Podcast appearances and mentions of cherry bekaert

In this episode of Cherry Bekaert's Government Contracting podcast, host Jonathan Reid, Director, is joined by Mike Cippel, Managing Director, to discuss the job differences between accounting managers, controllers and chief financial officers (CFO). Tune in to learn more about:The definition of an accounting manager, controller and CFO  Key differences between the three rollsResponsibilities expected in these rolesRequirement to hold the positions What type of work environment to expect Skills needed to succeed in each roleCherry Bekaert's team of government contracting consultants has significant experience in outsourced accounting solutions.  Our professionals provide regular updates, thought leadership, current and future state consulting, change management advisory and ready to stand up services. If you have any questions specific to your situation, our government contracting and tax consultants are here to discuss solutions tailored to you. Contact us.View all Government Contracting Podcasts

As of Monday, January 28, President Donald Trump has signed various executive orders requiring the halt of federal funding for various programs. This will allow the administration to determine the program's alignment with legal and presidential priorities. These orders impact funding for foreign aid, non-governmental organizations, diversity, equity and inclusion (DEI) programs, gender ideology, Green New Deal initiatives, as well as funding under the Inflation Reduction Act (IRA) and Infrastructure Investment and Jobs Act (IIJA) programs. Eric Poppe, a Managing Director in Cherry Bekaert's Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm's Government Contracting practice who spent 13+ years with DCAA, to discuss what this means for government contractors moving forward.Listen to learn more about:What it means when an organization receives a stop work order How to understand the terms and conditions of the contract or awardWhen to reach out to your contracting officer The flow down of responsibilities for prime contractors vs. subcontractors when receiving a stop-work order or a termination of contractThe importance of documenting all costs and expensesThe differences between terminations of fixed price and cost-plus contracts or awardsStrategies to control and mitigate costsSteps you can take to help minimize the settlement process timeline Ways to maximize cost recovery during settlement or negotiationsCherry Bekaert's team of government contracting professionals has significant experience with the complexities and challenges of navigating these types of executive orders. If you have any questions specific to your situation, our government contracting consultants are available to discuss your situation with you.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, we discuss what to consider when planning the cost of a project. Eric Poppe, a Managing Director in the Government Contracting Industry practice, is joined by Jonathan Reid, a Director in Outsourced Accounting Services.Tune in to learn more about:What to expect when reporting costImpact revenue recognition on the cost of a project Tax impactsFinancial reporting considerations Compliance requirements Setting up a project for joint ventureCompanies who aren't in government but work with Government ContractorsCherry Bekaert's team of government contracting professionals have significant experience in accounting and reporting. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored for you. Contact us.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, host Jeff Annessa, a Senior Manager in the Firm's Government Contracting practice, is joined by Jade Casey, a director in the Firm's Government Contracting Services group. Jeff spent more than 13 years working with the Defense Contract Audit Agency (DCAA) and brings valuable experience to their discussion on forward pricing rates and their benefits.Tune in to learn more about:An overview of forward pricing ratesHow forward pricing rates differ from provisional billing rates The forward pricing rates proposal processDifference between a recommendation (FPRR) and an agreement (FPRA)The forward pricing rate proposal adequacy checklist for contractorsBenefits of sound forward pricing ratesCherry Bekaert's team of government contracting professionals have significant experience in forward pricing rates. As more guidance comes forth, we are here to provide regular updates, and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored for you. Contact us.View all Government Contracting Podcasts

In this episode of Controllers Classified, host Erik Zhou, CAO at Brex, dives into the world of accounting and automation with Jake Jones, Controller at FinQuery. Jake shares his journey from a decade at Cherry Bekaert to his current role, detailing his transition approach from audit to client side. The conversation then explores Jake's approach to finding efficiencies in the accounting process through automation tools, effective team building, and cross-functional relationship building.

In this episode of Cherry Bekaert's Government Contracting podcast, host Brendan Halloran, a Director in Cherry Bekaert's Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm's Government Contracting practice. Bringing extensive knowledge and experience in the government contracting space, Brendan and Jeff discuss the Truthful Cost or Pricing Data Act, formerly known as the Truth in Negotiations Act or TINA.Brendan was previously a divisional administrative contracting officer (DACO) at the Defense Contract Management Agency (DCMA) and Jeff has spent over 13 years with the Defense Contract Audit Agency (DCAA), while holding several leadership positions.Tune in to find out more about:The background and history of the Truthful Cost or Pricing ActWhat is considered cost or pricing data Most common thresholds and exceptions to the act The certification, sweep and disclosure processDefective pricing and government auditsBest practices surrounding the Truthful Cost or Pricing Act Cherry Bekaert's team of government contracting consultants have significant experience and can help your growing government contracting business navigate the Truthful Cost or Pricing Data Act. If you have any questions specific to your situation, our consultants are available to discuss your situation with you. Contact us today.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, Romain Robveille, Advisory Services Director, is joined by Justin Pell, Senior Manager,  for an overview of the Deltek Costpoint software and how to get the most out of this system. Tune in to learn more about:Effective uses of Deltek Costpoint for businesses Issues with current Costpoint uses and leadership challengesHow changes in leadership can affect system and accounting efficiencies Areas companies need to consider to make the most of Deltek CostpointBenefits of a system assessment for organizations using Deltek Costpoint Cherry Bekaert's team of government contracting professionals have significant experience with Deltek Costpoint. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored for you. Contact us.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, host and Advisory Services Manager Shaydah Naraghi is joined by Advisory Services Senior Manager Christine DeYuliis to discuss how Unanet could help guide your business forward. Tune in to learn more about:How Unanet got its nameHow long it typically takes employees to adopt time and expense functionality in UnanetThe recommended company size needed to utilize UnanetHow Unanet supports growth in a companyHow Unanet supports DCAA and FAR complianceThe ease of standard and analytics reportingAdditional resources available during and after implementation Cherry Bekaert's team of government contracting professionals has significant knowledge and experience with Unanet. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored to you.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, host and Government Contractor Services Director Brendan Halloran leverages his extensive knowledge and experience in the government contracting space. With a background as a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), Brendon offers valuable insights alongside Advisory Services Director Lynnette Leidwinger. Together, they discuss how subcontractor administration can be beneficial to a company's success. Tune in to find out about:The definition ofSubcontractingFlow downsTeaming arrangementsCompliance considerationsThe importance of flow-down clausesHow teaming arrangements can be a good tool for contractorsCompliance considerationsCircumstances in which a contractor's compliance gets reviewedKey takeaways for hiring a subcontractor Cherry Bekaert's team of government contracting consultants have significant experience in subcontracting administration and can help your growing government contracting business navigate the challenges. If you have any questions specific to your situation, our consultants are available to discuss your situation with you.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, Mike Cippel, a Managing Director in the Firm's Outsourced Accounting Advisory practice, is joined by Irwin Kaplan, Director, to discuss how government contractors can begin to plan for next year. They cover the ideal timeframe for contractors to start preparing, as well as key planning considerations. Tune in to learn more about vital elements of year-end planning, including:BudgetingContract WaterfallCash ForecastingKey Measures: Monthly Tracking and Reporting Cherry Bekaert's team of government contracting professionals have significant experience with next-year and year-end planning for government contractors. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored to you. Contact us.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, we discuss the do's, don'ts and pitfalls of outsourced accounting. Host Eric Poppe, a Managing Director in the Government Contracting Industry practice, is joined by Jonathan Reid, a Director in Outsourced Accounting Services.   Tune in to learn more about:How outsourced accounting helps government contractors Differences between bookkeeping and outsourced accounting Situations in which government contractors need accounting help How to make a smooth transition into outsourcing accounting needsTips for forming a positive relationship with an outsourcing firmPitfalls a company should avoid before getting into an outsourcing relationshipQuestions you should ask during the interview processCherry Bekaert's team of government contracting professionals have significant experience in outsourced accounting. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored for you. Contact us.Related Guidance Podcast: How to Get the Most Out of Your Outsourcing FirmArticle: Outsourced Accounting Frequently Asked Questions (FAQs)View all Government Contracting Podcasts

Business interruption (BI) insurance is crucial for private equity firms, as it provides financial protection in the event of unforeseen disruptions to a portfolio company's operations. Interruption in business operations due to natural disasters, supply chain disruptions or cybersecurity breaches can have a significant financial impact to a fund's bottom line. For private equity firms, business interruption insurance is not only a risk management tool but also a strategic asset that can safeguard their investments, maintain the trust of investors and protect the long-term value of their portfolio companies.In this episode of The Drawdown, we welcome three members of Cherry Bekaert's Forensic and Dispute Advisory Services team: Lori Smith, Partner and Practice Leader, and John Collier and J.C. Tuthill, Managing Directors. Together, they discuss:1:28 - Business interruption insurance triggered upon damage to covered property at the premises2:30 - Coverage and policy terms for funds and portfolio companies4:25 - Calculating payment for types of business losses11:00 - Dependent property coverage12:55 - Next steps for fund managers If you or your private equity firm have any questions about business interruption insurance or how to prepare for a disruptive event, please reach out to our Forensic & Dispute Advisory Services team. 

Business interruption (BI) insurance is crucial for private equity firms, as it provides financial protection in the event of unforeseen disruptions to a portfolio company's operations. Interruption in business operations due to natural disasters, supply chain disruptions or cybersecurity breaches can have a significant financial impact to a fund's bottom line. For private equity firms, business interruption insurance is not only a risk management tool but also a strategic asset that can safeguard their investments, maintain the trust of investors and protect the long-term value of their portfolio companies.In this episode of The Drawdown, we welcome three members of Cherry Bekaert's Forensic and Dispute Advisory Services team: Lori Smith, Partner and Practice Leader, and John Collier and J.C. Tuthill, Managing Directors. Together, they discuss:1:28 - Business interruption insurance triggered upon damage to covered property at the premises2:30 - Coverage and policy terms for funds and portfolio companies4:25 - Calculating payment for types of business losses11:00 - Dependent property coverage12:55 - Next steps for fund managers If you or your private equity firm have any questions about business interruption insurance or how to prepare for a disruptive event, please reach out to our Forensic & Dispute Advisory Services team. 

Let us know how we're doing - text us feedback or thoughts on episode contentIn order for the IRA to realize all of the benefits from the subsidies it allocated to renewable energy and advanced manufacturing, the legislation needed to revise how tax credits were going to work. The traditional form of tax equity financing wasn't going to be enough, so the IRA introduced something called tax credit transferability. This new process has opened up the tax credit market to a whole new batch of investors, able to invest in even smaller projects, and at rates that are encouragingly beneficial to the clean energy economy.Paul outlines how this new structure works and the impact that it is already having on clean energy projects.For more research:"Monetizing Energy Tax Credits: A Guide to Transferability and Tax Equity Transactions" - Cherry Bekaert"Understanding Direct Pay and Transferability for Tax Credits in the Inflation Reduction Act" - Cap 20"Transferable Tax Credit Market Intelligence Report, 2023" - CruxFollow Paul on LinkedIn.

In this episode of Cherry Bekaert's Government Contracting podcast, we discuss how to choose the right Enterprise Resource Planning (ERP) system that fits your company's unique needs. Host Eric Poppe, a Managing Director in the Government Contracting Industry practice, is joined by Christine DeYuliis, a Senior Manager.  Tune in to learn more about steps your business can take to find the right ERP, including:Conducting an initial discussion with stakeholdersDefining and documenting current business processes, strengths and pain pointsDetermining required features and functions Identifying needed software integrations Integrating accounting and reporting considerations Considering compliance requirementsCherry Bekaert's team of government contracting professionals have significant experience in ERP solutions. As more guidance comes forth, we are here to provide regular updates and thought leadership to guide your journey forward. If you have any questions specific to your situation, Cherry Bekaert is here to discuss solutions tailored for you. Contact us.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's Government Contracting podcast, we discuss ways to optimize the benefits of outsourcing your accounting operations. Host Craig Hunter, a Director in the Government Contracting Industry practice, is joined by Mike Cippel, Managing Director, and Directors Irwin Kaplin and Jonathan Reid.Tune in to learn more about:Deciding if outsourced accounting is your best option Uncovering the benefits of using an outsourcing firmOptimizing the working relationship with an outsourcing firmCherry Bekaert's team of government contracting consultants have significant experience in outsourced accounting solutions. As more guidance comes forth, we are here to provide regular updates, thought leadership, current and future state consulting, change management advisory and ready to stand up services. If you have any questions specific to your situation, our government contracting and tax consultants are here to discuss solutions tailored for you. Contact us.View all Government Contracting Podcasts

In the fourth episode of Cherry Bekaert's Cost Accounting Standards (CAS) podcast series, Brendan Halloran, a Director in Cherry Bekaert's Government Contracting Industry practice, is joined by Jeff Annessa, a Senior Manager in the Firm's Government Contracting practice. Bringing extensive knowledge and experience in the government contracting space, Brendan and Jeff discuss cost impacts, as well as the differences between General Dollar Magnitude (GDM) and Detailed Cost Impacts (DCI).Brendan was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA) and Jeff has spent over 13 years with the Defense Contract Audit Agency (DCAA), while also holding positions such as quality manager, supervisory auditor and field audit office manager.Tune in to find out more about:What cost impacts are When cost impact proposals are necessaryDifferent types of cost impact proposalsA detailed overview of GDM and DCICost Impact Materiality How to position the cost impactCherry Bekaert's team of government contracting consultants have significant CAS experience and can help your growing government contracting business navigate CAS. If you have any questions specific to your situation, our consultants are available to discuss your situation with you. Contact us today.If you haven't already, catch up on other parts of the series :Cost Accounting Systems Series: Part 1 – A Comprehensive OverviewCost Accounting Systems Series: Part 2 – Considerations for Growing a GovConCost Accounting Systems Series: Part 3 – Implications When Acquiring CompaniesRelated GuidanceWebinar Recording: Cost Accounting Standards (CAS): Part 1 – CAS Coverage Types, Common Standards, and CAS ApplicabilityWebinar Recording: Cost Accounting Standards (CAS): Part 2 – Cost Accounting Changes and ImpactView all Government Contracting Podcasts

