Accounting for Tomorrow

Season 2: Episode 12: How Capital Campaigns Can Help Your Nonprofit Achieve Its Mission

Josh Tyree and Robert Shappee — Mon, 17 Jun 2024 09:00:00 -0600

In this episode, we welcome our special guests, Erin Anderson, Executive Director of the Idaho Botanical Garden, and Cheryl Guiddy, Nonprofit Industry Lead at Harris. Learn how successful capital campaigns are helping nonprofits meet their future goals, and the importance of an organized structured plan, which often begins years in advance. Cheryl brings her insight into crucial accounting considerations, and Erin also shares the exciting future expansion plans for the Idaho Botanical Garden.

Show Notes:

00:35 Introduction and Guest Introductions
01:46 Overview of capital campaign and why nonprofits use them
03:00 Idaho Botanical Garden's impressive plans for expansion
09:37 Capital campaign phases
11:40 Financial accountability and transparency
17:45 How to help your board and staff understand the financial data coming in
20:43 Best piece of advice for nonprofits looking to do a capital campaign

Links:

Idaho Botanical Garden Website

Erin Anderson's LinkedIn

Season 2: Episode 11: Navigating the Corporate Transparency Act

Josh Tyree and Robert Shappee — Tue, 14 May 2024 09:00:00 -0600

In this episode, our host, Josh Tyree introduces Brittany Mergan, CPA of CTA Compliance, the preferred provider for helping our clients comply with the new Corporate Transparency Act requirements. Along with our partner at Harris, David Hutchison, EA, they address key aspects of the Act, help define the types of owners that will be required to report, deadlines for reporting, exemptions, and tips for multi-entity owners.

Show Notes:

00:35 Introduction to the Corporate Transparency Act (CTA)
01:24 Current Status and Legal Challenges of the CTA
02:47 What is Beneficial Ownership Information (BOI) and the role of FinCEN?
04:20 Who needs to file and what do I have to submit?
05:10 Consequences of Non-Compliance with the CTA
05:59 Defining ownership interest, and the effect on spouses
10:08 Deadlines for reporting
11:42 Defining reporting applicants and their responsibilities in reporting
13:20 Clarifying requirements for Single Member LLCs or Sole Proprietors
16:33 Tips for multi-entity owners

Links:

Questions on CTA Compliance, contact info@ctacompliancellc.com

Brittany Mergen's LinkedIn

David Hutchinson's LinkedIn

David Hutchison's Biography

Season 2: Episode 10: The Art of Cash Flow Management: A Controller's Perspective

Josh Tyree and Robert Shappee — Wed, 10 Apr 2024 09:00:00 -0600

In this episode we welcome our guest, Gina Vinci, Controller at McMillen, a leading engineering and construction firm. Gina helps give a greater understanding surrounding the complexities of managing cash inflows and outflows effectively, the importance of leveraging banking relationships, and the critical role of forecasting to help in meeting organizational goals. Discover practical tips for mastering cash flow management in diverse business landscapes.

Key Highlights:

01:38 – What cashflow management means from a controller’s perspective
02:14 – How receivables (AR) and payables (AP) impact your cashflow
04:52 – The nuances of cashflow in the construction industry
05:50 – How subcontractors and contract payment terms tie into managing cashflow
09:27 – Leveraging strategic banking relationships
12:07 - The importance of a strong balance sheet to support cashflow
3:08 – Monitoring backlogs and burn rate
15:00 – Using historical cash flow to help forecast
16:43 - Continuous cash flow monitoring and planning
17:41 - Aligning to leadership’s strategic goals
19:51 – How banking and CPA relationships can assist with cashflow strategies

Links:

Gina Vinci's LinkedIn

McMillen Inc's Website

Season 2: Episode 9: Tax Planning Opportunities for Extending Returns

Josh Tyree and Robert Shappee — Wed, 06 Mar 2024 09:00:00 -0600

In this episode, we’ve invited guest speaker, Todd Ames, Partner at Harris Twin Falls to give us more insight on the value of extending your return. Learn about important tax deadlines, the benefits of extending your return, and strategies to maximize tax savings during the extension period. Discover how proactive planning can translate into tax savings when it comes time to file.

