification, and the immense value of proactive client communication. Central to this transformation was the development of business friendships based on mutual care and understanding, with Ivan placing a personal investment in his clients' success. By leveraging his unique position as a bilingual professional, Ivan expanded his client base, cultivating a rich network of referral-based businesses that supported his firm's growth. The episode is a must-listen for tax professionals seeking to modernize and scale their practices through innovative methodologies and effective client relationships.Key Takeaways:Client-Centric Approach: Ivan prioritizes building business friendships over mere transactional relationships, resulting in high client retention and satisfaction.Strategic Transition to Subscription Model: The transition was implemented with careful planning and was initially tested with a select group of trusted clients to ensure seamless execution.Value of Being Bilingual: Ivan’s bilingual skills significantly contributed to his success by allowing him to build deeper connections with his predominantly Hispanic clientele.Enhanced Service Offering: The shift to a subscription model encouraged the recognition and billing of additional services that were previously overlooked.Adoption of Non-Traditional Benefits: Ivan emphasizes a balanced work-life culture within his firm, including flexible working conditions and appreciation for personal time, fostering a dedicated and satisfied team.Notable Quotes:"I never even thought about going on my own. It just sort of happened.""It's not easy, but it's not easy sticking with what you've got.""Having that connection with clients is being about building business friendships truly matters.""People don't want to do that because they're thinking, well, the clients are not gonna be happy, but it's the opposite.""The value of your knowledge isn't just the value of your time."Resources:MRR Institute: WebsiteEncouraging listeners to engage with this insightful episode, "The Mr. R Show" offers an invaluable perspective on evolving the tax practice landscape. Tune in for more episodes filled with expert advice and strategic insights for scaling and modernizing your practice. (00:00) - Transitioning Tax Practices to a Subscription Model (06:17) - Transitioning to a Subscription Model in a CPA Practice (12:47) - Building Client Relationships Through Word of Mouth and Networking (16:31) - From Random Ventures to Restaurant Accounting Expertise (18:29) - Building Business Friendships Through Bilingual and Industry-Specific Communication (22:50) - Balancing Career Choices with Family Traditions (25:13) - Transitioning to Value-Based and Subscription Pricing Models (33:03) - Implementing New Service Models and Client Engagement Strategies (36:10) - Client Engagement Strategies and Decision-Making Techniques (37:43) - Optimizing Service Offerings and Billing Practices for Clients (39:47) - Building Trust and Value in Client Relationships (47:00) - Quick Vehicle Fix With Help From a Gearhead Friend (48:36) - Building Client Value and Team Culture in Accounting Firms (51:03) - Creating a Balanced and Employee-Friendly Workplace Environment (55:40) - Shifting to Subscription Models and Business Mindset Changes (58:33) - Scaling and Modernizing Your Tax Practice with Expert Tips

FREE CPE (1 credit) via EarMark:https://earmark.app/c/2392About the Guest: Katie Munoz Katie is a seasoned tax professional and firm owner with a career spanning over eight years. She leverages her expertise to modernize tax practices with a focus on integrating innovative solutions tailored for firm management and personal development. Katie is known for championing a healthy work-life balance and effective process management within the tax industry. Based in Washington State, she operates MHPE CPA, facilitating services from bookkeeping to fractional CFO roles. Katie actively participates in peer to peer mastermind groups, providing guidance and support within her professional community.Episode Summary:In this vibrant episode of the Mr. R Show, co-hosts John Tripolsky and Chris Picciurro unfold the intriguing journey of Katie Munoz, a prominent figure in the tax industry. Diving into Katie's experiences as she transitioned into firm ownership, sharing valuable insights on how she managed to blend personal life goals with her professional ambitions, defying traditional industry standards. From her initial move from intense firm demands to establishing a balanced and modern approach, Katie candidly discusses the highs and lows she encountered and the hard lessons learned along the way.Expanding on her tactical shift eight years ago, Katie outlines her strategic plans for technological integration and process optimization. The conversation explores the importance of setting realistic professional boundaries, ensuring efficient bookkeeping practices, and embracing new technology solutions to improve client communication. The dialogue offers a comprehensive guide filled with actionable advice from Katie, making it an invaluable resource for tax professionals considering similar transitions. Listeners are encouraged to explore these insights to fuel their own professional journeys.Key Takeaways:Entering firm ownership can be daunting, but surrounding oneself with a supportive network and resources can ease the transition.Setting clear boundaries and focusing on work-life balance is crucial in sustaining long-term success in the tax industry.Embracing technology, such as practice management software and other tools, enhances service delivery efficiency.Developing a comprehensive pricing and service model helps in retaining high-quality clients and offloading less compatible ones.Building strong peer networks can provide continuous learning opportunities and sharing of best practices across the industry.Notable Quotes:"There is such a giant stigma, which we have all talked about in the accounting industry, of that, oh, if you're going to go on your own, then you must be working those 50 hours to run that practice." – Katie Munoz"People are before paper. The people in my life, including myself, are more important than the piece of paper that you have in your hand." – Katie Munoz"If you're thinking about it and you're there, it's because it's probably meant for you. You're that person who has the drive and the desire to do it." – Katie Munoz"You have to find the people that are going to help you be good. That's it." – Katie Munoz"There's actually enough room for all of us. I'm not intimidated by somebody else who has different clients than me." – Katie MunozTune