In the second episode of Cherry Bekaert's Operational Effectiveness podcast series, Eric Poppe, a Managing Director in Cherry Bekaert's Government Contracting Industry practice, is joined by Todd Angioli, a Director in the Firm's Government Contracting practice with 20+ years of financial operations experience.Together, Eric and Todd discuss mid-year considerations when budgeting and forecasting.Listen to this episode to find out more about:What government contractors should consider at the mid-year point when forecasting for the remainder of the calendar yearHigh-level considerations when reforecasting the operating plan:RevenueDirect LaborFringeOverheadGeneral and Administrative Expenses (G&A)Bottom Line Key forecasting and planning areas:Recompete andNew BusinessCurrent ExecutionImprovement InitiativesNeed Assessment for Mid-Year Burden RecalculationThe Need to Move InvestmentsOther Course CorrectionsWhat growing government contractors should be doing at the mid-year pointCherry Bekaert's team of government contracting consultants have significant operations and contracting experience to help you navigate any operational considerations. If you have any questions specific to your situation, our government contracting consultants are available to discuss your situation with you. If you haven't already, catch up on part one of the budgeting considerations series: Effective Operational & Financial Performance:  Budget Considerations During Year-EndView all Government Contracting Podcasts

On December 31, 2025, the current federal lifetime estate and gift tax exemption amount is scheduled to revert to pre-2018 limits, effectively reducing the tax benefit by 50%. This has the potential to greatly impact investment fund managers and other high-net-worth individuals. Without adequate and timely estate planning, these individuals may miss out on potentially millions of dollars in tax benefits.In this episode of The Drawdown, Marci Spivey, Partner and Private Client Services Leader, welcomes Mike Kirkman, Partner and Estate, Gift and Trust Leader. Also joining the conversation is Clint Costa, Senior Wealth Strategist at Choreo, a wealth management firm and strategic alliance partner of Cherry Bekaert. Together, the team discusses how fund managers, can proactively plan with trusted advisors to protect their assets ahead of the exemption sunset. Related Guidance Article: Use It or Lose It: Estate Tax Exemption “Sunset”  Article: Federal Estate and Gift Tax Exemption Will Sunset After 2025: How to Prepare NowAbout ChoreoChoreo, LLC is an investment adviser registered with the SEC. Registration as an investment adviser does not imply a certain level of skill or training of the adviser or its representatives. This document contains general information, may be based on authorities that are subject to change, and is not a substitute for professional advice or services. This document does not constitute audit, tax, consulting, business, financial, investment, insurance, legal or other professional advice, and you should consult a qualified professional advisor before taking any action based on the information herein. Information has been obtained from a variety of sources believed to be reliable though not independently verified. Choreo, LLC its affiliates and related entities are not responsible for any loss resulting from or relating to reliance on this document by any person.

On December 31, 2025, the current federal lifetime estate and gift tax exemption amount is scheduled to revert to pre-2018 limits, effectively reducing the tax benefit by 50%. This has the potential to greatly impact the asset profitability of investment fund managers and other high-net-worth individuals. Without adequate and timely estate planning, these individuals may miss out on potentially millions of dollars in tax benefits.In this episode of The Drawdown, Marci Spivey, Partner and Private Client Services Leader, welcomes Mike Kirkman, Partner and Estate, Gift and Trust Leader. Also joining the conversation is Clint Costa, Senior Wealth Strategist at Choreo, a wealth management firm and strategic alliance partner of Cherry Bekaert. Together, the team discusses how fund managers, can proactively plan with trusted advisors to protect their assets ahead of the exemption sunset. Related Guidance Article: Use It or Lose It: Estate Tax Exemption “Sunset”  Article: Federal Estate and Gift Tax Exemption Will Sunset After 2025: How to Prepare NowAbout ChoreoChoreo, LLC is an investment adviser registered with the SEC. Registration as an investment adviser does not imply a certain level of skill or training of the adviser or its representatives. This document contains general information, may be based on authorities that are subject to change, and is not a substitute for professional advice or services. This document does not constitute audit, tax, consulting, business, financial, investment, insurance, legal or other professional advice, and you should consult a qualified professional advisor before taking any action based on the information herein. Information has been obtained from a variety of sources believed to be reliable though not independently verified. Choreo, LLC its affiliates and related entities are not responsible for any loss resulting from or relating to reliance on this document by any person.

In this episode of Cherry Bekaert's GovCon Podcast host Eric Poppe, a Managing Director in Cherry Bekaert's Government Contracting Industry practice, is joined by Vivian Kohrs, Director, Strategic Tax, and Bryan Weems, Senior Manager, Tax Credits and Incentives. Together they give an overview of research and development (R&D) credits for government contractors. Listen to learn about:What R&D credits areWho is able to take advantage of these creditsContract R&D CreditsRights and risksHow subcontractors could potentially qualify R&D credits by state: Virginia GeorgiaTexasMarylandFloridaSection 174 impact to tax liability and cashflowRecommendations on how to collect R&D Credits and prepare for the potential impact of Section 174 capitalizationCherry Bekaert's team of government contracting and tax credit and incentives consultants have significant experience in R&D credits and Section 174 analysis. If you have any questions specific to your situation, our government contracting and tax consultants are available to discuss your situation with you. Contact us.View all Government Contracting Podcasts

In this episode of Cherry Bekaert's GovCon Podcast, Brynn McNeil and Craig Hunter both Assurance Partners in Cherry Bekaert's Government Contracting Industry practice, discuss  revenue recognition for government contractors. Listen to learn more about:The five steps for recognizing revenue under Accounting Standards Codification (ASC) 606Understanding how costs drive revenue Common errors in recording revenue Best practices for government contractors regarding processes and controls for recording revenue Cherry Bekaert's team of government contracting consultants have significant experience in navigating the SBA 8(a) business development program and can assist your business with the best accounting practices. If you have any questions specific to your situation, our government contracting consultants are available to discuss your situation with you. Contact us.View all Government Contracting Podcasts

In the latest episode of Cherry Bekaert's Risk & Accounting Advisory podcast series, Neal Beggan, is joined by Steven Ursillo and Dan Sembler, both partners in our Information Assurance & Cybersecurity practice. During this episode they discuss the many benefits of Service Organization Control (SOC) 2 reports, such as security insights, gaining customer trust and risk management, and how those benefits bring value to a company. Listeners will also discover how to prepare for SOC 2 and what to expect during a SOC 2 report, as well as the different types of SOC 2 reports.Tune in to learn more about:The value of SOC 2 and potential benefitsHow a SOC 2 report differs from a SOC 1 examinationThe components of a SOC 2 report and how to prepareOther Relevant GuidanceA Comprehensive Guide to SOC 2 Reporting: Webinar RecordingThe Impact of a SOC 2 Report on Your Organization Value and Customer RelationsA Guide to Understanding Service Organization Control (SOC) ReportsQuestions? Contact UsView All Podcasts from this Series

In the third episode of Cherry Bekaert's Cost Accounting Standards (CAS) podcast series, Brendan Halloran, a Director with Cherry Bekaert Advisory, is joined by Jeffery Annessa, a Senior Manager in Cherry Bekaert's Government Contractor Industry practice, to discuss CAS implications during mergers and acquisitions. Cherry Bekaert's government contracting consulting team has years of CAS experience and can help you navigate CAS compliance issues or disclosure statement development.This episode highlights key topics to help guide your business forward, including:Scenarios and implications to CAS when:A CAS-covered company acquires a company that is non-CAS coveredA non-CAS covered company acquires a company with CAS coverageThe two most common approaches on how to treat the company you are acquiring, specifically:A legal entity dissolved and integrated fullyA legal entity being maintained as a wholly owned subsidiaryUnderstanding CAS structure as it relates to the companySteps to consider when merging with or acquiring a companyCommon areas that do not constitute a cost accounting practice changeImpacts and considerations when the acquired company is CAS coveredAreas a CAS-covered company should focus their attention on when acquiring, including:Transitional accounting periodIndirect rate structureSimilarity of laborAllocationsRestructuring costPitfalls to avoidAreas a non-CAS covered company should focus their attention on when acquiring, such as:Analysis of the CAS-covered contracts to understand period of performance, numbers and money magnitudeAdditional exposureCompliance requirementsIf you haven't already, catch up on part one and two of the series:Cost Accounting Systems Series: Part 1 – An OverviewCost Accounting Systems Series: Part 2 – Growing a GovCon Related GuidanceWebinar Recording: Cost Accounting Standards (CAS): Part 1 – CAS Coverage Types, Common Standards, and CAS ApplicabilityWebinar Recording: Cost Accounting Standards (CAS): Part 2 – Cost Accounting Changes and ImpactView all Government Contracting PodcastsView all Government Contracting Podcasts

On December 26, 2023, the proposed rule for the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) Program was published in the Federal Register. Listen to Eric Poppe, a Managing Director in Cherry Bekaert's Government Contractor Industry practice and Brian Kirk, Senior Manager in the Firm's Information Assurance & Cybersecurity practice, as they share insights into the proposed rule, including the surprises that came out and DoD's timing for implementation.Refresher on CMMC Level 1 Self-Assessment, CMMC Level 2 Self-Assessment + CMMC Third-Party Assessment Organization (C3PAO) Assessment, and CMMC Level 3 Government-Led AssessmentEquivalency: Cloud Service Provider (CSP) and External Service Provider (ESP)Phased Implementation (DoD rollout in solicitations)Final Certification vs. Conditional CertificationCMMC Level 3 requires a CMMC Level 2 Final CertificationDefense Industrial Base Cybersecurity Assessment Center (DIBCAC) High conversion to CMMC Level 2 Final Certification for perfect scoresCost ConsiderationsHow do I prepare for CMMC certification?If you have any questions regarding CMMC, Cherry Bekaert's Information Assurance & Cybersecurity and Government Contracting advisors are available to discuss your situation with you. Cherry Bekaert is an authorized CMMC Third-Party Assessment Organization (C3PAO) by the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, Inc. (The Cyber AB). We assist Organization's Seeking Certification (OSCs) with CMMC readiness assessments for Levels 1, 2 and 3. Additionally, as an authorized C3PAO, Cherry Bekaert partners with the Defense Contractor Management Agency (DCMA) Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) under their Joint Surveillance audit program to perform DIBCAC High (NIST 800-171) Assessments which are convertible to CMMC Level 2 Certification, if a perfect score is obtained. View all Government Contracting Podcasts

George DelPrete, Managing Director at Cherry Bekaert, joins this episode of AI, Government, and the Future by Alan Pentz to discuss the challenges and opportunities of IT modernization and artificial intelligence (AI) in the federal government. He shares insightful perspectives on the ongoing struggle with legacy systems, the potential of AI in change management and decision-making, and the crucial need for governance and training.

In this episode of Cherry Bekaert's Government Contracting podcast, Brendan Halloran, a Director in Cherry Bekaert's Government Contracting Industry practice ,and  Jeff Annessa, a Senior Manager in the Firm's GovCon practice continue our Contractor Business Systems series, discussing system reviews, audit findings, corrective actions, and ACO determinations.Indicators of potential findings or noncompliances during a DCAA system audit and steps contractors can takeThe DCMA system review processThe ACO process in determining the level of deficienciesWays to get a DCAA finding viewed as non-significant and differences between DCAA and DCMA Business System Deficiency terminologyTools used by the ACO and how they work through the processThe corrective action processCherry Bekaert's Government Contracting Industry advisors excel in navigating business systems requirements and intricate control environments, offering guidance in the development, maintenance, assessment, and audit preparation of compliant systems for contractors facing reviews by DCAA, DCMA, or related agencies.View all Government Contracting Podcasts

Trust in government in the United States has dropped drastically since the 1960s, hovering as low as 20% in some recent surveys. Srikant Sastry, leader of Cherry Bekaert's Advisory Services and Ed DeSeve, Coordinator of the Agile Government Center at NAPA (and Senior Advisor at GovNavigators) join the show to talk about their recent op-ed in GovExec titled, "Trust in the federal government is in a tailspin. Here's how agencies can rebuild it."Show Links:Commission on PPBE Reform Interim Report Circular A-11Agile Government Center FrameworkTreasury Seeks Greater Data Sharing in Interagency Plan to Curb Improper Payments

In this episode, Eric Poppe, a Managing Director in Cherry Bekaert's Government Contractor Industry practice is joined by Matt Schiavone, Managing Director, and Brian Kirk, Senior Manager in the Firm's Information Assurance & Cybersecurity practice to discuss the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) 2.0 program milestone and what contractors should be doing now to prepare.Listen in as they share insights into the:Recent updates to the final CMMC rule, including next steps and an updated expectation on when it will go finalProjected timeline implications for contractors and action steps to prepareRecommendations for ensuring preparedness for timely achieving a certificationIf you have any questions regarding CMMC, Cherry Bekaert's Information Assurance & Cybersecurity and Government Contracting advisors are available to discuss your situation with you. Cherry Bekaert is authorized by the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, Inc. (The Cyber AB) as a CMMC Third-Party Assessment Organization (C3PAO). As an authorized C3PAO, Cherry Bekaert assists DoD contractors seeking a CMMC assessment with CMMC readiness and Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) Joint Surveillance Voluntary Level 2 assessments in partnership with the DIBCAC.Having undergone Level 2 assessment as a Firm, Cherry Bekaert has a deep understanding of the assessment process to guide DoD contractors seeking a CMMC assessment.Catch up on Cherry's Bekaert's previous guidance pertaining to CMMC 2.0:Podcast: How Will NIST Special Publication (SP) 800-171, Revision 3 Impact CMMC?Article: Updated Projected Timeline for CMMC: What this Means for Contractors and How to Prepare for CertificationFinal CMMC Rule: March 2023 UpdatePodcast: CMMC 2.0 – Where Does It Stand?Podcast: What's New with CMMC 2.0?: August 2022 UpdatePodcast: CMMC 2.0 Brings Major Program ChangesOn-Demand Webinar: CMMC 2.0 Brings Major Program ChangesView all Government Contracting Podcasts

In this eighth episode of Cherry Bekaert's podcast series on Contractor Business Systems, Brendan Halloran, a Senior Manager in Cherry Bekaert's Government Contracting Industry practice who was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), is joined by Roy Rushing, a Manager in the Firm's GovCon practice and a former Contracting Officer with various federal agencies, to talk about navigating Contractor Business Systems audits and reviews. Listen in to find out about:The two primary types of system audits/reviews: Defense Contract Audit Agency (DCAA) audits Defense Contract Management Agency (DCMA) reviewsSteps to take early on once you have received notification of a planned audit/reviewConsiderations leading up to the audit/reviewTypical timing/schedulingPointers to navigate the process once the audit/review has startedBenefits of an approved systemIf you have any questions specific to your situation, Cherry Bekaert's GovCon Consultants are available to discuss your situation with you. Contact usIf you haven't already, catch up on other parts of the series:Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 2 – Accounting SystemContractor Business Systems Series: Part 3 – Cost Estimating System RequirementsContractor Business Systems Series: Part 4 – Purchasing SystemContractor Business Systems Series: Part 5 – Earned Value Management SystemContractor Business Systems Series: Part 6 – Property Management SystemContractor Business Systems Series: Part 7 – Material Management and Accounting SystemCherry Bekaert's Government Contracting Industry advisors are well versed in business systems requirements and complex control environments. We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts

One of the most overwhelming and time-consuming aspects of transitioning from a small government contractor to a large prime is the business systems that must be implemented. In this episode, we discuss 6 key systems and provide tips for getting started. Our special guest, Eric Poppe from Cherry Bekaert, walks us through how compliance with these systems can be used as a strategic advantage to propel your growth. ----- Schedule a call with Michael: https://calendly.com/michaellejeune/govconstrategysession ----- Federal Access is helping Government Contractors win more contracts. It can help you too. Here's a special offer. Visit https://federal-access.com/gamechangers today and get started for just $29. *You are going to get access to a digital copy of the Government Sales Manual. * Over 100 strategy videos * More than 30 webinars * 300 documents and templates AND * SME support. So when you run into an issue, you can email me directly for help. Go check out this special offer today at https://federal-access.com/gamechangers

In this episode, Eric Poppe, a Managing Director in Cherry Bekaert's Government Contractor Industry practice, is joined by Brian Kirk, Senior Manager in the Firm's Information Assurance & Cybersecurity practice, to discuss the impact of the Draft NIST Special Publication (SP) 800-171 Revision 3 on the Department of Defense's (DoD) Cybersecurity Maturity Model Certification (CMMC) 2.0 program. The Revision 3 draft was released on May 10, 2023, and is out for public comment through July 14, 2023.Listen in as they share insights into:Why the update to NIST SP 800-171 is significant to CMMCTimeline for the final version of NIST SP 800-171 Revision 3 and subsequent revisions to the CMMC Assessment Guide, which is based on NIST 800-171 Revision 2Revisions to the set of supporting NIST publications on protecting controlled unclassified information, including SPs 800-171A (security requirement assessment), SP 800-172 (enhanced security requirements) and SP 800-172A (enhanced security requirement assessment)A summary of the significant changes between NIST SP 800-171, Revision 2 and Draft NIST SP 800-171, Revision 3Recommendations to DoD contractors seeking a CMMC assessment with CMMC readiness and Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) Joint Surveillance Voluntary Level 2 assessments in partnership with the DIBCACIf you have any questions regarding CMMC, Cherry Bekaert's Information Assurance & Cybersecurity and Government Contracting advisors are available to discuss your situation with you. Cherry Bekaert is authorized by the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, Inc. (The Cyber AB) as a CMMC Third-Party Assessment Organization (C3PAO). As an authorized C3PAO, Cherry Bekaert assists DoD contractors seeking a CMMC assessment with CMMC readiness and DIBCAC Joint Surveillance Voluntary Level 2 assessments in partnership with the DIBCAC.Having undergone Level 2 assessment as a Firm, Cherry Bekaert has a deep understanding of the assessment process to guide DoD contractors seeking a CMMC assessment.Catch up on Cherry's Bekaert's previous guidance pertaining to CMMC 2.0:Article: Updated Projected Timeline for CMMC: What this Means for Contractors and How to Prepare for CertificationPodcast: Final CMMC Rule: March 2023 UpdatePodcast: CMMC 2.0 – Where Does It Stand?Podcast: What's New with CMMC 2.0?: August 2022 UpdatePodcast: CMMC 2.0 Brings Major Program ChangesOn-Demand Webinar: CMMC 2.0 Brings Major Program ChangesView all Government Contracting Podcasts

A government contractor Material Management and Accounting System (MMAS), as outlined in Defense Federal Acquisition Regulation Supplement (DFARS) 252.242-7004, is a system for planning, controlling and accounting for the acquisition, use, issuance and disposition of material. It is under the cognizance of the Defense Contract Audit Agency (DCAA) and geared towards a contractors' manufacturing planning and production. In this seventh episode of Cherry Bekaert's podcast series on each of the Contractor Business Systems, Brendan Halloran, a Senior Manager in Cherry Bekaert's Government Contracting Industry practice who was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), is joined by John Bula, a Manager, and Chris Morris, a Senior Associate, in the Firm's GovCon practice to discuss the requirements for a contractor MMAS, when contractors are obligated to maintain a MMAS and what to expect from DCAA during an audit. Listen in to find out about:What is a Material Management and Accounting System?When are contractors obligated to maintain an adequate and acceptable MMAS? What are common elements of MMAS?When is a MMAS review or audit needed and what is expected from the DCAA?How should a contractor prepare for a review or audit by DCAA?What are operational benefits of a MMAS?What are typical issues encountered with internal monitoring, or a government audit or review?If you have any questions specific to your situation, Cherry Bekaert's GovCon Consultants are available to discuss your situation with you. Contact usIf you haven't already, catch up on other parts of the series:Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 2 – Accounting SystemContractor Business Systems Series: Part 3 – Cost Estimating System RequirementsContractor Business Systems Series: Part 4 – Purchasing SystemContractor Business Systems Series: Part 5 – Earned Value Management SystemContractor Business Systems Series: Part 6 – Property Management SystemCherry Bekaert's Government Contracting Industry advisors are well versed in business systems requirements and complex control environments. We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts

In this 200th episode of The Geek in Review, talk with Toby Brown, CEO and founder of DV8 Legal Strategies, and Nita Sanger, Director of Digital Advisory Services at Cherry Bekaert. There are three rules for growth and success when it comes to large law firms. Strategy, strategy, and strategy. Brown emphasizes the need for law firms to develop strategies that prioritize clients and build meaningful relationships. He argues that "firms should start thinking of clients as customers and using customer experience as a way to differentiate themselves." Sanger shares this view, adding that law firms should "focus on value creation, continuous improvement, and customer experience" as they grow and evolve. Both guests discuss how law firms can reframe their view of growth, moving away from a talent management perspective and toward a mergers and acquisitions approach. Brown highlights his experience at a prior law firm, where he transformed the lateral partner program into a strategic acquisition initiative. He explains, "this is straight up M&A. So I renamed the program the lateral partner acquisition and integration program. And we treated it much like Apple or Google or any of them would treat their acquisitions." Sanger and Brown also touch on the importance of integrating newly acquired practices or firms into the existing business. Sanger emphasizes the need for planning and a program management office to ensure a smooth transition, while Brown shares his success with where hist firm had one of the highest lateral retention rates in the market due to the strategic approach and focus on integration. Looking into the future, Sanger envisions law firms as technology-enabled platforms, providing a wider range of services, while Brown expresses concerns about the reluctance of law departments and law firms to prioritize standardized business processes over the individual preferences of frontline lawyers. Despite their differing perspectives on the future, both agree that a focus on strategy, client experience, and growth through mergers and acquisitions will be crucial for the success of law firms moving forward.

Government Property Management System is one of the six systems covered by the Department of Defense's (DoD) Contractor Business Systems. In this sixth episode of Cherry Bekaert's podcast mini-series on each of the six Contractor Business Systems, Eric Poppe, a Managing Director in Cherry Bekaert's Government Contracting Industry practice, and Brendan Halloran, a Senior Manager in the Firm's GovCon practice who previously was a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), discuss the requirements for a Contractor Property Management System, 252.245-7003, and when it is required.Listen in to find out about:Property Management Systems and their requirementsBest practices and processes for handling government propertyPolicies, procedures and documentationFlow down requirements to subcontractorsCommon pitfallsDisposal of government propertyOther integral Business Systems requirementsIf you have any questions specific to your situation, Cherry Bekaert's GovCon Consultants are available to discuss your situation with you. Contact usIf you haven't already, catch up on the series:Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 1 – Accounting SystemContractor Business Systems Series: Part 3 – Cost Estimating System RequirementsContractor Business Systems Series: Part 4 – Purchasing SystemContractor Business Systems Series: Part 5 – Earned Value Management SystemCherry Bekaert's Government Contracting Industry advisors are well versed in Business Systems requirements and complex control environments. We guide contractors in developing and maintaining compliant Business Systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts

In this episode, Eric Poppe, a Managing Director in Cherry Bekaert's Government Contractor Industry practice, and Brian Kirk, Senior Manager in the Firm's Information Assurance & Cybersecurity practice, share an update on the status of the final rule of the Department of Defense (DoD) Cybersecurity Maturity Model Certification (CMMC) 2.0 program and what contractors should be doing now to prepare.Listen in as they share insights into the:Current state of the final CMMC rule, including next steps and an updated expectation on when it will go finalComparison of the current projected timeline with the original timelineCongress's concern about the cost of complianceProjected timeline implications for contractors and action steps to prepareIf you have any questions regarding CMMC, Cherry Bekaert's Information Assurance & Cybersecurity and Government Contracting advisors are available to discuss your situation with you. Cherry Bekaert is authorized by the Cybersecurity Maturity Model Certification (CMMC) Accreditation Body, Inc. (The Cyber AB) as a CMMC Third-Party Assessment Organization (C3PAO). As an authorized C3PAO, Cherry Bekaert assists DoD contractors seeking a CMMC assessment with CMMC readiness and Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) Joint Surveillance Voluntary Level 2 assessments in partnership with the DIBCAC. Having undergone Level 2 assessment as a Firm, Cherry Bekaert has a deep understanding of the assessment process to guide DoD contractors seeking a CMMC assessment.Catch up on Cherry's Bekaert's previous guidance pertaining to CMMC 2.0: Podcast: CMMC 2.0 – Where Does It Stand?Podcast: What's New with CMMC 2.0?: August 2022 UpdatePodcast: CMMC 2.0 Brings Major Program ChangesOn-Demand Webinar: CMMC 2.0 Brings Major Program ChangesView all Government Contracting Podcasts

Following a previous Risk In Review podcast episode on Sustainability in Business and the Future of ESG, Neal Beggan, Leader of the Firm's Risk Advisory practice, and Ved Gupta, our Risk Advisory guest, outline considerations if you are starting the corporate sustainability journey and establishing a long-term ESG program. Together they identify where to start in the ESG program, define its purpose, explain the components of a well-designed ESG program and finally highlight key pillars to ensure an ESG program is fully integrated within an organization's business strategy.  If you have questions about corporate sustainability or want to evaluate an ESG program for your organization, consult your Cherry Bekaert advisor or contact our professionals in Cherry Bekaert's Risk Advisory practice.Related GuidanceSustainability in Business and the Future of ESGMost Frequently Asked Questions About the Growing Movement of Environmental, Social, and Governance (ESG) in the Corporate SphereView All Podcasts from this Series

Many small accounting firms may not have heard much about digital assets beyond bitcoin and the FTX bankruptcy, but accountants have two big reasons to learn more about the topic. First, the acceptance of digital assets as payment has steadily grown among accounting firms and especially their clients. Second, cyberattacks are increasingly targeting digital assets. The combination of these trends means that even small firms should learn about digital assets, gain an understanding of the cybersecurity threats, and be prepared to discuss safeguards with clients. In this episode of the Small Firm Philosophy podcast, produced by the AICPA's Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy podcast, JofA host Neil Amato discusses digital assets and cybersecurity with Steve Ursillo, CPA/CITP, CGMA, a partner in the Risk & Accounting Advisory Group at Cherry Bekaert and the firm's national leader of information assurance and cybersecurity. Ursillo explains the threat landscape and offers advice on the safeguards that organizations should have in place. Things you will learn in this podcast Why digital assets are enticing to hackers. The reputational effect of suffering a cyberattack. Common attack vectors related to digital assets. Ursillo's specific advice on the importance of protecting mobile phones. An explanation of cold and hot wallets. The importance of applying certain information security frameworks. A transcript of the conversation is available on journalofaccountancy.com. Related resources PCPS Cybersecurity Checklist Q&A: Two cyberattacks CPA firms should fear AICPA's Auditing Blockchain & Digital Assets webpage

Steve Ursillo, CPA/CITP, CGMA, is a partner in the Risk & Accounting Advisory Group at Cherry Bekaert and the firm's national leader of information assurance and cybersecurity. He explains much about digital assets and the threats that digital asset owners must guard against. Cyberattacks are on the rise, including attacks focused on digital assets In this podcast episode, Ursillo explains the threat landscape and offers advice on the safeguards that organizations should have in place to prevent the theft of digital assets.

An Earned Value Management System (EVMS) refers to the software, processes, tools, templates and management controls a contractor uses to accomplish their earned value management activities in accordance with the guidelines established by the Electronics Industry Alliance (EIA) Standard 748. Earned Value Management Systems (EVMS) is the standard for DoD (Department of Defense) Earned Value Management System Programs and Defense Federal Acquisition Regulation Supplement (DFARS) 252.234-7001 Notice of Earned Value Management System.In this fifth episode of Cherry Bekaert's podcast series on each of the six Contractor Business Systems, Brendan Halloran, a Senior Manager in Cherry Bekaert's Government Contracting Industry practice who was previously a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), and John Bula, a Manager in the Firm's GovCon practice, discuss the requirements for a Contractor EVMS, when it is required and what it entails.Listen in to find out about:What is an Earned Value Management SystemWhat is being seen in solicitations and RFPsEVMS requirements and key componentsDCMA EVMS guidelines, surveillances and reviewsProcesses, documentation, metrics and reportingBenefits in having an EVMS system in placeEVMS Best practicesIf you have any questions specific to your situation, Cherry Bekaert's GovCon Consultants are available to discuss your situation with you. Contact usIf you haven't already, catch up on the series:Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 1 – Accounting SystemContractor Business Systems Series: Part 3 – Cost Estimating System RequirementsContractor Business Systems Series: Part 4 – Purchasing SystemCherry Bekaert's Government Contracting Industry advisors are well versed in business systems requirements and complex control environments. We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts

What is a Contractor Purchasing System? When is a Contractor Purchasing System required? What trends are being seen in solicitations?The fourth episode of Cherry Bekaert's podcast series on each of the six Contractor Business Systems features Brendan Halloran, a Senior Manager in Cherry Bekaert's Government Contracting Industry practice who previously was a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), and John Bula, a Manager in the Firm's GovCon practice. Together they discuss the requirements for a Contractor Purchasing System, as outlined in Defense Federal Acquisition Regulation Supplement (DFARS) 252.244-7001, when it is required and what it entails. Listen in to find out about:What constitutes an acceptable and compliant Contractor Purchasing SystemWhat triggers the Contractor Purchasing System requirementKey components and considerations of a Contractor Purchasing SystemPolicies, processes and documentation to demonstrate complianceBenefits contractors can realize in having an approved systemContractor Purchasing System Reviews (CPSR)If you have any questions specific to your situation, Cherry Bekaert's GovCon Consultants are available to discuss your situation with you. Contact usIf you haven't already, catch up on the first three parts of the series:Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 2 – Accounting SystemContractor Business Systems Series: Part 3 – Cost Estimating System RequirementsCherry Bekaert's Government Contracting Industry advisors are well versed in business systems requirements and complex control environments. We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts

What year-end, tax-saving steps can government contracting businesses and their owners take? How can they prepare for tax law changes impacting 2023? In this episode of Cherry Bekaert's Government Contracting podcast series, John Ure and Carol Marin, Tax Partners in Cherry Bekaert's Government Contractor Industry practice and Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for government contractors and 8(a) government contractors.Listen in to find out about:Methods to reduce current year incomeCaptial expenditures, fixed assets and phase out of bonus depreciation rules starting in 2023Retirement plans to manage income, including VIP retirement plansResearch & Development (R&D) tax creditEmployee Retention Credit (ERC)Projections and estimated tax payments to avoid surprisesPass-thru entity considerationsQualified Business Income deductionCharitable contributionsSpecial regulations and thresholds for SBA 8(a) program government contractorsIf you need help with year-end tax planning, Cherry Bekaert tax advisors are available to discuss your situation. We welcome the opportunity to identify the best tax positions and opportunities for you and your company.View All Podcasts from this SeriesView all Government Contracting Podcasts

A lot of changes are coming to tax credits and other ways to save contractors and their clients money with the passing of the Inflation Reduction Act. This includes not only new programs, but also adjustments to regulations and extensions around exisitng credits like the 179D. It's one of the most underused credits but it can save business lots of money. Knowing more about these credits can be a critical game-changer for your business.   In this episode, IDI Distributors' Ken Allison sits down with Bill Harbeson, CPA/Manager at one of the largest accounting and consulting firms in the country, Cherry Baekert. Cherry Bekaert provides guidance and support that helps clients move forward to reach their organizational goals. They discuss the benefits and nuances of the 179D and how it can make a big impact our on your business.   In this podcast: 1:59 - What is the 179D tax credit? 8:00 - What's necessary to qualify for the 179D tax credit? 21:47 - Who can claim the deduction for the building? How did the Inflation Reduction Act change this? 25:29 - What's the best “bang for your buck” projects for insulators as it relates to this deduction? 29:00 - Which buildings are the best targets for this deduction? 30:45 - What if you own your own shop? 37:20  - What is Cherry Baekert's role in helping contractors with 179D?

When should government contractors that work with the Department of Defense (DoD) be concerned about Cost Estimating System Requirements for compliance and adequacy per the Defense Federal Acquisition Regulation Supplement (DFARS) What are the requirements and trends being seen in solicitations?In this third episode of Cherry Bekaert's podcast series on each of the six Contractor Business Systems, Eric Poppe, a Director in Cherry Bekaert's Government Contracting Industry practice, and Brendan Halloran, a Senior Manager in the Firm's GovCon practice who previously was a Divisional Administrative Contracting Officer (DACO) at the Defense Contract Management Agency (DCMA), discuss the requirements for an adequate estimating system as outlined in Cost Estimating System Requirements, 252.215-7002. Listen in to find out about:What constitutes an adequate Estimating SystemWhen it is a requirementPolicies, processes, and documentation to demonstrate complianceBest practices and pitfalls to avoidHow to prepare for getting an approved Estimating SystemIf you have any questions specific to your situation, Cherry Bekaert's GovCon Consultants are available to discuss your situation with you. Contact usIf you haven't already, catch up on Part 1 & Part 2 in the series:Contractor Business Systems Series: Part 1 – ApplicabilityContractor Business Systems Series: Part 2 – Accounting SystemCherry Bekaert's Government Contracting Industry advisors are well versed in business systems requirements and complex control environments. We guide contractors in developing and maintaining compliant business systems, perform systems assessments, provide audit support, and prepare contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.View all Government Contracting Podcasts

Join Matt Brady, our Industrial Industry Leader, and Ron Wainwright, a Strategic Tax Partner in our Tax Credits and Incentives Advisory group, for the third installment of Cherry Bekaert's Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act podcast series. In this podcast, our knowledgeable team take a closer look at the American Manufacturing Credit and Manufacturing Production Credit within the CHIPS Act.The podcast covers the following areas:Background on the CHIPS ActWhat funding is in the CHIPS Act?CHIPS for America Fund Department of Commerce Programs/Funding and Other ProgramsWhat does this mean for the U.S. with semiconductor manufacturing?Department of Commerce Programs/Funding and Other ProgramsStay tuned for Cherry Bekaert's next CHIPS Act podcast that dives deeper into the American Manufacturing Credit and Manufacturing Production Credit.See our previous podcasts in this series that you may have missed:CHIPS Act Deep Dive Part 1: New Federal Funding for the Industrial Manufacturing Industry CHIPS Act Deep Dive Part 2: Advanced Manufacturing Investment Tax Credit

Matt Brady, our Industrial Industry Leader, and Ron Wainwright, a Strategic Tax Partner in our Tax Credits and Incentives Advisory group, are continuing their conversation on the benefits of the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act for the industrial industry.This podcast will be highlighting the various funding programs that are now established and available for manufacturers producing semiconductors to take advantage of and how they are able to do so.The podcast covers the following topics:Background on the CHIPS ActNew Advanced Manufacturing Investment Tax Credit (AMITC)AMITC Eligibility and RequirementsAMITC and Qualified Property How to Incentivize Semiconductor Production in the U.S.Stay tuned for Cherry Bekaert's next CHIPS Act podcasts that will dive deeper into CHIPS funding and Manufacturing Production Credit and the Advanced Manufacturing Credit.See our previous podcasts in this series that you may have missed:CHIPS Act Deep Dive Part 1: New Federal Funding for the Industrial Manufacturing Industry 

Chesley and Mareena speak with Debbie McDonough, Tax Director at Cherry Bekaert and former charter member of CREW Upstate, about her path from STEM into commercial real estate and the importance of mentorship in the workplace.

The Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act was recently signed into law as part of the CHIPS and Science Act of 2022. The bill provides manufactures greater incentives to produce semiconductors (e.g., chips) domestically in the U.S. Join Matt Brady, our Industrial Industry Leader, and Ron Wainwright, a Strategic Tax Partner in our Tax Credits and Incentives Advisory group, as they explore the benefits the industrial industry is able to take advantage of through this new legislation.The podcast covers:Background on the CHIPS ActImportance of Semiconductors in the Industrial IndustryWhat is the CHIPS Act and Tax PolicyOverview of the New Advanced Manufacturing CreditStay tuned for Cherry Bekaert's future podcasts that dive deeper into the Advanced Manufacturing Credit, funding in the CHIPS Act, and the American Manufacturing Credit and Manufacturing Product Credit.

In today's complex and fast-moving business environment, it's important to leverage technology and automation in all your business systems. Through strategic alliance with Blackline, which supports activities not managed by ERPs, but that are critical to business stakeholders and their performance analytics, planning and decision process, our professionals will cover issues facing the modern accounting and finance department, and how your business can use technology to help automate substantiation of reconciliations and mitigate risks to ensure integrity during the record-to-report process. This allows financing staff and management to make sound and timely business decisions from valid results. To unpack these topics, we look to Susan Edwards from our Accounting Advisory practice, who not only helps our clients implement BlackLine, but has also been on the industry slide utilizing BlackLine and has experienced both transformative perspectives.  Joining the Cherry Bekaert team on the podcast is Michele Quartel, a trusted advisor to the BlackLine Partner ecosystem. Moderating the topic is Garrett Buckless, a Senior Manager in the Accounting Advisory practice at Cherry Bekaert. Cherry Bekaert's Accounting Transformation Advisory practice is focused on technology-driven solutions for building foundational accounting needs, optimizing processes, and designing advanced digital controllership functions, which increases productivity, reduces costs, and improves reporting. For more information on our services, or questions about accounting automation, please visit cbh.com/accountingadvisory.

Numerous middle-market organizations need a Chief Information Officer (CIO), but they don't know where to start. Some companies have started seeking out fractional, or interim CIOs to assist their organizations in times of need. Fractional CIOs can help organizations with business processes, systems, infrastructure, and more.In our most recent podcast, Steve Holliday, Director at Cherry Bekaert, discusses why CIO services are important for an organization and how to get successfully started. Listen in to find out about:Why it's important to be proactive when it comes to investing in technologyWhen it makes sense to bring on a fractional CIOSteps that Cherry Bekaert takes to support a client on their journeyCherry Bekaert offers fractional CIOs who are seasoned IT executives and can be contracted full time or any variable of monthly hours depending upon your unique needs.

Jake Jones, CPA  is the Controller of LeaseQuery. He has over 9 years of experience working with technology and healthcare companies to provide assurance over financial statements and identify areas for operational improvements. Prior to LeaseQuery, Jake was a senior manager at Cherry Bekaert. He received his Master of Accountancy from The University of Georgia.   Reach out to partners@leasequery to learn more about how Sage and LeaseQuery partnered to solve complex accounting.    Offer: Get 75% off the implementation of LeaseQuery if you mention this podcast and reach out to hope.davis@leasequery.com

Jake Jones, CPA  is the Controller of LeaseQuery. He has over 9 years of experience working with technology and healthcare companies to provide assurance over financial statements and identify areas for operational improvements. Prior to LeaseQuery, Jake was a senior manager at Cherry Bekaert. He received his Master of Accountancy from The University of Georgia.   Reach out to partners@leasequery to learn more about how Sage and LeaseQuery partnered to solve complex accounting.    Offer: Get 75% off the implementation of LeaseQuery if you mention this podcast and reach out to hope.davis@leasequery.com

Accomplished business leaders, professionals, and community leaders are often sought out to serve on the boards of not-for-profit organizations. These organizations generally operate under a tax-exempt designation from the IRS, but that does not mean they do not file tax returns. In fact, the Form 990 asks for more information about the operations, best practices, related party activities, investments, and results of mission-oriented programs than most for-profit business tax returns do.   Amanda Adams, Managing Director and Not-for-Profit Tax Leader at Cherry Bekaert, provides insight into the world of Form 990 reporting. Brooks and Sarah ask Amanda to walk through the various parts of the Form 990 and highlight sections that board members should review. Amanda also points out where to spot warning signs for potential risks. She explains a few of the key questions within the Form 990 that the IRS considers as evidence of best practices for good governance of organizations. The conversation wraps up with a discussion of unrelated business taxable income and key issues facing not-for-profit organizations in 2022.

Tax Beat hosts Brooks and Sarah continue a focus on strategic planning issues for companies that are onshoring, expanding and relocating operations. In this episode, the issue faced by many companies is finding funding sources to support their growth plans. One solution is the New Markets Tax Credit (“NMTC”) which facilitates private investment into low-income and targeted communities. Peter Byford with TAG by Cherry Bekaert answers questions about how the New Markets Tax Credit program works and when companies may access NMTC backed financing. Topics discussed include:   3:00 – Overview of the New Markets Tax Credit program  6:02 – Role of TAG by Cherry Bekaert  7:24 – How companies benefit from NMTC backed financing  8:36 – Examples of funding for facilities and equipment 17:53: -- How the NMTC Impacts Supply Chain Issues 

On this special episode of the Startup of the Year Podcast, our team provides a preview of what will be going on during our 9th Annual Startup of the Year Summit, which will take place in-person down in warm Tampa, Florida, from January 25th - 27th with our local host and partner Embrac Collective and our title sponsor, ReliaQuest, who is also sponsoring the People's Choice Award. Listeners can find more information about the Summit at: https://summit.startupofyear.com We also thank all of our Sponsors for their help with the event, including: - Title Sponsor - ReliaQuest - Pendo - Strategic Property Partners + Water Street Tampa - UBS Financial Services - The Florida High Tech Corridor and the University of South Florida - Chase - Cherry Bekaert, LLP - Enterprise Florida - Drift - Florida Funders - Hillsborough County EDi2 - Hill Ward Henderson - Holmes & Brakel - Hutchison, PLLC - Lowth Entrepreneurship Center, Sykes College of Business, University of Tampa - Metro Development Group / Metro Places - Omni Public - Ballard Partners - Accenture - Visit Tampa Bay Additionally, we thank our Table Host Sponsors: - Catapult Lakeland - St. Petersburg EDC - Synapse - Tampa Bay Tech - Tampa Bay Wave - TampaBay.Ventures Lastly, we are grateful for our Prize Sponsors: Carta, CDW, Cherry Bekaert, LLP, Hutchison PLLC, Pilea, Republic, and StickerGiant Attendees can expect to spend some time with some of the most amazing notable characters in the startup world, including Tampa Mayor Jane Castor, Jeff Vinink of owner of the back to back Stanley Cup Champion Tampa Bay Lightning, Mac Conwell of RareBreed VC, Blake Hall, ID.me, Jenn Lim, Delivering Happiness, Erica Duignan Minnihan from Reign Ventures, Jesse Middleton from The Community Fund / Flybridge, Paul Sohl from the Florida High Tech Corridor, Anna Mason of Rise of the Rest Fund, and many more. During the Summit, 100 startups that are changing their industries will be pitching to a group of investors and mentors, and expanding their global recognition. The startups will compete for up to $50K in potential investment, the championship title, the People's Choice Award presented by ReliaQuest, and more. We also want to mention that we will be livestreaming the event, so if you cannot attend in-person, make sure to watch it on our Youtube channel at: soty.link/ESTYouTube Lastly, we invite you all to join our community today to access the support, expert advice, and resources you need to elevate your startup by going to: est.us/join Thank you for listening, and as always, please check out the Established website and subscribe to the newsletter at www.est.us Checkout Startup of the Year at www.startupofyear.com Subscribe to the Startup of the Year Daily Deal Flow: www.startupofyear.com/daily-dealflow Subscribe to the Startup of the Year podcast: www.podcast.startupofyear.com Subscribe to the Established YouTube Channel: soty.link/ESTYouTube *** Startup of the Year helps diverse, emerging startups, founding teams, and entrepreneurs push their company to the next level. We are a competition, a global community, and a resource. Startup of the Year is also a year-long program that searches the country for a geographically diverse set of startups from all backgrounds and pulls them together to compete for the title of Startup of the Year. The program includes a number of in-person and virtual events, including our annual South By Southwest startup pitch event and competition. All of which culminate at our annual Startup of the Year Summit, where the Startup of the Year winner is announced, along with an opportunity at a potential investment. Established is a consultancy focused on helping organizations with innovation, startup, and communication strategies. It is the power behind Startup of the Year. Created by the talent responsible for building the Tech.Co brand (acquired by an international publishing company), we are leveraging decades of experience to help our collaborators best further (or create) their brand & accomplish their most important goals. Connect with us on Twitter - @EstablishedUs and Facebook - facebook.com/established.us/.

