Generally Accepted Accounting Podcast

This week, we sit down with managing shareholder Mark Lyons to discuss the ins-and-outs of allocation statistics and how they can impact healthcare cost reports. Listen in to learn more! 0:00 Intro 1:45 What are cost reports? 2:24 What are allocation statistics? 3:23 How often do statistics and requirements change? 4:52 Equipment depreciation 8:00 Requesting changes in allocation 10:49 Affected facilities 11:45 Cost report averages and best practices 14:17 Responsibilities and communication 15:47 Worksheet B-1 19:55 Cafeteria costs 22:47 Typical tricky statistics 26:38 Maximizing reimbursements and patient care 29:04 Outro 30:00 Joke Cost reports are an important piece of reimbursements for Medicare-certified healthcare facilities. According to the Centers for Medicare & Medicaid Services, those facilities have to submit an annual cost report to a Medicare Administrative Contractor. MACs work as a kind of intermediary between healthcare facilities and CMS. Cost reports contain provider information such as: Facility characteristics Utilization data Cost and charges by cost center Medicare settlement data Financial statement data CMS maintains the cost report data in the Healthcare Provider Cost Reporting Information System. Below are some high-level questions you can ask yourself when you’re gathering allocation statistics and filing out a cost report. Questions when filing out Worksheet B-1: Does housekeeping clean all the areas with a stat? Are offsite locations (potential examples: Therapy, RHC, HHA, etc.) receiving an allocation from the cafeteria, housekeeping, or another supporting area they don’t use? Are there better ways to allocate A&G costs (i.e., segmentation)? Does central supply/purchasing order for all departments, or do some departments do their own ordering (e.g., lab, pharmacy, etc.)? Does maintenance provide services to leased buildings? Why are the non-reimbursable areas receiving allocations? Are those correct? If so, is there a way to limit the allocations? Is there a way to deflect costs from non-cost based/nonallowable cost centers? Can you direct cost certain costs for specific areas versus using allocation statistics? When was the last time you updated your square-footage statistics? If it’s been more than a year, it’s a good idea to make sure the square-footage stats are up to date.

We sit down with CPA and managing shareholder Mark Lyons to discuss tips and techniques to help your business fight inflation. Stick around to learn more about profit margins, raising prices, employee productivity, expenses, automation and more! https://caseypeterson.com/podcast  

GAAP Ep 004 – Audit Tips for Nonprofits – Show Notes   We sit down with Casey Peterson CPA and income partner Devin Pfaff to discuss audits for nonprofits and attempt to make sense of attestation, internal controls, compliance, cash vs accrual, and all kinds of other jargon! Plus we'll learn about preparing for audits, what to expect from the process, and what happens when audits are all done. Stick around to learn more!   2:24 Defining different service options 4:00 What is independence? 4:48 Do you really need an audit? 7:55 Cash vs. accrual 9:00 Internal controls 10:35 Compliance 11:35 Revenue recognition 14:58 Single audits 20:17 Regular audits 22:20 Preparing your nonprofit for an audit 27:33 Deliverables 30:13 What happens post-audit? 32:24 Why Devin loves audits   Which service is right for you? https://www.caseypeterson.com/blog/financial-statement-prep-compilation-review-or-audit-which-r Casey Peterson audit tools: https://www.caseypeterson.com/resource-center/audit-tools Why audits rarely find fraud: https://www.isaca.org/resources/news-and-trends/newsletters/atisaca/2019/volume-24/why-auditors-rarely-find-fraud

In this episode, we sit down with Mark Erickson (data analytics client manager at Casey Peterson) to discuss recent developments in data analytics. We've all heard the buzzword before, but how are Amazon and Starbucks using data analytics, and what are the potential business implications? Stick around to learn more! 1:15 Amazon Store Concepts 4:11 Implications of “Pay With Your Hand” Technology 7:57 The Future of Transactions 10:30 Will This Tech Reach the Black Hills? 15:25 Other Process Automation in Business 17:43 What is Data Analytics? 23:18 What can Casey Peterson do? 24:26 Can the Ravens win the Super Bowl? View full show notes and other episode details at https://www.caseypeterson.com/podcast

