Forensic accounting expert Jeff Neumeister talks about providing value and insights to clients through a forward-thinking, numbers-focused approach.
Listen to the full interview of Jeff Neumeister with Adam Torres on the Mission Matters Money Podcast.
How did you get started?
Neumeister has been a CPA for more than 20 years, and he started Neumeister & Associates five years ago as a full-service practice covering cryptocurrency, M&A advisory services, forensic accounting, fractional CFO work, and more. He's also worked in academia for a decade and is currently an adjunct faculty member at Woodbury University, Burbank, teaching MBA students about accounting.
Tell us more about the fractional CFO model.
A CFO is integral for every growing organization, Neumeister notes, but it can be an expensive resource for small and mid-size companies. So, instead of paying a substantial annual salary to a full-time CFO, engaging with a fractional CFO can provide a company with necessary guidance as needed without substantial cost.
One key benefit of hiring a fractional CFO, he points out, is that an in-house CFO's perspective may only span a single industry, while most fractional CFOs bring a wealth of knowledge about multiple industries, lending depth and breadth to their approach.
What is a "running your business by numbers" approach, and how does it empower businesses?
Profit generation is the primary function of every business, Neumeister says, and its numbers are a foundational element that belongs at the forefront, from operational capacity, revenues, and expenses to assets and liabilities. Implementing a numbers approach provides real-time meaningful financial information, allowing for the exploration of multiple business opportunities, he notes. Moreover, it lends a better understanding of entity structure and insights into the best ways to set up a business.
How did CryptoTax International come about?
"We started getting inquiries from our clients about crypto reporting and its tax implications around 2017, when crypto space was on the cusp of becoming mainstream," Neumeister shares. Seeing such demand, his team did their due diligence and found out that crypto exchanges were often either clueless or inaccurate with their reporting.
"We understood the market gap and learned crypto tax implications; fast forward to now, it's our area of expertise," he recalls. Today, CryptoTax International offers the first piece of software backed by accountants, CPAs and forensic tax experts specifically to calculate crypto taxes, with an eye toward defending people in cryptocurrency audits. Soon, his partner Abhinav Soomaney will release a book filled with expert insights on crypto, called 'Cryptocurrency in a Nutshell: Unlocking the Decentralized.'
What are some myths about crypto reporting?
One of the most common myths, Neumeister notes, is that trading coins for coins doesn't have tax implications until they're cashed out. He says this misconception persists even after the IRS made it clear that it's untrue, and points out another misbelief that staked rewards aren't taxable unless they're claimed or cashed. The reality, he says, is that if you earned it, it's taxable, even if you don't transfer it. Believing myths can lead to audit notices, he warns, but notes that there's nothing to fear if you have a good team to help you deal with it.
Tell us about your upcoming Forensic Filings podcast.
Throughout his decades of forensic accounting, Neumeister says he's realized how many financial issues could be avoided if people had better insights into their numbers, internal controls, and how to run their businesses. So, his podcast aims to address those topics.
"Through Forensic Filings," he shares, "I'll share insights from a forensic perspective on common business things, ranging from bookkeeping to cash flows."
To learn more about Neumeister & Associates and CryptoTax International, visit www.neumeistercpa.com and www.cryptotax.co.in. Those interested can become a CryptoTax affiliate, bridging the gap between clients and CryptoTax and earning up to 15% commission.
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