Accounting for Tomorrow

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 Introductions01:46 Overview of capital campaign and why nonprofits use them03:00 Idaho Botanical Garden's impressive plans for expansion09:37 Capital campaign phases 11:40 Financial accountability and transparency17:45 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 campaignLinks:Idaho Botanical Garden WebsiteErin 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 CTA02:47 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 CTA05:59 Defining ownership interest, and the effect on spouses10:08 Deadlines for reporting11:42 Defining reporting applicants and their responsibilities in reporting13:20 Clarifying requirements for Single Member LLCs or Sole Proprietors 16:33 Tips for multi-entity ownersLinks:Questions on CTA Compliance, contact [email protected] Mergen's LinkedInDavid Hutchinson's LinkedInDavid 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 perspective02:14 – How receivables (AR) and payables (AP) impact your cashflow04:52 – The nuances of cashflow in the construction industry05:50 – How subcontractors and contract payment terms tie into managing cashflow09:27 – Leveraging strategic banking relationships12:07 - The importance of a strong balance sheet to support cashflow3:08 – Monitoring backlogs and burn rate15:00 – Using historical cash flow to help forecast16:43 - Continuous cash flow monitoring and planning17:41 - Aligning to leadership’s strategic goals 19:51 – How banking and CPA relationships can assist with cashflow strategiesLinks:Gina Vinci's LinkedInMcMillen 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 Dates05:16 - The Importance of Extending Your Return06:51 - 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 & Penalties22:25 - Complying with the Corporate Transparency Act 24:33 - Looking Back in an Effort to Plan AheadLinks:Todd Ames' BiographyTodd 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 Update01:19 Introduction to Guest Speaker: Conrad Ball02:56 Discussion on Job Growth and Income04:34 Challenges in the Labor Force07:45 Impact of Inflation on the Economy13:19 Insights on Borrowing and Interest Rates18:15 Understanding Inflation and its Impact22:45 How can you best prepare for a recession?Links:Harris CPAs Economic Event Presentation VideoConrad Ball's BiographyWashington 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 growthLinks:Boise Metro Chamber WebsiteBobbi-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 202301:06 - Employee Retention Credits03:49 - Research and Experimental Expense Treatment05:58 - The Corporate Transparency Act and Its Implications07:46 - Exploring the Inflation Reductionary Act10:53 – Past tax laws still in effect: ABE payments, Net Operating Losses15:40 - Understanding depreciation & its limits: Section 179, Bonus Depreciation17:35 – Real Estate Interest Expense & limitations: 163(J) provisions18:34 - Choosing the Right Entity for your Business22:00 - Different Basis of Accounting: Cash vs. Accrual24:38 - Navigating State and Local Taxes plus the Nexus RulesLinks:Chery Guiddy's BiographyDavid 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 rates02:35 – Timing of Income and Tax Deductions04:07 – Strategies for Stock Sales and Capital Gains06:50 – Retirement Plan Options for Schedule C Taxpayers10:33 - Understanding the different types of Individual IRAs and how they can be used for planning13:13 – Idaho specific Deductions and Credits17:51 – Electric Vehicle Credits17:40 – Importance of Cash Flow and Budgeting20:07 - Conclusion and Final ThoughtsLinks: Cheryl Guiddy's BiographyDavid Hutchison's Biography

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:More on Holt HagaBall Ventures Ahlquist Website

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 Conference06:52 - Financial Toolkits for Nonprofits: www.strongnonprofits.org08:01 - What’s on the mind of nonprofits? Reporting government funding and end of year fundraising12:00 – Why Internal controls are so important13:44 – The impact of the relationship between the board and CEOs16:28 - The importance of collective impactLinks:Idaho Nonprofit Center WebsiteINC Conference DetailsKevin Bailey's LinkedInCheryl Guiddy's Biography