Debit-This-Credit-That Podcast

We are back! This episode of Debit This, Credit That podcast discussed the (very) recent tax developments related to the COVID-19 outbreak. Please keep in mind things are rapidly changing and some of this information may be outdated by the time you listen. Please visit our website at www.wheelercpa.com/covid19/ for the latest developments and resources.

The Tax Cuts and Jobs Act, which came into effect at the tail end of 2017, has made changes to many aspects of income taxes here in the United States. In this episode of Debit This, Credit That, Matt Wheeler and Michael Bryant discuss a significant piece of legislation within the Act, known as opportunity zones or “o-zones”. In this episode, you will learn: About the tax advantages of investing in opportunity zones Who is eligible to invest in opportunity zones About the purpose of Qualified Opportunity Funds (QOF) and two main ways to benefit from them How to locate qualified opportunity zones What types of businesses qualify for the tax break The time limitations on rolling your gain into a QOF And more! Tune in now as the Wheeler team uncovers what you need to know about opportunity zones! Resources:  Wheeler Accountants

The current market may be down-trending, but sellers still have plenty of reasons to feel optimistic! Today, Matt Wheeler and Michael Bryant are back with more expert advice from Alan Wang of Alan Wang Realty Group, who shares how sellers can maximize their house’s value and realize why this market isn’t all doom and gloom. In this episode, you’ll learn: How to make your house stand out in the market Why Alan believes home staging is a worthwhile investment for sellers Why now is a good time for prospective and existing homeowners to tax plan under the new law How the market has changed for sellers of investment real estate Why Alan cautions house-flippers to be careful in this market And more! Tune in now and get ready to sell in the Bay Area market with confidence! Resources: WHEELER | Alan Wang Realtor  

Is it a good time to be a buyer in the current Bay Area real estate market? The answer is yes—and today’s special guest will tell you why! Today, Matt Wheeler and Michael Bryant bring you expert advice from Alan Wang, founder of Alan Wang Realty Group and one of the Bay Area’s top-performing Keller Williams Realty brokers. In this episode, you’ll learn: Why sellers are struggling with the current real estate market Why Alan believes we’re in an excellent market for buyers What kinds of buyers are in the market right now The two components of stock equity options that buyers are using to make down payments Alan’s recommendations for people looking to buy a house in this market And more! Tune in now and get ready to navigate the Bay Area market with confidence! Resources: WHEELER | Alan Wang Realtor  

Matt Wheeler and Michael Bryant are back with more tax-planning strategies for 2018! In part two of their tax planning mini-series, Matt and Michael cover must-know tips for Roth conversion strategies, new tax law changes that apply specifically to self-employed individuals, and more! In this episode, you’ll learn: What to consider when deciding if the timing is right for a Roth conversion Year-end planning strategies for stock options and how they’ve changed About the new deductions for passthrough businesses—who qualifies and what are the opportunities and limitations? Whether it’s imperative to complete long-term giving and gifting by year-end Tune in now and get ready to plan for your 2018 taxes with confidence! Resources: WHEELER | Year-End Tax Planning for Individuals | Episode 37 - Your Guide to 2018 Tax Planning: Part 1

Don’t wait another second to start tax planning for 2018! As always, Matt Wheeler and Michael Bryant are here to guide you along in the planning process. Today, Matt and Michael unpack this year’s tax law changes, explain which ones will affect Bay Area residents most, and highlight key points to consider when tax planning. In this episode, you’ll learn: Why many taxpayers will actually benefit from the new tax law changes How deferring income and accelerating deductions helps taxpayers take advantage of the time value of money—and what actions to take for 2018 How you might be impacted by the loss of the State and Local Tax (“SALT”) deduction and loss of miscellaneous itemized deductions Why they strongly recommend that retirees consider making qualified charitable distributions out of their IRA And more! Tune in now and get ready to plan for your 2018 taxes with confidence! Resources: WHEELER | Year-End Tax Planning for Individuals | DAM-Cancer Foundation  

