Generally Accepted Accounting Podcast

Audit, review, compilation, agreed-upon-procedures … oh my. It’s a podcast all about attest services. … Wait! Where are you going?! You’re going to want to hear this one, promise! On today’s episode, we talk to CPA, shareholder, and vice president of our attest services team, Deidre Budahl. Deidre corrects all the misconceptions about audits (they’re not that scary, and in fact, your organization might not even need one) and talks about how your nonprofit, school, or government entity can pick the right level of service. Deidre even defines some jargony terms that you can trot out at your next dinner party … provided you’re partying with accountants. Anyway, audit’s a way more nuanced and interesting field than people give it credit for, and you’re gonna wanna listen in to learn more!

Welcome to another Generally Accepted Accounting Podcast Happy Hour! This one’s with Laura Gillen, Certified Financial Planner, who works for Avantax, our firm’s wealth management and financial services planning partner. Laura’s taken a kind of nontraditional path to financial planning, and that’s given her a unique perspective on the industry and helping clients with their financial goals. She talks about how she got into the industry, what she loves about it, and how much of a huge nerd she is, which, honestly, is one of our favorite parts about her. Learn more about Laura!

Here’s part two of the first-ever Generally Accepted Accounting Podcast Happy Hour! We’re back with the CEO and Family Nurse Practitioner, Micki Lyons. Micki leads one of the firm’s clients, Crook County Medical Services District, and is married to our firm’s managing shareholder, CPA Mark Lyons. For part two, we turned the Q&A mostly over to Micki and Mark so they could quiz each other. We’re not going to say chaos ensued. But the parts that we are able to release to the public are as insightful as they are entertaining. Don’t miss this episode! Micki Lyons, DNP-C, CEO bioMark Lyons, CPA, Managing Shareholder, Board President bio

It’s the first Generally Accepted Accounting Podcast Happy Hour! For our first-ever installment, we did a first-of-its-kind interview with Micki Lyons, CEO and Family Nurse Practitioner with Crook County Medical Services District — one of the firm’s clients — in Sundance, Wyoming. Micki has multiple nursing degrees, including a Bachelor of Science in Nursing, a Master of Science in Nursing, a Doctorate of Nursing Practice, and a Natural Health Certification. Before joining CCMSD as a provider, Micki served as a registered nurse for the facility in the hospital and emergency departments for seven years. She also worked as a school nurse for Crook County School District for 13 years. Oh, also, she’s married to our managing shareholder, Mark Lyons, who also joined in the interview. This is a two-parter, and for the first part, it was almost all business, specifically rural health care clinic business. Micki did a deep dive, talking about different types of rural healthcare clinics, the challenges they face, why the clinics are so important, and what keeps her coming back. Oh, and also, fruit pizza. Yeah. The link’s below. Micki Lyons, DNP-C, CEO bioMark Lyons, CPA, Managing Shareholder, Board President bio What’s a rural health clinic?NPR: Older Americans say they feel trapped in Medicare Advantage plansGlazed fruit pizza (Not for Mark)

Our managing shareholder, Mark Lyons, is back as we continue our healthcare series. This time, we start with Medicare allowable costs and activities. And then, we enter into the seedy underbelly of Medicare Advantage Plans. … OK, it’s not all that seedy, but it sure makes things complicated for critical access hospitals. Anyway, you’ll learn about the difference between allowable costs and activities vs. unallowable costs and activities (turns out, those are not illegal things), different kinds of cost centers, and why Mark gets pretty fired up when it comes to TVs and telephones in hospital rooms. So, listen in to learn more! Hospitals are dropping Medicare Advantage plans left and right Trouble with Medicare Advantage Plans High-level info about cost reports

In 1977, a young accountant named Casey Peterson decided to take a bit of a risk and start his own firm. He did so, in part, because he thought there might be a better way to do business and relate to clients and employees. More than 45 years later, a couple of those employees sat down with him to ask what he meant by “a better way,” what he’s learned during all those years … and what it’s like to have your name on a big building. Casey, like any good western South Dakotan, is a heckuva storyteller, so you’re gonna like this one. Listen in to learn more about how Casey Peterson, LTD came to be! Meet Casey Peterson, CPA, AEP, PFS, Founder, ShareholderFollow Casey on Twitter (or X or whatever Elon decides to call it next)Follow Casey on LinkedIn

