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19 minutes | May 26, 2021
Tax Forecast [Predictions for Tax Changes in 2021]
Six months from now, what will your business’s tax position be? (Talk about a literal million-dollar question!)President Biden has proposed new federal tax plans affecting both businesses and individuals. And while the specifics remain up in the air, the time to start preparing your business to adapt is now. In this episode of The Wrap, Lisa Billings, CPA, and William Dow, CPA, join our hosts to discuss the possibilities of future tax changes under the Biden Administration and what implications they could have for businesses. After listening to this episode, you’ll be able to:Understand where the American Families Plan stands in the legislative life cycleDifferentiate the Made in America Tax Plan from the American Families PlanGrasp what economic impact these plans may have and how it may influence decisions made by business owners and leadersKnow what provisions have been proposed as part of these plansUnderstand what impact the federal tax plans may have on state taxesConsider how your business can start anticipating future tax changes nowThis episode reflects our views at the time it was recorded. Information within should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
20 minutes | May 12, 2021
The State of PPP Loans [Funding, Forgiveness and Audits]
As companies continue to utilize the Paycheck Protection Program (PPP), some are still applying for funds, some are navigating the forgiveness process and others are now facing a PPP audit. No matter where your company stands in the PPP process, it can be difficult to know what to do and what to expect. In this episode of the Wrap, Adam West, CPA (Warren Averett’s in-house PPP expert) and Mark Woods (Senior Vice President and SBA Executive Director at Southpoint Bank) join our hosts to discuss the current state of the PPP program, what the future may hold for PPP and what it all means for companies looking to take advantage of it. After listening to this episode, you’ll be able to:Grasp the current landscape of PPP lending and know if there are any remaining available PPP fundsMove forward with tips for pursuing PPP loan forgivenessGain a basic understanding of who is being audited and what is being considered in the PPP auditing processUnderstand how PPP and the Employee Retention Tax Credit relate to each other when it comes to eligible wages and loan forgivenessKnow how Shuttered Venue Grants and the Restaurant Revitalization Fund interplay with PPPGauge the longevity of the PPP program Resources for Continued Learning:Blog Post: Employee Retention Tax Credit (ERTC) [What Companies Should Know]Blog Post: Frequently Asked Questions about Shuttered Venue Grants AnsweredBlog Post: Restaurant Revitalization FundPodcast Episode: How Do I File for PPP Loan Forgiveness?Resource Page: Warren Averett’s COVID-19 Resource PageThis episode reflects our views at the time it was recorded. Information within should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
31 minutes | Apr 28, 2021
Today’s Talent Truths [Staying Competitive with Recruitment and Retention]
“You can have the best strategy in the world, but if the culture isn’t there – the talent won’t be either.” With a fully deployed workforce in the professional service sectors, many employers are concerned about how to recruit and retain talent in today’s job market. How can business owners, small and large, plan for this talent shortage and consider their compensation, culture and retention strategies to accept and embrace the new market? In this episode of The Wrap, Warren Averett’s own David Salters, CSP, TSC and special guest Tom Kosnik, President of Visus Group, join our hosts to discuss the truth of the current job market, management’s role in the talent strategy, and how to stay competitive with attracting and retaining talent in 2021. After listening to this episode, you’ll be able to:Uncover the truth of the current job market and combat misconceptions of talent availability and unemployment ratesLearn about the best ways to communicate company culture Manage a remote work future after COVID-19 and what that could mean for your employees. Determine your “shiny apple” – what needs to be offered in terms of culture and compensation to attract the right candidates. Plan an employee retention strategy, professional development training and financial modeling to set you apart from other companies Related Resources: Visus Group (www.visusgroup.com)
33 minutes | Apr 14, 2021
•Deception Perception [Understanding and Preventing Corporate Espionage and Sabotage]
