Working with your accountants & tax advisory teams can seem like a reactive, operational necessity, but is that the way that SMBs should work with trusted advisors? When you work with your tax professionals proactively, SMBs can reduce stress, heart ache, and even save money!
Anthony and his team at CG have a simple philosophy: Gather the best and brightest accomplished financial consultants from several industries. Develop a deep understanding of the client’s needs, operations, business strengths and weaknesses. Then, provide accurate assessments and evidence-based strategies so they can connect with the most advantageous options for them. All to help our clients’ businesses evolve.
Join us this week on Always FreyDay for a special feeling of weekend freedom with our good friend, Anthony Turano, Senior Manager from CG Tax, Audit, and Advisory, to discuss how we keep SMBs focused on the road ahead.
Tune in for this pragmatic conversation at TalkRadio.nyc or watch the Facebook Livestream by clicking here.
Steven introduces the guest of the show Antony Turano and then gets into the theme of the week. He cites the book What Got You Here Won’t Get You There and touches on subjects like your personal and social reception, describing the many nuances between being ‘smart’ versus being ‘wise’.
Steven begins his conversation with Anthony Turano, first diving into how CPAs help business owners and how they determine the places where they can help an SMB grow. They talk about how CG Tax, Audit and Advisory is different from other financial consultants and how they focus on intimate and dynamic relationships with their clients to understand what they need most and what they can provide for them, whether it be in-house accountants or professionals in the area.
They get into the observation part of the show, Anthony getting into what he’s noticed about his work in his past few months in the face of the pandemic, relating a couple experiences and road bumps to listeners and how he navigated through them. The conservation touches on 401k and the importance of thinking ahead, Anthony getting into a specific situation to explain these concepts and more. Steven then shares a bit of his own knowledge and experience when it comes to tax records, Anthony commenting and giving a bit of his professional perspective.
Steven and Anthony discuss the ability to think and act proactively and why it’s an essential skill, Anthony sharing a few more examples from his professional life, They close the show with the traditional “favorite movie, favorite TV/movie character, and favorite instrument/musician” questions, Anthony sharing some of his final thoughts and Steven giving out Anthony’s contact information for listeners.
00:00:38.010 --> 00:00:48.480 Steven Frey (SMB Guy): Good morning everyone and Happy Friday, thank god it's Friday as some of us would say, although it's always Friday with me. I'm Stephen Fry your SMB guy. Welcome to the show.
00:00:48.870 --> 00:01:00.330 Steven Frey (SMB Guy): I see why am I, which is in case you missed it SMB stands for small and medium sized business. I have been an SMB advocate consultant enthusiast and owner for over 20 years
00:01:00.690 --> 00:01:10.980 Steven Frey (SMB Guy): In my travels one major observation that I've made is that some of the best thought leadership for SMB is happens on Friday when we feel the freedom of the weekend coming
00:01:11.310 --> 00:01:24.270 Steven Frey (SMB Guy): However, we're all so anxious to start the weekend, myself included, sometimes that these crucial portal pearls of wisdom are very often overlooked and forgotten in favor of our fun weekend activities and our freedom from our work.
00:01:24.930 --> 00:01:35.100 Steven Frey (SMB Guy): On always Friday, we like to take advantage of that weekend freedom and clarity so that we can discuss some popular topics that are on the minds of our SMB leaders and their trusted advisors.
00:01:35.580 --> 00:01:51.450 Steven Frey (SMB Guy): Coincidentally, my last name just happens to mean free in German. So that's a nice, fun fact for everybody. This is not just a play on words here we do like some deeper meaning here on always Friday. So on that note, I'm going to embrace the freedom of this weekend and slip into my shades
00:01:54.180 --> 00:01:54.690 Okay.
00:01:56.520 --> 00:02:04.740 Steven Frey (SMB Guy): Alright. Alright so today. Our topic of discussion is keeping your SMB focused on the road ahead.
00:02:05.040 --> 00:02:14.550 Steven Frey (SMB Guy): You know, and a lot of that revolves around, you know, being really proactive instead of reactive, which is, you know, a tough thing to do. Sometimes, especially in this day and age, we're all living through
00:02:15.090 --> 00:02:20.280 Steven Frey (SMB Guy): We're going to be talking with Anthony Toronto senior manager at CG tax audit and advisory
00:02:20.670 --> 00:02:29.640 Steven Frey (SMB Guy): firm based in tinton Falls, New Jersey servicing clients all over the country. While we are on talk radio dot NYC. We don't want this to be just about talk
00:02:29.940 --> 00:02:37.800 Steven Frey (SMB Guy): The goal here is to use insight that we gained today on the SMB landscape to really create more impact come Monday morning.
00:02:38.190 --> 00:02:44.580 Steven Frey (SMB Guy): We love to bring a fun and unique perspective on the people process and products that are driving our SMEs today.
00:02:45.030 --> 00:02:53.580 Steven Frey (SMB Guy): Far too often, especially in 2020 SMEs are focused on the product that is going to solve their problems, the shiny new mouse trap, if you will.
00:02:53.970 --> 00:03:05.220 Steven Frey (SMB Guy): In my travels products change every single day in every other facet of our lives, both business and personal. There is no substitute for surrounding yourself with the right people first.
00:03:05.640 --> 00:03:16.020 Steven Frey (SMB Guy): And keeping focus on the process that's going to help you achieve your goal as long as you do this, I believe the right products they will present themselves when they are needed by SMEs.
00:03:16.410 --> 00:03:21.720 Steven Frey (SMB Guy): Everything begins and with the people. So on that fun note.
00:03:22.620 --> 00:03:30.210 Steven Frey (SMB Guy): Inside the spirit of surrounding yourself with the right people. We have a great show for you here today. Our special guest is Anthony Toronto is a CPA.
00:03:30.570 --> 00:03:39.180 Steven Frey (SMB Guy): He has more than 12 years of experience in public accounting. He's a senior manager at CG tax audit advisory their accounting and auditing Services Group.
00:03:39.420 --> 00:03:49.800 Steven Frey (SMB Guy): He assists a wide variety of clients with their financial and operational concerns bringing significant financial and accounting accounting and reporting experience to his client engagements.
00:03:50.280 --> 00:04:00.090 Steven Frey (SMB Guy): Anthony works very closely with clients on their accounting financial planning and cash flow issues to enhance the client profitability and maximize the savings.
00:04:00.360 --> 00:04:08.580 Steven Frey (SMB Guy): He's absolutely the most ideal person to discuss our theme today. And quite frankly, I mentioned it on my last show, I love CG taxes.
00:04:09.180 --> 00:04:22.560 Steven Frey (SMB Guy): Philosophy and mantra. It's very in line with my people first then process than product. So I love that. In addition, we are going to discuss my magical three questions. I love to ask my guests who is your favorite movie or TV show character.
00:04:23.190 --> 00:04:31.800 Steven Frey (SMB Guy): Who, what is your favorite movie or TV show. And what is your favorite musical instrument and the artists who plays it quick hit for you guys for Anthony
00:04:32.550 --> 00:04:44.760 Steven Frey (SMB Guy): One of the answers to those questions is only a few letters away from his actual name. So keep that in mind for the end of the show, we're going to be joined with Anthony after we take our first commercial break. In the meantime,
00:04:45.060 --> 00:04:46.800 Steven Frey (SMB Guy): You know, let's talk a little bit about the
00:04:46.800 --> 00:04:47.970 Steven Frey (SMB Guy): Theme of the day today.
00:04:48.600 --> 00:04:50.520 Steven Frey (SMB Guy): Let's give you some of my personal experience.
00:04:50.520 --> 00:04:50.850 Anthony Turano: On it.
00:04:51.390 --> 00:05:01.110 Steven Frey (SMB Guy): So, you know, with respect to this type of topic. I always like to, you know, give you guys a reference of something that I've read along the way that really makes me
00:05:01.470 --> 00:05:06.000 Steven Frey (SMB Guy): Think of what we're going to talk about today. So I read a book, a number of years ago called
00:05:06.300 --> 00:05:13.650 Steven Frey (SMB Guy): What got you here won't get you there, written by a gentleman named Marshall Goldsmith now personal development book, more than anything else.
00:05:13.980 --> 00:05:26.550 Steven Frey (SMB Guy): But it's, it's a great one. It does talk about 20 specific habits that people have in here that are kind of difficult to break and really hold people back from maximizing their potential.
00:05:27.000 --> 00:05:32.370 Steven Frey (SMB Guy): There's two of these 20 habits that really stuck out to me as far as what we're going to be talking about today.
00:05:33.060 --> 00:05:41.340 Steven Frey (SMB Guy): Number six out of his list of 20 is telling the world how smart you are, then need to show people that we're smarter than they think we are
00:05:41.700 --> 00:05:45.630 Steven Frey (SMB Guy): And it's one that I'm sure everyone listening out there can identify with.
00:05:45.990 --> 00:05:55.170 Steven Frey (SMB Guy): being smart definitely turns people on but announcing how smart you are, turns people off. And it's something that I constantly see people struggling with
00:05:55.440 --> 00:05:59.670 Steven Frey (SMB Guy): And I do think it's something that with the right consciousness. You know, people can really navigate that.