Tax Beat hosts, Brooks and Sarah, are joined by their Cherry Bekaert colleagues, Mike Elliot and Barry Weins for a look back at 2021 to discuss a sampling of Federal guidance and court cases that have an impact on closely held businesses and their owners. They talk about final Regulations, Tax Court decisions, Revenue Procedures, IRS Notices, and even changes to 2021 federal tax forms and instructions. There is not enough time to cover all published guidance from the IRS and Treasury this year, but these are items of broad interest and common situations for partnerships, S corporations, and employers.    Chapter Marks:3:56 - PPP loan forgiveness income and three recent Revenue Procedures 7:26 - Final Regulations for Carried Interests and new tax return reporting requirements13:23 - Form 7203 and basis reporting for S corporation shareholders 19:44 - Final Regulations for the small business taxpayer exception23:52 - C corporations and S corporations paying for shareholder services32:49 - Two Tax Court rulings regarding loans and pass-through entities39:04 - Relief to employers after Employee Retention Tax Credit was terminated early

Many of our government contracting clients are taxed as a pass-thru entity, generally an LLC that's taxed as a partnership or an S corporation. It is important to plan at both the entity level and the individual level since in the case of pass-thrus, the income is passed down to the individual owners through a Form K-1 regardless of distributions received during the year.Year-end tax planning should be done to reduce the taxable income that passes down through K1s to the individual return. In the case of a C Corporation, year-end tax planning is helpful to defer taxes or potentially avoid taxes as much as possible.Listen to John Ure, Carol Marin and Greg Marx, Tax Partners in Cherry Bekaert's Government Contracting Industry practice and Private Client Services group, discuss tax-saving steps government contractors can take before the year ends.Discussion includes:Methods of reducing current year incomeSpecial regulations and thresholds for SBA 8(a) program government contractors, including excessive withdrawalsHow retirement plans can be used to help manage income, including VIP retirement plansResearch & Development (R&D) tax credit: qualifying activities and types of contracts not eligible for the creditNew limitations coming back into play for 2021New tax legislation pending in the US House and SenateIf you need any help with year-end tax planning, Cherry Bekaert tax advisors are available to discuss your situation with you. We welcome the opportunity to work with you to identify the best tax positions and opportunities for you and the company.

Join Cherry Bekaert's Industrial Manufacturing industry for our latest podcast series, “Building a Competitive Recovery,” where we discuss the challenges of this COVID-recovery landscape and provide strategies to position your manufacturing business for future success.   In Part IV of our series, Matt Brady, Partner & Industrial Practice Leader, talks with Peter Byford, Director, Tax Advantage Group by Cherry Bekaert, about how manufacturers can leverage New Market Tax Credits in to accelerate their growth strategy. We will review the basics of the program and highlight the types of industrial projects that can be financed with New Market Tax Credits and the sweet spot size to benefit.  Related Guidance:Case Study: Ampro IndustriesCase Study: Swiss KronoCase Study: Jones LumberCase Study: Vestil ManufacturingWebinar: Is Nearshoring the Solution for Supply Chain Resiliency?View All Podcasts from this Series:Part I: Using Digital Strategies to Optimize Your Supply ChainPart II: International Tax Changes are on the Horizon: Will Your Supply Chain Remain Tax Efficient? Part III: Is Vertical Integration the Right Solution to Ease Supply Chain Woes?Part V: Utilization of Tax Strategies to Off-set Expansion CostsRelated Services:New Markets Tax Credits Finance Deal Advisory ServicesRelated Industries:Industrial Manufacturing

Andy Kalajian of Fort Leadership, Dixie McCurley with Cherry Bekaert, and Tanya Osensky of Osensky Law LLC (Family Business Radio, Episode 23) Legal, accounting, and executive leadership development may be something business owners consider doing themselves, but host Anthony Chen’s guests on this Family Business Radio episode discuss when its time to get professional support […] The post Andy Kalajian of Fort Leadership, Dixie McCurley with Cherry Bekaert, Tanya Osensky of Osensky Law LLC appeared first on Business RadioX ®.

The digital transformation is changing every aspect of how companies do business, and the most successful companies are those who are leaning into these changes. Nita Sanger joins the show as the director of digital advisory practice at Cherry Bekaert and master of strategic intelligence, common sense, and in-practice digital transformation. She has seen firsthand the effect that the rapid pace of technology change has on companies of all sizes. She discusses the ways successful companies use technology to create a competitive advantage, the importance of company culture, and the role of holacracy in an effective digital transformation.   Takeaways: [2:20] The greatest opportunities lie in companies that are willing to move fast. [5:25] The pandemic has accelerated the pace of change by changing how we access every aspect of our consumer needs, from how we go to work to how we go to the grocery store. Effective digital transformation starts with how you use technology to create an advantage for your firm. [10:34] Nita understands the importance of recognizing a need and figuring out how to solve for it and sees that the paradigm shift often happens most successfully at mid-level firms. [16:46] The operational structures of organizations are often automated, while the people aspect of companies will never go away. But how does that apply in the personalization of the retail experience? [21:19] If you can think outside the digital box, you have the potential for significant growth. [24:01] Companies never start with the desire to transform, they only see the symptoms that are stunting their growth. Nita shares the 5 Rs that companies need to review to figure out where change needs to happen. [32:05] How do companies need to adapt their culture to keep up with the digital transformation? The answer lies in harnessing the power of the next generation. [36:30] Businesses are moving from a hierarchy to a holacracy, and what companies can create when everyone brings their different skill sets to the table is going to be bigger than ever before. [37:57] Agility means scaling to the individual needs of every client that you work with.   Quotes: “Technology is the enabler of change. It's not the driver.” — Nita “Whatever you do, you want to fail fast.” — Nita “Transformation is never one and done.” — Nita “Each one of us is good in our own areas but together what we can create is so much bigger.” — Nita   Mentioned in This Episode: Nita Sanger | Cherry Bekaert |   “Hertz's Lawsuit Against Accenture Highlights Familiar Industry Problem,” by Kevin Ryan

Cybersecurity is a rapidly expanding opportunity for firms to offer advisory services. In a preview of an ENGAGE 2021 panel, Journal of Accountancy senior editor Neil Amato speaks with Steven Ursillo, CPA/CITP, CGMA, partner, risk assurance and advisory national leader at Cherry Bekaert, about how firms of any size can identify, prepare for, and take advantage of cyber advisory opportunities. Also, Drew Adamek covers the IRS's new Tax Pro Account and recent changes to FASB lease accounting standards.

Listen to Eric Poppe, Senior Manager in Cherry Bekaert's Government Contracting practice and Rich Wilkinson, Director of Product Marketing at Unanet discuss the importance of indirect rates. Indirect rates are more than just a math exercise. Having rates isn't the objective. It's having something you can use to figure out what your costs are. This is part one of a four-part series on indirect rates that Cherry Bekaert and Unanet will explore. In this episode we discuss:Why do government contracting firms need indirect rates?For pricing, estimating and forecastingFor managing project costs to the total cost lineIf the firm has cost-type contracts, for billing the costsIf the firm has T&M contracts with G&A applied to non-labor, for billing the non-labor costsIf the firm has fixed price contracts with potential for increase(s) in scope, for pricing/negotiating the modsWhere do you start?Well before the beginning of the fiscal year, prepare a budget for the coming yearDevelop indirect rates from that budgetSubmit the rates and support to your cognizant Administrative Contracting Officer (ACO) or the Defense Contract Audit Agency (DCAA)Once approved by the government, use the rates for managing projects and forecasting costs and revenue (internal) and for billing and pricing (external).But that's not the end. Developing rates and getting them approved is just the beginning of the cycle. In the next segment, we will discuss monitoring your rates during the year and what to do if your indirect rates aren't what you thought they would be.

Introducing Candidly CREW, a podcast interviewing power house women in Commercial Real Estate. Get to know show hosts Chesley White and Mareena Register as they chat about the origin of Candidly CREW, including the breakfast burritos and coffee that fueled the discussion. Candidly CREW: crewupstate.org/podcast CREW Upstate: crewupstate.org Connect with the Show Host Chesley White: chesley@shltrarch.com Learn more about SHLTR Architects: shltrarch.com Connect with the Show Co-Host Mareena Register: mregister@cbh.com Learn more about Cherry Bekaert: cbh.com

This episode of the Tax Beat is part one of two reviewing the U.S. Treasury's “General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals” (aka, the “Green Book”). This report was released on May 28, 2021 and provides details of the tax provisions introduced with the American Jobs Plan and the American Families Plan. This episode focuses attention on proposed tax rate increases for corporations and individuals, and capital gains – both realized and unrealized.  Tax Beat hosts Brooks and Sarah welcome back Cherry Bekaert tax professionals, Mike Kirkman, Leader of the Firm's Estate Gift and Trust practice, and Barry Weins, Director, specializing in corporate tax and transactions tax services.   Both Mike and Barry participated in the Tax Beat episode covering the American Families Plan. Topics Discussed:4:15    Proposed tax rate increases for corporations11:37    Proposed tax rate increases for high earning individuals18:05    Proposed tax on unrealized gains with gifts and estate transfers29:30    Proposed tax on active income from pass-through entities33:56    Proposed tax changes to close “loopholes”

President Biden signed an Executive Order (“EO”) on May 12th aimed at improving and preparing for cybersecurity defenses for public and private sector companies. The EO is aimed at improving protective measures to federal networks, information-sharing between the U.S. government and the private sector on cyber issues and the collective ability to respond when incidents occur. The EO addresses initiatives and directives in many areas, which Cherry Bekaert summarized in a recent alert.Susan Moser, leader of Cherry Bekaert’s Government Contractor Services Group, John Ford, a senior consultant in the Firm’s GovCon Group and Neal Beggan, a Principal in Cherry Bekaert’s Information Assurance & Cybersecurity Practice discuss the impacts and timing of the EO, including a general discussion on the authority of Executive Orders, how the EO impacts the Department of Defense’s (“DoD”) Cybersecurity Maturity Model Certification (“CMMC”) program, and what companies should be doing now to protect their systems and data.Cherry Bekaert will continue to keep contractors updated in future podcasts on the EO and CMMC as circumstances and timelines change. Never has the protection of data been more important, and the threats against it more present. Cyber breaches not only affect an organization’s bottom line but can negatively impact its reputation and brand. We help strengthen your organization with a comprehensive program of security technology, services and insurance. We customize your solution based on your specific needs and risks, as well as your line of business, industry and budget.

Recent Court Cases that Impact Government Contractors: Pre-Award Bid Protests, Monitoring Compliance with Small Business Set-Aside Programs and Vetting Potential Business PartnersEric Poppe, a senior manager in Cherry Bekaert’s Government Contracting Industry practice and Ryan Bradel, a partner and leader of Ward & Berry’s Government Contracts practice, discuss recent court cases that impact government contractors. Eric & Ryan walk through cases pertaining to protests and solicitations requirements, discussing each ruling, its impacts and lessons learned, so that contractors can gain a better understanding of the rulings and how to better navigate these situations.

The AICPA Town Hall Series provides the latest news and updates on pressing issues facing the accounting profession. Presenters: Erik Asgeirsson, President & CEO, CPA.com Michael Cerami, VP, Strategic Alliances, CPA.com Marci Rossell, PhD, Expert Economic Forecaster, Former CNBC Chief Economist Lisa Simpson, CPA, CGMA, Vice President, Firm Services, AICPA Dixie McCurley, Partner, Cherry Bekaert Travis Miskowitz, Manager, CFO Advisory, Wiss & Company, LLP Topics: Economic Outlook with Dr. Marci Rossell Legislative Update Lending, Tax, & Business Relief (PPP, RRF, SVOG) Updates Practitioner Perspectives Key Insights: Economist and former CNBC commentator Marci Rossell talked about economic trends related to the pandemic and recovery, including increased productivity due to remote work and the resiliency and enhanced prospects of surviving small businesses Erik Asgeirsson, president and CEO of CPA.com, and Lisa Simpson, the AICPA's vice president of firm services, discussed the latest policy developments from Washington, including infrastructure funding plans and the close-out of funding for the Paycheck Protection Program Dixie McCurley of Cherry Bekaert and Travis McCurley of Wiss & Co. talked about the impact of the $28.6 billion Restaurant Revitalization Fund and other practitioner issues

This episode of the Tax Beat highlights the income tax provisions proposed in the American Families Plan. The White House staff released the Fact Sheet: The American Families Plan and President Biden introduced the Plan to Congress in a speech on April 28, 2021.  Hosts Brooks Nelson and Sarah McGregor discuss the Plan with their fellow Cherry Bekaert tax professionals, Mike Kirkman, Leader of the Firm's Estate Gift and Trust practice, and Barry Weins, Director specializing in corporate tax and transactions tax services. The team reviews the potential impact of proposed tax rate increases for higher-income taxpayers, and addresses several questions raised by the American Families Plan:Who will pay the higher tax rates? How will the rate changes impact the sale of a business? Should business owners reconsider the tax entity choice for their operations?  What tax savings actions are taxpayers planning now?   ---------------------------------------------------------------------------------------------------Chapters:   2:05    Overview of The American Families Plan and tax provisions   5:20    Impact of proposed tax rate increases   9:18    Higher tax rates may impact sale of a business   12:56   Choice of business entity   21:08   Estate Gift and Trust provisions   27:24   Closing loopholes and increasing IRS enforcement

In this episode, we discuss the fast-changing world of business analytics as well as the difference between a traditional data science role in an organization and one of a business analyst. We learn about how the newly revised MS in Business Analytics program at the GW School of Business has been shaped to respond to innovations in the field and the new demands of industry. The difference between our two related graduate certificates, Analytics for Managers and Business Analytics, also is explained. Joining us in the studio are Dr. Murat Tarimcilar, professor and faculty director of the Department of Decision Sciences; Brian Murrow, adjunct professor and managing partner at Cherry Bekaert; and Alfred Hull, GWSB alumnus and senior data scientist at the Department of the Army.