“The bad guy doesn’t know who you are or what you do. They just know they can get money out of you.”As technology becomes more advanced, so do the ways your company can be exploited by bad players. Whether your company is a large leader in the technology industry or a local mom-and-pop shop, each person who works for or interacts with your organization is on the front lines of either protecting it or submitting it to a scam. In this episode of The Wrap, Warren Averett’s own Justin Headley, CISSP, CISA and former FBI Special Agent Daren Mott join our hosts to discuss recent headlines about cyber attacks, what legitimate threats companies face and what organizations need to know about the future of cybercrime. Spoiler alert: it isn’t going away. After listening to this episode, you’ll be able to:Translate spooky headlines about the cyber attacks on other companies into tangible considerations for your companyUnderstand the three main cyber-threat areas that face companiesHave insight to prevent insider threats (both intentional and accidental) from your employees Set realistic expectations about cyber risks and how you can be proactive in light of them Resources for additional learning:Blog Post: How the Cloud Saved Thousands of Businesses from a Cyber Attack (and How it Can Save Yours Too)Blog Post: Does Your Company Use Microsoft’s On-Premise Exchange Server? [How to Respond to the Microsoft Hacking Incident]Blog Post: How Should Your Company Respond to the SolarWinds Cyber Attack?Blog Post: CMMC Compliance for Government Contractors: Are You Ready?Blog Post: What Should Municipalities Know about Ransomware? [Three Takeaways from the City of Florence Ransomware Attack]Blog Post: What is the Likelihood That My Business Will Experience a Data Breach? [This and Other Cyber FAQs Answered]Podcast Episode: Season One, Episode Five (Combatting a False Sense of Cybersecurity) Mentioned in this episode:The CyBUr Guy Podcast by Darren Mott
24 minutes | Mar 31, 2021
Decoding the ERTC [A Story of the Employee Retention Tax Credit]
It wasn’t available to you. Now, it might be. This was the amount. Now, the amount is different for a different year.Here’s the eligibility criteria. Now, here’s some new criteria too.What sounds like a befuddling riddle is actually a description of The Employee Retention Tax Credit (ERTC). It’s changed a lot in the last few months. Now, organizations who have PPP loans are able to qualify for this tax credit too. New guidelines have been established for how to claim the credit in 2020 and 2021. The extension and expansion rules have evolved. So if your company is looking to take advantage of the ERTC, how can you make sense of the tax credit in a way that leads to claiming dollars for your business instead of scratching your head?In this episode, ERTC advisor Cristy Andrews, CPA, CGMA explains the points of interest for this tax credit, while special guest Tim Gothard, Executive Director of the Alabama Wildlife Federation, shares the story and perspective of an organization that has utilized—and benefitted from—the ERTC. After listening to this episode, you’ll be able to:Know the amount of the ERTC available per employee (despite common misconceptions)Understand how a refundable tax credit benefits organizations Recognize how laws have changed from prohibiting some organizations from claiming the ERTC to allowing them to claim the ERTCUnderstand the basics of eligibility for 2020 and 2021—and how they are differentKnow the two different ways your organization can qualify for the ERTCResources Mentioned in this Episode:Alabama Wildlife Federation WebsiteCOVID-19 Resource PageForm to Ask a Warren Averett Advisor for ERTC HelpAdditional Resources for Continued Learning:Blog Post and Infographic: Employee Retention Tax Credit (ERTC) [What Companies Should Know]Blog Post: Two Ways to Leverage the R&D Tax Credit in Light of the CARES ActTax Alert: New Stimulus Package Includes Several Tax Changes and Provisions
22 minutes | Mar 15, 2021
Transaction [M&A]nia (What Business Owners Should Know in 2021)
While COVID-19 may have negatively impacted many businesses last year, others are ramping up for growth in a big way. And, according to Hanny Akl, “It just seems like the way to grow these days is through M&A.” Mergers, acquisitions and transaction activity is booming. Business valuations are high, potential tax changes are coming and businesses that have withstood the pandemic are stronger for it. But if you’re a business owner considering an M&A deal in today’s environment, what do you need to know?In this episode of The Wrap, Hanny Akl, CPA, CFE, CEPA, CVGA and David LeGrand, CPA join our hosts to give business owners the commentary they need to make informed decisions about what their business is worth, where it stands ahead of tax changes and what the future may hold with a transaction. After listening to this episode, you’ll:Have an understanding of how COVID-19 and the legislation passed as a response to assist companies (such as PPP loans) have impacted M&AKnow what part PPP loan forgiveness may play in a transactionUnderstand how and why the pandemic has positively impacted business valuationsBe familiar with the top considerations for business owners looking to pursue a transaction in today’s environmentHave an understanding of specific considerations for investors, like carried interestBe aware of potential legislative changes that could impact an M&A deal in the near futureKnow what tax planning is necessary to protect yourself as a business owner
16 minutes | Nov 25, 2020
How Do I File for PPP Loan Forgiveness (And What Can My Company Expect)?