in to this episode to navigate the practical strategies Katie Munoz employed to create a thriving professional environment while maintaining personal fulfillment. Whether you're nearing a career pivot or simply looking to innovate your current practice, this episode promises insightful strategies and motivation to fuel your journey. Stay engaged for more episodes of the Mr. R Show, where expert knowledge meets practical wisdom in the world of tax and accounting. (00:00) - Taking the Leap Into Firm Ownership (03:29) - Taking the Leap Into Firm Ownership and Finding Balance (12:12) - Comprehensive Financial Services with Specialized Departments (14:40) - Entrepreneurial Journey Amidst Skepticism and Support (17:59) - Building Trust and Loyalty in the Accounting Industry (21:16) - Embracing Delegation and Finding Strength in Teamwork (25:52) - Balancing Work Expectations With Personal Life Commitments (32:07) - Building Client Relationships and Pricing Strategies in Accounting (37:35) - The Importance of Selective Invitations and Saying No (40:17) - Tools and Resources for Starting a Tax Preparation Firm (44:40) - Welcoming Atmosphere at Tax Professional Conferences (46:51) - Networking and Collaboration in the Tax Profession (49:19) - Balancing Business Ownership, Family, and Personal Achievements (53:51) - Connecting with Tax Professionals and Networking Opportunities

FREE CPE (1 credit) via EarMark:https://earmark.app/c/2286----About the Guest: Scott Cytron Scott is the founder of a marketing, public relations, and communications firm that has been thriving for nearly 30 years. With an extensive background in journalism, Scott transitioned into the world of marketing and PR, initially working with nonprofit organizations like the American Red Cross before venturing into the corporate sector. He carved out a niche in the accounting and tax industry, drawing from his experience with the Texas Society of CPAs. Scott is known for his expertise in content creation and media relations, providing valuable insight to accountants and tax professionals seeking to enhance their brand presence.Episode Summary:In this engaging episode of "The Mr. R Show," co-hosts Chris Picciurro and John Tripolsky are joined by special guest Scott Cytron, a seasoned expert in marketing and public relations. As they explore the evolving landscape of the accounting and tax industry, the trio dives deep into the nuances of brand building and client acquisition for tax professionals looking to expand their practices. Scott shares insights from his rich career history, illustrating how his experiences across diverse sectors like healthcare, retail, and finance have shaped his approach to helping firms distinguish themselves in a crowded marketplace.The conversation centers around actionable strategies for tax professionals to refine their brand identity through networking, social media engagement, and authentic client relationships. Scott emphasizes the importance of prioritizing relationships and consistently marketing oneself even during busy times, underscoring how networking groups and targeted marketing efforts can be pivotal for growth. This episode serves as a treasure trove of expert advice tailored for tax professionals eager to modernize their approach and enhance client satisfaction through a more personalized, strategic outreach.Key Takeaways:Networking Importance: Utilize local networking groups like BNI to connect with industry peers and potential clients.Client Referrals: Proactively seek referrals from satisfied clients, which can be a significant source of new business.Brand Identity: Be authentic in your communication and brand representation to attract the right clientele.Marketing Efforts: Engage in consistent marketing activities, even when busy, focusing on platforms where your clients are active.Niche Specialization: Developing a niche serves to align your services with your passions and distinct areas of interest, making it easier to target and acquire ideal clients.Notable Quotes:"The best day I have ever is when a client will call me and say, I've got a problem. Can you help me solve it?" - Scott Cytron"If you're a tax professional, don't think you have to do everything at once. Find two or three things to do and do them slowly, but do them well." - Scott Cytron"The best time to market yourself is when you're the busiest because you really feel good about what you're doing." - Scott Cytron"Go where your clients are going to be. Use hashtags, do video, do postings, but spend about 10 minutes a day on social media." - Scott Cytron"Be true to your story. Don't be something you're not just because you think your prospect or client wants you to be that way." - Scott CytronThe conversation with Scott Cytron is filled with practical advice and strategic insights that every tax professional should consider integrating into their marketing efforts. Tune in to the full episode for a deeper understanding of how to elevate your practice’s presence in today's competitive environment. Stay connected with "The Mr. R Show" for more expert tips and strategies on scaling your tax practice. (00:00) - Scaling Tax Practices Through Marketing and Client Alignment (05:36) - A Journey Through Journalism, PR, and Nonprofit Work (13:21) - Turning Job Loss Into Growth and New Opportunities (15:12) - Finding Your Niche Through Networking and Passion (22:01) - The Importance of Asking Clients for Referrals (27:02) - Choosing Between Fame and Wealth in PR Strategies (29:07) - The Importance of Clear Communication in Networking Groups (32:39) - Evolving Tax Practices: From Compliance to Advisory Services (41:22) - Adapting Networking Strategies in a Post-Covid World (45:51) - Defining Brand Voice and Networking for Tax Professionals (47:07) - Effective Marketing Strategies for Tax and Accounting Professionals (54:40) - Scaling Your Tax Practice with Expert Tips and Resources