Matt Wheeler and Michael Bryant know from experience that recruiting season is a nerve-wracking time for accounting students. It’s a time filled with meeting recruiters, completing applications, and hopefully landing interviews — all to secure a job after graduation. Because of this, there is a lot of pressure on students to shine and stand out from the competition.   To help students prepare for this hectic time, Matt and Michael are sharing the advice they wish they’d had when they were students, including: How to build a resume that stands out Important skills for public accountants that students often overlook Pros and cons of working at The Big 4 What to consider now if you plan on being a sole practitioner Deciding between audit or tax… or both Matt and Michael’s recommended questions for interviewees to ask during interviews And more! Tune in now to get prepared for a successful recruiting season! Resources: WHEELER

Do you fall into the HENRY (High Earners, Not Rich Yet) category? If so, what steps have you taken to build your financial future? In part two of this mini-series, Eric Rodriguez of WealthBuilders, LLC, shares his top six financial tips for this demographic of future high earners. As part of these tips, Eric explains how to follow the 50/20/30 budgeting rule and emphasizes why it’s essential to know your net worth. Tune in now to learn Eric’s simple, yet effective, tips so you can start planning more and worrying less! Resources: WHEELER | WealthBuilders, LLC | Episode 34 - Top Six Financial Tips for HENRY Millennials: Part 1

Today, Matt Wheeler and Michael Bryant are joined by Eric Rodriguez, a financial planner and founder of Wealth Builders, LLC. Eric specializes in serving HENRYs and millenials. These aspiring high-income earners called HENRYs: “High Earners, Not Rich Yet” are often part of the millennial generation. In part one of this mini-series, Eric shares valuable insight about the common financial issues that HENRYs face, including a lack of affordable housing in areas like Silicon Valley and their challenges with paying off student debt. Listen now to learn more! Tune into part one of Eric’s guest appearance on the Debit This, Credit That podcast! Resources: WHEELER | WealthBuilders, LLC

In this episode of the Debit This, Credit That, Matt Wheeler and Michael Bryant share what you need to know about stock options and equity compensation. Speaking to one of his areas of expertise, Matt explains the four main types of equity compensation, outlining the benefits and drawbacks of each, including important tax considerations that need to be planned out ahead of time. Tune in and learn more about the taxation of stock options and equity compensation, and some useful considerations to keep in mind when developing your tax strategy!   Wheeler Accountants LLP https://wheelercpa.com/

Today, Matt Wheeler and Michael Bryant are joined by partner Jaclyn Skull to discuss the world of client accounting services. With 20 years of accounting experience, Jaclyn helps set Wheeler Accountants apart from other accounting firms through her personalized and proactive approach. Throughout the episode, Jaclyn discusses her specialties and past experiences in accounting, the range of services she provides through Wheeler Accountants, and how her proactive approach helps clients thrive. Tune in to find out how client accounting services can help you manage your finances, so you can focus on what’s most important: growing your business the way you want. Wheeler Accountants LLP: http://wheelercpa.com

Matt Wheeler is back at it with another Q&A. Don’t make tax-related decisions based on what you’ve read on the Internet or heard from friends. Receive expert advice from the experienced and talented Wheeler team. Solving complicated tax issues is the Wheeler team’s speciality, and their knack for it certainly comes through in this episode. Listen along as Matt offers creative solutions to their clients’ tax questions. Here are some of the questions that Matt answers in this podcast: Some general tips on venturing into self-employment including whether or not self-employed consultants are required to get a separate tax ID number. If you’re completing contract work for a company outside of the U.S., will you be taxed by that foreign country? When you renovate a residential income property, how much of those renovations can you write off? Can you pull equity out of a residential income property in order to pay back your investors? How do you avoid tax consequences? When caring for a family member, how much of the associated costs are tax deductible under the new tax law? Should you put your rental property into an LLC.? Wheeler CPA

