Category

podcast

Category

I’m looking for your quick feedback…

Bookkeeping is an important factor of properly running a business. Many people tend to think that bookkeeping and accounting are one and the same. However, they can be very different. Bookkeeping is the recording of all financial transactions within a business. Kelly invites Nicole Davis to cover everything you need to know on how to properly take care of your business’s books.  Whether you are wondering how to keep up with your own bookkeeping, looking to hire someone, or have any general questions about the bookkeeping process, this week’s episode will be key in helping grow your business!

The 101 on Bookkeeping Your Business

Nicole Davis is the Founder and Principal of Butler Davis Tax and Accounting LLC. Nicole has over a decade of experience under her belt. She specializes in accounting, tax financial management, tax advisory, tax strategy, small business accounts, mortgage loans, dealership act and financial planning. Nicole obtained her master’s in business administration, is a member of the AICPA and a CPA. Nicole helps to answer many bookkeeping concerns such as, seeking assistance, legality concerns, where to start, hiring someone and what to look for or expect in a bookkeeper.

Listen to Kelly and Nicole Discuss Bookkeeping and more such as:

  • What is Bookkeeping, how is it different from accounting?
  • Can you do it yourself? If you can, what you need to know
  • Keeping up with your Bookkeeper
  • Importance of Monthly Reconciliations
  • The Musts When Seeking a Bookkeeper
  • How Bookkeeping Differs from Field to Field
  • Trust, but Verify!
  • What Bookkeepers Need
  • Paycheck Protection Program (PPP) and Bookkeeping
  • How Bookkeeping can Further your Business
  • Clean it Up Process and Seeking Help
  • Trust on if You Save or Spend more Doing it Yourself
  • The Three Must Ask Questions
  • The Owner’s Role and Meetings
  • Next Step to Take if You Mis book Your Bookkeeping
  • The Ideal Client
  • Finding a Bookkeeper

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Nicole Butler- LinkedIn

Butler-Davis Tax & Accounting LLC

Butler Davis- Facebook

AICPA

NACPB – America’s Leading Bookkeeper Association

Some of the biggest crime cases in history involve financial disputes and tax evasion. Kelly introduces her favorite museum, The Mob Museum, in Las Vegas, Nevada. The museum focuses on mob crime history including the St. Valentine’s Day Massacre in Chicago involving Al Capone. Capone refused to file a tax return claiming that “They can’t collect legal taxes from illegal money.” The Internal Revenue Service’s new crime fighting division (now, IRS-CI) was ordered to “Get Capone” – and they did. You’ll find the story – along with artifacts – in the Mob Museum. The museum also does a great job at showing both sides of criminal cases: the criminal side and law enforcement side. Tune into this week’s podcast with a special guest host to learn more about what the Mob Museum has to offer and the early days of IRS Criminal Investigations.

The Mob Museum

Geoff Schumacher, the Vice President of the exhibits and programs at The Mob Museum, joins Kelly this week to explore the interesting facts on the history and evolution of the museum. Geoff was a journalist for 25 years at the Las Vegas Sun. In addition, he is a reporter, writer, and editor, and an author of two books. Geoff helps to uncover some interesting points on crime history, as well as the background and future endeavors in motion for the Mob Museum.

Listen to Kelly and Geoff Discuss Mob History Museum and more such as:

  •  How the Museum got started
  • The location, build and background of the Museum
  • Commitment to both stories – crime and law enforcement
  • Finding and deciding on displayed artifacts
  • Museum wish list and future hopes and plans
  • Authenticating items
  • Choosing exhibits and temporary exhibition spaces
  • Post Pandemic Museum addition
  • Most popular attractions
  • Museum Events
  • The Underground and educating employees
  • Museum mysteries and layout
  •  What is next for the museum
  • Expansion & Rebuilding Plans
  • 1941 Vegas turning point

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

Geoff Schumacher – LinkedIn

The Mob Museum

The Mob Museum – YouTube

The Mob Museum- Instagram

St. Valentine Massacre in Chicago

Al Capone

Sun, Sin & Suburbia – Geoff Schumacher’s book

Movie Referrals – Casino

Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of a third party, offering security and a measure of anonymity. For federal income tax purposes, it’s treated as a capital asset. And what you don’t know could hurt you since recently the IRS has made it a priority to keep up with cryptocurrency transactions. Kelly invites David Kemmerer to help guide taxpayers who are using or may be interested in using cryptocurrency.