Show Notes:

02:06 - Understanding Tax Deadlines and Dates
05:16 - The Importance of Extending Your Return
06:51 - Maximizing Tax Savings with Strategic Planning
10:33 – Retirement Contribution Timing Opportunities
12:55 - Tax Strategy Example For an Extended Return: Cost Segregation Study
14:50 – New Legislation Update Regarding Research & Development (R&D) Credits
18:23 - The Impact of Changing IRS Interest Rates & Penalties
22:25 - Complying with the Corporate Transparency Act
24:33 - Looking Back in an Effort to Plan Ahead

Links:

Todd Ames' Biography

Todd Ames' LinkedIn

Season 2: Episode 8: Harris CPAs Economic Event Recap with Washington Trust Bank and Conrad Ball

Josh Tyree and Robert Shappee — Tue, 06 Feb 2024 08:00:00 -0600

In this episode of 'Accounting for Tomorrow', host Josh Tyree is joined by Conrad Ball, the Southern Idaho regional president for Washington Trust Bank. Together, they provide a recap of the annual Harris CPAs Economic Update where Steve Scranton, the Chief Investment Officer and Chief Economist, shared insights and outlooks for 2024. They discussed job growth, income trends, personal spending, borrowing rates, inflation, and preparing for future economic challenges. This insightful discussion offers valuable information for community leaders and business owners looking to navigate the ever-changing economic landscape.

Show Notes:

00:42 Recap of the Annual Harris CPAs Economic Update
01:19 Introduction to Guest Speaker: Conrad Ball
02:56 Discussion on Job Growth and Income
04:34 Challenges in the Labor Force
07:45 Impact of Inflation on the Economy
13:19 Insights on Borrowing and Interest Rates
18:15 Understanding Inflation and its Impact
22:45 How can you best prepare for a recession?

Links:

Harris CPAs Economic Event Presentation Video

Conrad Ball's Biography

Washington Trust Bank's Website

Season 2: Episode 7: Keeping Businesses Connected: An Interview with the Boise Metro Chamber

Josh Tyree and Robert Shappee — Wed, 10 Jan 2024 09:00:00 -0600

In this episode we welcome the new CEO of the Boise Metro Chamber of Commerce, Bobbi-Jo Meuleman. With extensive experience in state government, Bobbi-Jo discusses the opportunities she sees this legislative session, and the opportunities with the Idaho Launch Program. We’ll hear more about the Chamber’s networking opportunities and how Leadership Boise is bringing young professionals together across industries, then dive into the Chamber’s plans for 2024 to help address transportation, housing, and other issues in the Treasure Valley.

Show notes:

• 02:22 – Bobbi-Jo’s journey to the chamber

• 03:20 - The upcoming legislative season & understanding the Idaho Launch Program

• 06:50 – Networking opportunities within the chamber

• 08:37 – Leadership Boise as a professional development tool

• 10:40 - The Chamber's other entities: BVAP and Visit Boise

• 12:04 – Planning for the Treasure Valley’s growth

Links:

Boise Metro Chamber Website

Bobbi-Jo Mueleman LinkedIn

Season 2: Episode 6: Tax Planning for Businesses

Josh Tyree and Robert Shappee — Wed, 06 Dec 2023 09:00:00 -0600

In this episode of Accounting for Tomorrow we dive into the world of tax planning for businesses at year end. Our guests, Cheryl and David, partners at Harris CPAs, share valuable insights on various tax-related topics that businesses need to consider for 2023, including employee retention credits, the inflation reduction act and its impact on tax credits, including energy efficiency and research and development expenses. Join us as we navigate through these key tax planning considerations and many others, to help businesses stay informed and make sound decisions on key ways to minimize their taxes.

