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

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

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

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

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

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

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

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