On the last episode of unsuitable, we learned about some of the general implications business owners are going to face as a result of the Tax Cuts and Jobs Act.

In this episode, Chris Axene, Rea principal and tax expert, returns to talk about changes that will affect the owners of C corps and flow-through entities, and whether or not business owners should reconsider their choice of entity.

Consult Your Trusted Business Partner

Throughout this tax reform mini-series, we’ve shared a lot about the importance of planning and gathering expert advice before making any major decisions, particularly if they have potential financial implications. Obviously, the Tax Cuts and Jobs Act has provided us with a lot of unknowns so, once again, we want to urge every business owner to give their CPA a call to determine their next steps.

If you are a business owner, you will be interested in these topics discussed in this other episode:

• Why you should be cautious about converting to a different choice of entity.
• Pros & cons of the C Corp tax rate being reduced to 21 percent.
• How the flow-through business income deduction will affect an individual owner’s tax return.

Stay tuned to Rea’s Tax Reform Research Center for more updates on the Tax Cuts and Jobs Act: ReaCPA.com/taxreform.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

This episode is part one of unsuitable’s two-part series on the most significant changes that business owners can expect to see as a result of the recent tax reform legislation. From new corporate tax rates to the bonus depreciation and net operating loss provisions to a variety of changes poised to hit companies that do business overseas (and everything in between), the Tax Cuts and Jobs Act is full of savings opportunities for business owners.

In this episode, Rea’s principal and tax guru Chris Axene highlights the domestic and international tax provisions. In the next episode, Chris will return to provide us with a deeper dive into what this tax reform legislation means to your choice of entity.

It’s Tax Reform – Not Tax Simplification

While the Tax Cuts and Jobs Act does offer a number of potential opportunities for business owners, taking advantage of them will not necessarily be a simple task. Because there are so many pieces included in this tax reform package, the only way business owners can truly determine their best course of action is to sit down and make a plan with a tax-planning expert.

If you are a business owner, you will want to be aware of these other topics discussed in this episode:

• Significant changes to the corporate tax rate, sections 179 and 199 of the tax code, and net operating losses for businesses operating domestically.
• Why C corporations will probably benefit the most from these changes (although every business is poised to receive some benefit).
• The next step you should take to plan for these upcoming changes. You can start your planning process in Rea’s Tax Reform Research Center: ReaCPA.com/taxreform.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

President Donald Trump passed the Tax Cuts and Jobs Act late last year. Since then, many of us in public accounting have been scrambling to learn what many of the specific provisions outlined in the legislation mean for individuals and businesses, alike. Today’s episode is dedicated to the individual provisions of Trump’s tax reform initiative, but we’re not going to stop there – be sure to join us next week and the week after that, when we dive deeper into what this sweeping legislation means to business owners.

Cindy Kula, a senior manager and regional tax expert at Rea, joins unsuitable to talk about the many ways tax reform will impact individuals when they go to file their 2018 tax returns: tax brackets, standard deductions, itemized deductions, personal exemptions, the Alternative Minimum tax, and much, much more.

The Tax and Jobs Act: An Overview

The Tax Cuts and Jobs Act is a reality and the provisions are generally for the 2018 tax year. Most provisions are also temporary, due to expire after Dec. 31, 2025. We can provide you with a solid overview of the legislation and our expectations of implication, but it’s important to note that we are waiting for formal guidance from the IRS on a lot of matters. As a result, many details of the tax reform legislation need additional clarification and will continue to be a work-in-process.

If you are an individual who files taxes, you will be interested in learning more about these provisions from the tax form initiative:

• There are seven tax brackets with lower tax rates.
• With the standard deduction increasing and major changes to the itemized deductions, many taxpayers may now opt NOT to itemize deductions.
• Personal exemptions are eliminated.
• Because of the various changes under the tax reform legislation, there is now reduced exposure to the Alternative Minimum Tax

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

After pouring your blood, sweat, and tears into starting and growing a business, you are now at a point in your career where you can ponder the BIG question: What’s next? Those two little words pack a big punch, and we’re going to explore the implications associated with some of the next steps you might be considering.