  In this episode, Matt Wheeler introduces you to his colleague Jennifer Hauck. Jen is a partner at Wheeler Accountants, specializing in individual income as well as estate and trust taxation. Matt and Jen discuss her practice, how she got started, and what she enjoys most about her job. Then, Jen dives into discussing her expertise, Wheeler Accountants’ approach to the estate and gift tax process, and some helpful estate and gift tax planning tips. Tune in to learn more about Jen and the firm’s estate and gift tax practice! Wheeler CPA

In this episode, Matt Wheeler and Michael Bryant describe their journeys to becoming public accountants in Silicon Valley. Whether you’re a soon-to-be, novice, or seasoned accountant, you’ll find value in this episode as Matt and Michael share what they wish they had known at the beginning of their careers. They also share advice for getting on the partner track, finding a role model at your firm, and showing accountability if you make a mistake on a client file. Tune into this lively conversation and learn more about life as a public accountant.

Today, Matt Wheeler and Michael Bryant discuss significant changes brought about by the new lease accounting standards effective for nonpublic companies for the year ended December 31, 2020. The Wheeler team explains how companies will perform their financial reporting in light of the new regulations, when to start this transition, and some of the disadvantages of transitioning early. Listen in as Matt and Michael cover what lessees should know about the new lease standards. Resources: DAM-Cancer Foundation Website: http://www.dam-cancer.org/ Instagram: @dam_cancer Twitter: @damcancer

  Today, Matt Wheeler and Michael Bryant have a special guest. Scott Stauffer is not only a CFP® and the Founder of BetterWealth...he is a neighbor in the Wheeler Accountant’s office building! In this episode, Scott explains why it’s so important to work with a fiduciary advisor and what it means for a firm to be fee-only. Scott also discusses the coaching approach that is so embedded in BetterWealth’s client relationships, along with his unconventional opinions about market timing.   Sit back and enjoy this information-packed and lively conversation!  

In this episode, the Wheeler team discusses Accounting Principles Generally Accepted in the United States of America (GAAP). GAAP is a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. Sound complicated? Not to fear! Matt and Michael answer their clients’ questions in this lively Q&A. Listen in and learn how to capitalize software implementation costs, how to record commissions, how to record grants to nonprofit organizations, how the new tax law will affect deferred tax assets and liabilities, and accounting treatment for unlimited paid time off policies.   Questions answered by the Wheeler team: How do we capitalize software and implementation costs? How should a non-profit organization record grants? Do we need to defer commission expense related to sales of software and maintenance? How are the new tax rates going to affect deferred tax assets and liabilities? When using the Black-Scholes Model to record our stock compensation, how should we handle forfeitures of stock options during the year? What should we consider if we change to an unlimited Paid Time Off (PTO) policy? Is it possible to put an accrual cap on PTO? What would be the impact to my financial statements with respect to leasehold improvements now that we have to move?

  Tax season is upon us! Are you wondering how the new tax law will impact your 2018 tax return? If so, you’re in good company. Our clients have had a lot of questions about their taxes this year. In this special Q&A episode, we share the answers to our clients’ top questions. Tune in to catch our answers and become more prepared for tax season. Here are the questions we answer in this episode: How will the new Tax Law changes affect tax filing for pass through entities? What is the best process for purchasing a car for business use: buy it personally, or buy it through the business? When is a primary residence considered a rental for tax purposes? Under the new tax law, will we receive a considerable hit and lose personal exemptions? How does the backdoor ROTH IRA work? Do I have to pay federal and state income taxes on an inheritance? Are IRA Management Fees deductible on my taxes? Can I use my IRA for major medical expenses without tax implications? Links: DAM-Cancer Website Wheeler Accounting Website

Life is full of surprises; they can be positive or exciting, but also shocking and upsetting. Are you prepared for whatever life throws your way? In this episode,  Matt Wheeler and Michael Bryant speak with Mark Caufield of Cook Disaroon & Greathouse Insurance Brokers to share how you can be prepared for life’s hiccups, ranging from car crashes to earthquakes. They also discuss different types of coverage to consider for your personal or business insurance.   Brush up on your insurance knowledge and learn how to become as prepared as possible for the unexpected. Links: Cook Disharoon & Greathouse Insurance Brokers