April 13, 2021 Reidsville City Council Meeting(Reidsville, NC) - Audio of the April 13, 2021 Reidsville City Council Meeting. The meeting was held via Zoom video conferencing.AGENDA1. Call to Order.2. Invocation by Reverend John Marks, Pastor of Grace Fellowship at South Park, 1836 South Park Drive, Reidsville.3. Pledge of Allegiance.4. Proclamations & Recognitions:(A) Proclamation recognizing Colonel Glenn M. McNeill Jr., who retired April 1, 2021 as Commander of the NC State Highway Patrol.5. Approval of Consent Agenda.(A) Approval of March 5, 2021 Special Meeting (Open Session) Minutes, March 9, 2021 Regular Meeting Minutes, March 17, 2021 Special Meeting (Open Session) Minutes, March 20, 2021 Special Meeting (Open Session) Minutes and March 23, 2021 Special Meeting (Open Session) Minutes.(B) Approval of the 2021 Audit with Cherry Bekaert.(C) Approval of Preliminary Assessment Resolution for Triangle Road Water Line Project.(D) Approval of Duplication of Benefits Policy for CDBG-CV Project.6. Public Hearings:(A) Consideration of a rezoning request for property on Broad Street, specifically Rockingham County Parcel No. 149281, from Light Industrial (I-1) to Residential-12 (R-12). Ashmead P. Pipkin owns the property and submitted the application. (Z2021-03) - Donna Setliff, Community Development Manager(B) Consideration of a rezoning request for property on Olive Street, specifically a portion of Rockingham County Parcel No. 175705 from Residential-12 (R-12) and Light Industrial (I-1) to Residential-12 (R-12). Ashmead P. Pipkin owns the property and submitted the application. (Z2021-04) - Donna Setliff, Community Development Manager7. Awarding of Bids:(A) Consideration of accepting bid for construction of Water Treatment Plant Carbon Feed System and accompanying Resolution. - Chris Phillips, Interim City Manager8. Personnel-Related Items:(A) Consideration of Reidsville Police Department BLET Intern. - Robert Hassell, Chief of Police9. Reports:(A) Presentation on American Rescue Plan (ARP). - Chris Phillips, Interim City Manager(B) Presentation of City of Reidsville Facilities Re-Opening Plan. - Chris Phillips, Interim City Manager10. Public Comments.11. City Manager's Report.(A) Month of April. (Enclosure #7)12. Boards & Commissions Appointments & Announcement:(A) April Appointments. (Enclosure #8)13. Council Members' Reports.14. Miscellaneous:(A) For Information Only.15. Move to a closed session to discuss legal, economic development and personnel matters pursuant to NCGS 143-318.11(a)(3)(4) & (6).16. Adjourn.# # #

Michelle Thompson is CEO and Managing Partner of Cherry Bekaert, one of the top 25 US largest accounting firms. Michelle's responsible for oversight of the firm's Executive Team, executing and promoting the overall strategic plan and driving firm growth. Her leadership role includes chairing Cherry Bekaert's Executive Board and overseeing the day-to-day administration and financial management of the firm.  She also held a senior leadership role at Deloitte. Michelle has an undergraduate degree from the University of North Carolina at Chapel Hill and a Master of Accountancy, University of South Carolina with additional studies at the Harvard Business School. Michelle's LinkedIn Profile: https://www.linkedin.com/in/michellethompson-513a419/ (https://www.linkedin.com/in/michellethompson-513a419/ ) WHAT YOU WILL DISCOVER FROM THIS EPISODE: Leadership lessons from working the “drive through”. Why Cherry Bekaert is a small accounting firm with big capabilities. Why Michelle thinks it's so important to get different perspectives. When a leader should “pull rank”.   Advice for employees who are from underrepresented groups in the C-Suite and are a mission to get there. The three-part framework to pitch your idea to the C-Suite.  How big does your idea need to be before you present it? The one trait she'd like to instill in every employee… ”Managing Yourself”.   Productivity strategies from the C-Suite. How being unorganized in your personal life shows up in your professional life. The importance of understanding how and when you and your team work best. A simple hack to bring your best self to every moment. The surprising tool that she recommends for every leader. What General Robert Caslin (now President of USC and former CEO Sessions guest) and Michelle believe about building trust. The moment that accelerated her career. HIGHLIGHTS: Tips on presenting your idea to C-Suite: Be able to pitch it. Your pitch needs to answer what problem you are solving, how you will solve it and who will benefit after solving the problem. 3 success strategies all employees need to understand: Be organized. Be a good communicator. Think about your work style. QUOTES: On the first step for developing your personal network: “Focus on building relationships and establishing trust.” “You need to volunteer for things and put yourself out there, be willing to fail, and don't hide.” “Ideas don't have to be earth shattering. They can be things that you can change within your own world of influence.” “Depending on the thing I'm going to do, I'm always considering how to bring my best self to that moment.” RESOURCES: Atomic Habits by James Clear

Join Jason Hoard, Tax Partner, as he moderates a panel of Cherry Bekaert professionals on the opportunities and pitfalls in OZ structuring. The panel will discuss a variety of topics including how an OZ investment will fit into your overall investment plan, the implications of withdrawing from a Qualified OZ fund, uncovering opportunities with debt including basis issues, and the benefits of carried interest.Listen to the other podcasts in our OZ Fund Series:Part 1 – Opportunity Zone OverviewPart 2 – Opportunity Zone Impact on Real EstatePart 3 – Operating a Qualified Opportunity Zone Business ("QOZB")Part 4 – Meeting the Tests for a Qualified Opportunity Zone Business ("QOZB")Part 5 – Optimizing Alternative Capital Sources

Join Ron Wainwright, Partner and Leader of the Firm's Credits & Accounting Methods practice, and Peter Byford, NMTC Program Senior Manager with Tax Advantage Group by Cherry Bekaert, for a discussion on capital formation. They will analyze the traditional OZ capital stack, highlight the potential synergy with New Market Tax Credits and other additional credits, and examine the implications of social impact investing.Listen to the other podcasts in our OZ Fund Series:Part 1 – Opportunity Zone OverviewPart 2 – Opportunity Zone Impact on Real EstatePart 3 – Operating a Qualified Opportunity Zone Business ("QOZB")Part 4 – Meeting the Tests for a Qualified Opportunity Zone Business ("QOZB")Part 6 – Panel Discussion: Opportunities & Pitfalls in Your Opportunity Zone ("OZ") Structuring

Congratulations, you got your PPP loan.  Now what?  How do you use and document that use to ensure it will be forgiven?  Today we speak with Mike Desiato (https://www.cbh.com/professional/michael-desiato/) of Cherry Bekaert, a national CPA firm, about some best practices on the use and documentation of PPP loan funds. Make sure to follow us on … + Read More The post How to Have your PPP Loan Forgiven appeared first on TheLienZone Podcast.

Everyone is talking about PPP, but no one is talking about the other 800 pages that makes up the CARES Act and how it can help construction companies.  Today we speak with Mike Desiato (https://www.cbh.com/professional/michael-desiato/) of Cherry Bekaert, a national CPA firm, about 9 other parts of the CARES Act and how they could help … + Read More The post Beyond PPP. Nine Other Important Provisions in the CARES Act for Construction Companies. appeared first on TheLienZone Podcast.

Private equity finished strong in 2019 with a record level of cash. Will that level of investment activity continue in 2020? And if so, what are the factors influencing that trend?Join Jeff Bengtson, principal and national leader of Cherry Bekaert's transaction advisory group as he discusses his predictions for 2020 and the trends that will shape the PE industry in the coming year.

