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Accountable Plans for Business Expenses– Belk on Business – Episode 157 Some employees will regularly or occasionally pay for expenses for their employer’s business out of pocket and usually have an expectation to be reimbursed. In this podcast, Josh talks about accountable plans, the rules surrounding the plan, rules around documenting expenses and how it can be beneficial to business owners and employees alike. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/ulrpEK9Wzho

Handling Understaffing Issues – Belk on Business – Episode 156 1) It takes time to find the right team member 2) Communicate with your team more frequently 3) Don’t force the work 4) Cross-train 5) Consider outsourcing 6) Use automation where possible Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/xSKVLQ3Od98

Preparing for Tax Preparation – Belk on Business – Episode 155 1) Any changes in family status 2) Change in job 3) Change in address 4) Unemployment 5) Retirement contribution or distribution or rollover 6) Social security benefits 7) Bought and/or sold stocks, bonds, mutual funds, etc 8) Virtual currency/cryptocurrency 9) Distribution from inheritance or trust 10) Made or received any gifts over $16,000 11) Property purchased, traded or sold 12) Business records 13) Lawsuit settlements or prizes received, lottery or gambling income 14) Rental income/expenses 15) Health insurance paid, marketplace, medical, dental and drug expenses, medical mileage by month 16) State income tax paid, property taxes, sales tax/excise tax paid on vehicles 17) Home mortgage interest 18) First time homebuyer that took distribution from IRA or repayment/recapture of 2008 credit if home has been sold or change in use 19) Charitable contribution information 20) Educational expenses 21) Student loan interest paid 22) Child or care for disabled dependent 23) Energy credit 24) Bankruptcy 25) Debt forgiveness or property abandonment 26) Any correspondence from the IRS or state 27) Information on foreign accounts Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/xEK53q4npAo

Finding a Tax Professional for your Business – Belk on Business – Episode 154 1) Make sure your professional is licensed.  2) Do your research.  3) Does the preparer know and use technology for productivity, accuracy and efficiency both internally and for advisory purposes? 4) How responsive are they to client needs? 5) Are they able to make the complex simple.  6) Do they have a good internal culture at the firm level?  7) Are they able to deliver high quality work in a timely manner? 8) Do they have a network that can support and assist both them and you for execution of strategies, processes, etc? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/kdCzMA9g6tI

Ten Organization Tips before Year End – Belk on Business – Episode 153 1) Best path to peak performance is addressing physical, emotional and spiritual needs before the professional every day 2) Organization is a mindset and process 3) Have a process for tracking transactions 4) Have a process for documenting and sharing records, receipts and tax documents 5) Keep the processes simple 6) Use technology 7) Have a set time weekly you work on the finances 8) Have a set place you keep required paper records 9) Talk to attorney and accountant about recordkeeping requirements 10) Have a year-end call with tax professional, attorney and financial planner Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/H9DIKByWjkY

Social Media: The Enemy of Contentment – Belk on Business – Episode 152 1) Comparison (with others) is the enemy of contentment 2) Social media can result in distractions and a lack of focus 3) Social media platforms can end up being a place of competition instead of collaboration 4) Social media keeps us from making best use of our time 5) Social media can put us seeking temporary dopamine hits instead of working on ourselves Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/Q2nia3NPi6M

Civil Tax Fraud – Belk on Business – Episode 151 As we begin to see a trend with the law passed this week which has funding for the IRS for increased enforcement action, business owners can use the common areas the IRS as a learning tool to make sure their manner of action, bookkeeping and record keeping is handled in a way to improve the probability of a properly prepared tax return. The tax code in 1955 was 929 pages and today it is over 6,600 pages. Following are some of the most common, not all, of the areas the IRS generally reviews when looking for fraudulent intent: 1) Dealing in cash - Have a good point of sale system in place, invoices, sequential receipts and always reconcile cash to receipts. Never pay employees, contractors, or vendors in cash 2) Failure to file tax returns – file every year in a timely manner 3) Filing false documents including false tax returns - properly record and report income and expenses and properly issue W-2s, 1099s, etc. 4) Understating income – keep books, invoice clients, document intercompany transactions 5) Keeping inadequate records – understand what the IRS requires as far as record keeping. Keep all receipts, bank statements, credit card statements and make sure receipts are documented correctly. Keep meeting minutes. 6) Giving implausible or inconsistent explanations of behavior – business activities should align with the business purpose 7) Concealing income or assets – using offshore accounts, fictitious names, diverting income to personal accounts instead of into the business account. 8) Engaging in illegal activities 9) Supplying incomplete or misleading information to a tax return preparer – a tax return is the responsibility of the taxpayer, not the professional. 10) Providing testimony that lacks credibility 11) Failing to cooperate with tax authorities Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/XifqQTHeqt0

Five Cs of Business Failure – Belk on Business – Episode 150 Five reasons a business fails: 1) Commitment/Complacency 2) Compromise 3) Compassion 4) Cashflow 5) Conversion Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/t9gM5P3TKHM