Show notes:

00:35 - Introduction and Overview of 2023
01:06 - Employee Retention Credits
03:49 - Research and Experimental Expense Treatment
05:58 - The Corporate Transparency Act and Its Implications
07:46 - Exploring the Inflation Reductionary Act
10:53 – Past tax laws still in effect: ABE payments, Net Operating Losses
15:40 - Understanding depreciation & its limits: Section 179, Bonus Depreciation
17:35 – Real Estate Interest Expense & limitations: 163(J) provisions
18:34 - Choosing the Right Entity for your Business
22:00 - Different Basis of Accounting: Cash vs. Accrual
24:38 - Navigating State and Local Taxes plus the Nexus Rules

Links:

Chery Guiddy's Biography

David Hutchison's Biography

Season 2: Episode 5: Tax Planning for Individuals

Josh Tyree and Robert Shappee — Tue, 05 Dec 2023 09:00:00 -0600

In this episode of Accounting for Tomorrow, join partners Cheryl Guiddy and David Hutchison from Harris CPAs as they explore crucial aspects of individual tax planning. With year-end approaching, the discussion delves into nuances like tax rates, brackets, and changes for the current year. The experts share insights on timing income, deductions, and effective tax strategies, covering topics such as capital gains, retirement plans, IRA options, Idaho-specific deductions, credits, and updates on electric vehicle tax credits. Emphasizing the role of cash flow and budgeting in tax planning, they also address the intersection of tax decisions with estate planning. Ideal for self-employed business owners or new retirees, this episode offers valuable tips to optimize tax strategy for current and future financial success.

Show notes:

00:53 – Understanding Tax Brackets: Effective Tax Rates vs Marginal Tax rates
02:35 – Timing of Income and Tax Deductions
04:07 – Strategies for Stock Sales and Capital Gains
06:50 – Retirement Plan Options for Schedule C Taxpayers
10:33 - Understanding the different types of Individual IRAs and how they can be used for planning
13:13 – Idaho specific Deductions and Credits
17:51 – Electric Vehicle Credits
17:40 – Importance of Cash Flow and Budgeting
20:07 - Conclusion and Final Thoughts

Links:

Cheryl Guiddy's Biography

David Hutchison's Biography

Season 2: Episode 4: The Commercial Real Estate Landscape: Exploring Current Trends & Challenges with BVA

Josh Tyree and Robert Shappee — Wed, 01 Nov 2023 09:00:00 -0600

The latest episode of "Accounting for Tomorrow" brings us an exciting conversation with Holt Haga, the vice president of leasing for Ball, Ventures Ahlquist (BVA). Holt shares his journey in the finance and real estate industry, as well as the vision behind BVA's impressive projects in the Treasure Valley. From the company's expansion plans to the impact of interest rates and supply and demand factors, we delve into the current state of the market. With the growing demand for office spaces and the trend towards class A office product, how will Boise continue to meet the needs of businesses and attract top talent? Join us as we explore the future of commercial real estate development in the Valley.

OUTLINE:

0:34 - Learn more about Hold Haga and the birth of Ball Ventures Ahlquist, a leading Commercial Real Estate Development Company.
1:38 - BVA's focus on office high-rise development in downtown Boise and expanding the company's footprint in the Treasure Valley and on the I-84 corridor.
2:58 - The effects of the current market on finding land for new projects and balancing fluctuations in construction costs.
07:01 - The impact of higher interest rates on construction projects from a developer’s perspective and a small business perspective.
9:30 - Continued low vacancy rates in the Boise market and the influx of companies from other markets.
11:36 - The sublease market and how larger companies have taken back their sublease spaces
13:09 - The importance of designing office spaces that reflect a company's culture
16:32 - Supply & demand trends for future projects and the benefits of incorporating housing into commercial development projects.
19:51 - BVA's optimistic outlook for the future and their upcoming projects

LINKS:

Season 2: Episode 3: Nonprofit Industry Update with the Idaho Nonprofit Center

Josh Tyree and Robert Shappee — Mon, 09 Oct 2023 09:00:00 -0600

Join us as we explore the current state of Idaho’s nonprofit industry with our guest speakers, Kevin Bailey, CEO at the Idaho Nonprofit Center and Cheryl Guiddy, leader of Harris CPAs nonprofit industry group. We’ll recap the recent Idaho Nonprofit conference, and learn more about what is top of mind for nonprofits heading into 2024. Lastly, we dive into the importance of collective impact and how it plays a role in helping nonprofits fulfill their missions.

