1:42 Michael Scherer, tell me a bit about your company and how did you get to where you are today?

2:40 What makes 1031's so complex? Tell us more about that.

3:31 There are certain little tips and tricks that I like to throw out there around 1031 exchanges that people can get trapped in

4:35 There are certain states that don't necessarily recognize like kind exchanges like others. Is that correct?

5:59 What are some other things to kind of look out for and who's a good...how would a tax advisor identify the right clientele for like kind exchanges?

8:45 The like-kind exchange used to qualify a lot of different types of property. Now it's specific to real estate and investment property. Is that correct?

9:31 Tell us a little bit more about using a Delaware Statutory Trust.

11:38 Now why is it so important for advisors, accountants, etc. to work with a company like your's to do these things?

16:27 Is there talk of any changes to the tax regs around like kind exchanges?

19:41 Talking a little bit more about the accounting profession or what not - is there a particular piece of advice that you may give an accountant if they're looking to start adding more advisory services into their portfolio and to start working for companies like your's?

25:19 I'm curious if there's a particular case with a client that you've worked with that maybe went off the rails, and you got back on track, and you were super excited about it. Or you just had an immense amount of savings. Can you think of an example of something like that where it was really unique or special to you when it comes to the savings involved?

37:25 Rich Dad Poor Dad book by Robert T. Kiyosaki:

https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194

🔗 Connect with Michael Scherer

https://www.linkedin.com/in/michael-scherer-8147504/

https://www.rcxcapitalgroup.com

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

---------------

In this episode of The Concierge CPA, Jackie Meyer interviews Michael Scherer, Senior Regional Vice President of RCX Capital Group, discussing the complexities of 1031 exchanges and the best strategies for real estate investors. Michael sheds light on how 1031 exchanges, particularly Delaware Statutory Trusts (DSTs), can provide significant tax savings and portfolio diversification for real estate owners. He emphasizes the importance of working with qualified intermediaries and solution-agnostic advisors to navigate 1031 exchange investment options, ensuring clients maximize their tax benefits.

One of the key takeaways from the conversation is the importance of real estate strategies that help clients defer capital gains taxes. Scherer explains how RCX Capital offers a tailored approach to 1031 exchange investments, focusing on the unique needs of each client. He shares case studies that highlight innovative combinations of 1031 exchanges and Opportunity Zones to optimize outcomes. Additionally, Scherer introduces a zero-cashflow DST strategy, allowing exchangers to refinance up to 85% of their equity, offering greater flexibility and liquidity.

Michael also discusses the broader landscape of real estate strategies, emphasizing that high-net-worth investors with significant capital gains should explore best 1031 exchange investments to ensure long-term wealth building. By working with firms like RCX Capital, clients can access a variety of 1031 exchange investment options, including passive real estate...

4:04 Rob Nixon - who coaches accounting firms

6:44 Where are the offices of TOA Global? How did you decide where to put offices?

10:10 In Entrepreneurs' Organization (EO), you can only give advice if you've actually lived that experience before - good or bad. But you cannot give advice if you've never done it.

10:21 With outsourced functions, what all do ya'll provide? What are accounting firms kind of demanding or really needing right now? What's in high demand?

12:17 What are your thoughts around advisory and how much accounting firms - financial advisors...do you help support that transition towards advisory as well?

15:17 In the U.S., you just throw CPA or EA in a bucket and the client just assumes they do everything, and to me I feel like there should be some more oversights

16:34 Why do firms need to outsource, and what is this kind of crisis that we're in right now?

20:02 A lot of the bigger firms are already outsourcing. Some successfully. Some not. Where is it going wrong, versus how you found it to go right?

22:18 Tell me a little more specifics about how your process works. So, I come to you and I say "Hey, I need a bookkeeper." Do you go find that talent that has the experience level that I'm asking for?

23:10 Who would not be a good fit for outsourcing?

30:40 The role of AI: Are the services and work that you're supplying - is it going to change drastically?

32:32 What would you say is the biggest problem that smaller accounting firms face today?