The Paycheck Protection Program (PPP) loans have provided much-needed aid to many businesses since the COVID-19 pandemic began. And while these funds proved to be a game-changer for companies everywhere, the process for applying for and receiving this loan forgiveness is certainly new (and possibly confusing) for everyone. There are three different types of forgiveness applications, two different covered periods, several different banks with different processes and a handful of new terms to understand. It’s no surprise that the forgiveness process comes with a learning curve for companies, so where do you even start?In this episode of The Wrap, our guest David Crabtree, CPA, a Warren Averett Member and in-house PPP advisor, joins our hosts to answer the question: How do I file for PPP loan forgiveness, and what can my company expect?After listening to this episode, you’ll be able to:Know when your company should file for PPP loan forgivenessKnow how long after you submit your application you can expect to receive loan forgivenessUnderstand the three different types of PPP loan forgiveness applications (and know which one applies to your company)Know the difference between two important terms when it comes to PPP forgiveness (your number of employees vs. your full-time equivalent)Understand how full-time equivalent is calculatedKnow how your company’s headcount at the end of the covered period (or at the time of your application) affects your PPP loan Know which covered period (8 weeks vs. 24 weeks) should be used when you complete your forgiveness applicationRecommended Resources for Additional LearningPPP Update: Borrowers are Not Allowed to Deduct PPP Expenses if Forgiveness is ExpectedSBA Announces Loan Necessity Questionnaire for Borrowers with PPP Loans of $2 Million or GreaterWarren Averett’s COVID-19 Resource PageThis episode was recorded on November 20, 2020 and reflects our views at the time it was recorded. Information within should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
13 minutes | Nov 19, 2020
How Can My Company Offer Equity-Based Compensation (Profits Interest Grants and Unqualified Stock Options)?
It’s important to incentivize your key workers, and there are clear business advantages to offering equity-based compensation to key employees. Many businesses choose to reward team members in the form of partnership profits interest grants or through nonqualified stock options, but it’s important to understand what you’re getting—and what you’re giving up. Not to mention, you’ll need to comply with specific IRS regulations and understand the tax implications. Where do you even start?In this episode of The Wrap, Clint Freeman, CPA and Michael Andrews, CPA, ABV join our hosts to answer the question: How can my company offer equity-based compensation? (What are profits interest grants and stock options?)After listening to this episode, you’ll be able to:Understand what stock options and a profits interest grants are (and the difference between them)Be familiar with examples of how profits interest grants and stock options both work Know the difference between vested and unvested interestsUnderstand what both mean for your taxesRecommended resources for additional learning:Profits Interest Grants: What are They and What do they Mean for Your Taxes?
11 minutes | Nov 12, 2020
The CARES Act: What Are Provider Relief Funds?
Since the CARES Act was passed earlier this year, one of its programs, the Paycheck Protection Program (PPP), has received the most attention, but it certainly isn’t the only form of relief that the federal government provided in the pandemic. Less likely to show up in your Facebook news feed and farther away from the spotlight (but just as important), is the Provider Relief Fund, which was created to provide funding to healthcare service providers impacted by the pandemic. While this aid provides some much-needed relief to healthcare providers, the funding received could trigger some additional reporting requirements that healthcare providers may not have been subject to in the past.So, what does that mean for organizations that received these funds?Our guest, Carol Phillips, CPA, CFE, joins our hosts in this episode of The Wrap to discuss what healthcare providers should know about the Provider Relief Fund and what they can expect when it comes to the audits and reporting requirements that will ensue.After listening to this episode, you’ll be able to:Have a basic knowledge of the Provider Relief Fund and how it’s outlined in the CARES ActUnderstand reporting and audit requirements related to these fundsKnow the difference between Single Audits for nonprofit entities and for-profit entitiesUnderstand how Single Audits are different than other financial statement auditsAnticipate how to prepare for this kind of audit if your organization has never had one before
17 minutes | Oct 29, 2020
Why is SOC Reporting important to Service Provider Businesses?
