But Who's Counting?

It’s been almost three years since the COVID-19 pandemic first began and the Coronavirus Aid Relief and Economic Security (CARES) Act programs are nearing the end of their lifecycles, so what’s next? But Who’s Counting? host David E. Hartley chatted with returning guest Anders Director + Strategic Growth Paul C. Rhea about which programs are still available to qualifying businesses along with the following points of interest: 

• What’s next for the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) funds, Employee Retention Tax Credits (ERTC) and Restaurant Revitalization Fund (RRF) 
• Which CARES Act programs have ended and what is still available 
• How long the SBA will be investigating suspicions of criminal or fraudulent activity for PPP loans 
• IRS audits are coming for ERTC 
• Only about 22% of ERTC-eligible businesses have actually applied for the tax credits 

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Although some of the hype around cryptocurrencies has leveled over the last year, it’s clear that digital assets are here to stay, and the not-for-profit industry should understand how this impacts them. In this episode of But Who’s Counting?, David E. Hartley discusses the possible future of crypto in not-for-profit organizations with Jeanne M. Dee, audit partner and leader of the Anders Not-for-Profit team, including the following highlights: 

·       The current accounting rules regarding crypto and digital assets in the not-for-profit industry

·       Possibility for fair value accounting going forward and how that might affect organizations

·       What to consider before accepting digital asset or cryptocurrency donations

·       Why a well-thought-out gift acceptance policy is more important than ever

·       Multiple strategies organizations can consider when accepting crypto donations

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Considering applying for the Employee Retention Tax Credit (ERTC)? Businesses looking to recoup tax savings thanks to extended ERTC rules should be cautious of gray areas in IRS guidance and offers too good to be true. Businesses who previously passed on the CARES Act program may be tempted to give ERTC a second glance, but there are important stipulations that must be met to avoid a costly investigation from the IRS later. 

But Who’s Counting?  host David E. Hartley discussed the ins and outs of the ERTC with Anders Principal + Tax Sean McKenzie in addition to the following: 

·       What qualifications a business must meet to apply for an ERTC

·       How a business can use both PPP and ERTC, with some important exceptions

·       How you can recoup tax savings from 2020 and 2021 by amending past tax filings.

·       What businesses who only experienced a partial shutdown during the coronavirus pandemic should watch out for 

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Some of the largest companies are now accepting bitcoin and other cryptocurrencies as payment, but how and when will this impact small and mid-size businesses? In this segment of But Who's Counting?, David E. Hartley sits down with Anders tax partner and cryptocurrency guru Derek A. Barnard to dive into what investors and businesses need to know before they get involved with crypto, including:

• Clearly defining blockchain and cryptocurrency
• Tax implications of bitcoin and other cryptocurrencies
• What businesses should know about investing and transacting in digital currencies
• How companies will need to evolve to accept cryptocurrency as payment
• Lessons learned coming out of the initial crypto "gold rush"

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From recovering from pandemic shutdowns and health requirements to dealing with a widespread labor shortage and rising food costs,  it's been a rough couple of years for the restaurant industry. But expansion and relief are happening if restaurant owners understand their options.

In this special Restaurant Industry Edition of But Who's Counting? , host David E. Hartley sits down with Anders tax partner, foodie and co-leader of the firm's Lodging Food and Beverage group, Dan K. Schindler,  to discuss critical issues facing restaurants today, including:

• How to maximize government funding including the Employee Retention Tax Credit and Paycheck Protection Program (PPP) Loans
• Actions you must take now if you received funds from the Restaurant Revitalization Fund (RRF)
• Growth limitations if you received an Economic Injury Disaster Loans (EIDL)
• Hiring and retaining staff during a labor shortage
• Monitoring cash flow, pricing and margins

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It's estimated that companies will lose about 5% of annual revenue to fraud or $4.7 trillion globally.  While we dug into how the pandemic created opportunities for fraud in a previous episode, there is so much more business leaders and owners need to be aware of to prevent fraud before it's too late. In this episode of the But Who's Counting?  podcast, host David E. Hartley sits down with Anders Partner and Director + Forensic, Valuation and Litigation, Kevin Summers, to dig into what you need to know, including:

• One of the best ways to prevent fraud in your organization
• How fraudsters alter documents for false expense reporting
• Real-life fraud examples, including the "praying AP clerk" and the "penny-pinching office manager"
• Why your company should have a process for setting up vendors
• Top 5 steps to take if you suspect fraud in your company
• Key takeaways from ACFE's report, Occupational Fraud 2022: A Report to the Nations

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While traditional 401(k) retirement plans are commonplace at most companies, business owners can reap multiple benefits from a cash balance plan option. In this episode of But Who's Counting? , host David E. Hartley sits down with Claris Advisors Senior Vice President + Wealth Advisor, Scott H. Iverson,  to discuss how cash balance plans differ from pensions of the past. We cover several topics, including:

• Tax benefits for business owners who add a cash balance plan to retirement offerings
• How cash balance plans can be used as a talent retention tool 
• Levers to pull to create maximum benefits for the business and its employees

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The startup ecosystem is booming with opportunities for businesses to invest in innovation. In this episode of But Who's Counting? , host David E. Hartley sits down with Anders Partner + Tax, Dave M. Finklang,  to talk about why and how companies should bet on early-stage companies. We cover several topics, including:

• How partnering with startups can jump-start innovation for established businesses
• Common misconceptions about startups working with larger companies
• How to get involved in the startup ecosystem to identify opportunities to partner or acquire
• What companies should consider before trying to acquire a startup

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In a special episode of the But Who's Counting?  podcast, host David E. Hartley meets with Adam Hale, COO and co-founder of Summit CPA, a division of Anders, to take a deeper look into how two eager entrepreneurs built a remote, strategic advisory firm from the ground up. You'll hear insight that business leaders need to know, including how to be intentional in working on your business — not just in your business.

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In a special episode of the But Who's Counting?  podcast, host David E. Hartley meets with Jody Grunden, CEO and co-founder of Summit CPA, a division of Anders, to discuss what the future looks like for Anders and Summit together. They dive into the story behind Summit's successful virtual CFO offering and how the recent Anders and Summit merger will open opportunities for innovation and bring more value to our clients.

Make sure to never miss an episode by subscribing on Spotify, Pandora or Apple Podcasts and let us know what you think by rating and reviewing. Keep up with more Anders insights by visiting our website and following us on social media: Facebook | LinkedIn | Instagram | Twitter

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