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Strategy, Tax, Accounting and Risk Management. You have entered the world of accounting. The place where business dreams and financial reality collide into things like journal entries, debits, credits and financial statements. . EVERYDAYCPA podcasts, helps you and your business better compete, better succeed and win, baby, win!

EverydayCPA Podcast | Strategy | Tax | Accounting | Risk Management Kelly Coughlin, CPA, CEO, EveryDayCPA

    • Предпринимательство

Strategy, Tax, Accounting and Risk Management. You have entered the world of accounting. The place where business dreams and financial reality collide into things like journal entries, debits, credits and financial statements. . EVERYDAYCPA podcasts, helps you and your business better compete, better succeed and win, baby, win!

    Great Tax Strategy with Effective Tactics

    Great Tax Strategy with Effective Tactics

    Date:     August 28, 2019                             
    Attendee and Guest:   Kelly Coughlin, CEO, EveryDay CPA – John Brooke, CPA & CEO Taxes Mastered                      
    Hello, this is Kelly Coughlin, CEO of EveryDay CPA.  “Strategy without tactics is the slowest route to victory.  Tactics without strategy is the noise before defeat.” That was said in the 5th century BC by the famous Sun Tzu.  My guest today is a CPA and CEO of a very interesting company called Taxes Mastered, and they have a sub-title Advanced Tax Strategies.  My guest, John Brooke, is a seasoned educated and experienced professional with over 25 years of experience at Big 6 firms, I suspect they were probably Big 8 back then.  He got a CPA back in 2007.  And what I find interesting about John is he and his firm really focus on tax strategy, and he lets the rest of us focus on tax tactics, and that plays into my Sun Tzu opening, “Strategy without tactics is the slowest route to victory.”  So, John, tell us, is your company on the way to a slow route to victory because you know that tactics or do you have something else in mind?
    John:   Well, thanks, Kelly, first for letting me be on this program.  I think our company is on the fast track to victory.  And the reason is that, in my opinion, in the tax world victory begins with a good tax strategy.  The tax code for the small business owner is actually their friend.  Taxes are the enemy.  When I started with Peat Marwick and Mitchell in 1975 in their Phoenix office the first thing they taught me is understanding the why of the client,  what the client is trying to accomplish; and then once you know that it makes it easier to make good solid decisions.  And the tax code wants you to start with your vision, what you are trying to accomplish.  And once that is understood then the tax code has a variety of parts that can accomplish that and still be in harmony with your vision.  So my answer, Kelly, is strategy is the fast path to victory for the taxpayer.
    Kelly:   Interesting. So, John, tell us a little bit about John Brooke, where you live, what you are doing and why you have launched your new great enterprise.
    John:   Kelly, I graduated from Arizona State University in the honors program in accounting in 1975.  Upon graduation, I went to work for Peat Marwick and Mitchell in their Phoenix office which was the largest of the Big 8 firms.  And I worked for them for 4 years until July 1, 1979, then I opened up my own CPA firm in the Phoenix area.  It expanded to a firm in Nogales, Arizona, there on the border with Mexico, and my practice grew to uncover most of the west coast.  For a while, I had an office in Washington DC but the logistics for that were not good.  When I left Peat Marwick I started in the tax area, and I started building my tax firm predominantly by representing other CPAs and tax attorneys, in appeals, and in tax court.  So I was very much involved with defending other people’s tactical execution on the tax return, meaning, how it was prepared. But an interesting question kept coming up from my clients, and that was, John I think we just pay too much in tax.  And my common response was, yes, it is hot in Phoenix in the summer and there is nothing you are going to do about it.  This is what it is. But I have taken a lot of mathematics classes at the university dealing with collection of data, large data numbers and things like that, and so I started to quantify some of our clients and to see if there was a common pattern that I could discover in that quantitative analysis that would explain why people pay too much in tax.  And over a period of time a conclusion came up, and by now we are into the mid-80s, and that conclusion was that 85% of all small business people pay too much in income tax, and there was a

    • 26 мин.
    What do Truckers and Visually impaired Have in Common?