Staying Up to Date on Cryptocurrency Regulations

David Kemmerer is the co-founder and CEO of Crypto Trader.Tax, the leading cryptocurrency software. David helps to explain the foundation of cryptocurrency, and where it is headed. David also shares the new and upcoming involvement that the IRS has in store and how to properly track and manage your cryptocurrency to avoid dilemmas. Not only does David inform taxpayers of what is coming, he also discloses the benefits, values, and stigma concerns behind cryptocurrencies. If you are currently a user of cryptocurrency or just have interest, this podcast will give you what you need to know about cryptocurrency and tax.

Listen to Kelly and David Discuss Cryptocurrency and more such as:

  •  What is Cryptocurrency and how it is used?
  • Where does Crypto get its value?
  • Capital Gain transactions with your taxes through Cryptocurrency
  • IRS Involvement, views and how to handle your taxes
  • What to be aware of when utilizing Cryptocurrency
  • Coin Base Confusion
  • How the IRS can detect if you do, or do not comply
  • 1099 reports being implemented
  • Exchange level and blockchain enablement tools
  • Why the IRS has their eyes on Cryptocurrency and the stigma behind it
  • How the benefits outweigh the cons of Cryptocurrency
  • How to Buy and manage Bitcoin or Cryptocurrency
  • How to keep track of your exchanges
  • Does the IRS involvement take away from Cryptocurrency purposes?

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

David Kemmerer – LinkedIn

David’s Company – CryptoTrader.Tax

David’s Email- David@cryptotrader.tax

Bitcoin

Kelly acknowledges the statistics of life expectancy rapidly increasing, which seemingly results in more sandwich generation households. Sandwich generations are when a parent generation with children, also find themselves caring for elderly. Ultimately, these situations can lead to many challenges, including financial and emotional concerns, and everything else that comes with juggling two generations. This week’s podcast is incredibly beneficial in providing guidance, tips, and advice to help navigate the journey of living in sandwich generations.

Learn Everything You Need to Know from the Elder Law Expert

Kelly invites Victor Medina to the show this week. Victor is an expert with elder law matters. He is a nationally recognized estate planning elder law attorney, focusing on estate planning, asset protection, retirement distributions and proactive planning. Victor is the founder of Medina Law group, a family solution-based law firm. Victor offers services to help families properly plan and guide their way through taking care of multiple generations at once. Tune in to hear all the important and often overlooked matters and advice that Kelly and Victor cover this week.

Listen to Kelly and Victor discuss Planning and Managing taking care of two generations, and more such as:

  •  Balancing Finances in Sandwich Generations  
  • Advice for Anticipated Long-term Care Facilities
  • The Importance of Proper Planning and Help
  • How Flexibility and Choice Leads to Beneficial Outcomes
  • Truths on Home Health Care Fears
  • Suitably Navigating Your Options
  • Handling Premature Promises  
  • The Danger from Joining Generations
  • Sacrificing for Spouses During Last Moments
  • How to Elongate and Make the Most of This Journey
  • Coping with the Burdens
  • Think Broadly when Choosing Geography and Counseling
  • Guidance on Comingling and Keeping Matters Squared Away Separately
  • Defending and Documenting is Key
  • How to Work Outside of Paperwork
  • How to Selflessly Instruct Timely Affairs

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

Medina Law Group

Victor Medina – LinkedIn

AATEELA

Empowering Women in Retirement – Book by Victor Medina

New York Times Survey – Caring for Children and Elderly

Make it Last – Victor’s Podcast

Kelly shares her research on the minorities in the tax industry. While she found that women only make up one third of the CPA population, the numbers for people of color came out to be even more scarce. Kelly found that the tax firm industry is made up of 80% white people, less than 8% black people, 6% Latino and 6% Asian American. Those numbers aren’t encouraging. Kelly invites Eric Pierre, an African American who has more than successfully beat the odds, to talk about how the numbers show that there is still work to be done.

How Eric Obtained Vast Success While Being a Minority and Facing Obstacles

Statistically, Eric Pierre is an anomaly: he’s an African American CPA and a firm owner. Eric joins Kelly this week to share his success story. Together, the two discuss what it means to be a minority in the tax profession, steps to take to beat statistical odds and the importance on impacting society while doing so.

