Stories of great success in the tax resolution business. Listen to CPAs and Attorneys on how they have added additional revenue, some of them upwards of a million dollars, to their existing practices.
Tax Resolution Success Show
Claim This Podcastby Michael Rozbruch
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22 episodes
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Podcast Overview
Stories of great success in the tax resolution business. Listen to CPAs and Attorneys on how they have added additional revenue, some of them upwards of a million dollars, to their existing practices.
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Publishing Since
8/14/2019
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Recent Episodes
April 1, 2021
Money Can Buy You Happiness: The Money Mindset with Dr. Patty Ann Tublin
<p>Dr. Patty Ann Tublin is an internationally acclaimed relationship, emotional intelligence and communication expert. She is that rare individual who seamlessly moves among corporations, entrepreneurs and individuals creating business and personal success through her consulting, coaching and professional speaking.</p> <ul> <li>Michael tells the story of his past business partner and his partner’s struggles with his relationship with his wife. The stress she created ultimately ended the partnership.</li> <li>Our conscious and unconscious attitude towards money is formed by the age of 12. It’s formed from the conversations and fights the adults in our lives have when we are in our youth.</li> <li>Fighting about money has nothing to do with whether or not you have money and has everything to do with what the money represents to you.</li> <li>Chances are Michael’s business partner’s wife was raised in a saver household and had a scarcity mindset around money.</li> <li>Depending on how we are raised, we either imitate the path our parents showed us or do the complete opposite. We have a relationship with money just as much as we have a relationship with people and they are both heavily influenced by your environment when growing up.</li> <li>People don’t do a financial audit of their attitudes towards money before they get married, and that can come back to haunt them. As a couple, you need to identify your investing goals and what money represents to each of you.</li> <li>Money is a way to buy stress out of our lives and give us choices that would otherwise not be open to us. Many people deny the role that money plays in our lives.</li> <li>Your money mindset comes into play whenever you make a purchase so it’s definitely a conversation you need to have with your significant other.</li> <li>When it comes to investing, if you don’t invest today to make your future better then you will have to be satisfied with what you end up with.</li> <li>There is no reward without some element of risk, but if you find you or your spouse resistant to the idea of investing in something, you need to address the mindset of why it feels too risky.</li> <li>If you don’t understand your risk tolerance you won’t be able to make timely decisions.</li> <li>Differing risk tolerance is the most common money stressor between married couples. The fear of losing money has to be addressed, acknowledged, and respected. Chances are that fear is from experience.</li> <li>There is a lot of power and control attached to money as well that people should keep in mind. A risk-averse partner might be trying to wield their power over the other, more dominant, partner.</li> <li>One of the most difficult conversations anyone can have is asking for a raise, despite the fact that the amount of money involved is rarely life-changing. Money is fraught with emotion for most people.</li> <li>When someone in a relationship does show resistance to spending money, ask them their concerns and then dig deeper to the real issue. Listen to what’s not being said.</li> <li>If you really want to learn about someone, either live with them or lend them money. The way people pay their bills tells you a lot about them.</li> <li>A couple that is on the same page about money can grow their business faster and with less stress. It may take some coaching or therapy to get there but it’s worth it.</li> <li>As an entrepreneur, you have to understand your relationship with money. How much money will you have to put in your business? What about the money you will have to spend on your personal development? If you don’t figure out your relationship with money before you start your business, there will come a time later when you’ll be forced to.</li> <li>Both partners don’t have to be fully involved in the investments, but there has to be trust and transparency, and clarity on the goals.</li> <li>In marriages where the husband handles the money entirely, it’s often because of the wife’s money mindset. In order to best take care of their significant other, they need to have access to that information. They need to understand where their financial security is going to come from.</li> <li>Every man on the planet has had a woman in their life who has suffered because of their lack of knowledge about money and financial investment.</li> <li>Money is part of the love story. Many people start with nothing and the nest egg is something they build together, so both parties need to be involved and understand what’s happening.</li> <li>Seek professional help and let your money work as hard for you as you do for your money.</li> </ul> <p> </p> <p>Mentioned in this episode:</p> <p>Michael Rozbruch's Tax & Business Solutions Academy - <a href="https://www.rozstrategies.com/" target="_blank" rel="noopener">rozstrategies.com</a></p> <p><a href="https://drpattyann.com" target="_blank" rel= "noopener">drpattyann.com</a></p> <p><a href= "https://www.amazon.com/Money-Can-Buy-You-Happiness/dp/1628652659/ref=sr_1_fkmr0_1?s=books&ie=UTF8&qid=1452118486&sr=1-1-fkmr0&keywords=dr.patty+ann+tublin" target="_blank" rel="noopener">Money Can Buy You Happiness: Secrets Women Need to Know To Get Paid What They Are Worth! by Patty Ann Tublin</a></p>
March 25, 2021
The Future Of Continuing Professional Education is Online at CPAacademy.org with Scott Zarret