GAAP Episode 20 – Our Biggest Blog Topics of 2023 Who doesn’t love a good retrospective? People love Spotify’s “Wrapped” so much that we figured, “You know what they’d love more? A look back on our top accounting blogs in 2023!” No need to thank us. Anyway, we’ll take a look at how come your tax refund might have been smaller, what businesses need to know about e-filing, deductible medical expenses, and — the ever-popular — ERC scams. Listen in to learn more about all these hot topics in 2023, and check out the blog below for more details. TAX REFUND LOOKING SMALLER THIS YEAR?WHAT YOUR ORGANIZATION NEEDS TO KNOW ABOUT THE IRS’S LATEST E-FILING CHANGESSOME FAQS ABOUT DEDUCTIBLE MEDICAL EXPENSES6 SIGNS THOSE ERC CLAIMS ARE A SCAMWHAT TO DO IF YOUR BUSINESS NEEDS TO WITHDRAW AN ERC CLAIM

For a lot of ag producers, the end of the year means it’s time to find ways to lower their tax burden by spending and deferring. But shareholder and CPA Leah Heidler argues that a profitability mindset is a better way to approach this time of year. She outlines her argument, provides some practical applications, and — like any good rancher — talks about the weather. Oh, and also cheese making. We cover a lot of ground (land?), so listen in to learn more! Blog post: A reminder for ag producers: Making a profit is a good thing Meet Leah Heidler, CPA and Shareholder Services for ag producers

If accounting makes you picture some grumpy old dude hunched over a spreadsheet, we’ve got good news (unless you like grumpy old dudes hunched over spreadsheets). Despite what TV and the movies have told us, the profession has a lot more nuances. Two of our team members — Cady Erb and Tyler McCarthy — talk about what drew them to the profession and what makes them stick around. So, if you want to learn what the profession’s really like, listen in to learn more! Intrigued by what you hear? Apply today!

Have you ever wondered about the two yahoos behind the mic? No? Well, that’s a shame because they’re as interesting as they are hilarious … mostly. Also, they realized that after almost 20 podcast episodes, they’ve never actually said who they are or why they’re doing what they’re doing. And so, this podcast was born. Even if you don’t want to learn about two random podcast hosts you’ll probably never meet in real life, you should definitely tune in for the “would you rather” segment. Thought-provoking hilarity abounds! So, listen in to learn more! Meet The Team | Evan Ludes Meet The Team | Hillary Dobbs-Davis

In case you couldn’t get enough of the robots the first time around (no, we don’t mean our AI experts Mark Erickson and Ryan Nankivel), we’re back with part two of the basics of AI! You’ll get more ethical and business discussions and some bonus anecdotes. And it’s all original content not generated by ChatGPT or anything! Probably! Embrace the future, and listen in to learn more. Resources AI ethical considerations you might not have considered Advantages and Disadvantages of Artificial Intelligence 3 funny stories written by AI (“funny” as defined by the AI that wrote them, apparently)

If terms like “artificial intelligence” or ChatGPT fill you with dread, uncertainty, or confusion, this episode is for you. Two of our resident AI experts sat down with us to define a lot of terms and talked about what different types of AI do. We also discussed business — and ethical — considerations and kicked around some anecdotes to try to make the topic a little more concrete. Resources The WIRED Guide to Artificial Intelligence How AI is changing the workplace 15 top applications of artificial intelligence in business

We get a lot of questions about capital gains. Are they good? Bad? Does it just depend? In this episode, our resident tax experts — Shareholder and Tax Vice President Kayce Gerlach and Senior Associate Garth Sandberg — give you just enough details without bogging you down with too much information. So, you’ll learn about what capital gains are, what they mean for stocks, how they affect the sale of your home or rental property, what a “wash sale” is (spoiler: not money laundering), and a whole lot more. Listen in to get them gainz! We talked about step-up in basis back in our end-of-life planning podcast Short-term vs. long-term gains, according to the IRS What the IRS has to say about capital gains when you sell your home What about dividends? How do realized vs. unrealized gains work? Ooo! Remember NIIT? No? Well, here’s some details, straight from the IRS