00:06:00.150 --> 00:06:06.090 Steven Frey (SMB Guy): Number 13 out of the list of 20 from the book and you know 20 habits that hold you back from maximizing your potential
00:06:06.720 --> 00:06:15.480 Steven Frey (SMB Guy): Number 13 is clinging to the past and this is a rough one, the need to deflect blame away from ourselves and onto events and people from our past.
00:06:15.780 --> 00:06:25.560 Steven Frey (SMB Guy): A subset of blaming everyone else that's another one of his habits. So you're clinging to the past, you know, especially if you're trying to talk about keeping your focus on the road ahead.
00:06:25.890 --> 00:06:35.700 Steven Frey (SMB Guy): I like to learn from the experience, but I don't ever think that you know my past experience and things that I've observed are going to be a direct correlation with what's going on in the future.
00:06:36.240 --> 00:06:43.680 Steven Frey (SMB Guy): Yeah, I'm going to read a quick quote from the book for you guys. One of my earlier clients. This is Marshall Goldsmith, you know, from his point of view.
00:06:43.920 --> 00:06:55.950 Steven Frey (SMB Guy): One of my earlier clients used to spend hours telling me Marshall. You don't understand. Let me explain why I have these issues. Let me explain my mother and father. It was one long unendurable whining session.
00:06:56.460 --> 00:07:01.620 Steven Frey (SMB Guy): Finally, I reached into my pocket for a coin and said, here's a quarter call someone who cares.
00:07:02.490 --> 00:07:11.370 Steven Frey (SMB Guy): Now, not, not trying to be insensitive. Obviously he says, don't get me wrong. There's nothing wrong with understanding. Understanding the past is perfectly admissible.
00:07:12.030 --> 00:07:20.730 Steven Frey (SMB Guy): If your issue is accepting the past but if your issue is changing the future, which to me goes right in line with keeping focus on the road ahead.
00:07:21.480 --> 00:07:31.320 Steven Frey (SMB Guy): You know, understanding will not take you there. My experience tells me that the only effective approach is looking people in the eye and saying, if you want to change.
00:07:31.680 --> 00:07:39.780 Steven Frey (SMB Guy): Do this. But even with the blunt talk clients who claim to the past, who want to understand why they are the way they are.
00:07:40.110 --> 00:07:47.730 Steven Frey (SMB Guy): They remain my toughest assignments. It takes me a long time to convince them that they can't do anything about the past.
00:07:48.060 --> 00:08:00.120 Steven Frey (SMB Guy): They can't change it or rewrite it or make excuses for it. All they can do is accept it and move on. I thought this was great to share with you guys this morning. I'm also
00:08:00.630 --> 00:08:09.510 Steven Frey (SMB Guy): A lot of this has to do with the idea of being smart versus being wise and it's something that I've, I've really taken to heart over the years. In fact,
00:08:09.810 --> 00:08:19.230 Steven Frey (SMB Guy): I keep this little piece of stone in my office at home. It says a wise man profits from the mistakes. He makes a fool never sees the ones he makes
00:08:19.620 --> 00:08:28.440 Steven Frey (SMB Guy): I think there's something so impactful and important to really understand their but to take it to the next level for you guys. I did come across a website.
00:08:28.770 --> 00:08:42.150 Steven Frey (SMB Guy): In my travels, that really gave eight specific examples of being smart versus being wise and I also thought that would be good to run through with you guys here today because it's a very impactful stuff here and examples so
00:08:42.600 --> 00:08:48.930 Steven Frey (SMB Guy): You know if you'll indulge me for a moment. This is a website called awesome inventions com it's there, some subset of
00:08:49.350 --> 00:08:56.370 Steven Frey (SMB Guy): Why is versus smart great stuff here eight specific major differences of being wise versus being smart.
00:08:56.610 --> 00:09:07.740 Steven Frey (SMB Guy): And again right in line with people process and product. I like the right combination of smart and wise but to me it's more important, important to explore the wisdom before the smarts.
00:09:08.430 --> 00:09:16.770 Steven Frey (SMB Guy): One thing I've always been abiding by is a smart person has to think their way out of situations that a wise person doesn't walk into in the first place.
00:09:17.040 --> 00:09:20.850 Steven Frey (SMB Guy): So keep that in mind as as I read off to you these eight major differences. So
00:09:21.210 --> 00:09:28.140 Steven Frey (SMB Guy): Smart people are sensitive to the latest trends wise people are sensitive to the subtle things in their life experiences.
00:09:28.410 --> 00:09:38.100 Steven Frey (SMB Guy): If you're wise, keeping up with the latest trends shouldn't really bother you too much. And that kind of goes right in line with the idea of being conscious of product is a good thing.
00:09:38.550 --> 00:09:46.590 Steven Frey (SMB Guy): But, you know, using it to make decisions, instead of concentrating on the people in process often leads people in the wrong direction. I really firmly believe that
00:09:47.760 --> 00:09:51.960 Steven Frey (SMB Guy): The next one says smart people feel satisfied when they can solve their problems effectively.
00:09:52.350 --> 00:10:02.040 Steven Frey (SMB Guy): wise people feel satisfied when they can inspire others solving problems yourself is all very well, but what about inspiring others to solve problems to
00:10:02.400 --> 00:10:11.370 Steven Frey (SMB Guy): Kind of goes hand in hand with the idea of you give a man a fish, you feed him for a day, you teach a man to fish, you feed him for a lifetime. I think there's plenty of correlation there.
00:10:12.750 --> 00:10:21.330 Steven Frey (SMB Guy): Next one says smart people process information in a systematic and logical way wise people process information logically and emotionally
00:10:21.690 --> 00:10:31.440 Steven Frey (SMB Guy): The way you process information can make a huge difference someone like myself. I love being systematic and logical. But in order for people to care like Marshall Goldsmith said
00:10:32.100 --> 00:10:45.630 Steven Frey (SMB Guy): Yep, they have to. There has to be some type of feeling right in order to care. People have to feel so there has to be emotion to it. So that's, that's a very important point that often gets overlooked when people try to throw their smarts out there versus their wisdom.
00:10:47.190 --> 00:10:52.560 Steven Frey (SMB Guy): Next one says smart people like talking to express their ideas and opinions sometimes just to hear themselves talk
00:10:53.070 --> 00:10:57.480 Steven Frey (SMB Guy): You know, wise people like listening to others thoughts and add comments occasionally
00:10:57.930 --> 00:11:04.530 Steven Frey (SMB Guy): A lot of my travels are in the sales and business development and strategy world, which, you know, a lot of times if you've had no sales training.
00:11:04.890 --> 00:11:18.030 Steven Frey (SMB Guy): 90% of sales is listening 10% is talking so wise people know their opinions are not the only important ones, and they're willing to admit, if they were wrong being humble goes a long way with us.
00:11:19.830 --> 00:11:26.940 Steven Frey (SMB Guy): Next smart people rely on their knowledge to solve problems wise people rely on their judgment and intuition to solve problems.
00:11:27.450 --> 00:11:37.920 Steven Frey (SMB Guy): wise people know their own judgment can sometimes be very important over facts, even, and this goes a long way to the idea of very often when you're trying to make impact.
00:11:38.520 --> 00:11:53.550 Steven Frey (SMB Guy): It's not what you say it's how you say it. And that's a big focus of mine for the last five to seven years. And quite frankly, it's the reason that I'm doing a podcast with you guys now because I do really believe in that big Genesis behind doing this.
00:11:54.930 --> 00:12:07.320 Steven Frey (SMB Guy): Next says smart people may impose their thoughts on others. Sometimes wise people accept the differences between others than themselves. Sometimes you have to accept that others will have different opinions.
00:12:07.650 --> 00:12:19.230 Steven Frey (SMB Guy): Even if you don't agree with them. There's a trainer in the financial services world named Don Connelly, I'm a huge fan of Don Connolly's just tells it like it is safe says things with impact.
00:12:19.770 --> 00:12:30.540 Steven Frey (SMB Guy): You know, he had a story about a financial advisor, he was working with that asked his clients a great question, Mr and Mrs client can you take my advice. Even if you don't agree with me.
00:12:31.020 --> 00:12:37.410 Steven Frey (SMB Guy): I thought that was a phenomenal question because it's it's very often people get into clashes of smarts and wisdom.
00:12:37.950 --> 00:12:46.680 Steven Frey (SMB Guy): And sometimes they abandoned the idea of people and relationships and the process of really tangible experience to relate the appropriate story.
00:12:47.520 --> 00:12:56.130 Steven Frey (SMB Guy): Next one says smart people acquire and apply knowledge, very quickly wise people take more time to digest knowledge, but understand it deeply
00:12:56.550 --> 00:13:02.310 Steven Frey (SMB Guy): It's important to really understand what you learn not just be able to regurgitate Dr facts.
00:13:02.700 --> 00:13:13.830 Steven Frey (SMB Guy): Big one here as well you know plenty of sales people that I've run across you know that can't wait to get out there and just show up and throw up on you as far as what they know product wise.