<p>Scott Zarret is a CPA who went to school at the University of Maryland and is the founder of CPAacademy.org. They are the largest provider of free continuing education to the accounting profession and have over 365,000 members.</p> <ul> <li>Scott comes from a family of accountants/educators so what he’s doing now is not a far cry from what he grew up with. He started out in public accounting but quickly realized that it wasn’t his cup of tea. He worked several jobs since that first foray into the business until he was introduced to the idea of selling cost segregation studies.</li> <li>He put on his entrepreneurial hat and thought about how to sell something like that and realized that education was the way to go. He put on a live event that went really well but realized that live events don’t scale well, so he started pursuing the idea of online education with a model similar to the major universities.</li> <li>The first few years in business weren’t easy, but that struggle is what taught Scott the lessons he needed to learn in order to build the business he has today.</li> <li>Every state requires an average of 40 hours of continuing professional education to maintain your CPA license. There is no other profession with that level of requirement. From a marketing perspective, this is a great captive audience and there is a huge demand for this kind of education.</li> <li>Anything where you can make the argument that the topic will make the CPA more effective at their job, it will qualify as continuing professional education.</li> <li>CPA academy offers these courses for free so it’s a gold mine for small to midsize firms that care about budget and want to spend their time well.</li> <li>Last year was the tax season from hell, and this year is looking to top it. Around this time last year, the demand for education exploded right after the stay-at-home orders. People were scrambling to understand the recent PPP legislation as well as the new work-at-home paradigm.</li> <li>This year, PPP is still important but there are new programs being introduced that CPA’s need to stay up to date on. Each state has its own programs and bills working their way through the system which leaves a lot of uncertainty in the business.</li> <li>From an educational standpoint, there is going to be a greater shift to online learning no matter what happens with Covid. The flipside to that is that live events and conferences are on the decline.</li> <li>Scott has also noticed a trend towards people looking for content that’s grouped together like a mini-certification.</li> <li>Scott opened the CPA Academy with one goal which was to deliver free continuing professional education. It started off with webinars and is developing in a number of different directions.</li> <li>There are seven main topics that Scott believes are going to be in high demand in the future. They are financial planning, tax controversy, estate planning, non-profits, international tax, retirement planning, state and local taxes.</li> <li>Tax controversy isn’t as popular as it should be which is probably an advertising issue, but it can be extremely difficult for CPA given all the educational content available.</li> <li>Bankruptcy, tax resolution, and tax controversy go hand in hand and we are seeing the biggest spike in bankruptcies right now since 2010. Of the 110,000 businesses that have closed during the pandemic, many of them are going to owe income taxes. For most CPA’s, they need to realize that a quarter to a third of their existing clients are going to need tax resolution representation in the near future.</li> <li>CPA’s and EA’s need to at least know the basics with regards to dischargeability. You don’t need to know everything about bankruptcy, you just need to know how to interpret and read the basic documents and be able to refer the client to the right professional.</li> </ul> <p> </p> <p>Mentioned in this episode:</p> <p>Michael Rozbruch's Tax & Business Solutions Academy - <a href="https://www.rozstrategies.com/" target="_blank" rel="noopener">rozstrategies.com</a></p> <p><a href="http://CPAacademy.org" target="_blank" rel= "noopener">CPAacademy.org</a></p>
March 11, 2021
Scale Your Accounting Business With Offshoring and Remote Work with Chris Rivera
<p>Chris Rivera is the director of client relations and business development at Entigrity, a leading offshore solutions provider to the tax and accounting space. Chris’s background had always been in client relations. He came from the corporate world and worked in a number of industries but he wasn’t particularly happy with the work. It wasn’t until he saw a job posting for a remote worker did Chris learn about a new way of doing things.</p> <ul> <li>Chris began working for his future founding partner who was an accountant and got a crash course in accounting over the next six months. He began working with clients and developing those relationships to help grow the fledgling business.</li> <li>Going through the remote hiring process himself helped establish the framework they use to help accountants find remote employees now.</li> <li>Remote work has been around since the introduction of the internet, but in most industries, it hasn’t been fully embraced until recently.</li> <li>The CPAs that Chris talks to generally need a fair bit of education to help them understand the remote aspects of the work. He helps address their concerns and uses the initial call to determine exactly what they require from a remote worker.</li> <li>Once onboarded, the client is assigned a relationship manager to help keep the lines of communication open. The client gets to interview the potential candidates for their project so they have full control.</li> <li>There is a difference between outsourcing and offshoring. They seem the same to many people, but with the offshoring model, you still have control over the employee. Working with somebody that is part of your team is a great way to scale a business while remaining flexible.</li> <li>There has been a spike in business since May of last year. The pandemic is showing everyone that they can work with anyone anywhere. This technology has also made it easier to conduct business as well.</li> <li>Clients call Chris for a number of different reasons, the main ones being bookkeeping, audits, and accounting. It’s always important to diversify your resources, and that includes your team.</li> <li>In regards to audits, clients are mainly looking for data entry work so they don’t get completely bogged down and end up working late hours. It’s much more cost-effective to offshore certain kinds of work.</li> <li>Staffing shortages in accounting are a big problem. This makes the cost savings of Entigrity for their clients even more important.</li> <li>The sweet spot for Entigrity clients is in the 10 to 15 employee range, where they tend to plateau and have trouble finding more people locally and taking on additional work.</li> <li>A common concern is privacy. Chris finds that most accountants they work with are worried their clients will not be willing to give their consent to allow a third party to work on their files, but the reality of the situation is that the vast majority of people don’t care. Most clients just want the work done at a reasonable price.</li> </ul> <p> </p> <p>Mentioned in this episode:</p> <p><a href="https://www.rozstrategies.com/" target="_blank" rel= "noopener">Michael Rozbruch's Tax & Business Solutions Academy</a></p> <p><a href="https://www.entigrity.com/" target="_blank" rel= "noopener">Entigrity.com</a></p> <p><a href="https://www.linkedin.com/company/entigrity" target= "_blank" rel="noopener">Entigrity on LinkedIn - linkedin.com/company/entigrity</a></p> <p><a href="https://www.linkedin.com/in/chrisriveraus/" target= "_blank" rel="noopener">Chris Rivera on LinkedIn - linkedin.com/in/chrisriveraus</a></p>
22 total episodes available
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