In this episode, we sit down with Steve Ruda from ICS Tax, LLC and Casey Peterson income partner Tom Jasiak to talk about cost segregation and the Research and Development Tax Credit. What is it, how does it work, and how can depreciation benefit a business? Stick around to learn more! View show notes and other episode details at https://www.caseypeterson.com/podcast

We don’t usually get famous people on the pod (OK, we never get famous people on the pod, even if all of our guests are stars to us), so this episode’s extra exciting. Jenny Schmidt and her wife, Tina, have garnered a huge social media following on TikTok and other platforms. But for this episode, Jenny talked about her day job doing incredibly important work through Black Hills Advocate, an organization dedicated to helping people navigate our increasingly complicated healthcare system. Jenny talks about what drove her to create Black Hills Advocate, the challenges of starting her own business, and what she wishes those in healthcare could do a little differently to help patients. So, join us as we fanboi and fangurl out, and listen in to learn more! The Unicorn Projects — Jenny and Tina’s podcast The Unicorn Projects Jenny & Tina YouTube channel Our605Life on Facebook Our605Life on Instagram Casey Peterson’s guide to help you with end-of-life planning

Today we’re talking about the One Big Beautiful Bill, which, still surprisingly, is the name of the latest tax legislation and not a Netflix rom-com. Our tax expert, shareholder Kayce Gerlach, is back on the pod to break it all down — what’s in it for individuals, what’s in it for businesses, which tax breaks got a second life, and what shiny new benefits just showed up. So, listen in to see if the bill lives up to its beautiful name. Update: How the One Big Beautiful Bill Act Changes Taxes for Families, Seniors, and Businesses What so the Big Beautiful Bill’s new overtime rules mean for ag producers? From USAFacts: How do taxes work?

You might have noticed that discussions about the topic of “work” have been all over the board since the pandemic. Whether it was “quiet quitting” or “nobody wants to work anymore,” it’s been hard to get any kind of consensus. So, our HR and payroll partners at isolved started doing research, asking employees and businesses their thoughts about today’s workplace. Isolved’s Principal Product Evangelist, Yutaka Takagi, sat down with us to discuss what the research shows and some practical applications employers can use to improve employee engagement. Listen in to learn more! Surveys mentioned in this episode: HR Leaders Voice of the Workforce

New Rural Health Clinic Standards If you’ve listened to any of our previous episodes about rural healthcare, you’ve probably come to the not-surprising conclusion that, well, this stuff is complicated. When you add in new rural healthcare clinic standards — including issues like vaccines, roster billing, billing in real time, productivity standards, chronic care management, and more — well, things didn’t necessarily get a whole bunch simpler. Shareholder Mark Lyons hits some of the highlights of these changes that impact these facilities that serve such a vital role in our rural communities. Listen in to learn more!   Previous Mark episodes Medicare Bad Debt Funded depreciation and rural healthcare Funded Depreciation and Rural Healthcare Mark’s Path to Glory Rural Health Clinics & Fruit Pizza Rural Health Clinics Part II Fun With Allowable Costs and Activities and Medicare Advantage Plans Healthcare Allocation Statistics Your Business and Inflation

Episode 35: Roth IRA conversions and financial therapy Any time the markets get a little extra wonky, questions come up about Roth IRA conversions. So, we sat down with Emily Millsap — a Certified Financial Planner® and Certified Exit Planning Advisor™ with our friends at Avantax — to talk through the details. Emily covered who should and shouldn’t consider converting their traditional IRA, what to know about taxes, and how to avoid common mistakes. And just when we thought we were only discussing IRAs, things got real. Suddenly, we were talking about feelings behind money decisions and financial therapy, which is another super cool thing Emily is certified in. So, come for the technical knowledge about IRAs, and stay for how you feel about the dollars in that IRA. Listen in to learn more! What is the Medicare income-related monthly adjustment amount? Our wealth management services with Avantax Other Avantax podcasts GAAP Episode 025 – Meet Laura Gillen from Avantax GAAP Episode 007 – Actively Managed Portfolios AAP Episode 006 – What Exactly is a Fiduciary?

