Generally Accepted Accounting Podcast

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The Generally Accepted Accounting Podcast (GAAP, for all you accounting nerds) is produced by Casey Peterson, LTD. We talk about tax, finance, accounting, audit, data analytics, and a bunch of other hip and cool topics!

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    • May 23, 2025 LATEST EPISODE
    • monthly NEW EPISODES
    • 33m AVG DURATION
    • 35 EPISODES


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    Latest episodes from Generally Accepted Accounting Podcast

    035 - Roth IRA Conversions and Financial Therapy

    Play Episode Listen Later May 23, 2025 28:41


    Episode 35: Roth IRA conversions and financial therapy Any time the markets get a little extra wonky, questions come up about Roth IRA conversions. So, we sat down with Emily Millsap — a Certified Financial Planner® and Certified Exit Planning Advisor™ with our friends at Avantax — to talk through the details. Emily covered who should and shouldn't consider converting their traditional IRA, what to know about taxes, and how to avoid common mistakes. And just when we thought we were only discussing IRAs, things got real. Suddenly, we were talking about feelings behind money decisions and financial therapy, which is another super cool thing Emily is certified in. So, come for the technical knowledge about IRAs, and stay for how you feel about the dollars in that IRA. Listen in to learn more! What is the Medicare income-related monthly adjustment amount? Our wealth management services with Avantax Other Avantax podcasts GAAP Episode 025 – Meet Laura Gillen from Avantax GAAP Episode 007 – Actively Managed Portfolios AAP Episode 006 – What Exactly is a Fiduciary?

    034 - Medicare Bad Debt

    Play Episode Listen Later Apr 29, 2025 23:39


    Healthcare organizations nationwide are navigating tighter margins and shrinking reimbursement rates. That's why considering opportunities from Medicare bad debt is one way to find additional reimbursements. If the term “bad debt” makes you wonder what “good debt” is, our shareholder and healthcare expert Mark Lyons breaks it all down. Mark explains what types of bad debt are and aren't allowable under Medicare rules, the challenges of collecting bad debt, and how healthcare facilities can minimize those challenges. This is an especially good episode for healthcare providers trying to wrap their arms and heads around all the rules … or for anyone who enjoys obscure government regulation trivia. So, good debt or bad debt, you're going to want to listen in to learn more! Resources Frequently Asked Questions about Medicare Bad Debt Previous Mark episodes Funded Depreciation and Rural Healthcare Mark's Path to Glory Rural Health Clinics & Fruit Pizza Rural Health Clinics Part II Fun With Allowable Costs and Activities and Medicare Advantage Plans Healthcare Allocation Statistics Your Business and Inflation

    033 - Funded Depreciation and Rural Healthcare

    Play Episode Listen Later Mar 31, 2025 28:29


    Rural healthcare continues to be a hot-button topic. So, we brought back one of our frequent guests, Mark Lyons — who heads up our healthcare team — to talk about a kind of niche topic — funded depreciation. Mark defines what it is, talks about some scenarios, and gives advice about the approach that healthcare facilities can take to use funded depreciation for long-term capital planning. Does it sound complicated? Yes. Is it? Also yes. Fortunately, Mark's super knowledgeable and super good about explaining the complexities. There's lots of good info in this episode, so give it a listen to learn more!

    032 - Meet the Miles Education Team Members

    Play Episode Listen Later Feb 28, 2025 49:23


    In the past year, Casey Peterson, LTD has hired some team members who are part of the Miles Education program. These new team members have come to work in the firm's various offices by way of India with some stops along the way in U.S. communities that were quite a bit larger and different than Nebraska, South Dakota, and Wyoming. So, we sat down with Venkata and Madhuri, to ask them about their experiences, how they got into accounting and the Miles Education program, what it's like working for Casey Peterson, and most importantly, where they get their groceries from. So, listen in to learn more. 

