By Chris Picciurro and John Tripolsky
The podcast currently has 16 episodes available.
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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.
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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.
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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.
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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.
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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.
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About 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.
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About 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.
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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.
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Episode 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.
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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.
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.
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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.
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In this jam-packed episode, we sit down with Chris Picciurro, CPA, MBA, PFS, ARA, a seasoned tax professional and founder of the Monthly Recurring Revenue Institute, who has transformed his private practice by embracing a revolutionary concept - "Subscribing to A Better Firm." Join us as Chris shares his inspiring journey of modernizing his operations, regaining control of his life, and enhancing client relationships in the process.
Many tax professionals grapple with the constant challenges of staying current in a rapidly evolving industry while managing their practice efficiently. Chris’ story is a testament to what can be achieved when one dares to break free from the conventional and embrace innovative ideas.
In this episode, Chris walks us through the transformative idea of "Subscribing to A Better Firm" and explains what it means for tax professionals like himself. He details the trials and tribulations his team faced while implementing this concept and how the benefits far exceeded any worries that may have initially held them back.
Discover how Chris overcame the hurdles of change and adopted modern strategies that not only improved his practice's efficiency but also allowed him to reclaim control over his own life. By embracing new technology, streamlined processes, and a client-centric approach, he was able to redefine his firm's trajectory.
Chris’ journey is a compelling reminder that innovation and adaptability are essential for the continued success of any business. Tune in to this episode to gain insights into how modernization can positively impact your practice, rekindle your passion for tax work, and, most importantly, deepen your client relationships.
Whether you're a seasoned professional or just starting out, this episode is sure to provide invaluable guidance for navigating the ever-changing landscape of the tax industry.
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Welcome back for another episode! Today we jump into the world of tax planning for foreign investors, featuring Angie Ortega, the founder of CEO Accountant. In this discussion, we'll explore a range of real-world client examples that shed light on effective tax strategies for international investors.
What does tax planning for foreign investors entail, you might wonder? It's a crucial aspect of financial management for individuals and businesses with cross-border interests. With Angie's wealth of expertise, we'll demystify the complexities of this field and show you how to optimize your tax situation as a foreign investor.
Throughout our conversation, we'll explore common misconceptions and pitfalls that foreign investors often encounter. Discover the truth about tax planning for international investments and how it can help you maximize your financial returns, regardless of the scale or nature of your investments abroad.
Don't miss out on this opportunity to gain invaluable insights from Angie Ortega, a seasoned professional who has assisted countless investors in navigating the intricacies of tax planning for foreign investments. This episode is sure to offer valuable information for future growth in your practice or help identify the best strategic partners to whom you might be looking to refer clients to.
Tune in and get ready to kick into high gear, your knowledge of tax planning for foreign investors!
The podcast currently has 16 episodes available.