Healthcare organizations nationwide are navigating tighter margins and shrinking reimbursement rates. That’s why considering opportunities from Medicare bad debt is one way to find additional reimbursements. If the term “bad debt” makes you wonder what “good debt” is, our shareholder and healthcare expert Mark Lyons breaks it all down. Mark explains what types of bad debt are and aren’t allowable under Medicare rules, the challenges of collecting bad debt, and how healthcare facilities can minimize those challenges. This is an especially good episode for healthcare providers trying to wrap their arms and heads around all the rules … or for anyone who enjoys obscure government regulation trivia. So, good debt or bad debt, you’re going to want to listen in to learn more! Resources Frequently Asked Questions about Medicare Bad Debt Previous Mark episodes Funded Depreciation and Rural Healthcare Mark’s Path to Glory Rural Health Clinics & Fruit Pizza Rural Health Clinics Part II Fun With Allowable Costs and Activities and Medicare Advantage Plans Healthcare Allocation Statistics Your Business and Inflation

Rural healthcare continues to be a hot-button topic. So, we brought back one of our frequent guests, Mark Lyons — who heads up our healthcare team — to talk about a kind of niche topic — funded depreciation. Mark defines what it is, talks about some scenarios, and gives advice about the approach that healthcare facilities can take to use funded depreciation for long-term capital planning. Does it sound complicated? Yes. Is it? Also yes. Fortunately, Mark’s super knowledgeable and super good about explaining the complexities. There’s lots of good info in this episode, so give it a listen to learn more!

In the past year, Casey Peterson, LTD has hired some team members who are part of the Miles Education program. These new team members have come to work in the firm’s various offices by way of India with some stops along the way in U.S. communities that were quite a bit larger and different than Nebraska, South Dakota, and Wyoming. So, we sat down with Venkata and Madhuri, to ask them about their experiences, how they got into accounting and the Miles Education program, what it’s like working for Casey Peterson, and most importantly, where they get their groceries from. So, listen in to learn more. 

If you’re dreading visiting your CPA or accountant this tax season, no need to fear! One of our newest shareholders, Zach Van Sambeek, a CPA and CVA, is here to let you know what you should bring to your appointment to save yourself some time and money. Zach explains what information is helpful to have on hand whether you need your individual, business, or ag taxes filed. And as an added bonus, we even talk about bonus depreciation! (See what we did there?) So, dig out your shoebox of receipts and listen in to learn more! Don’t forget these key items for your tax appointment 2024 Standard Deduction

If you were disappointed by your results from Spotify’s Wrapped this year, we’ve got something to lift your spirits. It’s the Top 3 Casey Peterson, LTD GAAP episodes of 2024! Now, did we use listener feedback and data analytics to compile this highly scientific list? Pfffff, absolutely not. Evan and Hillary just picked the three podcasts they liked best. That’s right; it’s all based on feeeeeeeeeelings, which probably makes most accountants nervous, as it should. Anyway, if you’re short on time and just want to know the absolute Cannot Miss Podcasts of the past year, listen in to learn more! Also, Jason Staats, we’re coming for you. Not, like, in a threatening way. We’re just gonna have you as a guest eventually. Our Favs of 2024, not in the order they appear in this episode: GAAP Episode 025 – Meet Laura Gillen from Avantax GAAP Episode 023 – Rural Health Clinics & Fruit Pizza GAAP Episode 021 – Meet Casey Peterson GAAP Episode 026 – All About Audit and Attest Honorable Mentions: GAAP Episode 028 – Energy Incentives and Future Taxes with Dave McGuire GAAP Episode 029 – Mark’s Path to Glory