    What do Truckers and Visually impaired Have in Common?

     
    Date:              August 2, 2019
    Attendee and Guest:   Kelly Coughlin, CEO, EveryDay CPA –                                         KC Truby, Founder/Chief                                       Executive, TALK Accounting
    Good morning business owners, it is early a.m. on a Saturday and I know most of you are up and at them, ready to carpe diem. That is seize the day, if you don’t remember your Latin.   This is Kelly Coughlin, CEO of EveryDay CPA.  One of our tagline themes at EveryDay CPA is “We help business owners use debits and credits as weapons of mass competition.”  Frankly, I really want to say as weapons of mass destruction of their competition but the politically correct police discourage me from saying anything that relates to violence. Even though we use Sun Tzu, a brilliant 5th century B.C. military strategist as the foundation of our business strategy, they are apparently okay with that but not weapons of mass destruction.
    Regardless, today I am going to interview KC Truby, founder, and chief executive of Talk Accounting, TALK Accounting.  KC and his team have created a new accounting program that connects with QuickBooks, but the transactions, the journal entries, the debits and credits of mass competition, destruction, are entered into your QuickBooks, not by some part-time bookkeeper that comes in twice per month, rather, by you the business owner, in the field, on the job.   In a sense, it’s just like Uber disintermediated the taxi business through their technology that connected a buyer and a seller directly, without the need for a dispatcher. KC’s team has disintermediated the need for a bookkeeper to input many debits and credits of mass destruction.  To be clear, I am going to rephrase that.  KC’s team has disintermediated the need for a bookkeeper to input many debits and credits but, to be clear, it doesn’t completely illuminate the need for an accountant or a bookkeeper, rather, it frankly makes better and more efficient use of their time, and from my perspective, it makes it a more interesting job.    
    With that, I’ll introduce KC Truby at TALK Accounting.  KC, how are you today? 
    KC:    Kelly Coughlin, I am doing fine.  I am excited to be here.  It’s summertime out here in Arizona so we are a little toasty today, but let’s tell some people about mass destruction of the competition or about mass prosperity by using debits and credits as weapons. I love that sentence, that was fascinating,
    Kelly:    Great.  Well, before we get into your background, KC; I have a couple of questions for you on that.  Tell me, what was the need that you saw in the market place and how are you fulfilling that need with your TALK Accounting solution?
    KC:     So, I owned a little training company out here, and I am talking to one of my new college graduate kids, a little whiz kid that was sitting in there and was helping me do some programming, my wife walked in with the American Express bill, 12 pages long.  She starts going through line by line, what was this for, what was this for?  And we have been through this little song and dance off and on for 40 years and so I just started making stuff up because I couldn’t remember what I spent money on three months ago.  She walks out after a few minutes and my employee sitting there looking at me, says, “Did you just lied to your wife?”  [Laughs] I just made all that up.  And I said, you know what’s really funny, she knew I was lying the whole time. And the whole premise, the whole idea was there that we can’t remember what we did, but it’s a constant problem not to record the business intent at the moment of a transaction.  And this young gentleman said, you know that artificial intelligence, voice recognition, I’ll bet you if you jus

