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.
    Monthly Recurring Revenue Institute LLC
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  • 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
  • Ep. 12 | Exploring Tax Strategies and Benefits of Short-Term Rentals

    Ep. 12 | Exploring Tax Strategies and Benefits of Short-Term Rentals
    2024/07/15
    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
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    56 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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