OUTLINE:

01:22 – Who is the Idaho Nonprofit Center?
02:28 - Recap of the INC Conference
06:52 - Financial Toolkits for Nonprofits: www.strongnonprofits.org
08:01 - What’s on the mind of nonprofits? Reporting government funding and end of year fundraising
12:00 – Why Internal controls are so important
13:44 – The impact of the relationship between the board and CEOs
16:28 - The importance of collective impact

Links:

Idaho Nonprofit Center Website

INC Conference Details

Kevin Bailey's LinkedIn

Cheryl Guiddy's Biography

Season 2: Episode 2: An Inside Look at the State of the Construction Industry with Idaho AGC

Josh Tyree and Robert Shappee — Thu, 31 Aug 2023 09:00:00 -0600

Join us as we explore the current state of Idaho’s construction industry with our guest speaker, Wayne Hammon, CEO at the Idaho Associated General Contractors. Learn how the Chips Act has had an effect on our economy, and how the instability of the labor market has Idaho AGC exploring new creative ways to create new trade labor resources and strategies for its members. We’ll recap the thought provoking sessions at Idaho AGC’s Summer Leadership Retreat, and stay up to date on some upcoming events that the construction won’t want to miss.

OUTLINE:

1:54 –State of commercial construction
2:18 – The effect of the Chips Act on our economy
3:23 – The stability of the materials market and instability of the labor market
5:24 – Idaho AGC’s newest trade labor resources and strategies
8:30 – Career & technical Education (CTE) and youth development
9:31 – How Idaho National Guard’s youth Challenge Program is changing the future for at risk students & developing skills
11:45 – Idaho AGC pools its resources together to benefit its entire membership
12:57 – A look at this year’s management session at the AGC Summer Retreat: The core principles of effective feedback
17:06 – Upcoming events with the Idaho AGC

Links:

Idaho AGC Website

Wayne Hammons LinkedIn

Idaho National Guard’s Youth Challenge

Idaho AGC Annal Gala Event page

Season 2: Episode 1: R&D Tax Credits: Does Your Company Qualify?

Josh Tyree and Robert Shappee — Tue, 01 Aug 2023 09:00:00 -0600

Have you considered taking advantage of the Research & Development (R&D) Tax Credit as part of your tax minimization strategy? Many companies are surprised to learn that activities they already do to improve their product or service will qualify for this credit, and the savings potential can be immense. In this episode, we sit down with Smith Miller, the founder of Strategic Tax Solutions, to talk all things R&D. We'll explore the history behind the R&D tax credit, identify those that qualify and how it is calculated, as well as an update on the current status of legislation on the table with major impacts to this credit.

0:40 - Introductions
2:18 - History of the R&D Tax Credit
3:54 – How to qualify for the R&D tax credit
4:48 - 4 part test for qualification
5:42 – Examples of companies that qualify
6:08 - Calculating R&D Credits
8:07 - The 3 major components of cost that go into R&D Credits
9:10 - Minimizing risk of being audited when claiming R&D Credits
12:00 – Tax Cuts & Jobs Acts affect on R&D

Link to: Strategic Tax Solutions Website

Link to: Smith Miller's LinkedIn

Season 1: Episode 8: Promoting Growth Through Community Involvement

Josh Tyree and Robert Shappee — Wed, 21 Jun 2023 09:00:00 -0600

One of the 3 pillars of Harris CPAs mission statement relates to being active in our communities. Whether that is giving back hours through our Community Partnership Award, speaking at industry related events, volunteering at local nonprofits or backing fundraisers for great causes, Our goal has always been to give back to help shape the future of the communities we live and work in. In this episode, we take a look at what community impact truly means to us and how we support that with a culture of giving

Season 1: Episode 7: The Value In Extending Your Tax Return

Josh Tyree and Robert Shappee — Wed, 22 Mar 2023 09:00:00 -0600

As the tax laws become more complex and the IRS continues to delay the finalization of forms, it is becoming increasingly necessary for CPAs to file extensions for their clients, but there are other very important aspects to consider as the deadlines approach. In this episode, Josh Tyree and Robert Shappee walk us through a few additional reasons why it can be more valuable, and often save you money in the end, to extend your tax return.