We are once again joined by business valuation and exit planning guru Tim McDaniel, who will break down two of the primary concerns business owners tend to have several years after establishing their companies: time and exit strategy.

Your Biggest Asset

For most business owners, the biggest asset in their portfolio is the value of their company – often as much as 60 to 70 percent of their net worth. They spend a lot of time and energy trying to manage their 401k, which might only make up about 10 percent of their net worth, but they have no clue what their business is actually worth. For this reason, it’s vital that every business owner values their business early and often.

If you are wondering what’s next, you will be interested in these other topics discussed in this episode:

• Why valuing your business is a critical step for any business owner.
• When is the best time to start an exit strategy?
• What is the best way to exit a business?

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

To run an effective business, you have to be a good steward of your company’s resources. To that end, many companies have embraced the Lean Six Sigma method to improve their efficiency and overall effectiveness – but that doesn’t mean that only large companies with many employees and complex processes can benefit from these teachings.

Infusing a few Lean concepts into your daily life and the lives of your employees can be just the shot in the arm you and your business need, so we sit down with Lesley Mast, a principal and current director of tax services here at Rea. As a Lean Six Sigma Green Belt, Lesley has incorporated many key Lean concepts into her daily workload, and she’s going to share a few of her secrets with us.

What is Lean Six Sigma?

Former guest Kyle Stemple previously wrote about the value of Lean Six Sigma, and he describes it as a continuous improvement methodology and management tool designed to help you increase operational efficiency and capacity, improve processes and quality, and increase profits. Above all, Lean Six Sigma leverages subject matter experts within your business to ensure that the “voice of your customers” is satisfied by the “voice of your processes.”

If you want to get more done within your organization, you will want to listen to this episode and learn:

• Why tracking is so important, and how to make sure the things you are tracking actually get done.
• How your organization can overcome challenges with software by optimizing training.
• How you can maintain forward momentum by getting (and keeping) the the right people informed and up-to-date.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

The average American spends 90,000 hours at work over the course of their lifetime. Here at Rea, we think that’s way too many hours to spend doing something you’re not truly passionate about. If you are truly passionate about what you do, then your job becomes something more than a way to make ends meet; It becomes a cause worth promoting and advancing.

Each year, Rea & Associates honors an employee for their dedication to the CPA profession – someone who goes above and beyond the call of duty to promote the field and advance the industry. This year’s recipient was Lee Beall, Executive Vice President and past CEO of Rea. Lee joins us to share why he continues to be an outspoken advocate for the CPA profession, why you might consider investing in your own profession, and how you can get started today.

The Value of Professional Pride & Community

If one is to be part of a profession in which they have pride, they must engage professionally to create a professional sense of community. Unlike a Trade Association that generally represents the best interests of its members, a good Professional Association represents the best interests of the public.

If you are looking to invest more into your profession, you will be interested in these other topics discussed in this episode:

• How investing in your profession will help you grow your business, advance your people, and keep you going (even in your 80,000th hour of working).
• How to start investing in your profession today.
• Why the key to being in an independent profession is that we all hold each other to a certain standard – and why, if you slip up, you can’t gain the public’s trust back.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

As we approach the New Year, it’s not uncommon to set a few personal or professional goals. But instead of resolving to lose a few pounds or to become a regular member of that new country club (in the hopes of landing a few leads), our guest has a better, more realistic idea – simply focus on yourself.

Maureen Metcalf, CEO of Metcalf & Associates, is a renowned advisor, speaker, coach, and consultant. We talk about the importance of resiliency, and what you can start doing today to become more resilient.

Put On Your Own Mask First

If you’ve been on a plane, you’ve heard the pre-flight safety speech: "In the event of an emergency, please put on your own oxygen mask first, before trying to help others." When things go wrong, other people look towards leadership (or perceived leaders) for an indication of how they should reaction. As a leader, your actions are contagious, so you have to be prepared.