Prioritizing Financial Direction – Belk on Business – Episode 149 Business owners must evaluate at minimum annually which financial goals will take priority while attempting to balance the other areas to keep the business fiscally responsible. 1) Cash flow for operations and debt obligations 2) Owner’s compensation 3) Equity participants (shareholders, partners) 4) Bank or lender requirements 5) Tax minimization Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/vEJiJ-dDYh4

Fund Investing with Jack Krupey – Belk on Business – Episode 148 Jack Krupey has been investing in both real estate and distressed debt since 2001. He has built long term relationships with experienced real estate developers, sponsors, and syndicators over his 20-year career. Jack leveraged the 2008 financial crisis as part of a private equity fund that yielded impressive returns off of distressed and restructured debt. He repositioned properties as well as modified and restructured loans for borrowers. In 2014, Jack entered into a partnership with a large private equity fund and led the asset management arm of the firm that made over 3 billion dollars in purchases of non-performing and re-performing mortgage debt between 2015 and 2019. An entrepreneur by nature, Jack decided to start JK Asset Management to focus on alternative assets such as value-add multifamily real estate. He then launched the JKAM Diversified Real Estate Fund in September 2020 and is launching a 2nd Diversified Fund in 2022. Connect with Jack: https://jkaminvestments.com/ 1) Tell us about your journey into the world of private equity 2) Why did you decide to start your own fund as opposed to working for another fund company or fund manager? 3) What types of assets do you put into your funds? 4) How does someone setting up a fund go about finding assets, whether nonperforming notes, performing or distressed properties? 5) Why would someone want to invest in a fund as opposed to purchasing a property themselves? 6) What are some of the potential tax benefits someone could receive from investing in a fund (high W-2 income, real estate professional, passive v. active investing/funds)? 7) Many investors get into funds for the tax benefits in year one and for the quarterly payments. Others are looking for a place to put 1031 money, others looking to invest the funds and either looking for appreciation and/or quarterly payouts. How does one go about finding the best place to have this conversation and find a fund that aligns with their financial goals? 8) You’ve worked with entrepreneurs from those operating a startup, to those running a profitable 7, 8 or 9 figure business. What are the top reasons you’ve seen on why a business will succeed or fail? 9) What is the best way for people to connect with you? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/luGC529ET4A

Stepping up the Leadership Game – Belk on Business – Episode 147 1) Expand your network beyond region and profession.  Will bring new ideas, perspectives, and challenges 2) Move beyond having mentors and have coaches that will hold you accountable.  Coaches provide honest and timely feedback. 3) Shift mindset from focusing on profit to leading with passion and vision.  What do you want to be and experience?  Focusing on passion bring energy that attracts relationships.  4) Spend time every day improving your skill set.  Have focused and purposeful time of improving every day through articles, podcasts, blogs, webinars, and continuing education.   5) Reflect each day on failures.  Document what you learned.  Think, reflect, plan, and execute.  This will bring growth.  6) Invest and train your team to lead clients through influence.  Be vulnerable as to your leadership journey, your passion, and your vision.  Keep the vision in front of them.  Invite them into the story.   Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/isCU0nyZ-e8

Maximizing Growth and Profit with Pam Jordan – Belk on Business – Episode 146 Pam Jordan is a no-nonsense financial expert and speaker. Pam specializes in analyzing and streamlining the backend of fast-growing companies as well as efficiently creating more profit and strategic growth. Pam can translate the hidden message your numbers are saying about your business.  Pam can be reached at www.pamjordan.com 1) Tell us a little about your journey from working for a company that went up in flames, to working with business owners to put out those flames in their business. 2) Many business owners get into business pursuing freedom. Those owners don’t realize they are going to go from working for a business owner and working 40 hours a week, to working for potentially hundreds of people working 80 plus hours per week. How do you help a business owner define freedom, determine their purpose, and leave a legacy? 3) What role should a fractional CFO or CFO consultant play in the entrepreneur’s journey? 4) We hear the phrase “know your numbers” often. What does that phrase mean? 5) Another phrase we hear often is, “business owners should work on the business and not just in the business”. What does that mean and how does a business owner move from being a full-time owner operator, to being able to spend the necessary time working on the business? 6) What numbers should a business owner know and be monitoring as an indicator that will move them from the profit stage to scale stage of business? 7) You speak of a business needing to undergo an “expense audit” to increase profitability. What does that process look like and what should be implemented as a result? 8) Every business owner will exit their business at some point. If a business owner is looking to eventually sell their business, what should the business owner be monitoring and managing to increase the value of their company? 9)  You’ve worked with entrepreneurs from those operating a startup, to those running a profitable 7, 8 or 9 figure business. What are the top reasons you feel a business will succeed or fail? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/JyF66-bdqxM

The “Be’s” of Business Relationships – Belk on Business – Episode 145 To be effective in business relationships, there are a few “be’s” we should consider: 1) Be present in the moment 2) Be authentic /be vulnerable 3) Be honest 4) Be grateful/be complimentary 5) Be kind Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/ZBc_SAATcmo