00:13:14.190 --> 00:13:25.200 Steven Frey (SMB Guy): But you really embrace the people in the process you can really understand the deeper meaning behind why people are making decisions and why people would start to buy certain products.
00:13:25.500 --> 00:13:30.750 Steven Frey (SMB Guy): This is all very important stuff. Last but not least, before we go to commercial here.
00:13:31.530 --> 00:13:39.960 Steven Frey (SMB Guy): Smart people are aware of their abilities and our confidence in them wise people are aware of their weaknesses and stay humble to learn more.
00:13:40.290 --> 00:13:49.500 Steven Frey (SMB Guy): It's good to have confidence in yourself, but you should also know how to be humble and realize that you can make mistakes and always have more to learn.
00:13:49.890 --> 00:13:55.560 Steven Frey (SMB Guy): Remember a wise man profits from their mistakes, a fool never sees that they even make it
00:13:55.920 --> 00:14:03.480 Steven Frey (SMB Guy): So a lot of this goes a long way to keeping the focus on the road ahead and not just looking behind you and thinking of your trusted advisors.
00:14:03.690 --> 00:14:14.700 Steven Frey (SMB Guy): As operational folks. There's a lot more strategy and wisdom to be had. That's what we're going to be talking about with Anthony Toronto senior manager with CG tax audit and advisory when we come back from commercial stay with us.
00:16:31.980 --> 00:16:37.140 Steven Frey (SMB Guy): Alright. Welcome back, everyone. Welcome back to always Friday. I'm Stephen Fry your SMB guy.
00:16:37.530 --> 00:16:40.170 Steven Frey (SMB Guy): Today we're talking about keeping your SMB
00:16:41.070 --> 00:16:41.640 Steven Frey (SMB Guy): The road.
00:16:41.670 --> 00:16:42.210 Anthony Turano: Ahead.
00:16:42.480 --> 00:16:51.270 Steven Frey (SMB Guy): So here on the show we talked about any and all things, small and medium sized business. Today we're going to be talking with Anthony Toronto senior manager at CG tax.
00:16:51.330 --> 00:16:53.820 Steven Frey (SMB Guy): Audit and advisory and talk about feeling of
00:16:54.420 --> 00:17:04.290 Steven Frey (SMB Guy): Having a feeling of freedom on Friday, October 16 my man. Anthony just wrapped up the extension deadline yesterday. So Anthony, nice to see you, man. Welcome.
00:17:04.290 --> 00:17:05.010 Steven Frey (SMB Guy): Knows what
00:17:06.600 --> 00:17:10.050 Anthony Turano: Are you doing see doing better now that you're here, my man.
00:17:10.080 --> 00:17:10.590 It's great.
00:17:11.970 --> 00:17:12.420 Steven Frey (SMB Guy): It's like
00:17:12.690 --> 00:17:25.020 Anthony Turano: Finally got like a little reprieve from the 1015 deadline in like the sunglass idea like a month vacation, and I think I'm going to, I'm going to roll this into next week. So even though I'm sitting at my desk, it's a it's a different mindset.
00:17:25.620 --> 00:17:27.690 Steven Frey (SMB Guy): Absolutely you can absolutely blame me, if
00:17:27.930 --> 00:17:31.710 Steven Frey (SMB Guy): Any of your partners blame you for wearing sunglasses in the office, that's totally fine.
00:17:31.890 --> 00:17:35.490 Anthony Turano: I pick up in a way I never wear sunglasses on all zoom calls from now on.
00:17:36.840 --> 00:17:38.700 Steven Frey (SMB Guy): I do like to abide by that as well.
00:17:38.970 --> 00:17:45.630 Steven Frey (SMB Guy): So you're talking about how CPA is help business owners, you know, I've worked with small and medium sized businesses for 20 years now.
00:17:45.960 --> 00:18:01.110 Steven Frey (SMB Guy): And, you know, I've always been a numbers guy you know i i do think that when you're talking effective communication numbers can often put people to sleep. But, you know, there's so much story behind the numbers, numbers, you know, very often, or just a product, but, you know, very
00:18:01.260 --> 00:18:02.970 Anthony Turano: Very often the business owners out
00:18:02.970 --> 00:18:10.890 Steven Frey (SMB Guy): There. They're, they're looking behind them in the past. What did they do 2019 for you just wrapping up your extensions and everything. You know, I think.
00:18:11.190 --> 00:18:13.500 Steven Frey (SMB Guy): The idea of using you proactively is awesome.
00:18:13.590 --> 00:18:19.620 Steven Frey (SMB Guy): Talk to me about that. How are you going to market for that really getting a proactive approach with your business owners.
00:18:20.640 --> 00:18:30.870 Anthony Turano: Yeah, I mean, we're in a crazy time right now with coven and the pandemic and all the tools that are out there to help you know small and midsize businesses, obviously.
00:18:31.350 --> 00:18:46.680 Anthony Turano: I'm pretty sure all your listeners are aware of the care Zach and the PPT loans and he ideal programs and you know there's there's tax implications down the line that that you know your listeners can certainly take take advantage of. But I think number one it's super important to understand
00:18:47.970 --> 00:18:52.710 Anthony Turano: You know your clients and your prospects business and kind of where
00:18:53.520 --> 00:19:01.770 Anthony Turano: What they've done historically, but it's also important to understand the laws and regulations that are that are in place right now and where they could be advantageous for your prospects.
00:19:02.250 --> 00:19:05.490 Anthony Turano: We've had a number of clients that that you know
00:19:05.940 --> 00:19:13.260 Anthony Turano: We've given them advice, whether it's a take the PvP loan or maybe it's not the right situation for you because there's going to be better tax savings down the line. If you don't do that.
00:19:13.350 --> 00:19:21.630 Anthony Turano: It's really important understand your client. And also, you know, make sure you haven't in depth knowledge of the rules and regulations that are in place and the programs in place.
00:19:22.470 --> 00:19:23.580 Anthony Turano: Yeah no absolutely
00:19:23.610 --> 00:19:26.220 Steven Frey (SMB Guy): What I mean, when I think about growing a business because
00:19:26.220 --> 00:19:33.630 Steven Frey (SMB Guy): That's often what I'm talking about with folks, whether it's getting more sales on the board are expanding they're expanding their staff.
00:19:33.960 --> 00:19:39.120 Steven Frey (SMB Guy): You know the accountant can be an integral resource that really helps navigate the process, but
00:19:39.450 --> 00:19:49.260 Steven Frey (SMB Guy): I, I feel like it's few and far between, that I actually see them doing that, it's always more of an operational you know need to have, you know, not a nice that have a lot of people don't embrace the nice to have.
00:19:49.620 --> 00:19:56.340 Steven Frey (SMB Guy): Tell me how you guys like helped to determine like the areas of growth on the on the businesses that you're working with. There's, there's tons of them that I can see.
00:19:57.240 --> 00:19:59.370 Anthony Turano: Yeah, so, so kind of funny story.
00:20:00.570 --> 00:20:06.270 Anthony Turano: Prior to joining CGI came from a much larger accounting fireman and I was focused on the audit side of the business and
00:20:06.540 --> 00:20:17.520 Anthony Turano: You know, our relationships, who are caught with our clients who are hey we're going to come in at your end or quarterly or whatever. Do your audits and and sign off on that report in and talk to you in
00:20:18.240 --> 00:20:26.220 Anthony Turano: A year from now, we're talking three months from now, and that was it. That was our relationship with them. It was all they cared about was those getting our reports out timely.
00:20:27.060 --> 00:20:35.430 Anthony Turano: When I joined CJ and met with Don count was the managing partner and if you don't know me tremendous guy just just great guy to know and also invited to
00:20:35.910 --> 00:20:48.030 Anthony Turano: To be with he, he said, you know, one of the things we relate to do is we like to partner with our clients and help his big thing is helping them achieve their personal financial goals. And I remember sitting there. The first day.
00:20:49.650 --> 00:20:58.680 Anthony Turano: And he told me that. And I'm like, I'm like, darling. How are you helping your clients achieve their personal financial goals through an audit report, and over time have sat and
00:20:59.550 --> 00:21:06.540 Anthony Turano: Chatted with him on a number of client meetings and prospect meetings and and one of the first things he asked her, What are your goals and he just starts
00:21:07.170 --> 00:21:23.640 Anthony Turano: being super creative on how we can get there. So whether it's you know that client bringing on additional funding or doing some type of equity capital raise or taking on some kind of debt, whether it's it's connecting the clients with the right people to help them reach their goals.