FREE CPE (1 credit) via EarMark:www.earmark.app/c/2197Guest: Scott T. Nelson Scott Nelson is a seasoned CPA based in Southwest Florida, with a background that includes serving in the Air Force and earning a degree in finance. Initially interested in becoming a financial advisor, Scott shifted to accounting after experiencing the industry dynamics within retail banks. He now operates a dual practice, combining accounting services with investment advisory through a partnership with a wealth management company. Scott brings unique expertise in tax and financial advisory services, leveraging his comprehensive professional background to benefit his clients.Guest: Trey Junkins Trey Junkins hails from Southwest Michigan and is a dedicated CPA who began his practice, JW Accounting, during his college years. With experience in both the corporate world and as an entrepreneur, Trey has a strong foundation in accounting and tax services. Recently, JW Accounting merged with a wealth management firm, allowing Trey to introduce integrated tax planning and financial advisory services to his clients. Influenced by a passion for small businesses and individuals, Trey is committed to enhancing financial strategies through proactive tax planning.Episode Summary:Welcome to an insightful episode of the Mr. R Show, where hosts Chris Picciurro and John Tripolsky engage with guests Scott Nelson and Trey Junkins to explore the integration of financial advisory services into tax practices. This episode delves into the seamless transition tax professionals can make to offer more value to clients through comprehensive financial management strategies. If you're a CPA or tax professional contemplating expanding your service offerings, this podcast presents critical insights into navigating this shift effectively.In this episode, listeners discover the journey of both Scott Nelson and Trey Junkins as they transitioned from traditional accounting roles to incorporating financial advisory services. Key themes include the importance of trust in client relationships, adapting to regulatory requirements, and how tax expertise is pivotal in financial planning. Through these discussions, the episode provides valuable strategies for modernizing tax practices by embracing financial advisory services, thus maximizing revenue opportunities and enriching client experiences.Key Takeaways:Financial advisory services can be seamlessly integrated into tax practices, providing enhanced value to clients.Tax professionals often act as de facto financial advisors, presenting opportunities for monetizing advisory services.Navigating compliance and regulatory landscapes is crucial when expanding into financial advisory services.Transparent communication with existing client relationships is vital when introducing financial advisory services.Customized client engagement and tiered service offerings can optimize the balance between AUM (Assets Under Management) and tax-heavy client portfolios.Notable Quotes:"Every financial advisor out there wants to partner with a CPA so that you'll refer clients to them." - Scott Nelson"Taxes are probably going to be the biggest expense that will eat away at your wealth creation." - Trey Junkins"As CPAs or tax professionals, we have insights into what someone's asking and understanding the tax ramifications of their decisions." - Chris Paciro"There's enough work out there; you don't have to worry about poaching if you're doing your job as a trusted advisor." - Scott Nelson"It was important to be proactive and have those conversations with other financial advisors upfront." - Trey JunkinsResources:The MRR Institute Whether you’re managing a growing tax practice or looking for strategies to diversify your service offerings, this episode provides valuable insights into integrating financial advisory services. Listen to the full episode for an in-depth discussion and stay tuned for more enlightening content from the Mr. R Show. (00:00) - Tax Professionals Expanding Into Financial Advising for Added Value (03:10) - Transitioning From Accounting to Financial Advising in Florida (08:48) - Maximizing Revenue Through 1031 Exchanges and Tax Strategies (09:19) - From Corporate World to Small Business Accounting Passion (12:35) - Merging Accounting and Wealth Management for Strategic Growth (16:00) - Opportunities in Tax Planning and Financial Advisory Integration (22:21) - Navigating Licensing and Coordination in Wealth Management Services (24:18) - Navigating Post-Merger Challenges and Maintaining Client Privacy (24:57) - Navigating Ethical Challenges in Financial Advisory Licensing (27:27) - Exploring Financial Advisory Roles and Compensation Models (36:31) - Financial Planning Strategies for Retirees in Southwest Florida (45:18) - Navigating Compliance and Collaboration in Financial and Tax Advising (52:14) - Scaling Tax Practices with Expert Insights and Mastermind Sessions

FREE CPE (1 credit) via EarMark:https://earmark.app/c/2174Welcome to episode 18 of the Mr. R Show, tailor-made for tax professionals seeking effective strategies for growth and enhancement in their practices. In this episode, John Tripolsky and Chris Picciurro, an esteemed tax expert, delve into the potential implications of the 2024 election results on tax planning for 2025. The conversation explores the critical changes tax professionals may anticipate, focusing on impacts stemming from possible revisions to the Tax Cuts and Jobs Act, corporate tax rates, and estate tax exemptions.With the Republican Party gaining control of the presidency and Congress, Chris examines the likelihood of significant tax policy shifts, offering insights on how these could affect individual taxpayers, corporate structures, and real estate investments. Key topics include the potential extension of the Tax Cuts and Jobs Act, changes in bonus depreciation, and considerations for SALT tax deductions, estate planning, and Roth conversions. This podcast is a treasure trove of strategic advice for tax professionals poised to navigate this evolving landscape, armed with actionable insights and practical foresight.Key Takeaways:The Tax Cuts and Jobs Act's possible extension or permanence could reshape individual and corporate tax strategies.Tax professionals should monitor potential changes in corporate tax rates, especially the implications for C-Corps.Estate tax planning may become crucial due to possible reductions in estate and gift tax exemptions.Roth conversions and the strategic timing of capital gains might be beneficial under current lower tax rates.Legislative changes could offer new opportunities or challenges in leveraging bonus depreciation and SALT deductions.Notable Quotes:"I do tax planning for taxpayers based on what I know now, not what I think might happen.""Sometimes no decision is A decision.""Having those longer-term relationships with your clients is really important.""Let's look at, are tips going to become tax-free? Is overtime going to be tax-free?""If the tax Cuts and Jobs act does expire, which I don't expect it to, consider those Roth conversions."Resources:Teaching Tax Flow: teachingtaxflow.comNational Association of Tax Professionals: natptax.comTax Foundation: taxfoundation.orgFor more insights and in-depth discussion, tune in to the full episode of the Mr. R Show. Stay informed and ahead of the curve by subscribing