    • 21 мин.
    Election Year Volatility: Managing the Risk of Market Decline

    Election Year Volatility: Managing the Risk of Market Decline

    Date:      August 9, 2019
    Attendee and Guest:   Kelly Coughlin, CEO, EveryDay CPA – Kirk Chisholm, President – Innovative Wealth &                                                                     InnovativeAdvisory Group  
    Good morning everybody, this is Kelly Coughlin, CEO and CPA of EveryDay CPA, providing star services of strategy, tax, accounting and risk management services to businesses and business owners.
     Today I am going to interview the CEO of a very interesting wealth management firm.  He specializes in two primary areas, using alternative investments like real estate to complement a traditional portfolio of stocks, bonds, and cash, and the second is creating a traditional portfolio of stocks, bonds, and cash, but complementing that portfolio with what we call inverse correlated assets.  An inverse correlation, also known as negative correlation, is a contrary relationship between two variables, so they move in opposite directions.  Or, to put it simply, when one bucket of assets goes up in value the other doesn’t go up or doesn’t go down.  And when taken in combination, they together produce a good and reasonable rate of return. The popularity of this type of strategy has been growing substantially in the past four or five years and used by institutional investors for many, many years.  But on T.V. you could see ads like crash proof retirement, which at their core simply used insurance annuities to offload the risk to insurance companies.  But then you will also see guys like Ken Fisher saying, Never ever hold an annuity.   It’s no wonder the people are confused, but in steps, my guess today, Kirk Chisholm, President of Innovative Wealth and Innovative Advisory Group.  Kirk, how are you today?
     Kirk:     I am doing great Kelly.    I am doing awesome on this wonderful Sunday morning.
     Kelly:   Great.  And we already discussed, your kids are going to the water park?
     Kirk:     Yes, yeah.
     Kelly:   I have been to Kirk’s swimming club in the Boston area and - he has to pay a membership for that, and now his kids want to go out and spend another 50 bucks today, right?
     Kirk:     Fifty bucks, Kelly, you don’t live in the Boston area, do you?  That would be nice if it was only 50.  The cost of happy three kids.
     Kelly:   Kirk has a lovely wife that I have met, and I am sure there is, “Can’t we just go to the club, and it is right around the street”, and you lose that argument, right?
     Kirk:     Yeah, every single time.
     Kelly:   Great. Well, I have known Kirk for many years, folks, and his firm.  And in fact, we have liked each other so much we decided to start working together.  You might ask, why would an accounting firm do work with a wealth management firm?  Sometimes people pit the two as arch enemies.  Well, Kirk and I certainly are not.  But here is how it fits into my company, EveryDay CPA, we do four primary things here, we call it our Star services, S T A R, Strategy, namely business strategy, Tax, Accounting and Risk Management.  And this work with Kirk and Innovate Wealth is the key element of the R component, the risk component of the STAR system.  And the reason I am doing this podcast now, today, at this moment is because it is especially important.  There are two things going on. Number one, we are at some point in the continuum of the Trump Rally and two, we have a presidential election coming up next year.
    First, the Trump Rally.  The market is up about 37% since Trump’s election.  Now, note that at this point in Obama’s presidency, that is, at this point in the number of days of his presidency the market was up 52%.  And ultimately, by the time he was out of office the market was up 147%.  Now, we all know the reason those numbers are so high for Obama.  By the

    • 31 мин.
    William McConnaughy on Tax Resolution (part 1 of 2)

    William McConnaughy on Tax Resolution (part 1 of 2)

