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:

1. "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
2. "The future of the CPA profession lies in being an indispensable business partner through advisory and client-centric services." - Bob Doyle
3. "AI will not replace accountants; it’s the accountants leveraging AI who will surpass those who don’t." - Bob Doyle
4. "It's not just about the numbers. Being an accountant means being a pivotal part of your client’s success story." - Bob Doyle
5. "Think of CPAs as the coolest profession around, integrating community impact with professional rigor." - Bob Doyle

Resources:

• Michigan Association of CPAs (MICPA)
• Connect with Bob Doyle on LinkedIn
• MRR Institute

• (00:00) - Exploring the Future of the Tax Profession with Bob Doyle

FREE CPE (1 credit) via EarMark:
https://earmark.app/c/2472

About The Guest: Ivan Arroyo

Ivan 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:

1. "I never even thought about going on my own. It just sort of happened."
2. "It's not easy, but it's not easy sticking with what you've got."
3. "Having that connection with clients is being about building business friendships truly matters."
4. "People don't want to do that because they're thinking, well, the clients are not gonna be happy, but it's the opposite."
5. "The value of your knowledge isn't just the value of your time."

Resources:

• MRR Institute: Website

Encouraging 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

FREE CPE (1 credit) via EarMark:
https://earmark.app/c/2392

About 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 Munoz

Tune 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

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:

1. "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
2. "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
3. "The best time to market yourself is when you're the busiest because you really feel good about what you're doing." - Scott Cytron
4. "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
5. "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 Cytron

The 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

FREE CPE (1 credit) via EarMark:
www.earmark.app/c/2197

Guest: 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:

1. "Every financial advisor out there wants to partner with a CPA so that you'll refer clients to them." - Scott Nelson
2. "Taxes are probably going to be the biggest expense that will eat away at your wealth creation." - Trey Junkins
3. "As CPAs or tax professionals, we have insights into what someone's asking and understanding the tax ramifications of their decisions." - Chris Paciro
4. "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
5. "It was important to be proactive and have those conversations with other financial advisors upfront." - Trey Junkins

Resources:

• 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

FREE CPE (1 credit) via EarMark:
https://earmark.app/c/2174

Welcome 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:

1. "I do tax planning for taxpayers based on what I know now, not what I think might happen."
2. "Sometimes no decision is A decision."
3. "Having those longer-term relationships with your clients is really important."
4. "Let's look at, are tips going to become tax-free? Is overtime going to be tax-free?"
5. "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.com
• National Association of Tax Professionals: natptax.com
• Tax Foundation: taxfoundation.org

For 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

FREE CPE (1 credit) via EarMark:
https://earmark.app/c/2095

Episode 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:

1. "Collaboration over competition is very important… you're a tax and accounting professional, right?"
2. "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."
3. "Your tax planning and strategy process should be the same for every client, but the actual advice is customized."
4. "Having understanding a couple of things, is this a strategic partner that there is a potential to share revenue legally and ethically?"
5. "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/1984

About the Guest: Kareyna Miller, CPA, CRISC

Kareyna 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 & Advisory
• Connect with Kareyna on LinkedIn
• MRR Institute: Resources, coaching, and opportunities offered for Tax Pros
• Michigan Association of CPAs: Resources for professional development and updates within the tax industry

Stay 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

FREE CPE (1 credit) via EarMark: https://www.earmark.app/c/1919

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

FREE CPE (1 credit) via EarMark: https://www.earmark.app/c/1779

About 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:

1. "Applying cost segregation converts to the preferable method of depreciation." - Heidi Henderson
2. "Cost segregation is the lowest hanging fruit for any real estate investor when it comes to tax planning and strategy." - Chris Picciurro
3. "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
4. "If you have someone that is rep status, this cost segregation study is a juicy opportunity for them." - Chris Picciurro
5. "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 Henderson

Resources:

• Engineered Tax Services
• Connect with Heidi Henderson on LinkedIn

• (00:07) - Scaling and Modernizing Tax Practices for Maximum Revenue