As cybercrime increases in its frequency and severity, companies must be more intentional to protect themselves and their customers. Gone are the days when only the big, nationally-recognizable companies are the only targets for data breaches. These days, companies of all sizes and in all industries need to take action. So, if your customers have asked you for a report about your company’s internal controls (your SOC) and you thought they were talking about your footwear (your socks), this episode is for you. System and Organization Controls (SOC) reports are becoming a necessity for many organizations as they strive to protect their data and instill trust in their customers, but it can be difficult to really get a grasp on what your company needs and what you can expect. How do you know what you need? Why does it matter at all?In this episode of The Wrap, special guests Angie Akerman, CISA and Justin Headley, CISSP, CISA join our hosts to answer the question: Why is SOC reporting important to service providers? After listening to this episode, you’ll be able to:Know what a SOC Report is and why a company would need oneUnderstand the differences between SOC 1 and SOC 2, as well as Type 1 and Type 2 ReportsHave an idea of which report your business might need, or if you might need bothKnow what businesses can expect during and after a SOC examination Recommended resources for additional learningSOC Reports Explained: Building Trust in the Services You ProvideWhich SOC Report is Right for Your Organization?Why Should You Know the Risks of Others? [Six Steps for Implementing a Vendor Management Strategy]
20 minutes | Oct 22, 2020
How Can My Company Navigate the New Challenges of Lease Accounting?
If your company has a lease, this one goes out to you.Did you know that a new accounting standard (ASC 842) requires that companies recognize their leases on their balance sheets? If you’re thinking this sounds like something you’ve heard before, you’re probably right. The deadline for companies to comply has been deferred twice now. As our guest, Josh says, “We’ve been talking about leases for a long time—seems like since dirt was being made.”But, now, companies are drawing closer to the deadline for implementing this change, which will give their financial statements a pretty significant makeover. Some contracts may even need to be recognized as leases, depending on the agreement within.Our guest, Joshua Bowen, CPA, CGMA, CAMS, joins our hosts to dig into what ASC 842 means for companies.After this podcast episode, you’ll be able to:· Understand how the new accounting standard concerning leases impacts your company’s financial statements· Have an idea of how COVID-19 has impacted real estate and the implementation of this new standard concerning leases· Know how long your company has to implement the standard when it comes to your financial statements· Identify the challenging areas your business should be aware of in accounting for leases· Have a basic understanding of how companies should approach implementation and the tips that can set you up to implement the standard well
14 minutes | Oct 15, 2020
Can Cloud Computing Save My Company Money on Taxes?
Taxes and technology can be complicated, but that doesn’t mean saving money has to be. Did you know that your company may be able to save money on your taxes by utilizing the Research and Development (R&D) tax credit? If you’re thinking that only companies that have laboratories in their buildings and employees who wear goggles qualify, you might be surprised.Our guest, Maggie, says it best: “No one thinks about it!”Maggie Wright, CPA, a specialty tax expert in Warren Averett’s Consulting division, joins our hosts to answer a question she hears often: Can cloud computing save my company money on my taxes?The short answer is: possibly. In this episode, Maggie explains using cloud computing services, such as Amazon Web Services and Microsoft Azure, very well may make it possible for companies using these services to save a bundle on their taxes.In this episode of The Wrap, we kick off season five of our podcast, where we’ll dedicate each episode to answering a question that our team of advisors hears frequently from the companies they serve. At the end of this episode, you’ll be able to:Identify what cloud services are and which ones you might already be usingKnow if your business is the kind of company that could particularly benefit from this tax creditHave a basic understanding of if your cloud services could qualify for the R&D tax creditKnow if it’s too late to claim the credit for previous expenses Mentioned in this episode:Season One, Episode: Learning the Ropes of R&D with Floyd HollimanRecommended resources for additional learning:Cloud Computing and the R&D Tax Credit [Answers to Frequently Asked Questions]R&D Tax Credits: A Comprehensive Guide to the Tax Savings Opportunity All Businesses Should Know About
30 minutes | Sep 16, 2020
Coronavirus and Community: Gravy Solutions
“Great leaders love chaos.”Casey Graham, CEO and Co-Founder of Gravy Solutions, is no doubt one of those leaders. For him, navigating the COVID-19 pandemic meant much more than leading a business through uncertainty. It meant supporting his team and seizing the chaos for what would become opportunity.In February, the company was set to lose nearly $600,000 in the span of four short weeks, and up until recently, Graham says, “Nobody knew Gravy existed. Like, nobody.”A self-proclaimed “people company,” Gravy used the COVID-19 pandemic as an opportunity to be generous to their team members, share more about who they are, and broadcast the vision for their company. And things took off.In this episode of The Wrap, Casey Graham joins our hosts to explain how he and his company navigated and will continue to navigate the COVID-19 pandemic, share the story of his “desert season” as an entrepreneur, convey his approach to leadership and offer advice to other businesses leaders looking to make the most of their roles.