for future episodes brimming wit (00:00) - Free CPE and Expert Strategies for Tax Professionals (02:08) - Post Election Tax Planning for 2025 (08:43) - Tax Planning Amid Uncertain Legislative Changes (09:59) - Building Trust Through Membership in Private Practice (10:53) - Tax Planning Strategies Amid Changing Laws and Client Behavior (13:12) - Political Landscape and Republican Majority in 2025 (15:08) - Tax Strategies Amid Potential Changes to Corporate and Individual Rates (22:44) - Debating Salt Preferences on Pizza and Soft Pretzels (24:57) - Potential Changes in Tax Deductions and Exemptions (28:33) - Understanding Estate Valuation and Tax Implications for Business Owners (30:58) - Potential Changes in Bonus Depreciation for Real Estate Investors (34:00) - Proposed Tax Changes and Their Potential Impacts (41:30) - Tax Strategies for Individuals Amid Changing Laws (44:25) - Estate Planning Strategies Amid Changing Tax Exemptions (47:29) - Tax Strategies for Business Owners and Real Estate Investors (53:21) - Integrating Financial Planning Into Tax Practices for Future Success

FREE CPE (1 credit) via EarMark:https://earmark.app/c/2095Episode Summary:In this episode of the Mr. R Show presented by the MRR Institute, hosts Chris Picciurro and John Tripolsky dive into the strategic role of partnerships in scaling and modernizing tax practices. Aimed at tax professionals eager to maximize revenue and enhance client value, this episode sheds light on how building strong partnerships can drive business growth and client satisfaction. Chris, a proponent of collaboration over competition, shares insightful practices, drawing from his vast experience and successful implementation in his own CPA practice.Strategic partnerships can propel a tax practice in multiple ways, from creating a network of referral sources to enhancing service offerings beyond typical competencies. Key concepts in this episode include the identification of potential partners, the importance of mutual goals, and leveraging technology to maintain strong relationships. Chris also touches upon the pragmatic aspects of partnership management, emphasizing transparent collaboration and the balance between revenue and non-revenue partnerships to deliver peak client value. Key Takeaways:Strategic Growth: Building strategic partnerships can help tax professionals scale their practice by offering complementary services and improving client satisfaction.Collaboration Over Competition: Emphasizing mutual interest, transparency, and aligned values can lead to stronger, more effective partnerships.Client-Centric Approach: Leveraging partnerships to meet the client’s broader needs enhances client loyalty and opens up referral opportunities.Technology Utilization: Utilizing platforms like CRM and communication tools can streamline operations with strategic partners, ensuring seamless client service.Revenue vs. Non-Revenue Partnerships: Not all partnerships need to be revenue-generating; some relationships serve to align practices and improve service offerings.Notable Quotes:"Collaboration over competition is very important… you're a tax and accounting professional, right?""For about two-thirds of the time, maybe even three-quarters of the time… there's an additional value-add you could provide to that client.""Your tax planning and strategy process should be the same for every client, but the actual advice is customized.""Having understanding a couple of things, is this a strategic partner that there is a potential to share revenue legally and ethically?""Focus on long-term relationships; there are so many opportunities to collaborate with these strategic partners."To delve deeper into optimizing your tax practice through strategic partnerships, be sure to listen to the full episode. Stay tuned for more insightful content from the Mr. R Show that can help transform your practice and professional trajectory.

FREE CPE (1 credit) via EarMark:https://www.earmark.app/c/1984About the Guest: Kareyna Miller, CPA, CRISCKareyna is a seasoned CPA with extensive expertise in the cannabis industry. Based in Michigan, Kareyna has carved out a niche working with smaller cannabis businesses, particularly growers and processors. With prior experience in office technology, she applies her entrepreneurial mindset to help clients navigate complex regulations and optimize their financial practices within the cannabis sector. Kareyna is actively involved with the Michigan Association of CPAs, where she leads initiatives focused on the cannabis industry, sharing her insights and expertise with peers.Episode Summary:In this enlightening episode of the Mr. R Show, hosted by Chris Picciurro and John Tripolsky, you'll navigate through the intricacies of cannabis and taxes with Kareyna Miller, CPA, CRISC, a renowned CPA specializing in the cannabis sector. The discussion centers on the nuanced tax obligations and compliance challenges that come with operating in this burgeoning industry. With cannabis being federally illegal but permitted in various states, tax professionals face unique obstacles. This episode offers CPAs and tax pros critical insights into understanding how to work with cannabis clients while staying compliant with both state and federal laws.Kareyna elaborates on her professional journey, detailing how her affinity for small businesses and virtual accounting led her into the cannabis landscape. She explores the complexities of cannabis taxation, focusing on compliance requirements like the Annual Financial Statement (AFS) which every licensed cannabis business in Michigan must adhere to. The discussion extends to the industry’s operational challenges, including banking difficulties, payment processing issues, and the potential impact of federal tax code changes. This episode is packed with practical strategies for managing the financial intricacies of cannabis businesses, making it a must-listen for tax professionals.Key Takeaways:Understanding Compliance: Cannabis businesses must adhere to state-specific regulations, including critical compliance procedures like the Annual Financial Statement (AFS).Industry Challenges: Cannabis businesses face significant challenges with transaction regulations, banking compliance, and payment processing.Tax Implications: Federal prohibitions under 280E restrict many typical business deductions, presenting unique financial challenges for cannabis retailers.Entity Structuring: Strategic structuring, such as separating real estate and equipment rentals, can offer operational advantages.Federal Rescheduling Impact: The potential rescheduling of cannabis in federal law could dramatically impact tax obligations and operational structuring.Notable Quotes:"I'm passionate about tax professionals and accounting professionals carving out a niche that they have a passion for." - Kareyna "You can't just treat inventory-type expenditures as an expense like you would for other businesses."  