BUILDING A 7-FIGURE TAX PRACTICE WHILE BLACK

BUILDING A 7-FIGURE TAX PRACTICE WHILE BLACK

AMANI S. AHMED, CPA, MST

TODAY’S OUTLINE

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◈ Business Financial History

◈ My Story

◈ Best Practices to Build Your Tax Practice

◈ Q&A*

*If there’s enough time or during polling questions

AMANI S. AHMED, CPA, MST▪ Licensed CPA in MD and VA

▪ Master’s of Science in Taxation, American University

▪ Doctorate in Business Administration Candidate (2023)

▪ Public Accounting (7+ years)

▪ Owner and solo-practitioner of AGA Group LLC since

November 2007

▪ Prepared or reviewed over 65,000 returns

▪ Trainer for tax practitioners and accountants

▪ IRS Appointed Committee Member-NPL (SB/SE

Division) 3

AGA GROUP ▪ Small boutique CPA firm

▪ Began in November 2007

▪ Staff of 5-8

▪ Based in the Washington, DC area

▪ Services: complex tax preparation, small business accounting &

consulting, tax resolution, & business incorporation

▪ Service clients nationally and internationally

▪ Year-round firm4

Polling QuestionAre you a minority business

owner? Y/N

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1.Business Financial History

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2007-2020• Start-Up

• First 5-Years

• Financial Woes

• Focusing on Minimal Costs

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Start Up (Oct/Nov 2007)

◈ 3 Partners

◈ $27K ($9K/each partner)

◈ E-Myth Revisited & Business plan

◈ Grand Opening FAIL

◈ New business conundrum

◈ Partnership crisis 8

2007-2012

◈ Office downsized

◈ Client turned business partner

◈ Upsized office and increased staff

◈ Fall out & change in business style

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Financial Woes

◈ Being Sued

◈ Revolving Door- Staffing Issues

◈ Investing 5-Figures to “buy” Clients

◈ Decreasing My Hours & Schedule

◈ Hard To Trust People

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$5,560,986.28Total Gross Sales 2007-2020

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Polling QuestionWhat % of minorities makes up your firm?1. Less than 10%2. 10%-25%3. 26%-50%4. 51%-75%5. 76%-100%

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MY STORYAn Egyptian-American

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Academic & Professional Accomplishments▪ Overall GPA 3.93/Major 4.0

▪ CPA Review Helper

▪ Passed CPA 1st Time (Top 10%)

▪ Became a trainer at CohnReznick (formerly The Reznick

Group)

▪ Former board member (2012-2013) of MD/DC/DE NATP

▪ Lifetime member of National Association of Black

Accountants (NABA); Served as past VP for DC Chapter

(2005-2007) 16

Minority Life

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▪ Professional Career

▪ Creating A Solid Foundation

▪ Leaving Corporate America

▪ Building my tax practice

▪ Insecurities & Landmark Forum

▪ Servicing Diverse Clients

▪ Being A Women

3.Best Practices

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Polling QuestionWhat is a major challenge as a minority business owner?1. Diversifying clientele2. Hiring competent talent3. Acquiring financing/funding4. Exposure to markets5. Other

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Overcoming Being Black

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▪ 9% of 1.9M accountants

▪ 5,000 of 650,000 CPAs

▪ Just 1% of CPAs employed by firms

▪ Disparaging inequality on a large scale

▪ Action combats complaining/Act fearfully

▪ Acceptance & Make An Impact

Source: https://news.bloombergtax.com/financial-accounting/fifty-years-little-progress-for-black-

accountants (2019)

Want big

impact?

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OUTPERFORM

““Business is not about what you do

but how you do it.”

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3 IMPORTANT FACTORS TO BUILDING WHILE BLACK

CLIENT

EXPERIENCECOMPENTENCY RESPONSIVENESS

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IT’S OK TO PURCHASE◈ BUY, BUY, BUY

◈ Lease- 1 year or virtual

space

◈ Remote office address

presence (national office)

◈ Postal1

◈ Regus

◈ Anytime Mailbox24

MANAGING BUSINESS FINANCES◈ Crash and Burn!

◈ Net income 40%

◈ Investing in expertise &

technology is KEY!

◈ Focus on short term

financial & servicing goals

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MARKETING YOURSELF WHILE BLACK◈ EVERYTHING you do is marketing

◈ Online platforms

◈ Exposure is #1

◈ Supporting minority causes

(https://www.mycpaisblack.com/)

◈ Hiring a marketing consultant/help

◈ Building a good referral network

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Polling QuestionWas this session helpful? Y/N

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PERSEVERE Own Your Success

Currently have a net worth of

over $4.5M. Live primarily

debt free and have the

opportunity to invest & save

most of what I make.

Industry Expert

Engaged in speaking on

building a tax practice,

marketing, and managing a

practice.

Freedom of (some) time

Work part-time schedule of 2-3 days

post tax season to travel, activity

with family, focus on other business

endeavors and passions. All without

sacrificing making GOOD money!

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Being Respected &

Having a Solid

Reputation

Service some of the best clients in

the world. Opportunity to work

with vast types of clients all over

the world.

Develop CPA Niche

Get to focus on clientele that I

am able to provide the most

value which are small business

owners and real estate

professionals.

Inspire & Give Back

My mission is to inspire others

to achieve MASSIVE success

without the guilt and shame

and to be a vehicle of change

and investing in our future.

THANKS!Any questions? Let’s connect…

[email protected]

www.agagroupllc.com

FB @MarylandCPA

IG amani.ahmedcpa

Linkedin: https://www.linkedin.com/in/amaniahmed/