36 minutes | Sep 2, 2020
Coronavirus and Community: Luke's Lobster
“I don’t think there will ever be a month—a two-month period—that was ever as hard for me to manage a team, a business, a group of friends, as that March and April period. It was brutal.”Unfortunately, for many businesses operating in the restaurant, franchise and hospitality industries, “brutal” is a word that has been used increasingly to describe the effects of COVID-19 on their companies earlier this year. Yet, as restaurants and hospitality organizations pivot and adapt to changing consumer demands and new public health guidance, many have found new ways to empower their people and grow their brands.Such is the case with Luke’s Lobster, a company with an international network of franchise locations, as well as a manufacturing component that provides seafood products to grocery stores. So, how does an international franchise adapt to a global pandemic? How do restaurants solve for their pain points in an ever-changing environment? What can other companies—in this industry and others—learn from the Luke’s Lobster story of navigating COVID-19?Luke Holden, CEO of Luke’s Lobster, says, “I asked my teammates, my family members and friends…to make some pretty crazy concessions as a result of COVID.”In this episode of The Wrap, Luke and CFO Steve Song elaborate on those concessions and dive into the story of how the company has fared in recent months. Warren Averett’s own Charles Bailey, CPA, also joins our hosts to weigh in on what other companies operating in the retail and consumer spaces can glean from this business’s story.
19 minutes | Aug 19, 2020
Coronavirus and Community: Studer Family of Companies (Part 2)
“We will never go back to where we were.”Quint Studer is no stranger to the worlds of business, leadership and community. With his involvement in businesses of varying industries (including a minor league baseball team, a nonprofit organization, a coffee shop, office space, retail operation—to name a few), Quint not only strives to keep an eye on opportunity for his ventures, but for the community of Pensacola as a whole.What can business leaders take away from his experience navigating the impact COVID-19 has had on his businesses, as well as his personal leadership style?In this episode of The Wrap, Quint continues the conversation with our hosts for part two of two to delve further into the importance of collaboration, the value in supporting employees, and the impact that an eye for opportunity can create.Helpful resources from this episode’s discussion:The Busy Leader’s HandbookFort Walton Beach Quality of Life SurveyWhy We Should Say “I Don’t Know” More Often
32 minutes | Aug 19, 2020
Coronavirus and Community: Studer Family of Companies (Part 1)
“We’ve got to up our game, no matter what business we’re in.”Quint Studer is a lifelong businessman, entrepreneur, student of leadership and a prominent presence in the business arena and community of Pensacola, Florida. He’s the founder of the Studer Group (a healthcare consulting company, ultimately sold in 2015), the founder of the Studer Community Institute (a not-for-profit organization), an author of multiple books, a co-owner of a Minor League Baseball team, orator at George Washington University and Cornell, and the wearer of many more hats in addition to the few listed here. With so many irons in the fire, how does a figure like Quint, and his many ventures, respond to a global pandemic that has threatened the continuity of organizations everywhere?In this episode of The Wrap, Quint joins our hosts for part one of two conversations to describe his involvement, his organizations’ missions and operations and the ways they have pivoted to find creative solutions that not only benefit the organizations and their respective employees, but how they’ve impacted the community of Pensacola. Helpful resources from this episode’s discussion:· Brain Bags· Airbnb at the Wahoo Stadium· Golf at the Wahoo Stadium · EntreCon – business and leadership conference· The Spring Entrepreneur Asset Map· CivicCon – Cedric Alexandre · Downtime Assessment Audit· Building a Vibrant Community
26 minutes | Aug 5, 2020
Coronavirus and Community: Babypalooza