00:21:25.080 --> 00:21:30.780 Anthony Turano: To help them. I mean, there's any countless number of ways. You'll get every area of a company
00:21:31.050 --> 00:21:39.240 Anthony Turano: That, that, you know, we can connect, we can help our clients connect with the right people and and we can help help them make good decisions to save money so they could
00:21:39.480 --> 00:21:47.040 Anthony Turano: spend their time and money on on their most important factor which is usually bringing in new business or expanding their current their current reach
00:21:48.600 --> 00:21:57.030 Steven Frey (SMB Guy): Yeah, no, that's, that's awesome. And I know you know how much I appreciate your firm and on especially for being so people focused
00:21:57.360 --> 00:21:58.830 Steven Frey (SMB Guy): It's, I feel like that's all. So,
00:21:58.830 --> 00:22:00.870 Steven Frey (SMB Guy): Few and far between. When I talked to
00:22:01.140 --> 00:22:07.890 Steven Frey (SMB Guy): The accountants out there. And most of them is you know huff and puff, they do what they gotta do April 15 September 15 October 15
00:22:07.920 --> 00:22:09.810 Steven Frey (SMB Guy): Take a vacation coming back. Do it all over.
00:22:09.810 --> 00:22:10.170 Anthony Turano: Again,
00:22:10.470 --> 00:22:14.640 Steven Frey (SMB Guy): You know, just to reiterate, for all the listeners out there. It's like when I go to the CG website.
00:22:15.060 --> 00:22:21.540 Steven Frey (SMB Guy): The philosophy here at CG is simple gather the best and brightest accomplished financial consultants from several industries.
00:22:21.750 --> 00:22:29.010 Steven Frey (SMB Guy): Develop a deep understanding of the client's needs operations business strengths and weaknesses, then provide clientele across the area with
00:22:29.280 --> 00:22:36.360 Steven Frey (SMB Guy): accurate assessments and evidence based strategy so they can connect with the most advantageous options for them all to help our clients businesses of
00:22:36.360 --> 00:22:41.820 Steven Frey (SMB Guy): All I mean you guys like the poster boy for me it's like people process product that's exactly what we're talking. Yeah.
00:22:42.690 --> 00:22:52.080 Anthony Turano: Yeah, yeah, it's exactly what it is. It's really, it's really amazing too because like I've got, I've been. I've been with CG for just under a year now. And in that time I've gotten to see
00:22:52.470 --> 00:23:03.060 Anthony Turano: You know, really Don's mantra in action. And I've seen us our firm, be able to save our clients tons of money or or help connect our clients who are
00:23:03.690 --> 00:23:12.510 Anthony Turano: spinning off a business with the right people to help them grow and it's really great to it's nice to be in a situation where your clients are happy to see you and appreciate you being able to help them.
00:23:12.840 --> 00:23:20.190 Anthony Turano: Versus that that old hat, where, where I was an auditor and you know no one's ever happy to see the auditor, you know it's it's
00:23:20.850 --> 00:23:29.790 Anthony Turano: It's always all great. What's he going to break my chops about now. But, um, so it's nice to be in a situation where your clients look forward to hearing from you and really like the bounce questions off of you and
00:23:30.210 --> 00:23:37.950 Anthony Turano: And they appreciate your opinion. So it's, it's a, definitely. For me, it's a different different situation to be in a much more positive situation to be. Yeah.
00:23:37.980 --> 00:23:40.110 Steven Frey (SMB Guy): No, I can totally relate to you there. It's
00:23:40.140 --> 00:23:47.430 Steven Frey (SMB Guy): I think about working with the CPA community from some of you know the really massive Big Five accounting big for Big Five accounting firms and
00:23:47.700 --> 00:23:55.470 Steven Frey (SMB Guy): You know, knowing having family members that have been an audit audit partners of these firms for decades. I totally get where you're going is like
00:23:55.500 --> 00:24:00.300 Steven Frey (SMB Guy): Nobody wants to see the auditor show up, it's it's miserable. But if you guys have actually
00:24:00.300 --> 00:24:00.930 Anthony Turano: Turned
00:24:01.170 --> 00:24:05.430 Steven Frey (SMB Guy): You know clients that you have into people who are excited to see the auditors. It's like
00:24:05.610 --> 00:24:07.680 Steven Frey (SMB Guy): It's like turning water into wine. The me
00:24:08.820 --> 00:24:19.110 Anthony Turano: Yeah, yeah. No, it's great. I just I just kind of call yesterday from a client and they were like they we just introduced an outsourced CFO to them.
00:24:19.680 --> 00:24:28.980 Anthony Turano: To help them help them grow their spin off of their business and they were speaking about, you know, just setting up the meetings and stuff to talk about planning and strategy. And I was like,
00:24:29.490 --> 00:24:39.570 Anthony Turano: It's nice. It's nice to be on. It's nice to see your clients grow and to be an integral part of helping them grow versus being there on the back end, you know, drop the hammer
00:24:40.320 --> 00:24:42.840 Steven Frey (SMB Guy): Yeah, absolutely. You brought up something I want to stay with for
00:24:42.840 --> 00:24:49.380 Steven Frey (SMB Guy): A moment. So every SMB out there needs to have a tax preparer they need to have somebody who's going to watch their back from the accounting and tax side of things.
00:24:49.650 --> 00:24:51.510 Anthony Turano: Yeah resources that they bring
00:24:51.510 --> 00:24:59.790 Steven Frey (SMB Guy): Internally or plug into outsourcing lies and you know they vary vastly and what kind of types of services can be obtained. So
00:25:00.030 --> 00:25:06.060 Steven Frey (SMB Guy): You know, everything from, you know, the actual SMB to their tax preparer, you know, accountants auditors, etc.
00:25:06.330 --> 00:25:17.850 Steven Frey (SMB Guy): You know, you see bookkeepers, whether they're in house or outsource to see outsourced CFO is like you were just talking about, you know, some businesses don't consider themselves big enough to have a CFO they outsource it then they finally bring it in house.
00:25:18.210 --> 00:25:20.790 Steven Frey (SMB Guy): Talk to me about how you guys have really effectively.
00:25:20.790 --> 00:25:26.580 Steven Frey (SMB Guy): Partnered and created like power teams together with some of those outsource functions. I see that as a huge opportunity.
00:25:27.660 --> 00:25:34.980 Anthony Turano: Yeah, I mean, any, any CPA firm out there can prepare your tax return and and you know, and a lot of cases with small and midsize businesses.
00:25:35.850 --> 00:25:45.360 Anthony Turano: That's the relationship they have with their, their CPA. It's, it's the CPA comes in. Once a year they file a tax return, or maybe they even come in, maybe just doesn't remotely and they just have a phone call or something.
00:25:45.840 --> 00:25:51.000 Anthony Turano: And then, you know, next year, you know, they get the bill in the mail and then they see him again next year. And that's it, and
00:25:51.510 --> 00:25:56.790 Anthony Turano: Yeah, that's, that's okay. That's nice. But as your business starts to grow and things get more complicated, you know,
00:25:57.120 --> 00:26:07.050 Anthony Turano: There's a lot of other tax saving opportunities out there that a lot of those small firms or small, you know, sole practitioners don't really care about our focus on there just kind of
00:26:07.470 --> 00:26:14.850 Anthony Turano: They're just trying to you know get as many returns processes, they can you know we we have a lot of guys with tremendous
00:26:15.960 --> 00:26:22.770 Anthony Turano: Tak, tak knowledge and I'm not one of them. I am. I'm an audit and a guy. And that's where my experiences.
00:26:23.040 --> 00:26:36.150 Anthony Turano: But we have we have some terrific tax folks that really do in depth dives on every return and find a lot of a lot of creative ways to to help our clients save money but but it's more than that. Right. It's understanding what on
00:26:36.750 --> 00:26:45.960 Anthony Turano: You know what our clients need what will what services we can provide to them and you know if those are services that we can't necessarily provide we definitely have
00:26:46.890 --> 00:26:53.100 Anthony Turano: Seasoned comp contacts and professionals in the area that will help them achieve their goals. I mean,
00:26:53.880 --> 00:26:58.350 Anthony Turano: Just, just a quick example I'll give you two examples. One, we had a client who
00:26:58.890 --> 00:27:07.290 Anthony Turano: Was going through a sale and we acted as a consultant for them and we walk them through the entire process from start to finish. We were on the phone with
00:27:07.920 --> 00:27:17.880 Anthony Turano: The potential buyers with the client, you know. Helping. Helping navigate all of those calls and requirements that they were looking for in another situation. Actually, my client who was trying to spit off their business.
00:27:18.960 --> 00:27:26.520 Anthony Turano: They were trying to try to get some funding and we put them in touch with a PR guy who is who is super connected and has a lot of
00:27:27.090 --> 00:27:34.320 Anthony Turano: Great referral sources and and he's been working with them for the last couple, couple months, and they're super happy with his, his services so
00:27:34.710 --> 00:27:44.610 Anthony Turano: If it's not something that we can person provide or we think there's somebody who can do a better job. We will connect you with with the right people to make you know you achieve your goals and to ultimately grow your business.
00:27:45.270 --> 00:27:48.210 Steven Frey (SMB Guy): So important as this segment is really
00:27:48.210 --> 00:27:59.100 Steven Frey (SMB Guy): About the method, the science behind what you do and how you do it, and how you go to market. You know, most SMEs out there. Again, they, they know already have an accountant, you know, helping them along
00:27:59.580 --> 00:28:01.890 Anthony Turano: But the bigger obstacle IC and
00:28:01.890 --> 00:28:07.620 Steven Frey (SMB Guy): Maybe you can relate to this about you know these types of SMB owners management those folks.
