Episode 18 - Tax Reform: What the Hell is Going On?

November 21, 2017

The current proposed tax reform changes may be the biggest changes to the Tax Code the country has seen since the mid 1980’s. To date, the government has been very light on details when it comes to proposed tax reform.  In late September the government released their “ Unified Framework for Fixing Our Broken Tax Code” outlining a little more detail on the potential changes being considered. In this podcast we review the key elements of the tax reform proposal and how those changes may impact you.

Learn more about tax reform in this podcast:

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Episode 17 - 5 Potential Pitfalls of Holding Real Estate in Your IRA

November 14, 2017

Tax-deferred retirement accounts such as IRAs can be attractive sources of funds for taxpayers looking to diversify their investments. “Self-Directed” IRAs are one such type of retirement which can be used to invest in alternatives to traditional stock market investments such as real estate. While a great idea in theory, there are many potential pitfalls to holding Real Estate in your IRA.

Matt Wheeler shares more about the pitfalls of holding real estate in your IRA in this podcast:

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Episode 16 - 5 Steps to Revenue Recognition

October 27, 2017

There are new Revenue Recognition Standards which will significantly impact all industries that sell a good or service. Specifically, we are discussing the Accounting Standards Codification (ASC) Topic 6 of 6 which was originally introduced in the Accounting Standards Update 2014 09.

Originally, Revenue Recognition Standards were based on different industries and what has been done now is that revenue recognition has been standardized across all industries. The changes to apply to every entity and focuses on contracts with the customers. Whether they are from construction, manufacturing, software, etc., all industries will now have same revenue recognition standards.

Learn more about the changes in Revenue Recognition in this podcast:

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Episode 15 - Preparing for an Initial Financial Statement Audit – Part 2

October 12, 2017

Michael Bryant shares how audits can be a stressful and time consuming experience and why it is very important to prepare for an audit. The more you are prepared, the more time and money you can save.

Learn more about how to prepare for an initial audit statement in this podcast:

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Episode 14 - Preparing for an Initial Financial Statement Audit – Part I

October 12, 2017

A lot of people become intimidated when they hear the words “Financial Statement Audit”. What most do not know is that the audit can be streamlined in such a way that it becomes an easy process.

The financial statement audit is important because it provides a verification of your financial statements from an independent third party source. When you have a financial statement audit, it starts to build your history and reputation, and the findings of the audit can be presented to banks and investors to help secure important deals in the future. It should be taken seriously.

Learn more about the initial financial statement audit and how to prepare for it in this podcast:

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Episode 13 - Pack Your Bags - State Residency Considerations

September 12, 2017

Matt Wheeler shares more information on rules and considerations when it comes to tax planning for a change in State Residency. For taxpayers in high income states with large tax bills, or taxpayers who are anticipating large liquidity events, State Residency planning can be one of the top ways to generate huge savings. Certain types of income are taxed only to the state of primary residency while others are taxed to the state where they are generated. Learn more in this podcast.

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Episode 12 - What To Do When the IRS Comes Knocking

August 8, 2017

In this podcast Matt Wheeler shares the steps you should take when you receive a letter from the IRS. One of the first steps you should take is to get a representative involved, who will begin working on your behalf to resolve the issue as soon as possible and determine the proper strategy to have in place for an optimal outcome.  Learn more about the IRS, audits, and preparation in this podcast:

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Episode 11 - Financial Statement Services Explained

July 28, 2017

Financial Statement Services Explained

Michael Bryant explains what financial statement services are and how financial statements can assist business owners when they are considering expanding their business. Whether it is purchasing a building, looking to secure a line of credit, many banks ask for financial statements. Even some nonprofit companies (depending on the state) need financial statements for various reasons. Learn more about financial statement services in this podcast:

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Episode 10 - Six Key Considerations – Roth Retirement Accounts

July 4, 2017

Matt Wheeler shares 6 key considerations for Roth Retirement accounts, and how the tax-free aspects of this account excite a lot of people at first glance. However, there are a lot of things to consider before actually funding a Roth Retirement Account. The money that goes into a Roth account is post-tax money, and while a Roth Retirement Account can be a good idea, proper planning is key to be tax efficient over the long-term.

Learn more about Roth Retirement Accounts and the six key considerations in this podcast:

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Episode 9 - Vacation Home Tax Considerations

July 4, 2017

Matt Wheeler shares how many people are unaware of the substantial tax breaks available to them when they own a vacation home or multiple homes. If you are not using your vacation home often, then it may be advantageous to consider renting out the property.  Learn more about the possible tax breaks available if you consider renting out your second/vacation home in this podcast:

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