GAAP Episode 013 – Nursing Home Star Ratings Whether you manage a nursing home, work in one, or are considering one for a loved one, this episode is for you. Our resident nursing home experts, Charles Frizzell and Jackie Jermolenko, discuss the three main criteria for determining a nursing home’s star rating. There’s also the obligatory joke about PBJ not relating to a sandwich. And some bonus material about reimbursements for nursing homes increasing in South Dakota starting in July (it’s a good thing). You know the drill: Listen in to learn more. History of Centers for Medicare & Medicaid Services Five-Star Rating System Care Compare South Dakota nursing home reimbursements get a boost Grant money available to help alleviate S.D. nursing home staffing challenges

Today we're talking with our Firm Administrator, Vanessa Kaiser. Vanessa is a Licensed Clinical Social Worker, which means her background isn't in spreadsheets and numbers *gasp* but instead, she's worked with people and feelings! We talk about Vanessa's unique perspective as a non-traditional hire working for an accounting firm, mental health in the accounting industry, and what the future holds as younger generations advance in their careers. Listen in to learn more! Show Notes: Meet the Team | Vanessa Kaiser The 4 Disciplines of Execution Most accountants suffer burnout: study Accountant Burnout is Way Up Battling burnout Hope Storm: Healing Coaching & Trauma Consulting Dr. Quinn, Medicine Woman 0:00 Intro 1:30 Vanessa as a non-traditional hire 7:54 Highlighting mental health in our industry 9:16 What is burnout? 15:04 How will the accounting industry address burnout? 18:54 New generations coming to accounting 21:15 Will automation help reduce burnout? 25:00 Deadline-driven industries 29:45 Outro and joke

This week, we sit down with managing shareholder Mark Lyons to discuss the ins-and-outs of allocation statistics and how they can impact healthcare cost reports. Listen in to learn more! 0:00 Intro 1:45 What are cost reports? 2:24 What are allocation statistics? 3:23 How often do statistics and requirements change? 4:52 Equipment depreciation 8:00 Requesting changes in allocation 10:49 Affected facilities 11:45 Cost report averages and best practices 14:17 Responsibilities and communication 15:47 Worksheet B-1 19:55 Cafeteria costs 22:47 Typical tricky statistics 26:38 Maximizing reimbursements and patient care 29:04 Outro 30:00 Joke Cost reports are an important piece of reimbursements for Medicare-certified healthcare facilities. According to the Centers for Medicare & Medicaid Services, those facilities have to submit an annual cost report to a Medicare Administrative Contractor. MACs work as a kind of intermediary between healthcare facilities and CMS. Cost reports contain provider information such as: CMS maintains the cost report data in the Healthcare Provider Cost Reporting Information System. Below are some high-level questions you can ask yourself when you’re gathering allocation statistics and filing out a cost report. Questions when filing out Worksheet B-1:

Our in-house data visualization experts, Mark Erickson, Neil Frizzell, and Devon Hochstetter, answer some helpful questions during this podcast. Questions like “data visual-what now?” What’s Jirav? Is that like a giraffe?” (It’s close!) “Is Power BI some kind of weight-lifting move?” But seriously, you’ll get the lowdown on these and other tools that can help you grow and monitor your business. Listen in now! Resources: Microsoft Power BI What is a KPI? Data Analytics Podcast with Mark Erickson 0:00 Intro 1:45 What are data visualization tools? 7:45 Limitations of enterprise software 10:06 Advantages of dynamic data visualization 16:32 What value can this data provide for non-financial folks? 22:42 What businesses can benefit from data visualization tools? 28:26 Can data visualizations help with staffing issues? 32:00 Where to start? 35:40 Outro and joke

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 assetsShould your e-commerce business be collecting sales tax?How SALT deductions impact your taxesR&D tax credit podcastThe IRS’s “Starting a Business” kitSouth Dakota Secretary of State

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

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/