00:28:07.830 --> 00:28:20.250 Steven Frey (SMB Guy): Engaging their CPA is accounting teams audit teams tax themes, whatever, to look at things proactively you know for the next year, the year after that the biggest obstacle to that to me is mindset, like they just don't think of it that
00:28:20.250 --> 00:28:21.000 Steven Frey (SMB Guy): Right, that's the
00:28:22.050 --> 00:28:22.740 End of the season.
00:28:23.850 --> 00:28:29.220 Anthony Turano: You hit you hit the nail on the head. You know, you shouldn't be reaching out to your CPA going
00:28:30.180 --> 00:28:39.240 Anthony Turano: You know, what should I do here, what should I do there. What you know we like to like things to be the other way. We like to be reaching out to our clients say, Hey, did you see this new piece of legislation that passage. You see this new
00:28:40.350 --> 00:28:47.970 Anthony Turano: This new this new program that's out there. We want to be proactive in reaching out to our clients and making sure that they know the things that are there so that
00:28:48.540 --> 00:29:01.470 Anthony Turano: You know, they can take advantage of everything that that's there for them. And in many cases, if you wait to the last minute wait to your end and then, you know, you go to have your meeting with your CPA. On March 15
00:29:02.610 --> 00:29:07.020 Anthony Turano: You know you're not able to make good decisions because too much time has elapsed, and a lot of programs.
00:29:08.190 --> 00:29:15.300 Anthony Turano: Have been expired, but if you understood that you're having regular discussions throughout the year. You can you can maximize your tax savings you could, you know,
00:29:16.950 --> 00:29:20.850 Anthony Turano: Just help make good decisions. And that's something we really try to do, especially with
00:29:21.240 --> 00:29:29.070 Anthony Turano: With coven we were in touch with our clients on an almost a daily basis, just as the laws and regulations change just making sure that they were
00:29:29.370 --> 00:29:38.430 Anthony Turano: Taking advantage. Every, everything that was available to them. So I think, I think that's super important. And that's one of the nice things about our firm is we're super proactive in in
00:29:39.480 --> 00:29:43.950 Anthony Turano: In, you know, being on top of the terrorist act and keep up stuff.
00:29:44.130 --> 00:29:46.590 Steven Frey (SMB Guy): Yep, proactive to me always better than reactive would
00:29:46.620 --> 00:29:49.890 Steven Frey (SMB Guy): Much rather defuse the bomb than be the bomb cleanup crew for sure.
00:29:50.130 --> 00:29:50.430 Anthony Turano: We're gonna
00:29:50.460 --> 00:29:51.900 Anthony Turano: Take a short. I like that analogy.
00:29:52.170 --> 00:30:00.030 Steven Frey (SMB Guy): I know you do, baby. We're going to take a short commercial break. We're gonna be back with Anthony Toronto and just a moment, we're going to talk a little bit about the madness, the observations that he's been
00:30:00.030 --> 00:30:04.740 Steven Frey (SMB Guy): Seeing as of late, and he should have some good one, since the extension deadline was just yesterday.
00:30:04.920 --> 00:30:06.360 Anthony Turano: Stay with us last Friday.
00:32:30.900 --> 00:32:40.590 Steven Frey (SMB Guy): Alright, welcome back to always Friday with me. Stephen Fry your SMB guy. We're wrapping here with Anthony Toronto senior manager at CD tax.
00:32:40.650 --> 00:32:41.850 Anthony Turano: Audit and advisory
00:32:42.150 --> 00:32:48.840 Steven Frey (SMB Guy): We're going to get a little bit into the madness behind what Anthony sees on a regular basis. This is more of the observation PART OF OUR SHOW.
00:32:49.110 --> 00:32:58.770 Steven Frey (SMB Guy): Stories that Anthony has seen articles that the firm has written. I know the season just ended yesterday with the October 15 extension deadline. That's why my man's got it shades on. And
00:32:58.770 --> 00:33:04.800 Steven Frey (SMB Guy): He's ready to rock out the weekend. Lay it on me man without specifically pointing fingers at the company's
00:33:04.830 --> 00:33:06.030 What some of the craziness.
00:33:07.920 --> 00:33:08.280 Anthony Turano: Baby
00:33:10.170 --> 00:33:21.270 Anthony Turano: Yeah you know this this year has been a little strange with with Kobe and deadlines being pushed it's it's for us, it's almost been multiple busy seasons along the way and
00:33:21.990 --> 00:33:35.820 Anthony Turano: You know, I think every year people are kind of geared up for that April 15 tax deadline and they know what's coming, and they planned for it. But this year. It was like we had to April 15 deadline. But it wasn't a real deadline and hit the July 15 and September 15 October 15
00:33:36.990 --> 00:33:39.990 Anthony Turano: It's been fun. And I'm glad I'm glad we got a little reprieve here.
00:33:41.790 --> 00:33:52.140 Anthony Turano: You know, one of the things that I've noticed. And as I mentioned in the previous segment you know most of my time is on the audit and advisory side, um,
00:33:52.920 --> 00:34:00.930 Anthony Turano: You know, it's super, super critical to be as prepared as possible and get things in timely because it helps it helps
00:34:01.230 --> 00:34:11.310 Anthony Turano: Allow your CPA, as well as any other advisors to make good decisions for you and get things completed timely, you know, we just have this 1015 deadline and and
00:34:11.760 --> 00:34:23.520 Anthony Turano: I have. I personally had a lot of a 401k audits that we're due for 1015 so 1015 is actually the expansion deadline, they're actually do back in July, but very few companies file by the initial deadline.
00:34:25.410 --> 00:34:32.910 Anthony Turano: This was an interesting year ran into a lot of a lot of clients with difficulties and they had issues and
00:34:33.570 --> 00:34:39.480 Anthony Turano: You know, try to be as productive as possible. I had a couple clients, where we're reaching out to them back in June or July.
00:34:39.750 --> 00:34:47.520 Anthony Turano: Requesting things and saying, Hey, this is important. We got to get this sooner rather than later we got to hit that 1015 deadline. I know it's two months away three months away but
00:34:47.970 --> 00:34:52.020 Anthony Turano: But it's critical that we get this now, there's going to be other questions is going to be the things we need, and
00:34:52.740 --> 00:35:09.420 Anthony Turano: In many cases they drag their feet drag their feet drag their feet. And then, you know, in the 11th hour the all the information comes in and in some cases we ran into issues where the information was a complete or there was an error. And, you know, it prevents them from filing timely and
00:35:10.740 --> 00:35:17.730 Anthony Turano: You know, the fines and penalties and all kinds of pain and heartache that that are incurred that I don't want to see my clients think by that and
00:35:18.030 --> 00:35:21.840 Anthony Turano: And I don't want, I don't want to have to be the bearer of bad news to explain that to them.
00:35:22.260 --> 00:35:33.330 Anthony Turano: But the same time you know if they just answer some of those emails and it gave me some of the request for three months ago, you know, would be selling with our feet up a pina colada in hand, but unfortunately
00:35:34.500 --> 00:35:36.630 Anthony Turano: You know, we're not necessarily done yet.
00:35:37.590 --> 00:35:39.630 Steven Frey (SMB Guy): Definitely. Don't shoot the messenger, especially when they're
00:35:39.690 --> 00:35:41.430 Steven Frey (SMB Guy): As cool as Anthony his colleagues.
00:35:41.430 --> 00:35:46.230 Steven Frey (SMB Guy): But I've oh I've been a big 401k geek for the last 15 years and I can
00:35:46.440 --> 00:35:51.360 Steven Frey (SMB Guy): Definitely attest to the fact that, uh, folks that do need the certified audit for their 401K, it's
00:35:51.660 --> 00:35:56.760 Steven Frey (SMB Guy): It's rare that they haven't done on time. In July, and it is typically pushed out till October, but
00:35:57.030 --> 00:36:05.820 Steven Frey (SMB Guy): You know, with respect to some of the design flaws that's in there because you did mention that like some things if they just engage you guys earlier again proactive versus reactive
00:36:06.150 --> 00:36:17.340 Steven Frey (SMB Guy): You know that they might be sitting in a better spot some of my travels have dictated that, you know, folks. Again, you know, look at the 401k as as some type of product that they need to have in their arsenal for their employees.
00:36:17.580 --> 00:36:18.060 Steven Frey (SMB Guy): And, you know,
00:36:18.090 --> 00:36:20.160 Steven Frey (SMB Guy): There's no doubt it's a product. It's a solution.
00:36:20.520 --> 00:36:30.420 Steven Frey (SMB Guy): But the people that you partner with to set that up, have to be knowledgeable and their process of really knowing what the business owners and goals are and and how they really
00:36:30.660 --> 00:36:33.510 Steven Frey (SMB Guy): Plan to benefit from the, from the New
00:36:33.600 --> 00:36:37.050 Steven Frey (SMB Guy): retirement program that needs to be discussed. Did you agree.
