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

    Ep. 15 | Unlocking Tax Planning Strategies for Maximizing Client Value
    2024/10/15

    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
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    51 分
  • 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
  • Ep. 11 | Future-Proof Your Tax Practice with AI

    Ep. 11 | Future-Proof Your Tax Practice with AI
    2024/06/15
    FREE CPE (1 credit) via EarMark: https://bit.ly/4baSg5PEpisode Summary:In this enlightening episode of the Mr. R Show, hosts John and Chris dive deep into the transformative power of AI in the tax and accounting industry, featuring industry thought leader John Higgins. Against the backdrop of returning from a brief hiatus, they explore the future of tax practices and the significant role of artificial intelligence. John kicks off the conversation emphasizing the necessity for harmony between work and life while achieving profitability, a central theme of the show.John Higgins sheds light on his journey from traditional CPA roles to becoming a tech and AI strategist. With the rise of AI, particularly generative AI like chat GPT and Microsoft Copilot, John discusses how tax professionals can leverage these tools to improve efficiency and client advisory services. The conversation touches on concerns about AI causing intellectual laziness but overwhelmingly favors the positive impacts on the industry. They share practical insights on using AI to automate Excel tasks, enhance tax planning, and even streamline PowerPoint presentations, emphasizing the substantial time savings and improved quality of work.About the Guest (John Higgins): John Higgins is a well-regarded figure in the accounting and CPA profession, with a career spanning several decades in technology and professional education. He began his career at a local CPA firm in Michigan before founding Computools, focusing on accounting systems and local area networks. John later worked with BDO as a national partner and co-founded CPA Crossings, providing CPE programs on technology. In 2020, he sold CPA Crossings and started Higgins Advisory, where he continues to educate and consult on emerging technologies like AI. He's an ice hockey enthusiast and engages actively in sports like golf and pickleball.Key Takeaways:Leveraging AI in Tax Practices: Tax professionals can use AI tools like chat GPT and Microsoft Copilot to automate routine tasks, enhance advisory services, and improve client interactions.Generative AI Explained: Generative AI analyzes massive datasets to predict and generate content, facilitating tasks from creating tax planning recommendations to automating Excel macros.Evolving Technology Landscape: The shift from traditional on-premise software to cloud-based solutions is accelerating, with newer tech firms innovating and incorporating advanced AI functionalities.Embracing Technology and Overcoming Resistance: Older and more traditional firms need to overcome resistance to change, understanding the ROI and productivity gains from incorporating advanced technologies.Opportunities for Young Practitioners: Emerging tax professionals starting fresh have the advantage of building a tech-forward practice, leveraging cloud-based and AI-driven tools right from the start.Notable Quotes:"Is AI going to replace tax practitioners? No, but tax practitioners who use AI will replace tax practitioners who don't." - John Higgins"Chat GPT can be a great tool for automating your Excel spreadsheets." - John Higgins"Your practice is going to run exactly how you've engineered it to run. If you don't like something, you're in control of how it occurs." - Chris"The quality of my presentations has gotten better by using AI. It's not about replacing expertise but augmenting it." - John Higgins"For many firms, the value proposition for cloud technology is strong. It's mainly an education issue when there’s reluctance to adopt it." - John HigginsResources:Higgins AdvisoryStandford Tax: An emerging tool for document organization in tax practices.Microsoft Copilot: AI tool for enhancing productivity within Microsoft 365.Chat GPT: OpenAI's generative AI tool used widely for content automation and productivity. Dive into the full episode to gain deeper insights into how AI is revolutionizing the tax and accounting landscape, and stay tuned for more enlightening content from the Monthly Recurring Revenue Institute. (00:05) - AI's Impact on the Future of Tax and Accounting Practices (05:26) - John Higgins' Athletic Passions and Career Journey (06:47) - From IBM PC to AI: A CPA's Tech Journey (12:09) - The Impact of AI on Business Development and Content Creation (16:26) - AI's Role in Enhancing Tax Professionals' Efficiency (25:50) - Leveraging AI Tools for Enhanced Productivity and Content Creation (30:59) - Understanding Generative AI and Its Applications in Tax Practice (35:27) - Using Chat GPT for Excel Automation and Education (38:43) - AI Tools and Innovations for Tax Professionals (45:32) - Embracing Cloud Technology in Modern Tax Practices (51:25) - Streamlining Course Development with AI and Microsoft Copilot (54:01) - Embracing AI Tools for Tax Professionals
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    56 分
  • Ep. 10 | Scaling a Successful Tax Practice

    Ep. 10 | Scaling a Successful Tax Practice
    2024/01/03

    In this episode, we are joined by Chase Birky, founder of Dark Horse CPA, who shares his journey from accidentally starting his own firm to creating a platform CPA firm that supports and empowers other tax professionals. He discusses the difference between growing and scaling a practice and the importance of client selection, pricing, and setting expectations. Chase also highlights the value of collaboration and the need for tax professionals to focus on their core strengths while leveraging technology and strategic partnerships to enhance their services.