34:10 Dan Martell, Author of Buy Back Your Time - https://www.BuyBackYourTime.com

37:11 Accounting firms need to be inspirational

39:10 Shirley Koss at TOA Global: https://www.linkedin.com/in/shirleykoss

🔗 Connect with Nick Sinclair

https://www.linkedin.com/in/nicksinclair

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

---------------

In this episode of The Concierge CPA, Jackie Meyer sits down with Nick Sinclair, Founder and CEO of TOA Global, to explore the benefits of outsourcing and how it can help accounting firms scale efficiently. Nick shares his journey from running his own financial planning firm to founding one of the largest global outsourcing firms for accounting professionals.

Nick discusses how to go global with your accounting firm and why outsourcing accounting tasks can help firms overcome the talent shortage and increase capacity. He emphasizes that outsourcing goes beyond just reducing workload—it frees up time for firm owners to focus on higher-value services like tax advisory.

A significant takeaway from the conversation is Nick’s insight into the cultural nuances of working with global teams, particularly in the Philippines, and the importance of integrating these teams into your firm’s culture. He explains how outsourcing has shifted from simply offloading tasks to developing long-term relationships with team members across the globe.

The episode also delves into strategies for successful outsourcing, including setting clear goals, ensuring effective communication, and creating a leadership mindset that fosters collaboration. Whether it’s bookkeeping, tax preparation, or client advisory services, outsourcing allows firms to leverage global talent to maximize efficiency and growth.

If you’re looking to scale your firm, learn how to outsource accounting tasks effectively, and understand the benefits of a global workforce, this episode offers practical

2:33 Tell us a bit about your firm and how you got to where you are.

3:45 What was the best and worst thing that happened when you went fully virtual and remote in your firm?

5:28 Get a little vulnerable with us. What is the hardest thing that happened, and how did you - or are you still working on overcoming it?

7:18 You said you fell in love with tax prep and review. You're one of the few people I've heard say that. What made you fall in love with tax prep?

8:32 What's your favorite thing out of all the activities you do now?

9:29 Client meetings: Did you move that to completely virtual, or is there an in-person option?

10:50 Speaking of tax planning, you mentioned that you recently, within the last year, had your biggest tax plan ever where you saved someone $1 million. Is that right?

14:13 We have a new growth plan at TaxPlanIQ.

18:20 I reached out to my favorite author Gino Wickman who wrote Traction: Get A Grip On Your Business.

19:21 I had Brandon Hall on The Concierge CPA.

21:00 Hopping back over to real estate: The short term rental loophole - tell us a little bit more about that, and tell us about what is going on with legislation there.

25:02 Are ya'll taking new clients, or are you maxed out?

27:43 Earlier you hinted at some unique ways you onboard clients and certain questions that you ask. We talked about this is something that is kind of unique to your firm. Tell us more about what you do.

31:20 People love transparency.

36:13 What do you think the biggest challenge is for small business owners or entrepreneurs, whether accountants or any white collar / blue collar business owner?

40:34 You spent the last year in an RV. Tell us all about that.

44:16 If anyone is interested in the home schooling: You mentioned some online resources. Is there a particular place you recommend people would go to start looking at that?

47:09 How can people reach out, or what is your handle to follow you on LinkedIn and Twitter?

🔗 Connect with Chad Huebsch

https://twitter.com/TheTaxNomad

https://www.linkedin.com/in/chad-huebsch-ea-ctp-5b71aa54

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

Outschool:

https://www.outschool.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

---------------

In this podcast episode of The Concierge CPA, host Jackie Meyer interviews Chad Huebsch, a former student of her coaching program and an accounting firm owner who transitioned to virtual work while traveling across the country with his family in an RV. They explore Chad’s entrepreneurial journey, highlighting his shift from a corporate career to running his own firm and how he found his passion for tax prep and advisory services, particularly for small business owners and real estate clients.

Chad emphasizes how going virtual significantly improved his work-life balance and expanded his hiring options, allowing him to recruit talent nationwide, a key benefit for entrepreneurs adapting to virtual work environments. Chad’s firm runs entirely remotely, and he shares how the firm handles the challenges of maintaining human connection and team cohesion with daily huddles, which foster communication and collaboration despite the physical distance.

One pivotal moment in Chad’s journey was when he sold his largest tax plan, saving a client $1 million in taxes. The plan focused on complex strategies like the qualified small business stock exemption and cost segregation....