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:
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
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
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.
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.
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)
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
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.
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.
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.