00:36:38.250 --> 00:36:46.980 Anthony Turano: Yeah, there's a lot of companies out there that have great programs like like offering a 401k package to their, their employees. It's great. It's good for the company.
00:36:47.460 --> 00:36:52.380 Anthony Turano: For the tax savings perspective, it's great for the employees from a you know a personal savings perspective.
00:36:52.860 --> 00:37:00.390 Anthony Turano: Great program. Great. You know, there's so many benefits to it. I mean, you get into it here, but, you know, in many cases,
00:37:01.380 --> 00:37:07.500 Anthony Turano: Companies will set up these programs and then they don't think it all the way through, they don't they don't you know there's look at steps.
00:37:07.740 --> 00:37:15.360 Anthony Turano: 12345 but they don't think about steps, six, seven and eight. And, you know, in the cases of these some of these 401K. As I was mentioning, you know,
00:37:15.690 --> 00:37:27.060 Anthony Turano: These are plants that were formed in 2019 maybe they were formed in you know March or April, and they get set up and they get set up with their payroll provider and they get set up with their trusty in funds are going in. Life is good.
00:37:27.690 --> 00:37:39.780 Anthony Turano: But nobody's thinking about, hey, you know, we have over over the threshold require thresholds for for an audit. We got to get an audit. OK, so now we got engaged late in the game, which still wasn't wasn't an issue we're engaged.
00:37:40.890 --> 00:37:52.110 Anthony Turano: You know, what was it, I guess, back in July or so. So not not too late. Still plenty of time to get things done. You know, you're sending Connor Connor request list of things that we need and
00:37:52.980 --> 00:38:05.970 Anthony Turano: You know when you don't get that until middle late September beginning of October. It makes it tough because there is that 1015 filing deadline and, you know, but I try to stress, the stress. Yeah, sorry stress to my client is that
00:38:06.450 --> 00:38:10.890 Anthony Turano: Keep in mind this is a first year audit. I don't know what to expect, until I get a lot of this stuff.
00:38:11.250 --> 00:38:17.430 Anthony Turano: These aren't these aren't requests that are checked the box items were okay I got this piece of paper. Let me put a check in the box and move on.
00:38:17.880 --> 00:38:27.330 Anthony Turano: These are items that I get this piece of paper. Now I need to analyze it and see what's here and it could lead to additional questions and likely to lead to additional questions.
00:38:28.380 --> 00:38:35.220 Anthony Turano: You know, and the sooner I get that piece of paper and I can, I can follow up with the client, the more runway. We have to to a smooth.
00:38:35.670 --> 00:38:43.140 Anthony Turano: Conclusion one things from that the 11th hour doesn't leave you enough and I've run away to to address potential issues that come up and
00:38:43.560 --> 00:38:55.740 Anthony Turano: You know that's that's exactly what the issue. I ran into with one of my colleagues in the 1015 deadline was that he didn't have enough time to remediate we figured out the issue in an attempt to remediate have they got me to stuff.
00:38:56.190 --> 00:39:11.070 Anthony Turano: Two weeks or three weeks earlier remarks earlier like request a refund did it, you know, just wouldn't be an issue but but but here we are. And now, you know, whoo. You know you assess where you are and we move forward. So I find I find this to be a common theme with
00:39:11.100 --> 00:39:22.140 Steven Frey (SMB Guy): With financial and insurance products. I mean, SMEs grow and change all the time 401 k's, especially in the last five to 10 years the 401k landscape is completely different than it was 10 years ago.
00:39:22.470 --> 00:39:34.560 Steven Frey (SMB Guy): Yet, you know, even though that's MBAs, they realize that they that they're growing and changing, you know, on a daily basis, almost. They get something like that put into place, at some point, and then, oh yeah, we have that. And then they just forget about it.
00:39:34.950 --> 00:39:38.880 Steven Frey (SMB Guy): Not really thinking about how much better than as they're growing and changing
00:39:39.990 --> 00:39:44.760 Anthony Turano: Right. Well, the good news is, for this client. Hey, we found an issue.
00:39:46.140 --> 00:39:48.180 Anthony Turano: We're going to remediate it now. It's better to
00:39:48.630 --> 00:39:59.010 Anthony Turano: As I told them hey better we caught us and remediated and you're one that kept you in remediated your five or six because it's going to be a lot more of an expensive issue to correct down the line. So
00:39:59.610 --> 00:40:10.680 Anthony Turano: I think we establish, you know, we figured out the issue we determined past the completion of approaching resolution and I will follow it and it's the bus. You know that we can do right now.
00:40:11.550 --> 00:40:18.450 Anthony Turano: And i think i think they're happy that that we identified the issue that it's going to be rectified and then it'll be smooth sailing going forward, but
00:40:19.530 --> 00:40:27.300 Anthony Turano: You know, for first year for for anything is is is always a challenge because you don't know the story, those no no lies ahead.
00:40:27.750 --> 00:40:33.210 Anthony Turano: But that's why it's so important to look ahead and focus on the road ahead and not focus on what's right in front of you, because
00:40:33.810 --> 00:40:42.690 Anthony Turano: Like you said, you know, if you focus on what's right in front of you. You're going to trip on on the rock deck. A couple feet down the line and and you know unfortunately that's what happened here and
00:40:43.080 --> 00:40:53.220 Anthony Turano: As much as I tried to guide them and and and help them navigate that road, you know, we're a little hamstrung in what we were able to do
00:40:53.700 --> 00:40:58.980 Steven Frey (SMB Guy): You always have to say I'm not the regulatory authority or the cops. I'm trying to help keep the regulatory
00:40:59.610 --> 00:41:04.380 Steven Frey (SMB Guy): Regulatory regulatory authorities out of your business. Like, that's why.
00:41:05.310 --> 00:41:06.840 Anthony Turano: You proactively to talk about all
00:41:06.840 --> 00:41:08.700 Steven Frey (SMB Guy): This yeah yeah
00:41:08.730 --> 00:41:14.070 Anthony Turano: It's almost like being a tour guide. But if the crowd that you know the crowd and follow the guidance it
00:41:15.390 --> 00:41:18.720 Anthony Turano: doesn't really do much good. They're kind of left off on their own in the amusement.
00:41:18.720 --> 00:41:20.760 Steven Frey (SMB Guy): Park or in the museum. Right, so it's
00:41:21.990 --> 00:41:22.950 Anthony Turano: Not. It's kind of crazy.
00:41:23.190 --> 00:41:24.660 Steven Frey (SMB Guy): But let me let me relate some of my own.
00:41:24.660 --> 00:41:26.340 Steven Frey (SMB Guy): Personal madness to you so
00:41:26.970 --> 00:41:36.720 Steven Frey (SMB Guy): You know, there's an article on the CG website that says what tax records. Can you throw away and I like to categorize I don't like to categorize myself, but I do categorize myself as a pack rat.
00:41:36.990 --> 00:41:40.860 Steven Frey (SMB Guy): I'm not a hoarder a hoarder, and live you need the Board of Health. That's not me, but
00:41:41.100 --> 00:41:51.150 Steven Frey (SMB Guy): I am an information junkie. So I do tend to save lots of information that I've come across. Over the years, and some of it, you know, makes for fun and effective discussion, doing things like podcasts thing but
00:41:51.420 --> 00:41:56.880 Steven Frey (SMB Guy): You know, I had always heard that you should save. Let's say seven years back of your, of your documents as
00:41:57.390 --> 00:41:59.160 Steven Frey (SMB Guy): tax records as an individual.
00:41:59.370 --> 00:42:07.170 Steven Frey (SMB Guy): You know, does that translate on the individual side and what is it for SMB is really maybe SMB, just keep it for the entire duration of the business land on it.
00:42:08.190 --> 00:42:15.000 Anthony Turano: Yeah, I think that's a good. That's a good time frame to keep documents, um, you know, obviously, today's world, everything is
00:42:15.960 --> 00:42:25.380 Anthony Turano: Everything is this paperless so um you know i get i get my bank statements in the mail nine times out of kind of thrown out because they're saved electronically. Anyway, you know,
00:42:25.800 --> 00:42:35.670 Anthony Turano: Um, I think seven years is a good time frame. One thing that I've learned in coven working from home is you don't need nearly as much paper as you do when you're in the office, you know,
00:42:36.000 --> 00:42:41.910 Anthony Turano: I said, I go to the office and print everything out of their specs of paper over my desk and at home. I got one small
00:42:42.360 --> 00:42:52.950 Anthony Turano: Printer. And, you know, unless something's a page or two. I'm not printing it out so um yeah i think i think this whole work from home thing is help people transition to a to a
00:42:53.370 --> 00:43:02.550 Anthony Turano: paperless environment quicker and you know it's paperless seven years in the bed timeframe. I mean, I know a lot of clients that keep things longer than that and
00:43:02.970 --> 00:43:11.550 Anthony Turano: As long as it's paperless if it's not, you know, you're not putting the bosses in your kitchen and the living room. You know, it can't hurt to save it on a hard drive somewhere that's secure
00:43:12.570 --> 00:43:12.870 Anthony Turano: Yeah.
