Hamzah Shakeel

When a US Citizen renounces their citizenship, they can face an "Exit Tax"... Some members of the California State Assembly would like to impose an exit tax when leaving the Golden State! The proposal would levy a tax on worldwide net worth of $30M or more ($15M single) if you change from a full time resident to a nonresident. As an example, if your net worth was $50 million, you would owe an exit tax of $80,000 (0.4% * ($50 million — $30 million)). Your net worth could include: - Private company business interests - Stocks or other investment holdings Whether this passes or not is unknown, but this would likely be challenged all the way up the the Supreme Court. CA has some radical tax ideas, and this is certainly up there! A founder that works night and day to grow their startup, has an exit and then wants to move their family to a new state is penalized by such a drastic measure. Let's see where this goes! #ExitTax

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?? FBR Targets Wealthy Taxpayers Over New Tax Hikes With the IMF’s $7B bailout decision nearing, FBR Chairman Rashid Langrial is proposing audits on the top 1% of taxpayers instead of introducing new taxes. This move aims to close revenue gaps without burdening the public. ?? Key steps include auditing high-net-worth individuals and restricting non-filers from land transactions to curb money whitening. ?? While experts expect additional revenue measures, the FBR is optimistic this approach will help meet fiscal goals. ?? #TaxReforms #PakistanEconomy #IMF #FBR

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I just met with the one of the top VCs in Phoenix. Here's how they believe AZ can be one of the top startup states in the next 10 years: 1. Company Formation ? Starting more startups ? Growing big companies ? Selling for big exits 2. Capital Velocity ? More investments into AZ startups ? Reinvesting back into AZ once you've exited 3. Community Vibrancy ? Small/Medium/Big creators hyping up AZ ? Attractive events that bring true value And the community is thriving: Shawn Allard w/ private meetups for SMB owners Sean Huntington ?? w/ Founders N Funders events Josue Romero w/ AZ Tech Founder meetups Josue Romero and Daniela Santangelo with Freeway (amazing dashboard to see AZ venture stats + event calendar) No better time to be an AZ Founder ???? *** Side Note: can we find a better name to unite the startup valley? YesPHX is okay Silicon Desert is okay but way too cliche at this point

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“You’re not in the bookkeeping business anymore – you’re in the talent business.” This small piece of advice from Ayman Al-Abdullah really hit home for me. I met Ayman at IP2 - an incredible event with a ton of take aways - but it’s this one line that I keep coming back to. At this point in our growth, the real bottleneck isn’t systems or clients - it’s people. It’s a huge shift in mindset, but I’m realizing that if I want to take the business to the next stage of growth, I need to stop thinking of myself as the service provider – and start thinking of myself as a talent manager. Still figuring out how - some days I still find myself knee deep in client work - but it’s a game-changer for how I’m thinking about the future of the business. Anyone successfully made this switch? How are you managing the people side of things?

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??? Unlock the Secrets to Innovation Savings! ??? ?? Struggling with the California R&D Sales and Use Tax Exemption? We've got you covered! Our comprehensive step-by-step guide will demystify the process and help you save big on your groundbreaking projects. ???? Read more. Tap into expert insights and streamline your R&D journey. Ready to boost your bottom line? Dive in now and make your innovation dreams a reality! ???? @hitollc.com | 949.876.8420 #TaxTips #Innovation #California #RDSalesTax #SaveMoney #ResearchAndDevelopment

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The CPA talent shortage is creating a significant challenge across industries, and this article sheds light on how it's affecting startups. Since startups rely on accurate financial guidance and strategic planning, the lack of available accountants puts them at a disadvantage. ? This is an important reminder that the CPA profession needs to adapt—whether it's through encouraging more young talent to enter the field, embracing technology, or finding new ways to manage workload. The ripple effects of this talent shortage are real, and they will continue to impact both established businesses and emerging startups. https://lnkd.in/e256D6tt

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Just interviewed someone who is the CEO of a PE backed $XXM/yr Advisory/Accounting Firm. They're going to do 10-15 acquisitions over a 5 period. What follow up questions would you want to know? (if anyone wants early access to the episode, let me know in the comments and I'll DM the unedited version!)