Kareyna"280E says you can't take expenses and deductions for businesses trafficking in Schedule I or Schedule II substances." - Kareyna Resources:LEACIF Accounting & AdvisoryConnect with Kareyna on LinkedInMRR Institute: Resources, coaching, and opportunities offered for Tax ProsMichigan Association of CPAs: Resources for professional development and updates within the tax industryStay engaged with the Mr. R Show for more expert insights that empower tax practitioners to navigate and thrive in the evolving landscape of the tax industry. (00:07) - Exploring Cannabis Taxation and Niche Opportunities for Professionals (03:21) - Kareyna Miller, CPA's Journey to Cannabis Industry Accounting (09:11) - Navigating Complexities of Cannabis Industry Accounting and Regulations (12:49) - Navigating State-Specific CPA Compliance and Attestation Requirements (18:39) - Navigating Accounting Challenges in the Cannabis Industry (27:10) - Challenges and Strategies in Cannabis Retail Taxation (31:41) - Navigating Federal and Michigan Tax Implications for Cannabis Businesses (37:10) - Navigating Legal Transitions in the Cannabis Industry (41:23) - Potential Impact of Cannabis Rescheduling on Tax and Compliance (46:10) - Navigating Compliance and Client Challenges in the Cannabis Industry

FREE CPE (1 credit) via EarMark: https://www.earmark.app/c/1919Episode Summary:In this engaging episode of The Mr. R Show, hosts Chris Picciurro and John Tripolsky dive into the world of advanced tax planning strategies. Designed for tax professionals seeking to modernize their practices, this episode offers a wealth of insights into maximizing revenue through proactive and strategic tax management. Chris delivers actionable advice on how to add significant value to client relationships while garnering proper compensation for services rendered.The episode kicks off by distinguishing tax preparation from tax planning. While tax preparation is reactive and compliance-focused, tax planning is a proactive strategy that allows individuals to control their tax outcomes. Chris emphasizes the importance of understanding marginal tax rates and creating personalized tax strategies that align with clients' unique circumstances. Through detailed case studies, he demonstrates how even clients with varying incomes and asset levels can benefit from tailored tax planning.Key Takeaways:Tax planning is a proactive approach to managing taxes, enabling clients to legally and ethically minimize their lifetime tax obligations.Understanding marginal tax rates is crucial in diagnosing client situations and prescribing effective tax strategies.Strategic tax planning holds immense value, offering financial benefits to clients and higher revenue opportunities for tax professionals.The implementation of tax strategies is where the true value lies, allowing professionals to demonstrate their expertise and secure client loyalty.Young, middle-aged, and retired clients each require distinct tax strategies, emphasizing the need for customized planning based on individual circumstances.Notable Quotes:"Your tax return is a verb, not a noun.""We believe tax agencies are your involuntary business partners.""Ideas are cheap. Implementation is valuable.""We are the GPS for our clients; we guide them through the tax journey.""Don't let the tax tail wag the dog."Resources:MRR Institute National Association of Tax Professionals (NATP)Listeners are encouraged to delve into the full episode to uncover comprehensive insights and strategies that can transform their tax practice. Stay tuned for future episodes of The Mr. R Show for more expert advice and actionable tips. (00:07) - Advanced Tax Planning Strategies for Maximizing Revenue (06:46) - The Value of Tax Professionals as Navigational Guides (09:24) - The Value of Tax Planning Over Tax Preparation (12:34) - Overcoming Gym Hesitation by Wearing Workout Clothes to Bed (12:55) - Mastering Tax Planning Through Strategic Implementation and Differentiation (16:54) - Strategies for Effective Tax Planning and Client Diagnosis (22:09) - Inconsistent Clothing Sizes and Tax Rate Analogies (22:51) - Monetizing Tax Planning Through Strategic Implementation (27:25) - Tax Planning Strategies for Young and Retired Couples (37:41) - Customizing Tax Plans for Diverse Client Needs (40:13) - Tax Strategies for a High-Earning Pet Therapist in California (45:09) - Advanced Tax Strategies for Small Business Owners (49:00) - Monetizing Tax Strategies and Offering Client Value

FREE CPE (1 credit) via EarMark: https://www.earmark.app/c/1779About the Guest: Heidi Henderson Heidi is a seasoned tax professional and the Executive Vice President at Engineered Tax Services (ETS). With over two decades of experience in the tax industry, Heidi specializes in cost segregation studies and various specialty tax services, bringing extensive expertise to real estate tax strategies. Her career is marked by a dedication to helping clients legally and ethically maximize their tax benefits through engineering-based solutions. She is a distinguished speaker and a prominent figure in the tax planning community.Episode Summary:In this illuminating episode of the Mr. R Show presented by the MRR Institute, hosts John and Chris dive deep into the world of cost segregation studies with expert guest Heidi Henderson from Engineered Tax Services. Designed for tax professionals seeking to scale their practices, this episode explores the significant tax benefits that can be realized through strategic cost segregation, an often-overlooked practice that can substantially enhance revenue by accelerating depreciation deductions for real estate investors.With a focus on the practical application of cost segregation, the conversation covers the basics, real-world examples, and advanced strategies. Key asset classes such as short-term rentals, commercial properties, and more are discussed in detail, highlighting the potential for tax savings. The episode further uncovers how tax professionals can partner effectively with ETS to offer robust specialty tax services, efficiently handle complex filings, and ultimately provide enhanced value to their clients. Don’t miss out on this essential guide to mastering cost segregation and boosting your tax practice.Key Takeaways:Cost Segregation Basics: A cost segregation study breaks down a