00:43:12.930 --> 00:43:24.690 Steven Frey (SMB Guy): You know, a lot of times I think of all of these papers and marketing materials out there as products. So I agree with you that doing things virtually and having this type of environment to conduct business.
00:43:24.960 --> 00:43:35.970 Steven Frey (SMB Guy): It's like if you can relate to the people and have the process of telling your story effectively without papers and marketing materials, then you have a more systemic business model problem. Would you agree.
00:43:37.290 --> 00:43:43.890 Anthony Turano: Yeah, yeah. No, it's definitely the truth. I mean, it's good that process and procedure in place and and
00:43:44.640 --> 00:43:51.360 Anthony Turano: And you know if working from home and the pandemic has taught us anything, it's that it's that you know
00:43:52.170 --> 00:44:02.100 Anthony Turano: Businesses are a lot more flexible than they may have one stop a water. And I know a lot of clients and a lot. I mean, even our firm was pretty set in
00:44:02.430 --> 00:44:14.070 Anthony Turano: The way they did things, day to day in the process, procedure but you know when you have when you're forced to adapt. You know, you realize you can and that's one of the great things with all the technology available to us in 2020 is that
00:44:14.460 --> 00:44:20.130 Anthony Turano: Most of the stuff we do can be done remote and can be done electronically and can be done resume meetings, you know,
00:44:20.880 --> 00:44:32.640 Anthony Turano: If I knew six months ago that that my office at home was going to be the background for all the zoom calls. I've had, I would have like put up a nice banner and done something a little different. But, uh, but here we are. Yeah.
00:44:32.940 --> 00:44:38.850 Steven Frey (SMB Guy): Absolutely, yeah. So I'm coming to you from Studio B in my house studio a has been my home office for the
00:44:38.850 --> 00:44:46.890 Steven Frey (SMB Guy): Last seven months. So doing the podcast and trying to change up the environment, a little bit def definitely need to do if it's just another room in the
00:44:46.890 --> 00:44:52.920 Steven Frey (SMB Guy): House, I really like to leave the country in the next couple months for a week's vacation but I don't really know if if that's any sort of feasible.
00:44:53.490 --> 00:44:57.780 Steven Frey (SMB Guy): We're gonna take a short commercial break. Once again, Anthony. Really appreciate you being
00:44:57.780 --> 00:44:58.920 Steven Frey (SMB Guy): On some great topics of
00:44:58.920 --> 00:44:59.790 Steven Frey (SMB Guy): Discussion here.
00:45:00.000 --> 00:45:02.070 Steven Frey (SMB Guy): We're going to be back after the commercials just
00:45:02.130 --> 00:45:08.190 Steven Frey (SMB Guy): Wrapping up with Anthony Toronto senior manager of CG tax audit and CG tax audit advisory group.
00:45:09.240 --> 00:45:18.420 Steven Frey (SMB Guy): We're going to be talking a little bit about the messages that you guys need to take away from today to really make an impactful Monday, I think we got a fair amount of them going here. So stay with us. We'll be back in a few
00:47:37.980 --> 00:47:45.090 Steven Frey (SMB Guy): Alright everyone, welcome back to always Friday with me. Stephen Fry your SMB guy right here on talk radio dot NYC.
00:47:45.840 --> 00:47:47.850 Steven Frey (SMB Guy): Here we talk about all things small
00:47:47.850 --> 00:47:58.980 Steven Frey (SMB Guy): And medium sized business SMB related. If you guys out there love talking about these types of topics I would urge you to stay tuned for the 12 O'clock show Jeremiah Fox is going to be doing his
00:47:59.280 --> 00:48:08.310 Steven Frey (SMB Guy): Entrepreneurial web show also talking about very much matters catering to small and medium sized business. So definitely stay here with us on talk radio dot NYC.
00:48:08.640 --> 00:48:22.110 Steven Frey (SMB Guy): Wrapping up here. Today we're with Anthony Toronto senior manager at CG tax audit and advisory and we're going to talk a little bit now just about the message. What should our listeners, be taking away right now so that they
00:48:22.650 --> 00:48:24.150 Steven Frey (SMB Guy): mullet during the weekend.
00:48:24.300 --> 00:48:32.280 Steven Frey (SMB Guy): While they have their freedom about them and they really use it to make impact on Monday, something I wrote down that Anthony I were talking about a few days ago.
00:48:32.550 --> 00:48:45.120 Steven Frey (SMB Guy): Just the idea of being proactive versus reactive here using some of the wisdom versus some of the smarts. It helps save clients stress heartache and even money.
00:48:45.420 --> 00:48:47.430 Steven Frey (SMB Guy): When if they told told me that I was like
00:48:47.520 --> 00:48:49.500 Steven Frey (SMB Guy): That's perfect. I love that.
00:48:49.710 --> 00:48:50.040 Anthony Turano: But
00:48:50.100 --> 00:48:52.260 Steven Frey (SMB Guy): Take it to the next level, man. Like, what can people
00:48:52.260 --> 00:48:54.060 Steven Frey (SMB Guy): Be doing the next 90 days.
00:48:54.090 --> 00:48:55.290 Anthony Turano: For 2021
00:48:55.560 --> 00:48:57.600 Steven Frey (SMB Guy): What types of daily habits, can they deploy.
00:48:57.600 --> 00:49:00.270 Steven Frey (SMB Guy): To really keep, you know, this type of strategy and
00:49:00.270 --> 00:49:01.440 Steven Frey (SMB Guy): Being proactive with their
00:49:01.440 --> 00:49:03.180 Steven Frey (SMB Guy): trusted advisor, such as yourself.
00:49:04.350 --> 00:49:13.110 Anthony Turano: Yeah, I think, I think it's important that you know you're in touch with your CPA, you know. Now in the next in the next 15 days, you know,
00:49:13.530 --> 00:49:25.770 Anthony Turano: Don't wait. Don't wait till you know, January, February, March, April, whether you're, you know, contacting them from an audit perspective or viewed financial statement perspective, or from a tax planning perspective.
00:49:26.580 --> 00:49:36.660 Anthony Turano: If you contact them now in this timeframe. You have a lot more flexibility and leeway and what you can do, leading up to the year and it says it sets things up.
00:49:37.290 --> 00:49:48.120 Anthony Turano: For much likely or rate of success versus reaching out to them on the back end. You have a lot more more bandwidth and things that you can play with and tweaking and prepare for and
00:49:48.630 --> 00:49:56.100 Anthony Turano: You know, just by being proactive helps link towards a more positive result when you do things last minute, you know,
00:49:56.610 --> 00:50:08.580 Anthony Turano: You never know what can pop up and you have less flexibility in in you know path to resolution. So, you know, my advice to anybody out there that's dealing with
00:50:09.270 --> 00:50:19.920 Anthony Turano: Either a tax, tax planning Professional Tax prepare an auditor, you know, reach out to them sooner rather than later see if there's anything you can take care of. Now we're start doing now.
00:50:20.580 --> 00:50:29.880 Anthony Turano: I just had a call this morning with one of our audit that and, you know, we're just kind of talking about hey we got past tense Racine, let's take five minutes to catch our breath.
00:50:30.480 --> 00:50:39.240 Anthony Turano: And relax. What can we start doing next week that that'll help help take some of the stress off, you know, our time in January, February, March, and
00:50:40.200 --> 00:50:48.660 Anthony Turano: We came up with a plan of just a few things. A few specific clients that we have things we could work on that the client doesn't even know we're going to be doing working on it necessarily
00:50:49.200 --> 00:50:57.240 Anthony Turano: Will reach out to them in the coming weeks, but we could do some things on our end just to make sure that it's a smooth process, you know, come off 31
00:50:58.290 --> 00:51:00.330 Steven Frey (SMB Guy): Absolutely. I mean, a lot of my travels
00:51:00.330 --> 00:51:06.030 Steven Frey (SMB Guy): Talk about risk mitigation. There's basically two types of risk. There's calculated risk and there's trial by fire.
00:51:06.330 --> 00:51:15.510 Steven Frey (SMB Guy): If there's something that drives me crazy. It's people thinking you know SMB owners, especially thinking that's something they're dealing with his trial by fire. What it was really calculated risk.
00:51:15.810 --> 00:51:24.540 Steven Frey (SMB Guy): And could have been mitigated if it was brought to the table early. So Anthony, I can't thank you enough for being on the show today great topics of discussion we have some great material here.
00:51:24.780 --> 00:51:29.190 Steven Frey (SMB Guy): And again, in the spirit of being about the people first and last, I do like to
00:51:29.520 --> 00:51:41.130 Steven Frey (SMB Guy): throw my magical three questions out there you know who is your favorite movie or TV show character. What is your favorite movie or TV show. And what's your favorite musical instrument and the artists who plays it so to dive right into it.
00:51:42.360 --> 00:51:44.700 Steven Frey (SMB Guy): I said in the beginning of the program. Anthony's favorite
00:51:45.060 --> 00:51:45.870 Anthony Turano: Character.
