Robert Haggerty
Partner, Armanino Advisory LLC
- St. Louis
- 314-983-1311
Be hard on process, soft on people and choose your battles.
Be hard on process, soft on people and choose your battles.
Bio
Rob is a licensed CPA and Tax Partner at Armanino where he leads the Privately Held Business Group. Bringing more than 30 years of public accounting and industry experience to the firm, Rob primarily works with private equity businesses at both the investment/fund and portfolio company levels. Rob’s areas of expertise include complex partnership matters, tax strategy, tax controversy, mergers and acquisitions, and tax accounting methods.
Prior to joining Armanino, Rob was Partner in Charge of Tax at Brown Smith Wallace, responsible for the firm's overall tax practice, strategy, and policies. Earlier in his career, Rob led the St. Louis tax practice for a top 10 national accounting firm where he served partnerships, C corps, S corps, NPOs and individuals from many industries including private equity, real estate, wholesale/retail/restaurants, manufacturing, health care, and professional services. Before public accounting, Rob was the Tax Director of Sonic Corp, the nation's largest drive-in restaurant chain, after a 12-year career at the May Department Stores as Director of Tax Projects and Planning.
Rob is a former Steering Committee Member of the Moore North America Tax Community Group and former Chair of the Moore North America Real Estate Community Group. Active in the community, Rob is a Jack and JT Snow Foundation Board Member. In addition, Rob is a board member and Treasurer of Massas Creek Companion Animals, a no-kill animal shelter he runs with his wife, Claire, on their family farm near Hermann MO.
Experience
In the tax code, there are several regulations that I would like to see changed, but one that jumps out as being outdated is in the rapidly evolving cannabis space. There’s a code section 280E that basically says, if you are in the business of trafficking a controlled substance, then you cannot deduct any expenses other than cost of goods sold. Because cannabis is still federally illegal, section 280E applies to that industry.
So, all these cannabis companies have an effective tax rate that is out of control because they cannot expense anything other than cost of goods sold. For a dispensary, there is no tax deduction for normal business expenses, so they cannot get a deduction for things like their rent or their sales staff. I would like to see section 280E revised so that it doesn’t apply to cannabis.
A former boss once told me that I have a crisis addiction. I am most successful at helping people resolve urgent issues and most motivated when I am given an opportunity to rise to the occasion.
With that, I also value a work hard, play hard mentality. I encourage people to take a breather from work when possible and do something they enjoy so that they can come back to the office refreshed, recharged and ready to put their best foot forward when serving our clients.
There are four people that have greatly influenced me throughout my life. My mother was always so supportive of everything I did and gave me the confidence that I could do anything I set my mind to. My father was the yin to her yang. He was much harder on me and never shied away from pointing out my mistakes. But, from him, I learned about respect, loyalty and how to read people. He also instilled in me a great passion for the outdoors.
My former boss and I worked together at three different companies. He hired me out of college, and I took over my current role from him when he retired. His 28 years of mentorship have been priceless, both professionally and personally.
Lastly, my wife. She knows me better than anyone. She has very little experience in the business world, so she gives me a different perspective on life and any professional issue I face. We have been together since we were 17 and her partnership has been invaluable.
I love getting the opportunity to build relationships, whether it is with colleagues, clients or our business partners. I truly enjoy hearing everyone’s story – how they got to where they are and how is it that our paths are crossing.
