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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

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 Haga

Ball 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 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

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

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

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