00:51:46.050 --> 00:51:48.060 Anthony Turano: Just a few letters off of his actual
00:51:48.060 --> 00:51:54.090 Steven Frey (SMB Guy): Name is none other than the Anthony soprano so
00:51:54.240 --> 00:51:54.810 Steven Frey (SMB Guy): I like
00:51:54.900 --> 00:51:58.620 Steven Frey (SMB Guy): You. I know not everybody's necessarily looking at our show here.
00:51:58.620 --> 00:52:04.830 Steven Frey (SMB Guy): Today it's you know more of an audible thing, but I do like to put my people's faces on their favorite characters.
00:52:04.890 --> 00:52:05.940 Steven Frey (SMB Guy): People that they share
00:52:05.940 --> 00:52:14.520 Steven Frey (SMB Guy): With me so I also like to join them as well. So here's one of me as Paulie walnuts and anthony anthony soprano So Anthony Toronto.
00:52:16.440 --> 00:52:18.990 Steven Frey (SMB Guy): Toronto London so
00:52:19.050 --> 00:52:22.560 Anthony Turano: You have one of those standing things at home you use that
00:52:22.620 --> 00:52:27.120 Steven Frey (SMB Guy): I don't know, baby. My dad is beautiful note there's no jersey and for me I don't need to know jumpin
00:52:27.120 --> 00:52:30.720 Anthony Turano: Long your, your sunglasses was very similar. I like it.
00:52:32.340 --> 00:52:35.340 Anthony Turano: You just gotta get the wingtips in your hair and you're good to go.
00:52:35.580 --> 00:52:37.860 Steven Frey (SMB Guy): Don't laugh, man. It's more more gray than usual.
00:52:37.860 --> 00:52:41.370 Steven Frey (SMB Guy): Especially spending all this time at home with the kids, you know, but
00:52:42.720 --> 00:52:43.350 Anthony Turano: You're telling me.
00:52:44.790 --> 00:52:46.350 Steven Frey (SMB Guy): So I just got a fresh haircuts very
00:52:47.790 --> 00:52:53.190 Steven Frey (SMB Guy): Moving along, favorite movie Shawshank Redemption. And I gotta say, man, you, you make a great
00:52:53.610 --> 00:52:54.750 Friend and you make a great
00:52:56.070 --> 00:52:56.760 Steven Frey (SMB Guy): No doubt.
00:52:57.870 --> 00:53:02.730 Anthony Turano: Yeah, I like the I like I like the hair, the one piece just dangling down
00:53:04.350 --> 00:53:05.310 Anthony Turano: Anytime that happens.
00:53:06.360 --> 00:53:07.440 Steven Frey (SMB Guy): look ridiculous but
00:53:09.510 --> 00:53:11.100 Anthony Turano: There's me as a prison guard.
00:53:11.100 --> 00:53:13.230 Steven Frey (SMB Guy): Right along with yourself is rocking it out. Love it.
00:53:14.370 --> 00:53:14.550 Anthony Turano: So,
00:53:15.990 --> 00:53:19.500 Steven Frey (SMB Guy): Last but not least, you know, on the music scene right and Anthony had an interesting
00:53:19.500 --> 00:53:21.510 Steven Frey (SMB Guy): Answer to this one. I was trying to push him for it.
00:53:21.750 --> 00:53:31.080 Steven Frey (SMB Guy): And he couldn't come up with a favorite musical instruments like I played the piano during my life I played the saxophone always tried to guitar. But I suck that my dad's a guitar player in the family, but
00:53:31.650 --> 00:53:37.380 Steven Frey (SMB Guy): He said no favorite instrument, but he's really been thinking about Fleetwood Mac as of late, so
00:53:38.730 --> 00:53:39.840 Anthony Turano: Stevie Nicks baby.
00:53:41.550 --> 00:53:46.710 Anthony Turano: Definitely not my favorite like all time band, but I don't know. I've just been on like a kick lately, like I
00:53:47.340 --> 00:53:53.760 Anthony Turano: You know, on Spotify. They do those like daily mix things and somehow like I stumbled on Fleetwood Mac and then
00:53:54.390 --> 00:53:59.880 Anthony Turano: They've been popping up in those daily mix things a lot lately and I honestly I didn't realize how many great songs they have
00:54:00.510 --> 00:54:11.580 Anthony Turano: No, it's kind of stuck in my head. The last couple weeks, which is which is relevant, because I don't know if you saw that video of the guy on the skateboard drinking the cranberry juice you know it all over the place. The last couple weeks. I definitely did
00:54:11.580 --> 00:54:15.690 Steven Frey (SMB Guy): And I was trying to get that one up here as well for you, but I can
00:54:16.290 --> 00:54:22.800 Steven Frey (SMB Guy): Work. So, but I'm not bad. You have Stevie Nicks and with the rest of the Fleetwood Mac Pro and there's there's me right there. Obviously, if you could see it.
00:54:23.280 --> 00:54:25.350 Anthony Turano: But, but, yeah, man, that's a
00:54:25.410 --> 00:54:33.420 Steven Frey (SMB Guy): Good stuff, you know, a lot of great content here today. Yeah. Any, any other thoughts you have, you know, just to tie everything off with it with a nice bow.
00:54:34.980 --> 00:54:42.390 Anthony Turano: Yeah, no, I think, you know, the main theme like you talked about was, was being proactive and and when things come out.
00:54:43.440 --> 00:54:48.720 Anthony Turano: You know, be in touch with your CPA regularly be in touch with your, your financial advisor regularly.
00:54:49.110 --> 00:54:58.020 Anthony Turano: There's programs and changes and regulations that change all the time that that can be beneficial if you act timely when you do things in the 11th hour, you know,
00:54:58.440 --> 00:55:08.580 Anthony Turano: You're acting reactivity, rather than proactively and and and you have less options when when the whole cares Act came out, I was talking to a friend of mine who
00:55:09.000 --> 00:55:18.810 Anthony Turano: Owns a small business, and I said, I'll have you been in touch with your CPA. Has he has he been, you know, keep you abreast on what's going on and he said that my CPA told me that things are changing and
00:55:19.890 --> 00:55:27.000 Anthony Turano: You know, just wait to the dust settles and I was like, yet. Okay. That's one way to look at it, but it's probably not the best way to look at it because
00:55:27.570 --> 00:55:32.460 Anthony Turano: You know programs that are available today might not be available tomorrow funds might run out, you know,
00:55:33.450 --> 00:55:46.410 Anthony Turano: You know, you gotta, you gotta take advantage of things when strike when the iron is hot, so to speak. And, you know, just by being in constant contact with your CPA and you're, you're, you know, trusted advisor is is a great way to do that so
00:55:47.190 --> 00:55:48.210 Steven Frey (SMB Guy): Absolutely, Anthony. Thank you.
00:55:49.110 --> 00:55:50.250 Anthony Turano: Once again for joining us.
00:55:50.250 --> 00:55:52.080 Steven Frey (SMB Guy): Here today. If you guys out there. One more.
00:55:52.500 --> 00:55:52.980 Anthony Turano: Question.
00:55:53.610 --> 00:55:56.790 Steven Frey (SMB Guy): On Anthony and Anthony is firm. You guys can go to CG
00:55:56.790 --> 00:56:10.890 Steven Frey (SMB Guy): team.com also Anthony and team have recently launched at their, their own podcast as well and that's that's at CG business advisors com I heard they had a phenomenal guest this week. You guys should definitely go check that out.
00:56:11.670 --> 00:56:22.050 Steven Frey (SMB Guy): Coming up next week we're gonna be talking about building business building brilliance. I like alliteration with my people process and product business building brilliant stuff to say fast.
00:56:22.680 --> 00:56:28.590 Steven Frey (SMB Guy): There are two things that every business owner wants. First, they want to generate more leads. They want to attract more clients, they want to make more
00:56:28.590 --> 00:56:30.750 Anthony Turano: Money, they can eliminate their financial
00:56:30.750 --> 00:56:45.090 Steven Frey (SMB Guy): Distress. Second, they want to reach out a million dollars in annual revenue. Typically, so they could start to live the life that they've always dreamed about. We're going to be joined by Mason McDonald. He's the founder of pro brilliance leadership institute a firm focused on helping
00:56:45.090 --> 00:56:47.370 Steven Frey (SMB Guy): Successful financial professionals get their mojo.
00:56:47.370 --> 00:56:58.380 Steven Frey (SMB Guy): Back gain traction and grow the practice of their dreams mission is from Northern California. So hopefully is a safe distance from the fires and I know he's going to bring his special brand of hot discussion next week.
00:56:58.860 --> 00:56:59.520 Steven Frey (SMB Guy): Until then,
00:56:59.640 --> 00:57:01.500 Steven Frey (SMB Guy): I am Stephen Fry your SMB guy.
00:57:01.680 --> 00:57:06.300 Steven Frey (SMB Guy): Thank you for joining us on always Friday. We really hope you gained some weekend insight to make a Monday.
00:57:06.300 --> 00:57:08.130 Steven Frey (SMB Guy): Impact. Have a great weekend.
00:57:08.160 --> 00:57:09.600 Steven Frey (SMB Guy): And I'll see you next Friday, my friends.