Concierge CPA July 2018

Concierge CPA July 2018

July 2018

8221 Brecksville Rd, STE 205 Brecksville, OH 44141

[email protected]

(440) 340-1030

ConciergeCPAs.com

Doing Business in The Middle Kingdom “What kind of business can an American CPA firm do in China?” asked many of our clients and friends before and after my 12-day trip to China earlier this summer. surplus. Some say China is on its way to becoming the world’s leading economy and is already there in terms or PPP (Purchasing Power Parity).

Well, the “business” happens at home here in the U.S., where Chinese investors need accounting, tax planning and preparation, payroll, and overall business advising for the companies they buy or invest in in the U.S. Both Laz and I have worked in international tax in our earlier careers, so it was a natural progression for us to work with U.S. businesses owned by international investors. After having the privilege of working with South-American, European, and Canadian business owners, we’re now branching into working with more Asian investors. So when the chance arose to be part of a group of eight on an Ohio trade mission to visit Beijing, Jinan, Weihai, Xian, and Shanghai, I jumped at the opportunity.

The number of Chinese investors in the U.S. is rapidly growing. We, as a service business, are trying to stay relevant when looking to the future by catering to this segment of clientele “concierge”-style.

So how was China?

To be honest, it was never on my bucket list to visit China before, but I have to admit, I fell in love with it! What better way of learning more about Chinese culture, business etiquette, way of thinking, and customs than to actually visit their land, eat their food, and meet them in their own environment?

Why this interest in China?

The food was nothing — absolutely nothing — like the “Chinese food” in the U.S.! It was a thousand times better: a hundred varieties of vegetable and meat dishes, always fresh and light, no sweets whatsoever. We all know that China is huge, but I was surprised how that affects everyday life: anytime we went out in Beijing, a capital that has 30 million residents, it was a minimum 1.5-hour cab ride each way. The sight of huge construction projects everywhere is overwhelming: clusters of 10–15 apartment buildings being built at the same time, each 32–40 stories high, and skyscrapers by the dozen in the city centers … State-of-the-art technology is used everywhere: We traveled from Beijing to Jinan and from Jinan to Weihai by ultra-modern, comfortable, high-speed trains, the most fascinating being the Maglev (magnetic levitation) train in Shanghai, with its 268-mph top speed!

With population of 1.4 billion, China has around four times more people than the U.S. Its economy is growing at almost three times the rate of ours, and it has a trade

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1 (440) 340-1030

DR. JODI RABAS

CLIENT OF THE MONTH:

Q: Have you always wanted to open your own practice? A: First I took an associateship position to gain experience. For three years, I worked under great doctors and business owners, but I knew that if I ever wanted to make my worth, I would have to start my own practice. So, in April of 2014, I opened the doors of Family First Chiropractic back in my hometown area. I started out with extremely low overhead so that I could grow the kind of practice I desired and wouldn’t feel desperate to take

This month I have the privilege of introducing Dr. Jodi Rabas. She is the founder of Family First Chiropractic in Green Bay, WI. We “sat down”virtually for a short talk about her business, career, and passion. Q :Why did you choose this profession? A : It wasn’t until my junior year of undergrad at Ripon College that I realizedmy calling to become a chiropractor. As ridiculous as it sounds in the 21st century, I had never met a female chiropractor, and therefore, never considered it as a career path. Luckily, the chiropractor I had visited recognizedmy curiosity and potential. He took the initiative to call Palmer College of Chiropractic and asked them tomail me information about their program. Once I visited the school and saw the curriculum, I knew that was where I belonged. Q:What made you interested inworkingwith children? A: While I was in college, my nephewwas born, and because of this I became interested in pediatric and prenatal care. Caring for the newborn really starts by helping to ensure that the mother has the best prenatal experience. Research has shown that women under chiropractic care during their pregnancy have less pain, shorter labors, and less need for medical intervention. What woman wouldn’t want that?! A: Caring for children is extremely fun and rewarding for me. Sometimes you have to get creative in order tomake a child feel comfortable and compliant. The rewarding part is that many children respond very quickly. Because chiropractors work with the nervous system, which controls all functions of the body, we can see some incredible changes regarding digestion, the immune system, sleep, mobility, etc. For example, many newborns that are brought in for constipation end up having a bowel movement before they leave the office or within the next few hours. Q:What are the unique challenges of workingwith children?

on just any case that walked through the door. The office grew steadily for the first year, which inspired me to open a second location in 2015. Q: Running two offices on your own sounds like a lot of work! A: Yes. I worked like a crazy lady doing all of the office duties for both offices for two years. Then I moved into a larger office space and hired my first employee in 2017. Hiring an employee was the biggest game-changer in my practice. With my assistant being able to keep the office running smoothly, I was able to serve more patients than ever before, and we have been breaking records regularly since she started working for me. Q: Congratulations, Jodi! Your passion and dedication will take you far! A: Thank you, and I truly appreciate the relationship I have had with Borbala and the crew at Concierge CPAs. Having trust and confidence in their abilities has helped me to get this business started, freed up my focus to allowmy practice to grow, and helped me navigate all the payroll and accounting details involved with hiring that first employee. We have come a long way in four years! I’m so grateful to have a career that I am passionate about, and I look forward to seeing what the future holds.