Listen to Kelly and Eric Discuss Being a Minority in the tax and accounting profession, such as:

  • Eric’s Venture from Basketball to CPA
  • How the Glass Ceiling Led Eric to Firm Ownership
  • Does Being a Minority Reflect on Work Ethic or Recognition?
  • Being Seen and Not Heard
  • Eric’s Outlook on Loving and Forgiving Neighbors
  • Why Diversity and Trust Make a Difference
  • The Reasons for the Number Drops in Law Professionals
  • Individually Focusing Leads to Success
  • How to Disrupt the Industry for Visibility
  • Be a Leader & Make a Legacy that Gives Inspiration…Make a Change
  • How to be a Role Model
  • Understanding Business Cycles
  • Various Tax Platforms and Professions
  • Turning Resentment into Challenges

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

Eric Pierre – LinkedIn

Eric Pierre – YouTube Channel

Eric Pierre – Instagram

Pierre Accounting – Facebook

Eric Pierre – Twitter

NABA

Pierre Accounting

ABA

AICPA

In the 1990s and early 2000s, reality television as we know it today was still relatively new. And leading the pack was a CBS series called Survivor.

The first season, Survivor: Borneo, was initially broadcast on May 31, 2000. The show dropped a group of strangers on an island where they had to find or create food, fire, and shelter and work together in teams. Along the way, they competed in challenges and were voted out by their fellow contestants, until only one remained and won the $1 million prize.

The first ever winner of Survivor was Richard Hatch. But after his win, Richard was soon charged with tax evasion on that $1 million prize. This week Kelly and Richard discuss his experiences before, during and after the tax evasion conviction.

Richard Surviving After Contesting on Survivor  

Little did Richard know; he would still be fighting for his survival once departing the show. Richard anticipated coming home a hero, instead he was watched closely by the IRS and soon convicted of tax crimes. Rich and Kelly – and some facts that some folks may not know. Years later, with his time served and completion of sentencing, he talks about the hardships and lessons learned. Here’s his story.

Listen to Kelly and Richard Hatch discuss: 

  • Summary of Survivor TV and IRS Tax Evasion Case  
  • Richard’s Expectations Following his Time on the Show Survivor  
  • The Public’s Perception on Survivor Contestants and Gaming Rules 
  • The Timeline of Hatch’s Case and Arrest 
  • The Conviction Process 
  • The Tough Facts of Amending Returns Under Audit and Complying During Criminal Cases  
  • The Show’s Tax Responsibility 
  • Post Prosecution Hardships 
  • Richard Arrested for NBC Media Interview 
  • How Power and Influence Impacts Case Outcomes 
  • Contract Changes Post Richard’s Experience  
  • Survivor Compensation Terms  
  • How this Has Shifted Richard’s Opinions, Mindset and Life 
  • How Richard Copes with Judgement and Regret 
  • Repercussions of Perception & The Reality of Recognition  
  • The Powerful and Positive Side 

More About Kelly Phillips Erb: 

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.  

Links Mentioned: 

Kelly’s Website – Taxgirl  

Richard Hatch – Twitter 

TV Game Show – Survivor 

Richard Hatch Trial – United States VS. Hatch 

Richard’s Arrest for – NBC Interview 

Similar Case to Richard’s – Michael Cohen 

One of the biggest fears right now for students and recent grads is being able to find a decent job. Job opportunities drastically vary based on the economy. The projected job outlook for 2018-2028 was expected to be a relatively healthy 6%. However, now the numbers are expected to be altered even more due to COVID. Where do we stand today with employment growth and opportunities? The unknown might leave many employees and employers in fear. Kelly invites a master’s student, Ryan O’Keefe, who is currently interning in the tax and accounting field. Ryan shares an inside look at how things are currently operating during this unique time.

How Ryan Continues to Build His Career During The Pandemic  

Ryan O’Keefe is studying for his master’s in tax and accounting and is also currently interning an eight-week contract with Rubin Brown. Ryan is living the experience of seeking new opportunity and building his career in tax and accounting, all the while the economy and career realm are unknown and constantly being altered. Tune into this week’s episode to hear what Ryan is currently experiencing, how he handles it and what his hopes and expectations are moving forward with his career.

Listen to Kelly and Ryan O’Keefe discuss Employment Growth, Schooling and Career Opportunities During this Pandemic such as:

  • How Ryan Gravitated to Tax and Accounting  
  • Ryan’s College Experience 
  • Ryan’s Internship with Rubin Brown Las Vegas 
  • GPA Vs. True Ability  
  • CPA Exams Affecting Hire  
  • Dealing with Anxiety of the Current Unknown Employment Opportunities  
  • Will School Uptick Due to Employment Pauses  
  • Relocating for Job Opportunities  
  • Pros and Cons of Virtual Learning and Zoom Conferences  
  • Networking and Staying Involved During Covid-19 
  • Pressure of Working During Pandemic as a New Employee 

More About Kelly Phillips Erb: 

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.  