    Date:                              June 1, 2019??        
    Attendee and Guest:   Kelly Coughlin, CEO, EveryDay CPA – William McConnaughy - PART 1
    Good morning, this is Kelly Coughlin, CEO of Bank Bosun, hope everybody is doing well.  You know, dealing with the IRS for a business or a personal tax resolution can be a challenging endeavor.  Today we are going to talk about Business Tax Resolution.  As we head into the end of the year I thought it would be helpful for community and regional bankers to hear from an expert in dealing with the IRS and various state taxing authorities.  We are not going to focus on tax planning, rather, we are going to focus on tax liability resolution.  That is, resolution of a business tax liability, that’s today’s topic, after the IRS has notified you of an amount due.  With that, I have on the line, I hope, William D. McConnaughy, a CPA, he has got 28 years of professional tax experience and he is the twin brother of Matthew McConaughey. No, that’s not true, that’s a big lie.
    William:               That’s not true.                                                       
    That is not true, but it sounds better.  He is successfully, that is Bill McConnaughy, successfully resolved over 4,000 cases.  He is a former IRS Revenue agent, beware, and has a Masters in taxation and is a CPA.  He has got two children.  His son is in the air force, bravo for that, and his daughter works in the cinema industry.  So, he has got insider knowledge about how the IRS personnel think, or don’t think, what pressures they are under and how to work with them successfully.  Bill enjoys automotive racing and collecting, we’ll find out what he likes to collect – money I suppose - mixed martial arts and college football.  So, I think, Bill, you are on the line.
    William:               Hi Kelly, good morning.
    Kelly:                    How are you doing?
    William:               Good, how are you?
    Kelly:                    Great, thank you for joining us on It’s Saturday Morning.  Bill, you are out in   Sacramento, I believe, correct?
    William:               Correct, yes, Sacramento, California. 
    Kelly:                    Great.  Well, other than the fact that you are not related to Matthew McConaughey, did I get everything else right?
    William:               Everything else is correct. 
    Kelly:                    Great.  Anything else you want to add about your personal situation there so the audience gets a better feel for that?
    William:               Oh no, the personal bio is pretty good, right on.
    Kelly:                    Okay, great.  Well, let’s dig right into it then.  I am going to start with a question here that, it might be fairly obvious to you, but is it fair to say, we are talking about business tax situations here, is it fair to say that a routine business audit is normally the event that would trigger an unplanned business tax liability?
    William:               No, I wouldn’t say that that is usually the reason why there is an unplanned business tax liability. It can be, I mean, it certainly can be but usually, based on my experience, when there is an unplanned business tax liability it’s usually a result of unforeseeable, either business problems that come up with running the business, managing the business, or it could be where there is an unplanned or unexpected personal financial bad worth…the owner of the business needs money to take care of personal matters.  And in both cases, what happens is that the business or the business owner will take money that

    • 21 мин.
    McConnaughy on Tax Resolution (part 2 of 2)

    McConnaughy on Tax Resolution (part 2 of 2)

    Good morning, this is Kelly Coughlin, CEO of Bank Bosun, hope everybody is doing well.
    You know, dealing with the IRS for a business or a personal tax resolution can be a challenging endeavor. Today we are going to talk about Business Tax Resolution.  We are going to focus on tax liability resolution, that is, resolution of a business tax liability after the IRS has notified you of an amount due. 
    With that, I have on the line, William D. McConnaughy. He is a former IRS Revenue agent, beware, and has a Masters in taxation and is a CPA.  So, he has got insider knowledge about how the IRS personnel think, or don’t think, what pressures they are under and how to work with them successfully.  
    Kelly: So, I think, Bill, you are on the line.  Let’s talk about business liability, tax liability. I like things in threes and fives so let’s talk about the top five tax liability categories that you end up working on for businesses or the events that created it. Is it, you know, the long term capital gains and you get this big tax liability?  Is it an audit?  I assume  that employment tax withholding for compensation, that’s one of those things that you can’t do too much with, I would imagine, because that’s one of the most egregious events, right, that’s created but give me like top five things that you work on like for businesses.
    William: For businesses, I am not sure if there is five but I’ll list a couple.  First and foremost, far and away, the number one problem is employment taxes, payroll taxes, where the business owner or the business doesn’t turn over withheld payroll taxes to the IRS like they are supposed to, that comes up frequently.   And the reason again is that, there is usually a good reason where the business need that money to take care of unexpected things that come up either within the business or the business owner personally.  It is unpaid payroll taxes that the company withholds from the employees’ wages, they are supposed to turn them over to the government and they don’t, for various reasons.   That’s number one.   Far and away, number two would be the income taxes, company income taxes, but by and large it’s almost always the payroll taxes that’s the troublesome thing, and the reason being is because it is so easy.  I mean, the company is supposed to turn this over every three months because there is a quarterly filing requirement. And it’s very easy because there is nobody there to stop the company or the company owner from just saying to themselves, you know, I need this money right now for other purposes, and that’s what they do with it. So, that’s it, I wouldn’t say there is five but there is certainly the payroll taxes and the income taxes, but payroll, far and away is the bigger problem of the two.   
    Kelly: Okay, and on the payroll side let’s focus on that one then, many, many companies outsource payroll to like Quick Books, ADP, you know, a handful of companies that do payroll processing, I know, I am the CEO of a company.  We didn’t see the payroll taxes, we outsourced the entire service.  I never wanted to see that money, just make sure it gets deposited.  Then it got me concerned, I think there are a couple cases I had read about where even if you are using an outside service you better make sure that that outside service, it settles withholdings unto the IRS or they are going to come back and look at you. Is that a fair statement?
    William:               That’s absolutely fair, with the payroll services, and as you are mentioning, there are large ones that are nation-wide, and they do a pretty good job of it. I use Paychex, one of two of the largest, they do a pretty good job of it but even they can make honest mistakes so it’s still your responsibility to make sure that those payroll taxes are going in like they a