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Guaranteed Winners This May, the Supreme Court struck down the Professional and Amateur Sports Betting Act, which had made Las Vegas the only state in which bettors could gamble on college and professional sports. Imagine how much louder your neighborhood sports pub will get when the obnoxious drunk at the end of the bar who won’t stop jabbering about his fantasy team is actually putting his money where his mouth is!

Dozens of states are expected to legalize betting within the next few years. Naturally, there will be winners and losers. The American Gaming Association estimated that legal sports betting will generate up to $26.6 billion of economic activity and 152,000 jobs. Walmart and Target will make millions from fans converting their winnings into giant TVs. Even a few old- school backroom bookies will manage to hang on — they can offer credit, so they don’t have to start kneecapping until some poor loser fails to pay. But there’s one group we can count on to win big no matter who else loses, and that’s the federal, state, and local tax collectors sharing the juice from the new action. Gambling winnings are taxable just like any other income. The IRS doesn’t care who wins or loses; they just want their share. Winnings are taxable as ordinary income — you don’t pay any more if your favorite quarterback connects with a Hail Mary than you do for hitting blackjack at the casino. The biggest winners can even find their good luck pushing them into higher tax brackets. Gambling losses are deductible, but only if you itemize (which eliminates about 90 percent of taxpayers), and only up to whatever amount of actual winnings you report. That means

that if, at the end of the year, you’re in the black, you’ll owe tax on your winnings — but if you’re in the red, there’s no deduction for your loss. That gives Uncle Sam the perfect “heads I win, tails you lose” proposition. (Odds are good that whoever said the only way to win at gambling is to beat the house never saw how the IRS rigged the game!) Of course, the IRS won’t be the only tax collector profiting from this cash explosion. State treasuries, which generally start with federal adjusted gross income or taxable income for their own collections, will also share the bounty. State and local governments may impose their taxes directly on gambling activities as well. And they’ll collect even more in sales and liquor taxes from bettors flocking to sports bars and other venues. Here’s a proposition we bet you’ll like. Bring us your taxes and challenge us to help you pay less. You literally can’t lose. Call us today at (440) 340-1030 and see how much you’re losing — you can’t win if you don’t play! Fortunately, there was ample time for visiting historical places and for sightseeing: we hiked a portion of the Great Wall; admired the 2,000-year-old terra cotta warriors in Xian; were amazed at the energy, style and elegance of Shanghai; happened to be on Tiananmen Square on the 29th anniversary of the 1989 protesters standing in front of the tanks; and admired the Forbidden City and the Temple of Heaven in Beijing. We enjoyed the utmost hospitality of our hosts and made new friendships in every city we visited. Overall, I feel very fortunate to have had the opportunity to visit China. I’m looking forward to not only serving more Chinese clients in the future, but also to going back with my husband and our four kids sometime soon! P.S. Friend me on Facebook to see more than 500 pictures and videos of my trip! –Borbala Banto, CPA -Borbala Banto, CPA

... Continued from cover Was this trip for business or pleasure?

As a trade mission group, we visited a good number of manufacturing companies, but also CPA and law firms. We also met with representatives of local governments and civic organizations and made contacts with individuals and businesses who can potentially refer us work in the future. As they say, the money is in the follow-up!

3 (440) 340-1030

8221 Brecksville Rd, STE 205 Brecksville, OH 44141

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

(440) 340-1030

ConciergeCPAs.com

INSIDE Borbala Visits China Page 1 Client of the Month: Dr. Jodi Rabas Page 2 Guaranteed Winners Page 3 Borbala’s Schedule Page 4

[email protected]

Register at BeyondTheNumbers.Club Thursdays at 2 p.m. EDT: • July 26 • August 2 Client Advising and Coaching Days • July 3 Weekly Live Roundtable Calls July 12: EOA meeting and accountability group, Independence, OH July 17: GKIC Cleveland/Akron Elite Mastermind with Dan Cricks July 30: Board meeting at The Inspired Treehouse August 2: Rubber Ducks baseball game with the EOA group August 9: EOA learning day and accountability group, Independence, OH August 14: GKIC Cleveland/Akron Elite Mastermind with Dan Cricks August 21: Presentation at WBC’s Think Tank Tuesday, Cleveland, OH August 25: EOA Family Reunion Party BORBALA’S SCHEDULE • July 5 • July 19 • July 11 • July 17 • July 25 • August 1 • August 8 • August 14 • August 22 SEMINARS AND EVENTS

4 ConciergeCPAs.com Prospective client inquiries: [email protected] To schedule a time, go to Borbala.AcuityScheduling.com