Guest: Marit Burmood

Marit is a CPA and Enrolled Agent with a specialized focus on influencer tax strategies. After shifting into accounting in her late 20s to launch her entrepreneurial journey, she has spent over a decade building a thriving practice dedicated to serving entrepreneurs—particularly those in the high-profile influencer space. Her experience spans working with high-net-worth clients, teaching fellow tax pros, and sharing insights on national stages. With a master’s degree in taxation and a passion for educating, Marit bridges traditional tax expertise with the modern complexities of the digital creator economy.

Episode Summary

In this episode of The Mr. R Show from the MRR Institute, co-hosts John Tripolsky and Chris Picciurro sit down with Marit Burmood to unpack the unique tax challenges facing today’s social media influencers. From brand deals and platform income to in-kind sponsorships, the conversation explores how these nontraditional revenue streams collide with classic tax rules.

Marit provides practical, real-world strategies for tax professionals navigating mixed-use expenses (like travel, wardrobe, and events), entity selection decisions, and the nuances of nexus when influencers travel for work. She also highlights the importance of strong client communication to prevent scope creep and ensure compliance. Listeners walk away with clear, actionable advice to confidently support influencer clients while reinforcing the fundamentals of good tax practice.

Key Takeaways

• Diverse Income Streams: Influencers earn through brand deals, platform payouts, sponsorships, and in-kind payments—each with tax implications.
• Mixed-Use Expenses: Learn how to properly manage and document expenses like travel, wardrobe, and events.
• Entity Selection: When and why forming an S Corp (or other entity) may benefit influencers.
• Complexity in Simplicity: Foundational tax rules still apply—it’s about adapting them to new contexts.
• Communication Matters: Clear boundaries and ongoing dialogue keep client relationships strong and compliant.

Resources

• MRR Institute
• Marit Burmood CPA

FREE CPE (1 credit) via EarMark:
https://earmark.app/c/2732

Welcome to the Mr. R Show, presented by the MRR Institute, where listeners dive into the evolving landscape of the tax industry. This episode focuses on empowering tax professionals to transform their practices by reframing traditional tax tasks into proactive opportunities for growth and client value enhancement. Chris Picciurro, a seasoned tax planner, leads the discussion to shed light on moving from compliance-focused tasks to strategic tax planning that maximizes both revenue and client satisfaction.

Chris delves into the intricacies of utilizing tax schedules such as A, C, D, and E to unlock the advisory services' value. By reframing how these schedules are perceived—from mere compliance to gateways for strategic advice—tax professionals are encouraged to take a more proactive role in client engagement. The episode outlines actionable strategies for tax advisors to enhance client relationships year-round, emphasizing the lucrative potential of elevating from simple tax preparation to comprehensive financial strategy. Furthermore, the potential for monetizing advisory services is thoroughly discussed, offering tax professionals a path to maximize their impact and revenue.

Key Takeaways:

• Reframe Compliance Tasks: Transition from seeing tax filing as compliance to leveraging it as an opportunity for strategic tax planning and advisory services.
• Utilize Major Tax Schedules: Engage with schedules A, C, D, and E to discover new chances for client advisements, like optimizing deductions and identifying passive income opportunities.
• Increase Revenue Through Advisory Services: Adopt various pricing strategies, such as hourly rates, a la carte fees, and subscription models, to monetize advisory services effectively.
• Comprehensive Client Engagement: Shift from transactional tax services to year-round client interactions, which enhances loyalty and provides immense value.
• Partnerships for Revenue Growth: Collaborate with implementation partners for additional revenue streams while still ensuring ethical transparency and client value.

Notable Quotes:

• "Ideas are cheap. Implementation is valuable." – Chris Picciurro
• "Your tax returns should be a verb and not a noun." – Chris Picciurro
• "A tax return is a snapshot of what happened the year before." – Chris Picciurro
• "Implementing a Section 105 plan can convert personal medical expenses into a business deduction." – Chris Picciurro
• "Clients want you to be around year-round—they want you available, and that's where the value is." – Chris Picciurro

Resources:

• Connect with Chris Picciurro through the Teaching Tax Flow community and engage in the TaxPro 2.0 Facebook group for further collaboration and insights.
• Visit MRR Institute to explore practice resources, coaching opportunities, and join a peer-to-peer mastermind group.