property into various asset classes to accelerate depreciation deductions.Real Estate Professional Status: Taxpayers meeting specific criteria can significantly benefit from cost segregation by converting passive income to active, thus maximizing deductions.Short-Term Rentals: Properties with an average stay of seven days or less qualify for beneficial tax treatments, making them prime candidates for cost segregation studies.Retrospective Studies: Properties purchased in previous years can still undergo cost segregation, allowing for catch-up on missed tax benefits via Form 3115.Partnership with ETS: Tax professionals can enhance their service offerings and client satisfaction by collaborating with ETS for specialized tax services, ensuring legal and ethical compliance.Notable Quotes:"Applying cost segregation converts to the preferable method of depreciation." - Heidi Henderson"Cost segregation is the lowest hanging fruit for any real estate investor when it comes to tax planning and strategy." - Chris Picciurro"There are still tax preparers out there and bookkeepers and accountants that don’t understand the value, and it really does undermine the relationship with clients in the end." - Heidi Henderson"If you have someone that is rep status, this cost segregation study is a juicy opportunity for them." - Chris Picciurro"We do have all of the updated or revised appreciation schedules in our studies. We also will do the form 3115 so we can do the calculations." - Heidi HendersonResources:Engineered Tax ServicesConnect with Heidi Henderson on LinkedIn (00:07) - Scaling and Modernizing Tax Practices for Maximum Revenue (02:41) - The Benefits and Misconceptions of Cost Segregation Studies (07:05) - Simplifying Tax Deductions and the Importance of Documentation (07:37) - Accelerated Depreciation Benefits Through Cost Segregation and Bonus Depreciation (11:11) - Boutique Firm Brings Big Four Tax Strategies to Small Clients (13:11) - Maximizing Tax Benefits Through Cost Segregation Studies (20:09) - Tax Strategies for Real Estate Professionals and Passive Investors (27:32) - Tax Strategies for Real Estate Professionals (31:19) - Strategies for Maximizing Tax Benefits with Cost Segregation (37:34) - Short Term Rental Property Strategy and Tax Implications (38:08) - Cost Segregation Studies for Tax Benefits on Short-Term Rentals (46:50) - Specialty Tax Services and Energy Efficiency Incentives (50:15) - The Benefits of Cost Segregation for Real Estate Owners (56:05) - Scaling and Modernizing Your Tax Practice

FREE CPE (1 credit) via EarMark: https://earmark.app/c/1778About the Guest: Matt Kidd, CPA, PFS, is a Michigan-based tax and accounting professional with a diverse background in public accounting. Growing up with a CPA father who was a managing partner, Matt was immersed in the accounting world from a young age. Post-college, he worked at small firms and then made a bold decision to buy a tax practice in 2017. Since then, he has successfully managed and adapted the practice, incorporating modern strategies and tools to evolve with the changing landscape of the tax industry.Episode Summary:In this engaging episode of the Mr. R Show, John and co-host Chris Picciurro dive deep into the age-old debate of "Buy vs. Build" within the world of tax practices. They are joined by Matt Kidd, a seasoned CPA with firsthand experience in both buying and scaling tax practices. Matt shares insights from his journey of growing up in a CPA family, buying his first practice at 26, and evolving it into a modern, efficient business.The conversation sheds light on the pros and cons of buying an existing tax practice versus building one from the ground up. Using Matt's experience, they explore the strategic decisions, challenges, and operational changes that come with each path. From retaining clients during transitions to implementing new technologies and services, the episode provides a comprehensive overview for tax professionals aiming to scale their business in today’s competitive market.Key Takeaways:Buy vs. Build Decision: Understand the crucial factors to consider when deciding whether to buy an existing tax practice or build one from scratch.Operational Challenges: Insights into the challenges of modernizing an existing practice, such as technology updates and client retention.Client Management: Learn strategies for managing legacy clients versus new clients, including pricing adjustments and service offerings.Financial Planning Integration: Discover how introducing new services like financial planning can add value and increase client retention.Time Management: The importance of time blocking and managing your calendar to maintain efficiency during tax season.Notable Quotes:"One of the best and worst things about buying versus building your own is you're forced to manage a lot of staff with clients." - Matt Kidd"The advent of social media and online learning makes building your own practice a more viable option than ever before." - Matt Kidd"I would not buy a practice and I would not take one for free unless it came with ten A-plus team members." - Chris Picciurro"New clients don't have the option of the old way when they come on, they're doing it the new way." - Matt Kidd"As entrepreneurs, we think in our minds that we don't want to block time because we want to be able to be free, but time blocking actually frees you up." - Chris PicciurroResources:Matt Kidd: LinkedInMRR Institute: MRR Institute Website (00:07) - Buy Versus Build: Scaling Your Tax Practice (02:42) - Debating Whether to Buy or Build a Tax Practice (06:23) - Family Dynamics, Accounting, and Unusual Office Furniture (09:42) - Early Business Ventures and Disrupted Models (11:22) - Generational Transition and Evolution in a Family CPA Firm (14:41) - Buying Versus Building: The Journey of a Young Entrepreneur (16:19) - Challenges and Strategies in Transitioning Client Models (20:12) - Navigating High-Stress Transitions and Rapid Implementations (22:08) - Buying Versus Building a CPA Practice for Real Estate Investors (22:42) - Challenges and Successes in Acquiring and Retaining Clients (25:16) - The Unsustainable 1040 Tax Return Business Model (27:33) - Challenges and Benefits of Buying a CPA Firm (30:06) - Incremental Price Increases and New Service Offerings in Accounting (32:36) - Challenges and Risks of Buying a Practice (34:32) - Boundaries and Managing Client Expectations in Business (36:21) - Time Blocking as a Productivity Hack for Tax Professionals (38:04) - Advantages and Disadvantages of Building Versus Buying a CPA Firm (40:28) - Differences in Client Engagement and Revenue in Accounting Practices (42:07) - The Viability of Building Versus Buying a Practice (44:43) - Implementing New Services for Legacy and New Clients (46:03) - Debating Buy vs Build Strategies in the Tax Industry (49:10) - Beer League Pickleball: Fun, Beer, and Friendly Competition (50:37) - Scaling and Modernizing Your Tax Practice with Expert Tips