In this episode, Matt and Michael discuss the mortgage and real estate markets with guest Brandon Knapp of RPM Mortgage. Together, they discuss the current real estate climate, how homebuyers can become better prepared for the underwriting process, innovative lending options, which tax strategies homeowners can use-- and plenty more! Whether you’re a real estate enthusiast or a new homebuyer with plenty of questions, this informative podcast is for you!   Links: Brandon Knapp - RPM Mortgage RPM Mortgage

How will you be impacted by the Tax Cuts and Jobs Act? In this episode, Matt and Michael discuss changes to tax rates, itemized deductions, 529 plans and more! Learn about key changes to tax laws for individuals and how you can adjust your tax strategies accordingly. Listen in as Matt and Michael give their best advice for how to benefit from the new tax laws! Questions and Answer Period: Matt and Michael also answer some of their clients’ most-asked questions about selling real property, college tax strategies, income rules from rental property and more! Show Links: Learn more about the DAM Cancer Foundation Wheeler Accountants: Ask Wheeler

In this episode, Michael Bryant and Matt Wheeler discuss the recent expansion of Wheeler Accountants to Watsonville and Santa Cruz County and what this means for current and future clients of the firm in this area. Learn more about Wheeler’s expansion to Watsonville in this podcast:

At this time of year, many nonprofit organizations will receive donor gifts and it is imperative that they record the gifts in accordance with the donor’s wishes. In this podcast, we’ll cover tips for proper recognition of donor gifts to nonprofits and some tips for gift acceptance policies.

In this podcast, I’m answering some of the common questions that we receive from our clients at Wheeler Accountants. As our teachers often said, “Don’t be afraid to ask questions. Chances are, someone else has the same one!”  So you may hear an answer to one of your own tax-planning questions. We hope you walk away feeling a bit more tax-savvy after listening to this Q&A:

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:

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:

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:

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:

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:

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.

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:

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:

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:

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:

Matt Wheeler shares his insights on the pros and cons of the different entities available to businesses with multiple owners. In this podcast Matt covers Partnerships, C Corporations, and S Corporations. Each fact pattern is unique and the decision on which legal entity to use will hinge on these subtle details. Learn more about the different legal entities available to multiple owner businesses in this podcast:

In this podcast Michael shares 7 common peer accounting review deficiencies that he has gathered to help his current clients, prospective clients and the CPA industry. Learn more about these common peer accounting review deficiencies in this podcast:

Matt Wheeler discusses the different forms of legal entities for business owners, and how to identify the appropriate form of entity needed for a new business venture or an existing business you are thinking about changing the structure of. As a business owner you will need to consider all the tax, legal, and practical implications. However, one of the first things you really need to ask is, do you even need a entity for your business? Learn more in this podcast:

The Financial Accounting Standards Board (FASB) released the Accounting Standards Update (ASU) 2016-14 in August 2016. Learning about this early is really important, as the Board has given some time before its implementation. This update changes the financial statement reporting for nonprofits. This podcast discusses the 5 Key Changes of the recent ASU 2016-14 for nonprofit organizations:

In this podcast we discuss the basic strategies that can at the very least, help working families position themselves better financially. The problem is that a lot of these young families don’t really have a strategy, or they start too late and did not take advantage of early opportunities.  Learn about these 7 Financial Strategies for Working Families in this podcast:

What are the Retirement Gap Years? It is the period between when you stop working up to the time that mandatory distributions from retirement accounts kick in. This is usually from the year of retirement up to age 70.  This podcast discusses the long term strategy that can be used in the retirement gap years to smooth out your tax liability over time:

In this podcast we interview Michael Bryant, Partner at Wheeler Accountants based in San Jose, California.  Michael shares his audit and litigation expertise, what drives him and his leading edge accounting approach.

In this podcast we interview Matt Wheeler, Managing Partner of Wheeler Accountants based in San Jose, California.  Matt shares his expertise, passion, and vision for his tech savvy, high energy accounting firm in the Silicon Valley.