The Mr. R Show

著者： Chris Picciurro and John Tripolsky
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  • The Monthly Recurring Revenue Institute provides industry-leading training and coaching to accounting and tax professionals that are committed to a healthy, profitable, and balanced life. Our commitment and focus are centered around teaching business processes that allow members to implement and grow a membership-based, subscription business model focused on value pricing.
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  • Ep. 15 | Unlocking Tax Planning Strategies for Maximizing Client Value

    Ep. 15 | Unlocking Tax Planning Strategies for Maximizing Client Value
    2024/10/15

    Episode 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
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    51 分
  • Ep. 14 | Unlocking Real Estate Through Cost Segregation Studies

    Ep. 14 | Unlocking Real Estate Through Cost Segregation Studies
    2024/09/15
    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
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    57 分
  • Ep. 13 | Buy vs. Build A Successful Tax Practice

    Ep. 13 | Buy vs. Build A Successful Tax Practice
    2024/08/15
    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
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    52 分

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The Monthly Recurring Revenue Institute provides industry-leading training and coaching to accounting and tax professionals that are committed to a healthy, profitable, and balanced life. Our commitment and focus are centered around teaching business processes that allow members to implement and grow a membership-based, subscription business model focused on value pricing.
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