Generally Accepted Accounting Podcast

009 - Starting a New Business

If you’ve been thinking about starting your own business, our resident business expert and CPA Jennie Steinmetz is here to tell you everything you need to know. You’ll learn about regulations, registration, sales tax, payroll tax, R&D tax credits, B.A.I.L. (not the prison kind), and more. Listen in now!
 
0:00 Intro
 
2:18 What laws and regulations should you know about when starting a business?
3:05 What does an S-corp entail?
4:04 Where all do you need to register your new business?
5:10 What is an EIN?
5:41 What are some of the sales tax requirements?
9:34 Sales tax and location, location, location
12:45 What all do businesses pay sales tax on?
14:07 Payroll tax requirements
16:25 R&D tax credits
18:34 What’s your top tip for anyone starting a business?
21:53 What’s your favorite thing about organized clients?
23:08 Software and starting a business
How to choose the right entity for your business (ebook PDF)
Should your small business be an S Corp?
Does your business need an employer ID number?
How to decide on the best business structure to protect your assets
Should your e-commerce business be collecting sales tax?
How SALT deductions impact your taxes
R&D tax credit podcast
The IRS’s “Starting a Business” kit
South Dakota Secretary of State

008 - Your Business & Inflation

We sit down with CPA and managing shareholder Mark Lyons to discuss tips and techniques to help your business fight inflation. Stick around to learn more about profit margins, raising prices, employee productivity, expenses, automation and more!
https://caseypeterson.com/podcast
 

007 - Actively Managed Portfolios

Our Avantax friend, Kevin Dement, is back and we're talking about portfolios. Specifically, what makes an actively managed or asset allocation portfolio different from other portfolio types. What are the benefits, risks, and how do you find a partner that you can trust? Listen in to learn more!
 
0:00 Introduction
2:00 Types of Portfolios
4:48 Portfolio Fees
6:50 Actively Managed Portfolio Features
8:22 How Portfolio Changes are Made
11:57 Trust & Transparency
13:32 Investment Risks & Tolerances
 
Relevant terms:
Large-Cap - Greater than ten billion dollars in market cap
Mid-Cap - Between two billion and ten billion dollars in market cap
Small-Cap - Less than two billion dollars in market cap
 
To learn more about Avantax and the services they offer, please visit https://www.avantax.com/

006 - What Exactly is a Fiduciary?

You've heard the term before, and know it's vaguely financial in nature, but... what exactly is a fiduciary? This week, we talk with Kevin Dement from our wealth management partner, Avantax. We'll discuss fiduciary responsibilities, what it means to be a fiduciary, and how you should select a fiduciary. Listen to learn more!
0:00 Introduction
1:50 What is a Fiduciary?
3:58 Fiduciary Disclosures
5:17 How do Fiduciaries get Paid?
7:48 How to Choose a Fiduciary
10:24 Fiduciary Credentials
13:00 Why Choose a Fiduciary?
 
To learn more about Avantax and the services they offer, visit https://www.avantax.com/

005 - Audits for Schools and Governments

GAAP Episode 5 - Audits for Schools and Governments
 
We sit down with Casey Peterson income partner Devin Pfaff to discuss what's different for audits with government entities (such as schools and municipalities). Stick around to learn more about all audits, all the time!
 
Show Notes
1:50 Differences between nonprofit and government audits
2:17 Different types of funds
5:03 What is a modified accrual basis?
5:55 Federal funding for schools and municipalities
6:29 Audit requirements for schools and municipalities
7:45 The actual audit
11:00 The audit submission and reporting process
13:54 Where to find audit resources
15:58 If you could change ONE thing about single audits...
20:50 How do you deal with a fear of speed bumps?
 
Casey Peterson audit tools
South Dakota Department of Education resources
South Dakota Department of Legislative Audit

004 - Audit Tips for Nonprofits

GAAP Ep 004 – Audit Tips for Nonprofits – Show Notes
 
We sit down with Casey Peterson CPA and income partner Devin Pfaff to discuss audits for nonprofits and attempt to make sense of attestation, internal controls, compliance, cash vs accrual, and all kinds of other jargon! Plus we'll learn about preparing for audits, what to expect from the process, and what happens when audits are all done. Stick around to learn more!
 
2:24 Defining different service options
4:00 What is independence?
4:48 Do you really need an audit?
7:55 Cash vs. accrual
9:00 Internal controls
10:35 Compliance
11:35 Revenue recognition
14:58 Single audits
20:17 Regular audits
22:20 Preparing your nonprofit for an audit
27:33 Deliverables
30:13 What happens post-audit?
32:24 Why Devin loves audits
 
Which service is right for you? https://www.caseypeterson.com/blog/financial-statement-prep-compilation-review-or-audit-which-r
Casey Peterson audit tools: https://www.caseypeterson.com/resource-center/audit-tools
Why audits rarely find fraud: https://www.isaca.org/resources/news-and-trends/newsletters/atisaca/2019/volume-24/why-auditors-rarely-find-fraud

003 - Where to Start With End-of-Life Planning

Prepare to die! No, really. In this episode, we sit down with Casey Peterson income partner Lori Larson to talk about death, taxes, wills, and more! Why does it matter, what can you do, and where do you even begin on something of such monumental importance? Stick around to find out!View show notes and other episode details at https://www.caseypeterson.com/podcast

002 - Data Analytics and Process Automation

In this episode, we sit down with Mark Erickson (data analytics client manager at Casey Peterson) to discuss recent developments in data analytics. We've all heard the buzzword before, but how are Amazon and Starbucks using data analytics, and what are the potential business implications? Stick around to learn more!
1:15 Amazon Store Concepts
4:11 Implications of “Pay With Your Hand” Technology
7:57 The Future of Transactions
10:30 Will This Tech Reach the Black Hills?
15:25 Other Process Automation in Business
17:43 What is Data Analytics?
23:18 What can Casey Peterson do?
24:26 Can the Ravens win the Super Bowl?
View full show notes and other episode details at https://www.caseypeterson.com/podcast

001 - Cost Segregation and the R&D Tax Credit

In this episode, we sit down with Steve Ruda from ICS Tax, LLC and Casey Peterson income partner Tom Jasiak to talk about cost segregation and the Research and Development Tax Credit. What is it, how does it work, and how can depreciation benefit a business? Stick around to learn more!View show notes and other episode details at https://www.caseypeterson.com/podcast