Internal / External Alignment – Belk on Business – Episode 144 There will be parallels or alignment between how you conduct your business internally with culture and team and externally with clients if your business is going to strive.   Four areas of alignment: 1) How easy is it for clients to do business with you and how easy it for employees to work with you.  (communication and technology)  Where to you place people in the office so they can communicate easily and work together, how do clients schedule time with you and what platforms do you use)  2) What differentiators are there between you and your competitors in your product and/or service and what differentiators are there in your culture and as an employer? (value, relationship, service).  What makes you unique? How do you develop and educate? (Situation with bankers working with clients).  How do you innovate?  How do you lead (inspiration, empowerment, motivation)? How do you communicate? 3) People do business with you and want to work with you internally and externally because of relationships.  This will lead to referrals both from clients and from team members. 4) Does your culture, branding message and execution align?  Do they set expectations that are met and exceeded?    Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/3butz95x7_g

Family, Dreams and Resiliency with Sean Thomson – Belk on Business – Episode 143 Join my conversation with Sean Thomson of Thomson Multifamily Group as we discuss working with family, Sean’s blueprint of putting dreams into action and the importance of resiliency for success in business. Sean can be reached at: https://www.thomsonmultifamilygroup.com/ Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/HOKeIaBLrmc

S Corporation Payroll Guidelines – Belk on Business – Episode 142 IRS requires owners of an entity taxed as an S Corporation to take a salary if the owner does anything more than contribute capital. The IRS defines reasonable compensation as “the value that would ordinarily be paid for like services for like enterprises under like circumstances” IRS recommends considering the following when setting an owner’s salary: - Duties performed - Volume of business handled - Character and amount of responsibility - Complexities of the business - Amount of time required - Cost of living in the locality - Ability and achievements of the individual performing the service - Pay compared with gross and net income of the business - Distributions to shareholders - History of salaries paid to other employees - Company policies regarding wages Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/QX-Ek1CaQ5Q

Processing Entrepreneurial Frustration – Belk on Business – Episode 141 1. Do we have the right people in the right roles in the business?  Need to consider whether people are truly where they want to be in the business.     2. Do we have the right technology and are we using it correctly?    3. Are we training properly?  Learned that teaching something once or twice isn’t sufficient.   Repetition is the key to learning.   4. Are we consistent with deliverables?  .  Most clients prefer something consistent and comprehensive over cutting edge and customized. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Z5wqoyNEuxk

Dealing with Entrepreneurial Frustration – Belk on Business – Episode 140 As entrepreneurs we can get to a position where we are frustrated, feeling sorry for ourselves, questioning whether those around us understand at all the burden and stress of owning a business.   How to deal with frustration during a stressful season: 1) You don’t have the time to focus on what went wrong.  Decide what is top priority and conquer 2) Schedule a time to process what happened, how I ended up here.  Develop the list of facts, not emotions, of what occurred and its impact on the business 3) Develop a plan that still empowers the team that provides systems and processes that addresses the problem 4) Schedule a meeting with the team to walk through the journey, present the facts of the situation and its impact on the business.  Discuss solutions with the team.   Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/sVThKOE-ay0

Preparing for an Economic Crisis – Belk on Business – Episode 139 Prepare for an economic crisis resulting from high inflation, market crash, bank runs, national debt default which generally results in a material devaluation of currency by doing the following: 1) Invest in foreign markets that are in a healthy economic position or market cycle  2) Invest in assets with reliable cash flow 3) Diversify savings across different asset categories (currencies, precious metals, stock market, ETFs, real estate, cryptocurrencies, etc.).   4) Maintain some liquid assets Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Xdkdk5SYDkk

Taxation of Short-Term Rentals – Belk on Business – Episode 138 Note: Not giving specific tax advice. Meant to be a high-level primer of some of the basics. Consult your own tax professional for specifics as it relates to your tax situation. Generally rental income from single family rentals in a traditional sense if a residential property is considered passive. Not subject to self-employment tax and has loss limitations based on hours of activity, real estate professional status and tax structure. Short-term rentals (Airbnb, VRBO, etc.) are 1) Active is rental period is less than seven days or less than thirty days and significant personal services are provided by you or on behalf of the owner of the property to make the property available for rent. 2) Active – can use any losses to offset other non-passive income if you materially participate in the activity 3) Test for active participation: a) more than 500 hours during the year b) individual’s activity and activity on the owner’s behalf constitutes substantially all participation in the activity c) more than 100 hours during the year and individual’s activity is not less than the participation of any other individual 4) Providing services includes concierge services, conducting guest tours, providing meals/entertainment, providing transportation, providing other hotel-like services. Repairs and maintenance or admin work such as paying bills are not considered services. 5) If active and providing services, the activity goes on Schedule C of personal tax return (if sole proprietor or SMLLC) and subject to self-employment tax.  If passive, goes on Schedule E Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/kqdOljN7z4w