Similar to outsourcing fulfillment, today's podcast guest says for many entrepreneurs, it may be best to outsource the collection, management and disbursement of sales taxes with the new Economic Nexus ruling by the Supreme Court. In this podcast, first we cover what the decision means to online entrepreneurs, and how it will impact the average business. For some no action needs to be taken. For others a lot of action must be taken. And ignoring the details is not really an option. Sometimes the least interesting subjects and work as an entrepreneur bring the most value. Well-managed financials are one such thing. Held within the broad “financials” umbrella is now sales taxes. While the answer to the questions, “should I collect” used to be grey. Everything is fairly black and white now. And the subject is never going away. Episode Highlights: Don't geek out on Sales Taxes. Outsource it. See SALT experts below. If you have Nexus it means you have an obligation to potentially register and collect sales taxes or income taxes in a given state. Physical Nexus is where you are, where your business is, where you are storing inventory or where Amazon is storing it. Economic Nexus is the change with the Supreme Court decision. The states could define other ways to define Nexus. For instance either $100,000 in sales or 200 transaction in the last 12 months – and you could be required to collect sales taxes on those revenues that occured within their state…regardless of Physical Nexus. Economic Nexus takes effect immediately for the 24 states that already have them on the books. (Links below will lead to finding the 24 states) Notice and Reporting are other ways to determine Nexus. It's really confusing! You MUST register to collect sales taxes. If you collect and do not remit, it is CRIMINAL. Hire an expert to register to collect sales taxes. There are 45 states that require it. Only register where you have to if you are a small seller. But if you are doing 10-20 million in revenue, “suck it up” and register everywhere. SALT experts can handle almost everything for you. See notes and links below. SALT is an acronym for Sales and Local Tax Experts Use www.WhereStock.com to determine where Amazon is holding your inventory. Seel link below. Taxjar is a good option if you wish to take on managing this yourself. Scott & his outsourced accounting team at Catching Clouds use Taxify (but recommend both options) The Supreme Court Decision may not increase a buyer's liability in an asset sale. Transcription: Joe: So Mark Jason got an e-mail this week and he had a question and it was “What makes Quiet Light different?” And Jason gave it an interesting answer and I want your feedback on it. It says “Well the formal answer is that we're all entrepreneurs but that's not really it. The difference is that Mark … you Mark Daoust is one of the best human beings on earth and that permeates everything we do. As a result, he attracts good people that are always doing good work with the best interest of others even if it's painful for the broker we ignore our own incentive to do what's right.” Did you pay him to say that? Mark: Yeah … well, I'm not going to say exactly how much but he got paid for that. I think it's a little over the top. I mean really. Joe: But he didn't write that down. He said it to someone and someone wrote it down and shared it with me. And I … look I shared this to put you on the spot. You look by the way very much like an internet entrepreneur today. You've got a t-shirt with some ducks on it, a little duck, duck going on there. Mark: Duck, duck, gray duck. I'm from Minnesota and I [inaudible 00:01:53.2] I'm going to put this out there, it's a more sophisticated game. All you parents out there stop this duck, duck, goose crap. It's all duck, duck, gray duck; that's what we're doing here. Joe: Don't know if we have time to go into what the heck you're talking about with duck, duck, gray duck. Well just … I thought you were going into hockey or something like that. I wanted to touch on one more thing you know Jason talks about that and you and the environment that you've created here and the caliber of entrepreneurs and advisors that you brought on. I listened to a podcast last night with Chuck Mullets and for those that are the buyers in the audience today, if you have not listened to the 27 tools for due diligence I think it was, listen to it. Because some of the tools in there were just amazing and I've been doing this for a long time and I haven't heard of any of them. I have to take my hat off to Chuck and give him some compliments for the job that he did there. I was really really impressed. He's a … I'll say it, he's a lot smarter than I thought he was. Mark: Ah, you know the bar was pretty low, to begin with. Joe: But I want to just raise myself up a little bit and show you something. Mark: What's that? Joe: I have on- Mark: Oh you have on Chuck's shirt that he made for you. Joe: I have my Quiet Light logo shirt on. So there you go. Mark: While I'm wearing ducks. Joe: Oh I didn't shade you there. Okay, listen this podcast is about something that's really important. It's about the Supreme Court decision to change the way that sales taxes are to be collected. Let's not get into details, let me just tell you that we had Scott Scharf on again. We specifically talked about the problem and the solution. What does this mean to e-commerce entrepreneurs and how do you solve it? I can tell you right now when you get three quarters of the way through the solution is … if you are up for it just like you outsource your fulfillment to a 3PL you can outsource your sales tax collection and distribution and management. And if it were me that would be my recommendation but it's absolutely there and you don't have to deal with all that little detail and there's a lot of it. Mark: Yeah and I like to say a word to people that share a person holiday with me, and when I read and hear about some of these red tape sort of restrictions that are coming down, I have a tendency to plug my years and go la-la-la-la I don't want to hear it. Joe: Right. Mark: I like the days of the free open web when it was just easy to do things. But the fact of the matter remains this is the direction we're going. Joe: Right. Mark: Restrictions, regulations are going to come into play more and more frequently and these aren't necessarily bad things we just needed to understand how to navigate them. And so an episode like this is timely, I'm glad that you got Scott on the line to do this episode because this is the [inaudible 00:04:34.0] time the episode given that this decision just came down a few weeks ago. Joe: Yeah some of the things that we talk about here on the Quiet Light Podcast are painful as entrepreneurs. Particularly those that don't love this detail, they love the excitement of driving revenue and the marketing aspect of it. These painful things when you pay attention to them will make your business more valuable if and when you ever decide to sell. So again listen to the whole thing. Get through it, he talks about it in detail point by point. But I try to keep him on track so it's not … he doesn't geek out too much. Scott loves this stuff. Mark: Scott? Never. Joe: He calls it geeking out himself. So we try to get on track to … okay how do … how does a guy like me, how does a guy like Mark, like an entrepreneur listening, how do they overcome this giant massive ball of red tape? And really, I think the answer is, outsource it. And we're going to give all of the ability to do that down there in the show notes. Mark: Sounds great. Joe: Let's go to it. Joe: Hey folks it's Joe from Quiet Light Brokerage and today I've got Scott Scharf on the line with me from Catching Clouds. And we're going to talk about the Supreme Court decision that's come down regards to sales taxes, define what the problem is, and then give you a solution to it in the second half of the podcast. Scott welcome … welcome back actually right? Scott: Yeah it's great to be back. Joe: All right so you know we don't do fancy introductions. Tell these folks who you are and what you do at Catching Clouds so they understand what level of expert you are here. Scott: Yeah at Catching Clouds we're e-commerce accountants who are really experts in the accounting e-commerce businesses and of course sales tax management; which is why we can talk about this topic. We've been doing this for the last seven years and we love solving problems for e-commerce, sellers, anybody that we interact with it. And this Quill decision is definitely one of those things. Joe: Quill decision, that it that's the name of it? Q-U-I-L-L. Scott: Well, yeah so Quill was a decision from what 26 years ago that the Supreme Court overturned their own finding that really delimited what states could do to go collect sales tax from small businesses that are selling across state lines. Joe: Good. Okay, so they overturned it. So, folks, you heard Scott say that they're e-commerce accountants and I just want to reiterate … and you know my little soapbox here. E-commerce accounting, accounting, good financials, clean documentations, it's one of the four pillars to get maximum value for your business. So if you're using anything other than Xero or QuickBooks seriously consider talking to Scott if you want to get maximum value for your business. Because Excel spreadsheets for a 20 million dollar company or if you're doing a half a million in revenue doesn't matter, you're going to lose value in the sale of your business if and when some day you decide to sell. So there's my little pitch, definitely- Scott: [inaudible 00:07:24.7] Joe: these services. Okay so if I understand this correctly this is no longer physical nexus which I think everybody that's listening knows the definition of it; what it means. Is economic nexus, can you tell us what the heck that means for these folks? Scott: Yeah so actually physical nexus still applies so it's not that they got rid of physical nexus it's just not the only consideration deciding if you have [inaudible 00:07:52.0] of fancy. Joe: So let's say what physical nexus is anyway then, go ahead. Scott: Okay. Well, physical nexus … well, first nexus is if you cross a threshold and you have nexus based on some parameters means you have an obligation to potentially register and collect sales tax or income tax or other things in a given state. So if you don't have nexus you don't have to do these things. Okay, that's the first part. So there are different types of nexus, the first one is physical. It's been around for quite a while. It's where you are, your business is, your business is founded, you have employees, you have property. Okay for an e-commerce business, it's wherever you're storing your inventory. If it's at a 3PL on either coast you have a nexus where you're storing your inventory. If you're an Amazon FBA seller, when you send inventory to three or five warehouses they'll move it to up to 26 states that's your inventory and it creates nexus. There are a few other ones out there but from a physical perspective … I've been around for a while, there's like affiliates and other things. But the main thing it's where you are and your property is. Joe: Physical nexus, okay. And now we've got economic nexus, what is that? Scott: So economic nexus what states have determined and the brakes were taken off with the Supreme Court decision that they could define other ways to determine nexus to basically either require your business to do reporting and other function or register and collect sales tax in those states. So what they've done is said hey if you're doing over typically in the standard is based on the Supreme Court decision $100,000 in sales or actually more importantly 200 transactions either in the last calendar year or in the prior 12 months and that would mean that they're expecting you if you're a larger business to register and collect sales tax from there … of any consumers buying products you're shipping to into that state. Joe: How many transactions do you say? It was 200? Scott: 200. Joe: So if it's a $20 sale it's only what 1,000? Scott: $1,000. So $100,000 people see the $100,000 and think that oh God there's no way I didn't know you'd do $100,000 in any states last year, but it's totally based on your average. So if you take your average sale price and multiply it times 200, if you've done more than that revenue in any states that have these laws you're over that threshold. Joe: Okay so economic nexus passed by the Supreme Court, when does it take effect is it immediate or is there-? Scott: It's immediate for the roughly 23, 24 states that already had these laws on the books. And the only thing that was holding them back were these court cases that were just … was decided a week and a half ago. Joe: Okay so there's 24 states, not all 45 that collects sales taxes but that is 24 of them. And for folks listening, we will add a list of those 24 states but there'll be a lot of resources in the show notes that we'll give you that through their software as well. Scott: Well and it's not just economic nexus, you have to remember there's now notice in reporting states that aren't doing economic nexuses but have set thresholds for doing notice and reporting. They're basically two different new ways of determining nexus and they're both in effect now and there are other states that have them starting later this year and more. So it's multiple ways of nexus that might impact your business. Joe: Okay so I'm just going to say a few years ago I did a presentation at Rhodium Weekend all about e-commerce selling and part of it was sales tax collection accounting. So I wanted to say to Yana if you're listening I was right. She came after me after that now that's never going to happen. It's right. So really just don't even worry about the 24 states I think physical nexus, economic … basically get prepared to collect and remit sales taxes everywhere and use a special service that can allow you to do that. First though … and we'll get to that but first do you have to register to collect sales taxes? Scott: Yes. You have to if you are not registered you don't have a license and a number from the state, it's criminal to collect sales tax and not remit it and not have a license. It's also criminal to collect sales … have a license to collect sales tax and not give it to those state. Those two things have additional penalties and they'll come after the business owner's criminally. So you need to have a license before you start collecting sales tax and then once you start collecting sales tax you have to give it back to the state either monthly, quarterly or annually; whatever they say. Joe: Okay just to clarify, you used the word criminally three times. That's a little scary. Scott: Well it's … but unfortunately both Amazon and Shopify and these other sites, I mean literally there's a button in Shopify that you can click that says collect sales tax in all states. And it's easy to start collecting sales tax in the 45 states that have sales tax. So technically it's very easy to hit these buttons and not realize and you just want to be careful. And in difference between criminal is there's additional by jail. Everything else related to sales tax is expense and cost which is more likely to happen but maybe not as painful but can be pretty painful based on penalties and interest and other things. Joe: Right. Okay, so first and foremost let's just define and answer this simple basic question that some folks have been asking, does this mean … and I know the answer to this thus do you, does this mean quote unquote I have to start collecting sales taxes? The answer is yes. The answer is you should have been collecting them before, you had to before. Correctly? Scott: Well correct, if you have physical nexus that goes back in time. Okay, most of these economic nexus laws are new. And the way they're currently written is if you pass the threshold then the expectation is you register and start collecting sales tax going forward. So there's going to be nuances and changes but in general, if you exceed most of these thresholds for economic nexus or notice in reporting basically the expectation is you go out, you register now, and you start collecting forward. And there's no … depending on the state but for most states, there's no real risk of you owing money or have not done whatever in the past, you can go forward. But when you have physical nexus because of Amazon FBA or a 3PL then you need to consider if you register and collect going forward where you still have a risk of any previous outstanding liability which I know within a sale you're very aware of to make sure you know both the seller and the buyer are aware of any business liabilities or do you go back in time and pay anything that you didn't collect in the past; which isn't fun. Collecting sales tax or paying in sales tax you didn't collect from the consumer on each individual sale. Joe: Yeah because that's directly coming out of your profits now instead of collecting and just passing it through. Scott: Yup. Joe: Okay, so let's jump to making this easy for people that are listening. The bottom line is that they need to start collecting sales taxes and remitting them. Obviously, get registered to collect sales taxes. There're software out there that does this right? Because you're talking about you need to do this, you need to do that, and for me as a former physical products e-commerce seller, my eyes would roll into the back of my head, I would [inaudible 00:15:15.0] more and I'd never wake up again. Can't … Can I just pay somebody to do this for me and if yes what are the options and how much would it cost me annually or monthly? Scott: Well the first part, so you don't pull out your own hair, is there are multiple services out there that will help you with the registrations and register you in multiple states because it will drive you crazy. Every state is a little bit different. On average I'll pay about $100 per registration plus $20 to $50 in registration fee for some states, that's the first piece. So if you've decided to register in two, five, ten, whatever number of states you need to get registered first and I suggest … it'll just drive you crazy, is would be to get registered and there are a number of services out there that can do that for you. Joe: Okay and we'll put those in the show notes but why Scott only five or ten whatever you decide to get registered? And why wouldn't you register for every state that requires you to collect sales taxes? I guess maybe because you never sell any … somebody in the state of- Scott: So one it's just that overhead in the cost of doing business. So the first thing there are 45 states that have a sales tax and we are all heading sometime … I would have said three to five plus years that we're going to collect sales tax on every e-commerce sale, it's now probably two to four years or two to three years. It's going to happen a lot faster but there is a cost even on the low cost tool or outsourcing it … and I'll talk about some of those numbers in a minute, but you really only at this point want to register for sales tax where you have to. You shouldn't have to if … now if you're already a 20 or 30 million dollars e-commerce business just suck it up and go to all 45. Joe: Right. Scott: Anybody else below there, you're paying more money for compliance and tools and registrations. And in some of these states when you register for sales tax nexus you are in some ways volunteering to pay income tax. Potentially depending on the state and the situation; minimum franchise tax like in California which is $800 a year, and then additional fees, and not only the sales tax cost but paying a CPA to file and deal with franchise tax returns and income tax returns. So you want to as a small business or even a medium sized business minimize that overhead and only do this in the states you need to but you definitely want to start the big states where the population are. California, Florida, Texas, and those other bigger ones is the basics to get that going but you would want an easier way in. So figure it out for the first batch that you're doing and then do another batch and another batch. So you just can't stop your whole business to do sales tax and you just have to balance those things out. But at the same time, you don't want to show this huge [inaudible 00:17:52.3] selling and talking to Quiet Light. This huge compliance overhead and its overkill and it's going impact your own profitability and the money you're taking out of the business. So just want to find a balanced approach as you get there. Joe: How do you determine that? Is there a tool or process inside of Shopify or if you're an Amazon Seller that tells you that you know what sales you have by state? Scott: Yeah so there are two … for sales price there's a couple of ways to do it. So the first if you're an Amazon FBA seller there's a great tool called wherestock.com you pay him $30 and they'll log in … we'll get you the link, and they'll connect your Amazon site and they'll … it'll take them about a day and they'll give you a report showing you all the warehouses where you have inventory and when it started. How far back in time if you had inventory in the Michigan warehouse and if you go through that list and you don't see North Carolina or some states because of the type of your products it'll tell you, you might have had or five of these main states that you've never had inventory in and you don't have nexus there; which is great news. The next piece is really a matter of downloading all of your orders out of Shopify for the previous 12 months or the last year and then just pivoting the data or doing a total if you know how in Excel to show you your sales; both the number of sales in each state and the total dollar volume in each state. So you want to know your own numbers and any that you're over $100,000 in sales or unfortunately $10,000 in Washington State, Pennsylvania, and Oklahoma starting on Sunday I think. I think it just started Sunday. I think it was July first and it's happened right before it. Those are $10,000 in sales which is really low, everybody else is 100,000. So that'll … you'll go through those states and add up the ones that you have, look at the ones that you have the most amount of sales and income in and start with those. You want to know your own numbers and work through your own list. The other option is and I can provide a link to our tax calculator that we have in there … bunch of other people putting them out there that basically take your average sale amount enter it and it will total all those things up. But those are the two things; one, all of your income across all of your sales and then this Amazon wherestock report to let you know what's going on in FBA and that'll be in your information and then you just build a list and you work your way through your own priorities on how many you want to do; all at once or a few at a time. Joe: Okay so just to dumb it down a little bit. If you're doing 20, 30 million dollars just suck it up and do all 45 states. But if you're doing maybe just a million dollars in revenue, which is fantastic, do this report because you don't want to have to register in 23 states that instead of all 45 if you don't have to. Scott: Right. Joe: Someone else talked about it in this way. I mean that registration alone is going to cost you $100 to $150 so maybe $3,000 or so for 23 states that you don't have to register in. But if you're only doing $1,000, $2,000, $3,000 in revenue in the state of Montana it doesn't make any sense to register because a. you're not going to hit that threshold and b. realistically Scott is if someone in the state of Montana that works in- Scott: Montana is a bad example they're not on sales tax. Joe: Okay. Scott: So pick one of the few states that doesn't have one but Nevada or however else- Joe: How about Maine? Scott: So it's always a risk man, your question is so should you or not you … are you going to, can you fly under the radar- Joe: Yeah. Scott: Are they going to find you tomorrow and what's going on? So it's a risk management decision between the cost of compliance to your business versus the overhead and the cost of compliance and then the chance of being caught. There are four million Amazon sellers, there's between five and ten million businesses doing e-commerce these days. The states just had their handcuffs taken off and they're all going to go woohoo let's go get this money from out of state sellers. It's going to take them a while to ramp up and the chances of getting caught are very very low and they have been low and they're still very very low okay? But there isn't really no ambiguity now; there's no more well, maybe, or there's this court case, or whatever else. Joe: Right. Scott: So until now and whenever possibly the Congress does something or more lawsuits happen which take time this is the way things are today and you just have to make that decision of a risk management. So you never want to mess around with the IRS when it comes to payroll taxes or W-9s and contractors but for sales tax, you're going to have to balance those out. But the chance of being audited or being notified by the state is significantly higher than it's ever been in the past. Joe: Okay let's talk about the services that are out there; as in the software or services that you recommend for listeners just … you can do your download calculator that I'm going to provide in the show notes to determine the revenue by state and things of that nature to decide where they want to register. But what softwares or service programs do you recommend that folks check out that you have seen people use consistently that make this a whole lot easier? Scott: Yeah for people doing it themselves I would start with TaxJar it's by far the easiest to use most straightforward they … not only do they pull in all the data but they process the filing for sales tax and the payments in all 50 states. It's both the easiest and I, from what I've seen the lowest cost. They're a great tool. They have a great blog and a ton of information and support and it's the best way to do it yourself. The next one that's a little more powerful- Joe: Hold on a second. Scott: Yeah? Joe: In terms of a TaxJar thorough cost ballpark if someone's to put in all the states what would the overall cost be to … and do they do registration or just compliance? Scott: Okay so TaxJar does not do registrations. Joe: Okay. Scott: It's only the sales tax data aggregation to pull it all together from channels. Pull everything together. One note is if you have sales that are outside of Amazon, Shopify, or BigCommerce you have to import that data into TaxJar so that you have the complete thing. From all the sales so your filings are accurate. But in general, you're going to pay a monthly fee between I think 29 and up to 500 depending on the number of sales. Whether it's a thousand per month, 5,000 you know … in larger apps you're going to pay a base monthly fee no matter what; totally reasonable wherever your SaaS thing. And then you're going to pay a per-filing transaction. So if you're paying filing quarterly you're going to pay four times somewhere between $21 and $30 per filing. I don't have their pricing memorized. Joe: Sure. Scott: So if you're filing quarterly your costs are going to be lower. If you're filing annually it's going to be these monthly fees. So if you're a smaller seller the pricing can work out to be fairly affordable. They also have kind of an unlimited filing piece so if you get over a certain level … and I haven't done the math whether it's 20 states or 30 states but there's a certain point where you can pay it for kind of an unlimited plan and get to a max price. I think that's in the 4 to $6,000 for the year kind of total. But you can using that tool max that out and really lock that compliance cost in. Not counting your time making sure it's being done right. Importing data, dealing with notices, and just making … keeping an eye on it, it's not a set and forget process. Joe: So, on the high side it sounds like maybe $500 a month and your maxing out the services there, on the low side $29 a month so it all depends upon the size of the seller and how much you do. Okay, you are about to mention another- Scott: So the next one I would say is Taxify and that's what we use because we're doing hundreds and hundreds and hundreds of returns every month. It's a little more powerful in certain ways. They have integrations. It can handle a wider range of different businesses and there's … it's just they're really kind of head to head but for DIY most people go with TaxJar just because it's easier to use. TaxJar is more powerful if you have a more complex business. You might want to consider it or compare the two. Pricing is pretty similar between those two and- Joe: Those using TaxJar you said TaxJar, not Taxify. Scott: No we're using Taxify. We are using Taxify. Our accounting practice for us to file we use Taxify but I've known the TaxJar guys for six years now and they really do have a great solution. And any of our stuff we talk about those two is really the primary ones to consider third one is- Joe: Hold on I want to just interrupt again sorry. On this option, you're saying you already use it which means that with your accounting services for sellers of a certain size I assume, the collection, the management, and remittance of the sales taxes are part of your services as well. Scott: Correct. Joe: So I don't have to learn the software, I can hire you guys to do it. Scott: Correct. Joe: Okay. Scott: Well and I'll talk about some other … outsourcing is absolutely a viable, just like you outsource fulfillment to a 3PL or to Amazon FBA, sales tax is something you don't want to geek out on. I've done it for the last six years, it drives me crazy but I geek out on it. It just … it will distract you from listing products and buying products and designing new products and all the front end stuff to generate more income. That is absolutely something you want to … you might like that we look at here's how you do it yourself and you should understand anything you outsource but we do that. We offer the service but we also do notice management. The states send all kinds of notices. Even if you pay on time they'll send you a notice but if you don't respond to the notice they'll fine you for not responding to the notice. So there's more to it than just a set and forget tools. These tools are phenomenal as they deal with the complexity. Because every return is different, they have 50 different fields. They really aggregate the data and reduce the complexity of filing and paying which is awesome which is why we use automation. But then there's there is more to it. Joe: Okay, you're about to mention a third option for folks. Scott: Yeah third option is Avalara TrustFile. Now if you really are already a 20 or 30 … so Avalara has two products, they have a smaller and a lower end one which I don't think is as powerful as TaxJar or Taxify called TrustFile which you can use. They've cleaned up their pricing but it's still a little confusing but they're a viable tool. If you're already let's say five or really 10 million and you're doing more than just e-commerce you can consider Avalara AvaTax which is their higher end tool which will give you more control automated. If you have an accounting department it is definitely a tool you would consider. Quite a few CPA's and accountants use AvaTax as well to do more complex larger sales tax across multiple businesses. So those are really the key players, there are other smaller players out there but those are really the key players that are really focused and understand what's going on out there. Joe: Okay. I was listening to your better half Patti on your YouTube channel. She does a great job, by the way, great Q and A's there. I think she mentioned SALT experts and what they do and what not. Can you define what a SALT expert is and why someone listening might want to consult with one of them? Scott: Absolutely so a SALT; Sales And Local Tax expert, these are people that will do one, they can do a nexus study which tells you where you have nexus and it'll tell you whether your products are taxable or not, are they a food, are they a candy, do they have flour in them, are they clothing or … they can go look at all that. You can all interpret what the states say but these are people that do it all the time and will contact the state anonymously or you. The next thing they will do is what's called a voluntary disclosure agreement. If you owe a state tens of thousands of dollars of back tax and you want to come clean because you want to clear out your liability to sell your business and just make sure everything's done right, they'll go to the states anonymously and say I have this seller and they'll represent you. And in some cases get penalties, sometimes interests, and can potentially get a payment plan if you're cleaning up historical sales tax. And you want that person representing you a SALT expert, not your CPA. Unless they've done it multiple times in their own state you really want to talk to someone that's an expert. They're the people you want to call if you're audited to represent you and help you get through an audit. So those are the unique things we haven't talked about but the main thing is you can outsource your sales tax compliance to them. They will do the registrations and most in almost every case they will set things up. Most of them are very technical … in our case we at Catching Clouds we're really great at setting up Shopify to collect sales tax right and Amazon and eBay and in the more technical configurations. So we're very technical accountancy but they will help advise you on those things. They're all over it. They talk to me about the technical stuff, we're really good friends. It's a great community. I'll try to just solve this for sellers but then you can pay them a monthly fee or a per-state fee to take care of the data collection which you have to give them. The filing, the payments, notices, and kind of provide a complete service to outsource your sales tax. You can go to one person, pay them to take care all of your sales tax that's going on and advise you and then they're the ones that are keeping tabs on all the changes that happen every week; every month if that's the route you want to go. Which is a good way to go, in general, I'll give you a safe number, you really want to budget at least $50 per state per month. So you're looking at between $600 and $1,000 per year for this to not be an issue to worry about but you need to budget the right amount. Plus you want to have that same space because everyone's … Arizona's awful that they'll come back the second year and hit you with hundreds of dollars additional fees per county and everything else that you didn't count on and you can't get around and they'll deal with these random issues. Joe: Okay, great. I have a list of those from your website for those listening again in the show notes SALT experts will be available. Sounds like a one stop shopping place to go and just outsource all of this. Of course, some people that want to do the work themselves will have those calculators that you talked about there as well Scott and the links to the Taxify and TaxJar and Avalara. A couple of quick questions before we wrap this up, and maybe they're not quick questions but historically when someone sells their website … their physical e-commerce business in this case, the question of liability for past sales taxes that should have collected is really really gray, right? Scott: Yeah it is. Joe: And only once for those listening how do you solve that problem as a buyer? In most cases, most buyers don't worry about it. They really never have and these are people that are a lot smarter than you and I combined. They don't worry about it; pretty high level folks. In one case I had and think about this as a seller, I had someone that it was … the business sale total value was around $758,000 but they did the math and they said look in the 24 months that you've been around you should have collected X amount of sales taxes and let's call it $50,000 in that purchase price, in that $750,000 in the asset purchase agreement $50,000 was set aside in Escrow for potential sales tax liability purposes. And when the buyer went out to register to get their sales tax in the state of California, Texas, whatever if that state said yes, of course, we'll register you but we know that you owe us from this brand, you didn't own the company but from this brand you owe us $17,000 then that money would have come out of that 50,000. For the record, the buyer was able to register in all the states that he wanted to register and not a single state said okay great but you owe us money hence all 50,000 was released. How does this Supreme Court decision in economic nexus change that liability moving forward for the buyers of these businesses? Scott: I don't think it … I think it only increases the chance of the state contacting you and having to either answer the questions or go through an audit and all of these things are moot until you're actually audited. And you're at that point where you're dealing with an auditor and then then they ask for historical records and financials and everything else. Up until then, it's not really an issue. Unfortunately, though it's the decision of that state; are they going to hold the new business and whoever bought that Amazon seller account? They want to attach the liability to the Amazon account where it was being sold that you buy a continuing Amazon account which is what most people do or is it tied to the prior business and the business owner? The people selling you need to be concerned when you get that big chat to set some of this money aside if the states come after you historically because if you've spent it all, it really … in most cases tends to tie to the original business owner of the business. So I would say that there's … it's really if you're buying [inaudible 00:34:44.4] sale you have to be worried about it more than anything else. If it's an asset sale you're buying this asset, starting a new business, you've got to register fresh and move forward. There's a small risk but only after you've been audited. So it's just a couple of nuances there. Joe: So very very small risk and only after you're audited and the odds of being audited again, incredibly small. Scott: Correct. Joe: Okay. Let's talk about those out there that are wholesaling. They're buying products and wholesaling them, they don't have to collect these sales taxes is that correct? Scott: They don't but you have to follow the rules. The first is and what really does this finding really change is instead of collecting tax exemptions certificates; so for every B2B sale you have to get a tax exemption certificate and it's not just a picture of the sales tax license on the wall of someone's cell phone. You have to have something that has your business name on the top that other companies who you sold it to their tax licenses whether it's one state or multiple states. And it doesn't matter which states they are and an owner or a business manager an approved person of that company signing at the bottom saying they're responsible for the sales tax. Okay? Joe: Is it on a form? Is it an official form that they would fill out? Scott: There's a form per state and there's a great multi-state form. I can get you all of the links and if you want to have a process that you have them and keep in mind that they pretty … a lot of them expire every year. So you want to have all of these forms from your five or 10 or 50 or 500 B2B customers on file. And if you get audited by any given state then you need … then you have these to say hey I didn't have to collect sales tax but if you don't have the forms or they're expired or you're missing them that … then they can say all of that was taxable and you owe the sales tax. Even if the other company sold it and collected sales tax they can double dip and come after the information. What this decision really changed was two things related to B2B sellers. But first, as most people tend to collect tax exemption certificates for their own states where they're filing where they would expect their own business to get audited. Now that it's kind of every state can look at all this information, B2B sellers should start collecting tax exemption certificates on every sale. And if you have your top five or ten B2B customers, go back and get them from those ones and … to make sure you've got this filed. And then just set it aside in case you're audited. The second big impact of this for B2B sellers is now your B2B sales, number of transactions, and dollars volume count towards these economic nexus thresholds. It's all of your sales. It's your B2C sales and B2B. And even if you're 100% B2B and you have no tax you're still going to cross this threshold. And the states are still going to expect you to file a return. And it is going to cost you the same amount in compliance for you as it does. Even if you give them no money like every number is zero. Joe: That's really important for people that are doing both B2C and B2B. I was thinking just wholesale B2B but we have a lot of clients that they'll sell to let's say for instance chewy.com they're selling their own website but they wholesale to Chewy. They need to pay attention to this stuff as well. That's great information. Scott: It's all of their sales. It combines both and it's looking at all of your sales. Because what the really the states are doing and all these laws are meant to do is to get to the point where every transaction is taxed and they get a sales tax from every sale. That's what they're trying to do so pretty much most of the pain goes away if you register and collect in a state. You don't have to worry about different fines and fees or other unknowns, you can start defining your cost of compliance but that's really where we're going. Joe: Okay. Do you think this Supreme Court decision is good or bad? Overall for the individual states that are going to be applied this collect and collect is what I'm saying. Scott: I think it's bad for e-commerce sellers. I really do. The compliance costs just went from an unknown maybe I can avoid them to … and we're heading that way so I think it's bad for e-commerce sellers. Of course, it is great for the state bureaucracies that are going to go out and collect a bunch of money from other states until something else changes to back it down. I think it's going to increase the risk for smaller sellers and even mid-range sellers of having more unknown's that could impact your business. From us, as consumers, we're really getting to the point as a company … a country since we're so consumer based, it's all about products and services and things along those lines that we're really heading to the point where we're going to pay a sales tax on everything. It's just that the cost and the complexity and potential risks to all small businesses, not just e-commerce businesses, anybody that has a product and ships it out of state or does anything else now has to be concerned about that much more in running a business that you know e-commerce businesses are 24/7, running really fast, the rules are constantly changing, you just didn't need this additional in my opinion large overhead of cost of doing business to really impact them. Joe: Right at the end of the day hopefully it would be great for states and the roads and highways and schools in the state in which you live. But for now, it's a major complexity that you as an e-commerce owner have to deal with. Scott, as always you're fantastic. These details are great … for me personally they're overwhelming many times but that's the point of the show notes and simplifying it and really … perhaps hiring that SALT expert to do the vast majority of this work for those listening that choose to go that route. Scott before we depart any last thoughts or recommendations for people that are listening; both buyers and sellers? Scott: Yeah. Just take a deep breath plan out time once a month or a quarter to focus in on this. Add up your numbers, decide your risk tolerance, and then move on. And then don't worry about it for that month or quarter. And then when you decide to do it, think about what it is you're doing and make a decision and move on. You don't have to stop all your business or sales or everything else. Just take a practical approach. This is one more thing that has to be on your regular process; like checking your insurance or other things that you're validating. And just keep moving; keep selling and growing. Balance the risk and then just move on. Joe: That's great thanks, Scott. As always appreciate it look forward to seeing you at the next event and hopefully lots of folks will reach out to you here. And be at peace of mind here with what you've shared. Thanks so much, Scott. Scott: Well, thank you. Links: Catching Clouds eCommerce Accounting Patti's Q&A about Sales Taxes and the new SCOTUS Ruling Catching Clouds Academy Fox News Supreme Court sales tax ruling: The winners and losers MSNBC Supreme Court Rules States Can Require Shoppers To Pay Online Sales Tax Internet Sales Tax | What Online Retailers Need to Know Sales Tax Nexus Threshold Calculator Sales Tax Permitting with SalesPermitted.com Get your FBA stock locations summarized and delivered to your inbox. Sales and Local Tax (SALT) Experts – Outsource Everything Cathie Stanton and Lauren Stinson, Cherry Bekaert ► http://cherrybekaertsalestax.com/ Michael Fleming ► www.salestaxandmore.com ► https://www.salestaxandmore.com/chart… Diane Yetter ► www.salestaxinstitute.com ► https://www.salestaxinstitute.com/res… SaaS Sales Tax Apps: TaxJar ► https://www.taxjar.com/ Taxify ► https://taxify.co/ Avalara ► https://www.avalara.com/us/en/index.html