FREE CPE (1 credit) via EarMark: https://www.earmark.app/course/db3262bd-66a7-426a-828c-c445d7baa1eeAbout the Guest:Natalie Kolodij is a seasoned Enrolled Agent (EA) specializing in real estate taxation. She is the founder of Kolodij Tax and Consulting and serves as an educator and consultant for tax professionals. She offers an in-depth understanding of short-term rentals (STR) and the intricacies of real estate tax strategies. Natalie is also the creator of the Certified Real Estate Tax Strategist (CRETS) program, which provides comprehensive education and continuing professional education (CPE) for tax professionals.Episode Summary:Welcome back to the Mr. R Show, where we dive deep into the world of real estate taxation with premier tax strategist Natalie Kolodij. Chris and John engage Natalie in a riveting discussion that explores the critical aspects of short-term rentals (STRs) and their tax implications. As STRs have surged in popularity, they bring unique tax complexities that can be strategically leveraged for significant benefits.In this episode, Natalie breaks down fundamental concepts such as the 7-day and 30-day rules, material participation, cost segregation studies, and the nuances of Schedule C versus Schedule E. The dialogue also ventures into substantial services, real estate professional status, and vital planning opportunities, providing tax professionals with actionable insights to optimize their clients’ tax scenarios. Whether you are veteran or newcomer to the tax profession, this episode is a comprehensive guide to mastering the short-term rental loophole.Key Takeaways:Understanding STR Definitions: Clear distinctions between average stays of seven days or less and 30 days or less with substantial services are essential for correct tax treatment.Material Participation: Key to unlocking non-passive loss treatment; typically achieved through the 100-hour rule where the taxpayer's involvement exceeds others.Cost Segregation Studies: Crucial for accelerating depreciation and maximizing tax benefits. Can apply retroactively to properties placed in service in prior years.Compliance with IRS Guidelines: Taxpayers must distinguish between operational and investor hours, ensuring appropriate logs and substantiation.Real Estate Makes for Strategic Tax Planning: Real estate investors can significantly benefit from strategic annual testing, cost segregation studies, and proper entity structuring.Notable Quotes:"There has to be a verb. If the verb didn't happen while the guest was renting the property, we don't have a substantial service." - Natalie Kolodij"If you have a short-term rental and meet this loophole, they can offset other types of income, most likely high w-2 wages." - Chris"Anyone listening, if you have clients who have short-term rentals, or where they might need rental losses for any reason, if it's been five years or less, I would look at it [cost seg study] with consideration." - Natalie Kolodij"For material participation, it's typically going to be any of the hours required for the day-to-day operations." - Natalie Kolodij"Understanding the common expenses and what is a capitalized renovation versus an expense, those are where I see the most errors related to rentals." - Natalie KolodijResources (Explore):Kolodij Tax and ConsultingREPStracker (DISCOUNT CODE: IFG)Resources (Listen):Natalie Kolodij’s PodcastTeaching Tax Flow PodcastResources (Learn):Certified Real Estate Tax Strategist (CRETS) ProgramTax Pro 2.0 Mastermind (Now Open)Engage deeply with this episode to enrich your understanding of short-term rental taxation and expand your tax planning arsenal. Tune in for more expert insights that can revolutionize your practice on the Mr. R Show. (00:05) - Short-Term Rental Tax Strategies and Expert Insights (04:25) - From CPA Track to Real Estate Tax Specialist (08:25) - Defining Short-Term Rentals and Their Tax Implications (17:00) - Tax Strategies for Short-Term Rental Properties (21:31) - Understanding Material Participation Rules for Short-Term Rentals (25:15) - Nudist Couple Tours Florida Properties on House Hunters Episode (26:25) - Tax Planning Opportunities with Short-Term Rentals (35:15) - Cost Segregation Studies and Tax Planning for Short-Term Rentals (43:06) - Amending Tax Returns and Filing Form 3115 for Depreciation (44:36) - Caution for Tax Pros on DIY Cost Segregation Studies (45:26) - Navigating Tax Compliance for Multi-Member LLCs and Property Ownership (49:05) - Real Estate Professional Status vs Short-Term Rental Hours Explained (51:37) - Deep Dive Into Real Estate Tax Strategies for Professionals

FREE CPE (1 credit) via EarMark: https://bit.ly/4baSg5PEpisode Summary:In this enlightening episode of the Mr. R Show, hosts John and Chris dive deep into the transformative power of AI in the tax and accounting industry, featuring industry thought leader John Higgins. Against the backdrop of returning from a brief hiatus, they explore the future of tax practices and the significant role of artificial intelligence. John kicks off the conversation emphasizing the necessity for harmony between work and life while achieving profitability, a central theme of the show.John Higgins sheds light on his journey from traditional CPA roles to becoming a tech and AI strategist. With the rise of AI, particularly generative AI like chat GPT and Microsoft Copilot, John discusses how tax professionals can leverage these tools to improve efficiency and client advisory services. The conversation touches on concerns about AI causing intellectual laziness but overwhelmingly favors the positive impacts on the industry. They share practical insights on using AI to automate Excel tasks, enhance tax planning, and even streamline PowerPoint presentations, emphasizing the substantial time savings and improved quality of work.About the Guest (John Higgins): John Higgins is a well-regarded figure in the accounting and CPA profession, with a career spanning several decades in technology and professional education. He began his career at a local CPA firm in Michigan before founding Computools, focusing on accounting systems and local area networks. John later worked with BDO as a national partner and co-founded CPA Crossings, providing CPE programs on technology. In 2020, he sold CPA Crossings and started Higgins