    031 - What to Bring to Your Tax Appointment

    Play Episode Listen Later Jan 30, 2025 29:06


    If you're dreading visiting your CPA or accountant this tax season, no need to fear! One of our newest shareholders, Zach Van Sambeek, a CPA and CVA, is here to let you know what you should bring to your appointment to save yourself some time and money. Zach explains what information is helpful to have on hand whether you need your individual, business, or ag taxes filed. And as an added bonus, we even talk about bonus depreciation! (See what we did there?) So, dig out your shoebox of receipts and listen in to learn more! Don't forget these key items for your tax appointment 2024 Standard Deduction

    030 - Top 3 GAAP Episodes of 2024

    Play Episode Listen Later Dec 17, 2024 23:47


    If you were disappointed by your results from Spotify's Wrapped this year, we've got something to lift your spirits. It's the Top 3 Casey Peterson, LTD GAAP episodes of 2024! Now, did we use listener feedback and data analytics to compile this highly scientific list? Pfffff, absolutely not. Evan and Hillary just picked the three podcasts they liked best. That's right; it's all based on feeeeeeeeeelings, which probably makes most accountants nervous, as it should. Anyway, if you're short on time and just want to know the absolute Cannot Miss Podcasts of the past year, listen in to learn more! Also, Jason Staats, we're coming for you. Not, like, in a threatening way. We're just gonna have you as a guest eventually. Our Favs of 2024, not in the order they appear in this episode: GAAP Episode 025 – Meet Laura Gillen from Avantax GAAP Episode 023 – Rural Health Clinics & Fruit Pizza GAAP Episode 021 – Meet Casey Peterson GAAP Episode 026 – All About Audit and Attest Honorable Mentions: GAAP Episode 028 – Energy Incentives and Future Taxes with Dave McGuire GAAP Episode 029 – Mark's Path to Glory

    029 - Mark's Path to Glory

    Play Episode Listen Later Nov 14, 2024 56:16


    Have you often thought that the path to managing shareholder of a mid-sized Midwestern CPA firm was full of wonder and glory? Have you actually ever considered the path of a managing shareholder at all? … Yeah, we thought not. Either way, Casey Peterson, LTD's own managing shareholder, Mark Lyons, a frequent guest of the podcast, talks about how he ended up where he did. It's not at all the journey you might think it was and is a pretty good reminder that just because you're not sure what you want to be when you grow up, that doesn't mean you can't find success as you figure it out. OK, yeah, that sounds like an after-school special. But whether you're considering a career in accounting, are already a tenured accounting vet, or just like a good yarn, Mark's tale is for you! Listen in to learn more. Other episodes featuring Mark: GAAP Episode 024 – Rural Health Clinics Part II GAAP Episode 023 – Rural Health Clinics & Fruit Pizza GAAP EPISODE 022 – Fun With Allowable Costs and Activities And Medicare Advantage Plans GAAP Episode 011 – Healthcare Allocation Statistics GAAP Episode 008 – Your Business and Inflation

    028 - Energy Incentives and Future Taxes with Dave McGuire

    Play Episode Listen Later Oct 25, 2024 21:56


    It's part two of our conversation with Dave McGuire of McGuire Sponsel, our cost segregation partner! Last time was all cost seg all the time. This time, we talk about some of the new energy incentives, how businesses can utilize them, and discuss what could happen after the upcoming election (it doesn't get political, promise). Energy incentives are always a hot topic that can get confusing. But Dave does a great job of providing examples and laying everything out in an easy-to-understand manner. Don't believe us? Listen in to learn more! IRS's Clean Energy Tax Incentives for Businesses (PDF) Tax Incentives for Energy-Efficiency Upgrades in Commercial Buildings Federal Solar Tax Credits for Businesses Mostly residential energy efficiency federal tax credits Department of Energy's financing and incentives IRS's energy efficient home improvement credit

    027 - Fixed Assets and Cost Segregation with Dave McGuire

    Play Episode Listen Later Sep 27, 2024 35:35


    Today's episode is part one of our conversation with Dave McGuire of McGuire Sponsel, our new partner that helps with cost segregation studies. We're revisiting our very first episode about cost seg and depreciation to get into some more details. This is a great episode for businesses looking for ways to possibly increase their cash flow or decide if a cost segregation study is right for them. It's also a heckuva an episode if you just like to nerd out about tax regulations or enjoy squirreling away knowledge not a lot of other folks have. You know you want to: Listen in to learn more! Note: Dave references a lot of forms, regulations, and other details about cost seg and depreciation. So below are resources to define those references. Rev prop 8765 (pdf) ITC tax credits Component depreciation 179 expensing Bonus depreciation 168 k 2005 IRS audit techniques guide 1031 exchange Passive income Tax & Jobs Act Tax rates

    026 - All About Audit & Attest

    Play Episode Listen Later Aug 19, 2024 44:25


    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!