Babypalooza got its start as a magazine that founder Cecilia Pearson managed as a creative outlet. Fast forward to 2020, Babypalooza is a growing company and community platform that thrives through large in-person events, now faced with navigating a global pandemic. In this episode of The Wrap, our hosts welcome Cecilia to talk about how her company grew from a hobby to a business to an organization that’s withstanding the challenges of COVID-19. Drew Honeycutt, the CEO of Innovation Depot—an incubation center for Cecilia and other entrepreneurs like her who are looking to accelerate company growth—and Warren Averett’s own business advisor Hanny Akl, also weigh in on how Babypalooza’s experience reflects that of other companies who are seeking to adapt in today’s environment.“Be creative. Be flexible and nimble. Be strategic, and be steadfast. Stakeholders in your business—whether it’s investors, employees, customers or vendors—are going to expect that from you and need that from you. And, it’s easy to say, very hard to do .”
36 minutes | Jul 8, 2020
Coronavirus and Community: The Atlanta Community Food Bank
“It has been breathtaking to see how, overnight, the scale of our activity has just shifted totally.”While most businesses have been forced to adapt at a blistering pace, when you’re a nonprofit organization that distributes meals to assist those suffering from hunger and food insecurity, a global pandemic brings an especially unique set of challenges.Kyle Waide, President and CEO of the Atlanta Community Food Bank, tells the story of how this nonprofit adapted while continuing to advance its mission amid a pandemic in this episode of The Wrap.Waide joins our podcast hosts, along with Warren Averett Member and nonprofit advisor Megan Randolph, CPA, to discuss what nonprofits everywhere can glean from the story of how the Atlanta Community Food Bank has navigated (and continues to navigate) the unfamiliar territory of COVID-19, its impact on nonprofit funding, food supply, service need, volunteer efforts and more.
32 minutes | Jun 24, 2020
Coronavirus and Community: Cahaba Cycles
“A pandemic was not on my radar.”Most of us would probably agree with Faris Malki, the owner and operator of a bicycle repair and service shop in Birmingham, Alabama called Cahaba Cycles.The reality is that, even though very few of us—if any—would have predicted the COVID-19 outbreak this time last year, many businesses have made sharp and fast changes to adapt to the rapidly evolving business environment we’ve seen so far in 2020.For Cahaba Cycles, that meant discerning whether or not the company was “essential,” facing a massive influx of business, pivoting to offer curbside service, navigating complicated supply chain factors and more.In this episode of The Wrap, Malki and Warren Averett Asset Management’s own Josh Reidinger join our podcast hosts to share how Cahaba Cycles responded to and adapted in light of the COVID-19 pandemic, how their story compares to that of the larger retail industry, and how other businesses can learn from their experiences.
28 minutes | Apr 22, 2020
Financial Planning and Retirement Plan Considerations During a Pandemic
COVID-19 has created many questions for investors, retirement plan sponsors and anyone looking to maintain financial stability. What does COVID-19 mean for long-term and immediate financial success for individuals? What does it mean for business owners who are charged with guiding their organizations as a trusted employer? How can you best move forward with financial planning when the future is so uncertain?In this special edition episode of The Wrap, Joseph McNair, CFP®, JD, CPA and Jonathan Osborne, QKA join our hosts to discuss which financial planning and retirement plan considerations should be top of mind for businesses and individuals to create financial stability in this turbulent season.Discussion within this podcast episode includes:· Responding to volatility in the economy· How COVID-19 and related legislation impacts retirement plan sponsors· Precautions employers should take when it comes to retirement plan provisions in recent legislation· Steps employers and individuals can take to position themselves for financial success
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