Portsmouth Invitational Tournament (PIT) PIT was held on April 12 to 15, (Portsmouth, VA), a 4-day, 12-game tournament where the best 64 collegiate seniors play in front of all NBA teams. Black Girls Talk Sports attended two games: Game 3: Thursday, April 13 – Portsmouth Sports Club (102) vs Cherry Bekaert (84) Portsmouth Sports Club coaches: Mark Hall and Ethan Walker; NBA Assistant Coach Wesley Person; and Cherry Bekaert coaches: Ben Moore and Dennis Koutoufas; NBA Assistant Coach Trisha Stafford-Odom Portsmouth Sports Club Lamond Murry, Jr. (Pepperdine) scored 25 points. Cherry Bekaert Dallas Moore (North Florida) scored 20 points. Game 9: Saturday, April 15 – Cherry Bekaert (98) vs Mike Duman Auto Sales (83) Mike Duman Auto Sales coaches: Billy Barnes and Walter Westbrook; NBA Assistant Coach Tynesha Lewis Cherry Bekaert Dallas Moore (North Florida) scored 22 points Mike Duman Auto Sales Xavier Johnson (Colorado) scored 20 points. After the game, Rekaya caught up with: Jamel Artis (Pittsburgh) who played on the Mike Duman Auto Sales team Gianna Smith, Old Dominion University Lady Monarch Basketball team member Congratulations Damyean Dotson (Houston) 2017 MVP for the Portsmouth Invitational Tournament NBA Playoff Scores Eastern Conference Washington Wizards 114 and Atlanta Hawks 107 Chicago Bulls 106 and Boston Celtics 102 Cleveland Cavaliers 109 and Indiana Pacers 108 Milwaukee Bucks 97 and Toronto Raptors 83 Western Conference Golden State Warriors 121 and Portland Trailblazers 109 San Antonio Spurs 111 and Memphis Grizzlies 82 Houston Rockets 118 and Oklahoma City Thunder 87 Utah Jazz 97 and Los Angeles Clippers 95 Rekaya's predictions: Houston Rockets and Indiana Pacers in NBA Finals WNBA Draft Congratulations to players who were drafted! Join Black Girls Talk Sports (podcast) Facebook Group https://www.facebook.com/groups/BlackGirlsTalkSports/ Don't forget to subscribe to this podcast and leave a comment here or in iTunes. Thank you!