Season 1: Episode 6: Tips For Month-End Closing & Journal Entry Processes

Josh Tyree and Robert Shappee — Wed, 22 Feb 2023 09:00:00 -0600

In this episode, we'll dive into how businesses can be more efficient in their month end processes with special guest, Pam McClain, head of the accounting services department at Harris CPAs. We'll explore why people find accounting services time-consuming and stressful, and the effects this can have on staff. Secondly, we'll discuss helpful tips for companies to improve their accounting processes, including examining bottlenecks and workload disparities, and looking for ways to automate and consolidate. We'll also touch on the importance of using financial reports to extract value from month-end financials.

Season 1: Episode 5: Year-End Tax Planning for Individuals

Josh Tyree and Robert Shappee — Thu, 08 Dec 2022 09:00:00 -0600

As we approach year end, now is the time for individuals to review their 2022 and 2023 tax situations and take action. In this episode, we’ll chat about some of our suggestions for individuals to consider:

1:23 - Effective tax rate and marginal tax rate
4:35 - Strategies for large capital gains (deferral and installment sale)
5:13 - Types of income and timing considerations (ordinary vs. capital gain income and losses)
6:58 - Rental properties and losses
10:22 - Itemized deductions, the ABE election
11:15 - Charitable giving through a donor advised funds
12:55 - Installment Sales
15:11 - Strategies for the sale of a property to address capital gains, opportunity zones, etc.
21:45 - Charitable contributions (property or appreciated stocks)
24:52 - Schedule C strategies (methods of accounting, depreciation of assets, deductions)
26:07 - Alternative Minimum Tax (AMT)

Season 1: Episode 4: Year-End Tax Planning for Businesses

Josh Tyree and Robert Shappee — Wed, 07 Dec 2022 09:00:00 -0600

Strategic tax planning at the end of the year is never a one-size fits all model, but in this episode, we'll share a few of our favorite tax deduction strategies and credits. A few adjustment's at year-end can have huge impacts long-term.

Tax Deduction Strategies

2:08 - Deferrals, purchases, and rate reductions
7:19 - Equipment purchases & depreciation
9:13 - Setting up retirement/pension plans
10:55 - Timing on year-end bonus payouts
11:55 - Method of accounting (cash vs. accrual)
13:29 - Net operating losses

Tax Credits

15:28 - R&D credits
18:39 - Inflation Reduction Act & Chip Act

Other

19:51 - ABE / Pass-through tax deduction
23:54 - State & Local Tax

Season 1: Episode 3: Tips for Being a Client Your CPA Will Love Working With

Josh Tyree and Robert Shappee — Sat, 12 Nov 2022 13:45:00 -0600

Year-end planning with our clients is in full swing and we are now setting our sights to the upcoming year. In this episode, we reflect on our top tips on how you can be a client your CPA will love working with. While the concepts might seem simple, we'll peel back the curtain and explain how each of these tips can lead to a more valuable relationship with your CPA, and why that is important.

Season 1: Episode 2: How Lease Accounting May Affect Your Organization

Josh Tyree and Robert Shappee — Thu, 27 Oct 2022 09:00:00 -0600

The new lease accounting standard is here! Is your organization prepared? In this episode, we'll take a look at the difference between operating leases and financing leases, how this new standard changes the way leases are reflected on your financial statements, and the tools Harris is using to help their clients adopt this new standard.

Season 1: Episode 1: The State of the Accounting Industry

Josh Tyree and Robert Shappee — Wed, 12 Oct 2022 09:00:00 -0600

Introducing Harris CPAs latest venture…. a podcast! Learn more about our hosts, Josh Tyree and Robert Shappee of Harris CPAs. In this episode, we'll dive into the current state of the accounting industry and from our perspective, the biggest challenges that we are facing. From adapting to remote environments and talent shortages, to the changes our clients have seen in their own businesses.