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Attention Accountants! Warn your clients of these moral hazards when advising them on group health plans:? 1) Your employees will consume healthcare differently if they aren't the ones covering the expenses 2) your employees will most likely do what's best for THEM, not the business Have you seen any others??

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So you want to start a startup? What I wish I would have known: Part II I wish I would have talked to more potential customers and investors BEFORE my founding partners and I had spent a single ?? . The problem at the time was getting access to customers and investors. Several years in now, I know all kinds of ways to get access to them but back when we started I was kind of in the dark. Leveraging LinkedIn, free Apollo.io and ZoomInfo licenses, going to industry and association events as well as getting tapped into who key investors and customers are for the industry as early as possible would have been really helpful. We're lucky, ControlQore we are building a killer vertical SaaS product with partners who understand the construction industry to the core. So we knew very early on who our ICP was and that we were solving their pain points. Even with that advantage though, I still feel like we didn't build up our customer and investor feedback loop early and effective enough in the early days. If you're building a broader solution or service that will meet multiple industries needs and your ICP isn't as clear, you should take EVEN LONGER to chat with and assess the value of the vision of your product with as many potential buyers, investors and use cases as you can. In short go heavy on the market interviews/chats with customers and investors and ask them point blank if they would spend money on what you would build before you spend any money on building. #Founders #MarketResearch #Startups #

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If you've ever wondered about Fractional CFO's but don't know where to start, how much they cost, what they can do.... you're not alone. I personally talked to many businesses that have no idea where to start. Audit Friendly is a completely free resource to access more information from reputable Fractional CFO firms, including quotes without having to disclose your personal information (to the firm) until you're ready to move forward. How it works: ?? Submit a request to Audit Friendly using the form below. ?? Our team will send out RFP's to our network of Fractional CFO's that align with your business needs. ?? We'll share the proposals with you and connect you with your top 1, 3 or 5 firms you'd like to talk to. We'll be here the entire way helping you with any questions or concerns, at no cost to you. Submit our simple form below or shoot me a DM for more information! https://bit.ly/3LdxRT1

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Non-accountants buying CPA firms... good or bad? PE is on fire and SMB searchers are rolling up accounting firms hoping to streamline their platform's back offices and lock in sticky EBITDA. But will this help solve the industry's underlying problems? The supply of new accounting talent is down. Largely due to wages not keeping pace with other career paths. I believe this is because the typical accounting partner focuses on technical work rather than platform building. Profits are tied to individual billables and innovation lags. Imagine if partners focused on building better service offerings, business development, training, and leadership development... Firms would probably have more profits to reinvest into people. But firms need someone to drive that vision home and gain alignment from the team. I doubt client service partners have the skills needed to do that. This is where non-accountant buyers *could* come into play. Not saying it's THE solution. But some outside perspectives might be good for us.

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We are all getting too excited about 5% interest rate on our savings account but I think it's actually making us poor not richer. Let's say you have $100k in savings, and live in California and make a decent salary. Your $5k in interest will likely be taxed at 40%, so now you are left with $3k net, so far you are happy. But then you realize the inflation on things that matter (food, shelter, travel) is more than 5%, and your dollars have lost 5% purchasing power which ends up in negative $2k rather than positive $3k to your overall gains. Inflation is the real hidden tax no one talks about or really understands much.

