The Mr. R Show

Chris Picciurro and John Tripolsky

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The Mr. R Show

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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Ep. 19 | Implementing Financial Planning Into A Tax Practice

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: "Every financial advisor out there wants to partner with a CPA so that you'll refer clients to them." - Scott Nelson"Taxes are probably going to be the biggest expense that will eat away at your wealth creation." - Trey Junkins"As CPAs or tax professionals, we have insights into what someone's asking and understanding the tax ramifications of their decisions." - Chris Paciro"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"It was important to be proactive and have those conversations with other financial advisors upfront." - Trey JunkinsResources: 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 (03:10) - Transitioning From Accounting to Financial Advising in Florida (08:48) - Maximizing Revenue Through 1031 Exchanges and Tax Strategies (09:19) - From Corporate World to Small Business Accounting Passion (12:35) - Merging Accounting and Wealth Management for Strategic Growth (16:00) - Opportunities in Tax Planning and Financial Advisory Integration (22:21) - Navigating Licensing and Coordination in Wealth Management Services (24:18) - Navigating Post-Merger Challenges and Maintaining Client Privacy (24:57) - Navigating Ethical Challenges in Financial Advisory Licensing (27:27) - Exploring Financial Advisory Roles and Compensation Models (36:31) - Financial Planning Strategies for Retirees in Southwest Florida (45:18) - Navigating Compliance and Collaboration in Financial and Tax Advising (52:14) - Scaling Tax Practices with Expert Insights and Mastermind Sessions

56min
17 DE JAN.

Ep. 18 | Navigating Post-Election Tax Strategies

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: "I do tax planning for taxpayers based on what I know now, not what I think might happen.""Sometimes no decision is A decision.""Having those longer-term relationships with your clients is really important.""Let's look at, are tips going to become tax-free? Is overtime going to be tax-free?""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.comNational Association of Tax Professionals: natptax.comTax Foundation: taxfoundation.orgFor 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 (02:08) - Post Election Tax Planning for 2025 (08:43) - Tax Planning Amid Uncertain Legislative Changes (09:59) - Building Trust Through Membership in Private Practice (10:53) - Tax Planning Strategies Amid Changing Laws and Client Behavior (13:12) - Political Landscape and Republican Majority in 2025 (15:08) - Tax Strategies Amid Potential Changes to Corporate and Individual Rates (22:44) - Debating Salt Preferences on Pizza and Soft Pretzels (24:57) - Potential Changes in Tax Deductions and Exemptions (28:33) - Understanding Estate Valuation and Tax Implications for Business Owners (30:58) - Potential Changes in Bonus Depreciation for Real Estate Investors (34:00) - Proposed Tax Changes and Their Potential Impacts (41:30) - Tax Strategies for Individuals Amid Changing Laws (44:25) - Estate Planning Strategies Amid Changing Tax Exemptions (47:29) - Tax Strategies for Business Owners and Real Estate Investors (53:21) - Integrating Financial Planning Into Tax Practices for Future Success

58min
15/12/2024

Ep. 17 | Mastering Strategic Partnerships

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

53min
15/11/2024

Ep. 16 | Navigating the Cannabis Tax Maze: A Guide for Tax Pros

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 & AdvisoryConnect with Kareyna on LinkedInMRR Institute: Resources, coaching, and opportunities offered for Tax ProsMichigan Association of CPAs: Resources for professional development and updates within the tax industryStay 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 (03:21) - Kareyna Miller, CPA's Journey to Cannabis Industry Accounting (09:11) - Navigating Complexities of Cannabis Industry Accounting and Regulations (12:49) - Navigating State-Specific CPA Compliance and Attestation Requirements (18:39) - Navigating Accounting Challenges in the Cannabis Industry

53min
15/10/2024

Ep. 15 | Unlocking Tax Planning Strategies for Maximizing Client Value

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 (06:46) - The Value of Tax Professionals as Navigational Guides (09:24) - The Value of Tax Planning Over Tax Preparation (12:34) - Overcoming Gym Hesitation by Wearing Workout Clothes to Bed (12:55) - Mastering Tax Planning Through Strategic Implementation and Differentiation (16:54) - Strategies for Effective Tax Planning and Client Diagnosis (22:09) - Inconsistent Clothing Sizes and Tax Rate Analogies (22:51) - Monetizing Tax Planning Through Strategic Implementation (27:25) - Tax Planning Strategies for Young and Retired Couples (37:41) - Customizing Tax Plans for Diverse Client Needs (40:13) - Tax Strategies for a High-Earning Pet Therapist in California (45:09) - Advanced Tax Strategies for Small Business Owners (49:00) - Monetizing Tax Strategies and Offering Client Value

51min
15/09/2024

Ep. 14 | Unlocking Real Estate Through Cost Segregation Studies

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: "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 Re

57min
15/08/2024

Ep. 13 | Buy vs. Build A Successful Tax Practice

FREE CPE (1 credit) via EarMark: https://earmark.app/c/1778 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. 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 Professi

52min
15/07/2024

Ep. 12 | Exploring Tax Strategies and Benefits of Short-Term Rentals

FREE CPE (1 credit) via EarMark: https://www.earmark.app/course/db3262bd-66a7-426a-828c-c445d7baa1ee 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. 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 Kolodij Resources (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 Proper

56min

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.

Criado por

Chris Picciurro and John Tripolsky
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2023 - 2025
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19
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© Monthly Recurring Revenue Institute LLC
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