Ed Lyon is the Chief Tax Strategist for Financial Gravity who has been working with CPAs and EAs for 15 years. On this episode, he joins John to discuss some of the critical problems in the accounting industry and how technology is disrupting it and bringing about changes that both accountants and small business owners need to be prepared for. Ed sheds light on what accountants need to do to keep up with the changes, how they can adapt their businesses to stay ahead of the curve and how these changes will ultimately benefit them. Tune in to find out more.

 

Key Takeaways:

[:18] John introduces his guest for this episode — Ed Lyon.

[2:02] What are some of the global problems in the accounting industry?

[5:16] John shares an analogy of how technology has disrupted the transportation industry, and how that relates to the accounting industry.

[10:53] John and Ed discuss some of the problems that arise as a result of small business owners doing their own accounting.

[14:21] Ed explains more about the problem that Financial Gravity solves for small business owners and the opportunity that the Tax Master Network creates for accountants.

[17:55] What are some of the challenges in the accounting industry?

[26:58] What can accountants do that clients want, now that technology is eliminating or simplifying many parts of an accountant’s job?

[29:11] How can accountants make the shift from providing basic “numbers-in-boxes” services to value-added planning services? Ed explains with a pick-up truck analogy.

[34:32] Businesses do not stay the same over time. How can accountants help business owners adapt to these changes?

[40:56] John predicts that manual tax filing will be phased out in the next few years.

[44:00] John shares more about his special ability to stay ahead of the curve and live in the future.

[47:22] How will small business owners and accountants benefit from the changes in the system that are happening?

[52:14] Ed explains how the Tax Operating System helps accountants serve their clients better by providing a road map for managing the different processes in play.

[1:00:45] Accountants and small business owners should be leveraging the laws in place to save as much as they can on taxes.

[1:05:45] If you’re an accountant, get on board with Financial Gravity to help save your clients money on taxes.

[1:10:55] For CPAs interested in offering the Tax Blueprints, join the Tax Master Network to find out more.

 

Mentioned in This Episode:

SmartVault (Use Discount Code “TaxMasterNetwork” to save 15% for the entire first year.)

Ed Lyon

Tax Master Network

Quickbooks

Financial Gravity Podcast Episode 42: “Jason Kos — Growth Through Human Analytics”

Dan Sullivan, Strategic Coach

iPhone

ScreenTime App

Snapchat

After Meghan Markle married Prince Harry, becoming the Duchess of Sussex, she became a British Citizen. But will she leave her U.S. citizenship behind or pay the IRS double the taxes?

 

Key Takeaways:

[:20] Recently, Meghan Markle went from average woman to becoming Her Royal Highness Meghan, Duchess of Sussex.

[1:25] Have the IRS lost a taxpayer or gained a whole new source of revenue?

[2:21] Becoming a British citizen won’t put anything in IRS pockets — but the real issue is whether or not she’ll keep her U.S. citizenship which would subject her to U.S. tax.

[2:58] If she gives up her U.S. citizenship she has to pay a $2,350 expatriation fee to quit paying U.S. taxes.

[3:27] But there’s a catch to all of this that leads to a seriously royal headache!

[4:03] If you’re hoping to marry royalty, just remember to give us a call at Financial Gravity before you walk down the aisle!

 

Mentioned in This Episode:

Financial Gravity

The most Eligible Royals in a Post-Harry World

A fire ceased the production of Ford’s most popular, best-selling F-150 pickup. Not only do the repercussions affect Ford and their employees — but it reaches the IRS as well.

 

Key Takeaways:

[:21] A fire forced the Meridian Magnesium Products of America plant to shut down production of Ford’s best-selling F-150 pickup.

[1:56] The results of the fire have impacted workers — Ford has laid off over 7,500 employees.

[3:16] Not only are employees out of jobs — Ford is suffering damages as well.

[4:26] There’s nothing unexpected or surprising about tax bills — you know the IRS wants a share of your production, so call us at Financial Gravity when you’re ready to plan for that! And keep a fire extinguisher handy.

 

Mentioned in This Episode:

Financial Gravity

Life in the big city is pricey, so investment manager AllianceBernstein declared free agency to find a new hometown — tax savings and fat signing bonuses galore!

 

Key Takeaways:

[:24] If any teams are serious about winning the playoffs this year, it might be time to start looking at signing some free agents.

[:58] Corporations can pocket fat signing bonuses in the form of rich tax breaks by playing “free agent.”

[1:17] AllianceBernstein is an investment manager supervising $550 billion in assets.

[1:57] AllianceBernstein declared free agency to find a new ‘home.’

[2:24] Lower taxes was cited as one of the major reasons for their choice.

[3:40] Nashville’s newest residents will love their new tax savings — no state income tax, property taxes lower than New York, and they’re phasing out their investment tax.

[4:16] We’re sure you’ll love our recipe for tasty tax breaks — so call us if your mouth is watering for great savings at Financial Gravity!

 

Mentioned in This Episode:

Financial Gravity

AllianceBernstein

Michael Shvo, a showy real estate developer based in New York City, has mastered the artful tactics of selling showy condos to showy buyers. As it turns out though, his tax evasion may be even more artful.

 

Key Takeaways:

[:53] Michael Shvo is a real estate developer who sells showy condos to showy buyers, using theatrical tactics.

[1:30] Michael is also a noted art collector, paying millions for condos and houses, and stuffing them full of his art pieces and treasures.

[2:10] Even though Michael Svho likes buying ‘shvo-y’ stuff, he doesn’t like to pay tax on it. In 2016, a district attorney indicted Shvo on 28 counts of criminal sales tax fraud.

[2:50] Michael Shvo dodged more than a million dollars in state and local taxes through several ornate ruses.

[4:00] The guilty plea calls for Svho to pay $3.5 million in taxes, penalties, and interest.

[4:30] You don’t have to cheat to pay less, you just have to call us at Financial Gravity.

 

Mentioned in This Episode:

Financial Gravity

In 2009 the IRS launched the Registered Tax Return Preparer program which was based on an obscure 1884 law regulating representatives of civil war soldiers looking for compensation for their dead horses. Everybody was happy with the RTRP — except the Preparers (and maybe the long-dead horses).

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They say, “What goes up, must come down,” and if you’ve owned bitcoin lately, you’d probably agree. But one thing that saying definitely doesn’t apply to is College costs. Back in ’97, College tuition cost around $16,000 and now the average cost is around $42,000 — and Colleges are beginning to turn to alternate funding sources.

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We’ve all got an image in our minds of who uses offshore tax havens to host their business — but most are not the crooked billionaires we have in mind. In fact, Paul David Hewson, dubbed “Bono” for his good voice, was linked to some fraudulent tax avoidance through sharing ownership of an offshore company — but there are two sides to every story.

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Stranger Things is chock full of nostalgic ’80s references and naturally, has me nostalgic for 1980s taxes. From writing off 100% of the cost of a business lunch to people fraudulently claiming tax deductions on nonexistent children — taxes were a lot different in the 80s!

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When Amazon was deciding where to place their new headquarters, municipalities all over the U.S. sent in their bids in an attempt to have it placed in their town, in turn boosting their economy. Even though you may not have the same amount of muscle to flex (as a Municipality) to negotiate your own tax rate, you still can use the tax code to your benefit.

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