Immerse yourself in this insightful episode to gain strategic advantages in the tax industry, and stay connected for more enriching content from the Mr. R Show. Discover the art of transforming tax preparation into an advisory powerhouse, enriching both your professional practice and client experiences.

• (00:00) - Summary
• (00:00) - Enhancing Tax Practices with Expert Strategies and Free CPEs
• (02:53) - Transforming Tax Compliance into Advisory Opportunities
• (08:26) - Core Tax Schedules and Strategic Tax Planning Opportunities
• (15:37) - Maximizing Tax Deductions Through Medical and Dental Expenses
• (20:31) - The Importance of Advisory Roles in Tax Professional Relationships
• (22:40) - Tax Strategies for Maximizing Deductions and Charitable Contributions
• (29:08) - Maximizing Tax Efficiency for Schedule C Filers
• (35:31) - Strategic Tax Planning with Capital Gains and Losses
• (41:01) - Tax Strategies for Real Estate and Pass-Through Income Optimization
• (48:28) - Monetizing Advisory Services in Accounting
• (51:07) - Monetizing Tax Advisory Services Through Various Revenue Streams
• (57:27) - Transforming Tax Practices Through Advisory Roles and Client Engagement

FREE CPE (1 credit) via EarMark:
https://www.earmark.app/c/2627

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In this episode of The Mr. R Show, Chris Picciurro and John Tripolsky dive deep into the intricacies of client acquisition for tax professionals looking to modernize and scale their practices. The duo highlights the importance of carefully selecting clients amid an industry facing a demographic shift with retiring professionals and a shortage of new entrants. This episode is centered on developing a robust client acquisition strategy, leveraging both traditional and digital touchpoints.

Chris emphasizes the concept of the "Modern Contact Journey," guiding listeners through the six critical stages from lurker to fan, emphasizing the value of each step. He breaks down the transformative steps needed to turn prospects into loyal clients and, ultimately, into fans who can refer new leads directly. By weaving in real-world examples from his own firm, Chris provides actionable advice, while John underscores the power of consistency and transparency in building a trust-based client relationship.

Key Takeaways:

• Modern Contact Journey: Understand the six stages of client acquisition from lurker to fan, and how each step contributes to converting leads into loyal clients.
• Client Acquisition Process: Learn Chris's step-by-step methodology for qualifying and converting leads, which includes using specific tools like qualifying URLs and CRMs to streamline engagements.
• Niche Focus: Discover the importance of specializing your practice and using targeted URLs to simplify client understanding and engagement.
• The Power of No: Realize the value in declining misaligned opportunities to protect your firm's integrity and resources while focusing on ideal clients.
• Long-term Client Relationships: Embrace strategies for nurturing client relationships, turning clients into fans who will naturally refer others in their network.

Notable Quotes:

1. "You have to say no to say yes." - Chris Picciurro
2. "Let your best clients pick your next clients." - Chris Picciurro
3. "Stress is expensive. When you relieve stress, you create value." - Chris Picciurro
4. "Sometimes people don't want to engage... because they feel more vulnerable when they do." - John Tripolsky

Resources:

• Explore more from Chris Picciurro and the MRR Institute: MRR Institute Website
• Tax Pro 2.0: Profitable Practice Management for Tax Professionals

• (00:00) - Client Acquisition Strategies for Tax Professionals
• (04:41) - The Value of Long-Term Client Relationships and Adaptation
• (07:00) - The Modern Contact Journey for Ideal Client Acquisition
• (11:04) - Understanding the Six Steps of the Contact Journey
• (13:49) - Effective Client Acquisition Through Targeted Social Media Engagement
• (21:04) - Lead Generation and Conversion Strategies for a CPA Firm
• (23:45) - Effective Form Building Through Quick Execution and Iteration
• (24:07) - Transforming Leads Into Fans Through Strategic Client Acquisition
• (30:23) - Streamlining Client Acquisition with Qualifying URLs and Automation
• (38:01) - The Power of Simple and Memorable Domain Names in Marketing
• (41:25) - Effective Client Acquisition and Relationship Management Strategies
• (43:42) - Best Practices for Conducting Effective Client Discovery Meetings
• (48:48) - Effective Quoting Strategies for CPA Firms
• (51:46) - Client Onboarding and Relationship Building Strategies
• (55:27) - Scaling and Modernizing Your Tax Practice with Expert Guidance