Have you often thought that the path to managing shareholder of a mid-sized Midwestern CPA firm was full of wonder and glory? Have you actually ever considered the path of a managing shareholder at all? … Yeah, we thought not. Either way, Casey Peterson, LTD’s own managing shareholder, Mark Lyons, a frequent guest of the podcast, talks about how he ended up where he did. It’s not at all the journey you might think it was and is a pretty good reminder that just because you’re not sure what you want to be when you grow up, that doesn’t mean you can’t find success as you figure it out. OK, yeah, that sounds like an after-school special. But whether you’re considering a career in accounting, are already a tenured accounting vet, or just like a good yarn, Mark’s tale is for you! Listen in to learn more. Other episodes featuring Mark: GAAP Episode 024 – Rural Health Clinics Part II GAAP Episode 023 – Rural Health Clinics & Fruit Pizza GAAP EPISODE 022 – Fun With Allowable Costs and Activities And Medicare Advantage Plans GAAP Episode 011 – Healthcare Allocation Statistics GAAP Episode 008 – Your Business and Inflation

It’s part two of our conversation with Dave McGuire of McGuire Sponsel, our cost segregation partner! Last time was all cost seg all the time. This time, we talk about some of the new energy incentives, how businesses can utilize them, and discuss what could happen after the upcoming election (it doesn’t get political, promise). Energy incentives are always a hot topic that can get confusing. But Dave does a great job of providing examples and laying everything out in an easy-to-understand manner. Don’t believe us? Listen in to learn more! IRS’s Clean Energy Tax Incentives for Businesses (PDF) Tax Incentives for Energy-Efficiency Upgrades in Commercial Buildings Federal Solar Tax Credits for Businesses Mostly residential energy efficiency federal tax credits Department of Energy’s financing and incentives IRS’s energy efficient home improvement credit

Today’s episode is part one of our conversation with Dave McGuire of McGuire Sponsel, our new partner that helps with cost segregation studies. We’re revisiting our very first episode about cost seg and depreciation to get into some more details. This is a great episode for businesses looking for ways to possibly increase their cash flow or decide if a cost segregation study is right for them. It’s also a heckuva an episode if you just like to nerd out about tax regulations or enjoy squirreling away knowledge not a lot of other folks have. You know you want to: Listen in to learn more! Note: Dave references a lot of forms, regulations, and other details about cost seg and depreciation. So below are resources to define those references. Rev prop 8765 (pdf) ITC tax credits Component depreciation 179 expensing Bonus depreciation 168 k 2005 IRS audit techniques guide 1031 exchange Passive income Tax & Jobs Act Tax rates

Audit, review, compilation, agreed-upon-procedures … oh my. It’s a podcast all about attest services. … Wait! Where are you going?! You’re going to want to hear this one, promise!   On today’s episode, we talk to CPA, shareholder, and vice president of our attest services team, Deidre Budahl. Deidre corrects all the misconceptions about audits (they’re not that scary, and in fact, your organization might not even need one) and talks about how your nonprofit, school, or government entity can pick the right level of service.   Deidre even defines some jargony terms that you can trot out at your next dinner party … provided you’re partying with accountants.   Anyway, audit’s a way more nuanced and interesting field than people give it credit for, and you’re gonna wanna listen in to learn more!

Welcome to another Generally Accepted Accounting Podcast Happy Hour! This one’s with Laura Gillen, Certified Financial Planner, who works for Avantax, our firm’s wealth management and financial services planning partner. Laura’s taken a kind of nontraditional path to financial planning, and that’s given her a unique perspective on the industry and helping clients with their financial goals. She talks about how she got into the industry, what she loves about it, and how much of a huge nerd she is, which, honestly, is one of our favorite parts about her. Learn more about Laura!