    Key Takeaways:

    • Scaling a tax practice requires setting clear expectations with clients, getting pricing and scoping right, and focusing on providing value.
    • Client selection is crucial for building a successful practice, and it's important to say no to clients who are not a good fit.
    • Collaboration and leveraging technology can help tax professionals streamline their processes and provide better service to clients.
    • Private wealth management and specialty tax services can be valuable additions to a tax practice, but strategic partnerships may be necessary to provide these services effectively.
    • Niche specialization can be a powerful way to differentiate and grow a tax practice, but it's important to consider market size, vulnerability to regulation changes, and potential risks.


    Quotes:

    • "If you don't set expectations with clients, they're going to run your practice for you."
    • "Everything bad in a practice stems from getting the pricing wrong, getting the scoping wrong, or not setting appropriate expectations with clients."
    • "Being a generalist is harder to provide value to an individual client than if you know that client's needs inside and out."
    • "Collaboration over competition is essential in the tax and CPA world."
    • "The tax pro-CPA financial advisor relationship is crucial for providing comprehensive financial services to clients."

    - - -

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    1 時間 4 分
  • Ep. 9 | Securing Success: Navigating Cybersecurity in Tax Practices

    Ep. 9 | Securing Success: Navigating Cybersecurity in Tax Practices
    2023/12/20

    In this jam-packed episode of the Mr. R Show, we venture into the realm where the worlds of cybersecurity and successful tax practices intersect. As technology continues to advance at an unprecedented pace, the challenges of safeguarding client data and records in the tax industry have become more pronounced than ever. Join us as we unravel the complexities of this crucial topic and shed light on the latest developments.

    Our special guest, Brand Messner, a seasoned expert an leader in the field, guides us through the nuances of cybersecurity and its direct implications for tax professionals. The Internal Revenue Service (IRS) is now placing stringent requirements on firms, compelling them to prioritize the security of sensitive information. We delve into the details of what these requirements entail and how tax practitioners can navigate this evolving landscape.

    One key aspect we explore in depth is the Written Information Security Program (WISP). What is a WISP, and why is it of paramount importance in the current digital age? Brand shares valuable insights into the significance of implementing a robust WISP, offering practical advice on how tax practices can enhance their security measures.

    Whether you're a seasoned tax professional or just starting in the industry, this episode provides essential information on safeguarding client data and staying compliant with the latest IRS mandates. Join us for a compelling conversation that will empower you to secure success in your tax practice.

    - - -

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    Our private Facebook Group for fellow Tax Professionals
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    1 時間 19 分
  • Ep. 8 | Subscribing to A Better Firm

    Ep. 8 | Subscribing to A Better Firm
    2023/10/17

    FREE CPE (1 credit) via EarMark: https://www.earmark.app/course/521c210f-81d8-44be-89e7-b16168bd1c3e

    In this jam-packed episode, we sit down with Chris Picciurro, CPA, MBA, PFS, ARA, a seasoned tax professional and founder of the Monthly Recurring Revenue Institute, who has transformed his private practice by embracing a revolutionary concept - "Subscribing to A Better Firm." Join us as Chris shares his inspiring journey of modernizing his operations, regaining control of his life, and enhancing client relationships in the process.

    Many tax professionals grapple with the constant challenges of staying current in a rapidly evolving industry while managing their practice efficiently. Chris’ story is a testament to what can be achieved when one dares to break free from the conventional and embrace innovative ideas.

    In this episode, Chris walks us through the transformative idea of "Subscribing to A Better Firm" and explains what it means for tax professionals like himself. He details the trials and tribulations his team faced while implementing this concept and how the benefits far exceeded any worries that may have initially held them back.

    Discover how Chris overcame the hurdles of change and adopted modern strategies that not only improved his practice's efficiency but also allowed him to reclaim control over his own life. By embracing new technology, streamlined processes, and a client-centric approach, he was able to redefine his firm's trajectory.

    Chris’ journey is a compelling reminder that innovation and adaptability are essential for the continued success of any business. Tune in to this episode to gain insights into how modernization can positively impact your practice, rekindle your passion for tax work, and, most importantly, deepen your client relationships.

    Whether you're a seasoned professional or just starting out, this episode is sure to provide invaluable guidance for navigating the ever-changing landscape of the tax industry.
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    1 時間 7 分