If you are interesting in setting an impactful New Year’s Resolution, you will want to consider the self-care topics discussed in this episode:

• Take care of your physical well-being (otherwise, you won’t be able to show up at your best, and other people will model that behavior).
• Be aware of and manage your thinking and emotions – especially negative self-talk. How you react to and frame a situation is one of the only things that you have control over (and, again, it’s contagious).
• Build a strong support system, at work and at home. You want people you can trust, who will always do what is in your interest and the interest of the organization.

How resilient are you? Check out Maureen’s FREE Resilience Assessment to find out: metcalf-associates.com/resilience-assessment-tool

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

In business, the topic of “communication” comes up a lot, especially when we talk about ways to effectively communicate information about products and services to our customers. But what are you doing to communicate better with your employees? And, if you are making internal communications a priority in your business, what are you doing to maximize your efforts?

On this episode of unsuitable, we’re talking to Abigail Eisenbrei, an internal communications specialist at Rea. Abby has previous experience implementing communications strategy at the corporate level and, since joining the firm, she has used her expertise to help us with internal communication opportunities. She shares the three primary objectives of internal communications, then offers a few tips to help us implement a solid strategy that will achieve maximum results.

Your 3 Primary Communication Objectives

Each of the three primary objectives of internal communication – to inform, to educate, and to engage employees – is vital to creating a strategic and impactful communications plan. Informing leads to educating, educating leads to engaging, and engagement leads to growth.

Listen to learn more about why you should and how you can implement the three primary objectives of any internal communications strategy:

• It doesn’t matter if you’re part of a 15-person company or a 1500-person company – all employees want to be informed, feel like part of the business, and leave a footprint.
• It’s helpful to establish one internal communication source, which distributes every message to everyone in the company.
• Don’t forget to communicate the fun stuff, too! Celebrating and recognizing fantastic people and initiatives throughout the company and community is a great employee morale booster.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

The year is just about over, which means you’ll soon be reflecting on all the things you managed to accomplished over the last 12 months, or maybe all the things you weren’t able to accomplish…

In any case, before you set out to tackle your goals for the year ahead, you’ll want to listen to this episode for some excellent insight that will help you achieve your leadership aspirations in the year ahead. We’re bringing leadership expert, motivator, and natural entertainer Jerry Esselstein back on to tell us just how we can go about setting meaningful leadership goals for the year ahead.

Keep Your KSAs in Mind

It’s important to be mindful of your KSAs – your Knowledge, Skills, and Abilities – when you approach goal setting. How adaptive are you in complementing your weaknesses, and how skilled are you in taking advantage of your strengths?

If you want to improve as a leader, whether or not you’re in a leadership position within your organization, you will be interested in these other topics discussed in this episode:

• The difference between a leader and a manager.
• How you can be more aware of your power to influence others, and set and manage expectations for your teams.
• How to set personal priorities and feedback periods on a time frame, and then commit to them.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Are you afraid of when the big bad auditor comes huffing and puffing at your door? Well, we’ve worked with quite a few auditors here at Rea, and we’re happy to report that (most of them) aren’t nearly as bad as they’re made out to be.

Our guest is James Moore, a supervisor on Rea’s audit team here in Dublin, who will treat you to some behind-the-scenes tips that will help make your next audit a little more enjoyable. (And if that doesn’t change your mind about the role of an auditor, he’s gonna attempt to win you over with song.)

You’re on the same team.

The auditor and the client are united by a common goal – issuance of a report on the client’s financial statements. If you work as a team, you can arrive there in a smooth, efficient, quick (and painless) manner.

If you want a painless audit this year, you will want to listen to this episode to learn these simple tips:

• How to prepare yourself, your team, and your financial statements for an audit.
• How to set the right expectations (and understand what is expected of you).
• Why you should hold your auditor accountable by setting reasonable and realistic deadlines (and how to do so).

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.