    • 18 мин.
    IRS Revenue Hunter: Where is the Easy/Hard Hunting Grounds? (PART 3)

    IRS Revenue Hunter: Where is the Easy/Hard Hunting Grounds? (PART 3)

    Greetings, this is Kelly Coughlin, CPA, and CEO of EveryDay CPA providing tax accounting and revenue solutions to individuals and businesses throughout the U.S.
    In today’s podcast, I am going to interview a former grizzly bear. Yep! In a former life, for 30 years, he was a grizzly bear who took the shape of an IRS Officer, seizing assets and pursuing DOJ tax lien foreclosures. David Ronquillo began his career as a revenue officer in 1980 in Seattle. He has held positions as Field Collection Group Manager and Senior Collection Policy Analyst. Currently, he is helping tax professionals increase their knowledge and skills representing clients who are dealing with the IRS Collection operations. David, I want to welcome you to the EveryDay CPA Podcast.
    Kelly: I have a couple more questions on kind of the behind the scenes dynamics of the collection area, one is, what are some of the motivators or behind the scenes incentives that influence an agent that works on these cases, that work in favor of the taxpayer, and certainly which ones don’t work in favor of the taxpayer? I am thinking, you know, there is a pressure to close the case to get it off the table, right? We have heard all that, is that a fair statement, that there is the pressure to gets things closed, right?
    David: Right.
    Kelly: Does that pressure help the taxpayer or hurt the taxpayer or is a neutral?
    David: It can depend, and I can see it go both ways, for example, if it’s an egregious case, you know, the way that they ran the tax up, you know, a trust fund recovery penalty is a classic example. IRS may spend more time on it digging for assets or digging for a way to collect what is owed, simply because of the way the tax was generated or how cooperative - did they do what the revenue officer asks them to do or are they going out to try to refinance their house? So, in those instances, the case may be directly classified as a case that’s over-age. It used to be nine months. If the case was older than nine months in the inventory it was over age so then management starts looking at it a lot closer trying to figure out, what do we need to do to close this case? But if it’s a good enough case where it should not be closed, the IRS is not going to close it. On the other hand, if it’s a simple payment agreement, taxpayers can come in, they can make monthly payments, case is getting old, hey, let’s get the payment agreement written up and let’s get it closed. Let’s move on to something else. So, the pressure on closing the case can work both ways, it just depends on what your circumstances are. In dealing with the revenue officer, I always take the choice, because I hear these advertisements on the radio, oh, yeah, we do battle with the IRS, we fight the IRS, this and that. I don’t fight the IRS because it’s not effective. When people would fight me or fight my revenue officers, it was never effective because I used to tell taxpayers when I was a revenue officer, you don’t want to cooperate, fine, I will clear my desk and I will just have your case on my desk and I will spend all my time on it trying to figure out how I am going to collect from you, okay? So, because you are having an interaction with another individual, another human being, and people like to be treated well, like to be treated nice, the revenue officer is the same way, they go home from work to a family, to a family dog, they are regular people. So, I always advocate, try to solve the case for the revenue officer. If you know what the rules are, the procedures are, what the internal revenue manual calls for with the case within those parameters. If they owe tax you know that the revenue officer is going to want a 433-A, a financial statement or if it’s a business 433-B, you know what the standards are, don’t ask the revenue officer to grant $5,000 expense for mortgage and

    • 20 мин.

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