    025 - Meet Laura Gillen from Avantax

    Play Episode Listen Later Jul 2, 2024 42:45


    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!

    024 - Rural Health Clinics Part II

    Play Episode Listen Later Apr 4, 2024 34:56


    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 bio Mark Lyons, CPA, Managing Shareholder, Board President bio

    023 - Rural Health Clinics & Fruit Pizza

    Play Episode Listen Later Mar 28, 2024 34:56


    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 bio Mark Lyons, CPA, Managing Shareholder, Board President bio What's a rural health clinic? NPR: Older Americans say they feel trapped in Medicare Advantage plans Glazed fruit pizza (Not for Mark)

    022 - Fun with Allowable Costs and Activities and Medicare Advantage Plans

    Play Episode Listen Later Feb 28, 2024 44:52


    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

    021 - Meet Casey Peterson, the Guy Whose Name Is on the Building

    Play Episode Listen Later Jan 29, 2024 44:48


    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, Shareholder Follow Casey on Twitter (or X or whatever Elon decides to call it next) Follow Casey on LinkedIn

    020 - Top 5 Blogs of 2023

    Play Episode Listen Later Dec 22, 2023 24:02


    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 CHANGES SOME FAQS ABOUT DEDUCTIBLE MEDICAL EXPENSES 6 SIGNS THOSE ERC CLAIMS ARE A SCAM WHAT TO DO IF YOUR BUSINESS NEEDS TO WITHDRAW AN ERC CLAIM

    019 - Profit is a Good Thing

    Play Episode Listen Later Nov 15, 2023 44:27


    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

    018 - Accounting: But Y Tho?

    Play Episode Listen Later Oct 27, 2023 26:08


    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!

    017 - Meet the Hosts

    Play Episode Listen Later Sep 29, 2023 30:46


    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

    016 - The Basics of AI - Part II

    Play Episode Listen Later Aug 7, 2023 27:43


    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)

    015 - The Basics of AI - Part I

    Play Episode Listen Later Jul 28, 2023 32:28


    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

    014 - The Basics of Capital Gains

    Play Episode Listen Later Jun 22, 2023 30:29


    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

    013 - Nursing Home Star Ratings

    Play Episode Listen Later May 1, 2023 50:18


    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

    012 - Mental Health & the Future of Accounting

    Play Episode Listen Later Mar 31, 2023 31:03


    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

    011 - Healthcare Allocation Statistics

    Play Episode Listen Later Feb 2, 2023 30:22


    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: Facility characteristics Utilization data Cost and charges by cost center Medicare settlement data Financial statement data 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: Does housekeeping clean all the areas with a stat? Are offsite locations (potential examples: Therapy, RHC, HHA, etc.) receiving an allocation from the cafeteria, housekeeping, or another supporting area they don't use? Are there better ways to allocate A&G costs (i.e., segmentation)? Does central supply/purchasing order for all departments, or do some departments do their own ordering (e.g., lab, pharmacy, etc.)? Does maintenance provide services to leased buildings? Why are the non-reimbursable areas receiving allocations? Are those correct? If so, is there a way to limit the allocations? Is there a way to deflect costs from non-cost based/nonallowable cost centers? Can you direct cost certain costs for specific areas versus using allocation statistics? When was the last time you updated your square-footage statistics? If it's been more than a year, it's a good idea to make sure the square-footage stats are up to date.

    010 - Dashboards and Data Visualization

    Play Episode Listen Later Jan 11, 2023 37:18


    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

    009 - Starting a New Business

    Play Episode Listen Later Nov 28, 2022 26:32


    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

    Play Episode Listen Later Aug 5, 2022 37:19


    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

    Play Episode Listen Later May 12, 2022 18:43


    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?

    Play Episode Listen Later May 12, 2022 16:25


    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

    Play Episode Listen Later Mar 15, 2022 21:18


    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

    Play Episode Listen Later Mar 11, 2022 35:07


    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

    Play Episode Listen Later Feb 7, 2022 31:00


    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

    Play Episode Listen Later Feb 2, 2022 26:39


    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

    Play Episode Listen Later Feb 1, 2022 34:02


    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

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