Links Mentioned: 

Kelly’s Website – Taxgirl  

Ryan’s Internship at – Rubin Brown

Taxgirl Jobs Board – Job Listings

A small business is typically defined as a business with less than 500 employees. In this episode, we start with a grim statistic: only 2/3 of small businesses survive after two years, ½ of small businesses survive after five years, and 1/3 of small businesses survive ten years.

As we all know, running a business has its pros, but it can also very challenging. The challenges are often tied to mental stigma and what we are conditioned to believe about money – even as children. Often, being conditioned to believe a certain way or having expectations about money can lead business owners to carry shame about their current business or financial situations, which can lead to poor business or financial choices. This week’s episode is all about learning to have a relationship with money that allows you to create success.

Solutions for Small Businesses & Taxpayers

Joining Kelly this week is Nicole Lewis-Keeber. Nicole is a business therapist and mindset coach who works with entrepreneurs to help them identify and break stigmas that affect their financial choices. In this episode, Kelly and Nicole focus on the struggles of taxpayers and small businesses, where people often go wrong, and how to address those problems. Nicole differentiates between business success and self-success, teaching listeners just how much self-awareness can impact their bottom line.

Listen to Kelly and Nicole discuss Small Business and Monetary Situations such as: 

  • Normalizing Uncomfortable Business Situations Socially 
  • What it “Means” to Have Money   
  • How Wealth Impacts Business Choices 
  • Learning to Have a Healthy Relationship with Money 
  • Controlling the Narrative and Taking the Steps Towards Change 
  • How we Allow Taxes/IRS Take Control 
  •  How we Cut Off Money Flow by Hiding from Our Shame 
  • Steps to Take to Fix a Rough Financial Situation 
  •  Impact of Referrals and Working Relationships 
  •  Properly Articulating Needs 
  • Understanding Excuses Verses Explanations  
  • Clearing the Conflict on Money for Future Generations 
  • Business Success Does Not Always Define Self Success  
  • PPP Loan Shaming 
  • How Expectations Lead Us to Feelings of Failure 
  • The Truth About Value and Self-Compassion    

More About Kelly Phillips Erb: 

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.  

Links Mentioned: 

Kelly’s Website – Taxgirl  

Nicole Lewis-Keeber – Website 

Nicole Lewis-Keeber – Medium Mentor Site 

All professionals will stumble upon the struggle of balancing costs with deductibility. When is the proper time to spend money on your company or product? Will the money spent be beneficial with the return? Branding your company, service, or product is key for obtaining a successful business platform. Sometimes, this process can be costly, but it could potentially cost you more if you choose to ignore it. This week’s podcast offers clarity when it comes to balancing the cost and emotional impact of branding and protecting what you have worked for.    

Protecting Brand and Trademarks 

This week, Kelly brings Kelley Keller, founder and president of the Keller Law firm. This Law Firm works for and supports domestic and intellectual property issues. They focus on trademarks and copyright matters, as well as licensing on property rights and counsel on these matters. Kelley discusses the current – and public – trademark dispute that Lady Antebellum faces with Lady A. Kelley and Kelly take this ongoing conflict and relate it to any professional that could be planning or wanting to one day trademark their brand. 

Discover the importance of having guidance during the trademark process, learn what to expect both financially and emotionally, and the consequences of protecting your brand.  

Listen to Kelly and Kelley Keller discuss more about trademarks and cost, such as: 

  • Lady Antebellum to Lady A Trademark Conflict 
  • What Trademarks are Used for  
  • Boundaries on Trademarks Co-existing  
  • Federal Rights and use of Commerce 
  • Steps to Take to Potentially Avoid Trademark Conflict  
  • Analyzing if your Piece is Distinctive and Financially Important  
  • Cost Vs. Return  
  • Creating Associations & Consumer Recognition  
  • Legal Protection Limitations  
  • Marketing Does not Always Mean Ownership 
  • Product VS. Service Analysis  
  • Price and Fear of Protection 
  • Knowing When to Federally Protect your Brand 
  • Understanding Risk and Risk Tolerance  
  • Dealing with the Emotional and Financial Side of Brand Conflict  
  • The Importance of Guidance to Support Branding  
  • Understanding Consequences 

More About Kelly Phillips Erb: 

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.  

Links Mentioned: 

Kelly’s Website – Taxgirl  

Kelley Keller – LinkedIn 

Keller Law Firm  

Lady Antebellum Trademark Case Info