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Amazon is launching its version of Shark Tank. https://lnkd.in/g8NNRwT7 I have to admit, I love Shark Tank. It is a romanced version of real-life startup fundraising. But at its core, it represents what the relationship between founders and investors looks like. 1. Pitching and convincing investors with promising ideas and products. 2. How critical it is to know your unit economics like your life depends on it. 3. Negotiating dilution, convertible debt, rev share, you name it, it's all in there. 4. Witnessing the FOMO and herd effect once 1 investor is in, how the others quickly follow. I'm happy to see more ways for entrepreneurs to fund their businesses. It can only be beneficial to everyone. And let's not forget to tremendous amount of free marketing you get from these shows. Want to discuss your plan? Let's connect.

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In Nov 2020, I joined the inaugural edition of Ali Abdaal’s Part-Time YouTuber Academy. When he first offered the course, I signed up immediately—it was a great deal, costing less than $1,000. At the time, Ali hadn't yet reached a million subscribers on YouTube—he had about 800,000. Fast forward four years, and he’s now crossed the 5-million subscriber mark. Looking back, it was one of the best investments I made, though not for the reasons you might expect. The real value wasn’t about becoming a YouTuber. Instead, I learned how to tell stories and connect with an audience so they truly resonate with you through the screen. At the time, I had a 2-year old toddler, so producing YouTube videos wasn’t exactly on my radar—far from it! But I’ve applied the marketing lessons I learned with my clients ever since. Ali’s course felt like a modern-day update to How to Win Friends and Influence People. It taught me how to be likeable, stand out, and differentiate in a crowded space—all through a screen. It’s about becoming the last one standing by building meaningful connections. While clearing up my room, I even found a personalized letter Ali sent to all his students - all the way from London. I’m sure it was produced through a service to appear handwritten, but the contents were as thoughtful and personal as it gets. If you ever have the chance to learn from someone who truly knows their stuff—an actual expert who does this day in and day out—do it. Especially if they’re offering it at a reasonable price point. For me, I’ve made it a habit to invest a fixed percentage of my income in courses and mastermind groups. This has helped me see a bigger world beyond the shores of Singapore, giving me insights into how businesses in other regions operate. More importantly, it has allowed me to maintain my relevance and enhanced how my clients perceive me. You’d be surprised how just one or two insights can pay off exponentially in the long run especially when your clients can recognize the value immediately.

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The Hidden Cost of DIY Bookkeeping Here’s a common scenario: A business owner tries to manage their books to save money. Fast forward a year, and they’re hit with unexpected tax penalties or missed opportunities for growth because their financials weren’t accurate. ?? Hiring a professional accountant can save you thousands of dollars by avoiding these mistakes and unlocking the potential for growth. If you’re hesitating due to cost, ask yourself: Can you afford NOT to have your books in order? A good accountant is an investment in your business’s future. Don’t wait for costly mistakes to learn this lesson. #BusinessSuccess #InvestInYourBusiness #AccurateBooks #Accountant #BusinessOwner #HealthcareAccounting #MedicalAccounting #BehavioralHealthFinance #MedicalPracticeManagement #LegalFinance #HealthCareFinance #ProfessionalServicesAccounting

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For those who don’t know how Stoicism can help you in business, this podcast episode is for you.

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What does a world look like with no more accountants? The accounting space is a key area of focus for me these days. For several reasons: → The west has an acute shortage of accountants → Bookkeeping is increasingly getting automated → Several GPT's do a great job of financial analysis An inflection point is coming where a once celebrated career path is not going have the aura it used to have. Companies still need to keep their accounts for internal guidance and regulatory purposes. The Big 4 accounting firms provide key services: → Auditing (Some liability exposure) → Tax planning and payroll management → Consulting and advice on how to improve performance Most of the above other than taking on liability exposure & specific contextual advice can be replaced by GPTs. In the short run: The opportunity exists to rollup small accounting firms and replace accountants to increase net margins. In the longer run: Create the financial advisory business which would rival the quality and work of the biggest firms after 3-5 years of roll ups. I don't think the accounting profession goes away but I strongly believe the way we train people and how they do their job is going to massively change within the next 5 years. Would be great to hear your thoughts!

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