Advisory, where he continues to educate and consult on emerging technologies like AI. He's an ice hockey enthusiast and engages actively in sports like golf and pickleball.Key Takeaways:Leveraging AI in Tax Practices: Tax professionals can use AI tools like chat GPT and Microsoft Copilot to automate routine tasks, enhance advisory services, and improve client interactions.Generative AI Explained: Generative AI analyzes massive datasets to predict and generate content, facilitating tasks from creating tax planning recommendations to automating Excel macros.Evolving Technology Landscape: The shift from traditional on-premise software to cloud-based solutions is accelerating, with newer tech firms innovating and incorporating advanced AI functionalities.Embracing Technology and Overcoming Resistance: Older and more traditional firms need to overcome resistance to change, understanding the ROI and productivity gains from incorporating advanced technologies.Opportunities for Young Practitioners: Emerging tax professionals starting fresh have the advantage of building a tech-forward practice, leveraging cloud-based and AI-driven tools right from the start.Notable Quotes:"Is AI going to replace tax practitioners? No, but tax practitioners who use AI will replace tax practitioners who don't." - John Higgins"Chat GPT can be a great tool for automating your Excel spreadsheets." - John Higgins"Your practice is going to run exactly how you've engineered it to run. If you don't like something, you're in control of how it occurs." - Chris"The quality of my presentations has gotten better by using AI. It's not about replacing expertise but augmenting it." - John Higgins"For many firms, the value proposition for cloud technology is strong. It's mainly an education issue when there’s reluctance to adopt it." - John HigginsResources:Higgins AdvisoryStandford Tax: An emerging tool for document organization in tax practices.Microsoft Copilot: AI tool for enhancing productivity within Microsoft 365.Chat GPT: OpenAI's generative AI tool used widely for content automation and productivity. Dive into the full episode to gain deeper insights into how AI is revolutionizing the tax and accounting landscape, and stay tuned for more enlightening content from the Monthly Recurring Revenue Institute. (00:05) - AI's Impact on the Future of Tax and Accounting Practices (05:26) - John Higgins' Athletic Passions and Career Journey (06:47) - From IBM PC to AI: A CPA's Tech Journey (12:09) - The Impact of AI on Business Development and Content Creation (16:26) - AI's Role in Enhancing Tax Professionals' Efficiency (25:50) - Leveraging AI Tools for Enhanced Productivity and Content Creation (30:59) - Understanding Generative AI and Its Applications in Tax Practice (35:27) - Using Chat GPT for Excel Automation and Education (38:43) - AI Tools and Innovations for Tax Professionals (45:32) - Embracing Cloud Technology in Modern Tax Practices (51:25) - Streamlining Course Development with AI and Microsoft Copilot (54:01) - Embracing AI Tools for Tax Professionals

In this episode, we are joined by Chase Birky, founder of Dark Horse CPA, who shares his journey from accidentally starting his own firm to creating a platform CPA firm that supports and empowers other tax professionals. He discusses the difference between growing and scaling a practice and the importance of client selection, pricing, and setting expectations. Chase also highlights the value of collaboration and the need for tax professionals to focus on their core strengths while leveraging technology and strategic partnerships to enhance their services.Key Takeaways:Scaling a tax practice requires setting clear expectations with clients, getting pricing and scoping right, and focusing on providing value.Client selection is crucial for building a successful practice, and it's important to say no to clients who are not a good fit.Collaboration and leveraging technology can help tax professionals streamline their processes and provide better service to clients.Private wealth management and specialty tax services can be valuable additions to a tax practice, but strategic partnerships may be necessary to provide these services effectively.Niche specialization can be a powerful way to differentiate and grow a tax practice, but it's important to consider market size, vulnerability to regulation changes, and potential risks.Quotes:"If you don't set expectations with clients, they're going to run your practice for you.""Everything bad in a practice stems from getting the pricing wrong, getting the scoping wrong, or not setting appropriate expectations with clients.""Being a generalist is harder to provide value to an individual client than if you know that client's needs inside and out.""Collaboration over competition is essential in the tax and CPA world.""The tax pro-CPA financial advisor relationship is crucial for providing comprehensive financial services to clients."- - -You're Invited to Join "Tax Pro 2.0"Our private Facebook Group for fellow Tax Professionals

In this jam-packed episode of the Mr. R Show, we venture into the realm where the worlds of cybersecurity and successful tax practices intersect. As technology continues to advance at an unprecedented pace, the challenges of safeguarding client data and records in the tax industry have become more pronounced than ever. Join us as we unravel the complexities of this crucial topic and shed light on the latest developments.Our special guest, Brand Messner, a seasoned expert an leader in the field, guides us through the nuances of cybersecurity and its direct implications for tax professionals. The Internal Revenue Service (IRS) is now placing stringent requirements on firms, compelling them to prioritize the security of sensitive information. We delve into the details of what these requirements entail and how tax practitioners can navigate this evolving landscape.One key aspect we explore in depth is the Written Information Security Program (WISP). What is a WISP, and why is it of paramount importance in the current digital age? Brand shares valuable insights into the significance of implementing a robust WISP, offering practical advice on how tax practices can enhance their security measures.Whether you're a seasoned tax professional or just starting in the industry, this episode provides essential information on safeguarding client data and staying compliant with the latest IRS mandates. Join us for a compelling conversation that will empower you to secure success in your tax practice.- - -You're Invited to Join "Tax Pro 2.0"Our private Facebook Group for fellow Tax Professionals