accounting

MSATP’s Favorite Podcasts

Posted on September 5, 2018March 12, 2024 by Navaal Mahdi

A podcast is an audio show that you can listen to online — it’s basically like on-demand radio on the Internet. There are thousands of podcasts out there about various subjects, some of which include business, celebrities, professional development, news and politics, and more. They’re easily accessible both on mobile devices, and on computers (check out those links to see how you can listen to them).

On our Facebook Live last week, MSATP President Ellen Silverstein and Kait LeDonne of LeDonne Branding & Marketing discussed their favorite professional development and accounting podcasts. Check them out below!

Professional Development

1. Lewis Howes School of Greatness

The School of Greatness podcast has grown rapidly to be one of the top-ranked Business and Self-Development podcasts in iTunes. It regularly appears in the Top 50 of all iTunes podcasts, and gets downloaded over 2 million times per month.

Episodes range from interviews with incredible world-class game changers in entrepreneurship, health, athletics, mindset, and relationships, to solo rounds with the host, Lewis Howes. It’s super fun and he always features awesome guests like Tony Robbins, Alanis Morsette, and more. It’s a great leadership development podcast.

2. How I Built This With Guy Raz

This NPR produced podcast features founders of companies like Lyft, Lululemon, Stitch Fix, and other pioneers. There was an episode featuring Kate and Andy Spade just a few weeks before Kate’s death, and it was so incredible hearing how they built the brand together. This podcast gives you access to the top business minds, and it’s the perfect way to inspire you at the beginning of your day.

3. Entrepreneur on Fire

Entrepreneur on Fire, or EOFire as its fans affectionately refer to it, is hosted by John Lee Dumas. Like “How I Built This,” John features entrepreneurs and asks them about their journey. EOFire isn’t just about household business names you hear about — it’s the everyday entrepreneur he talks to, and he makes it a point to ask about their setbacks and hardest moments as a business owner. It feels real and relatable, and it reminds entrepreneurs that you aren’t alone in this journey!

1. Bigger Pockets

The Bigger Pockets Podcast, hosted by Joshua Dorkin and Brandon Turner, is about growing wealth with smart investment. Dorkin and Turner take on investing like smarter morning drive-time guys, with wonky humor and in-your-face enthusiasm. Previous topics include negotiating (with an FBI hostage negotiator) and real estate investing. To paraphrase Chief Brody in Jaws, you’re gonna need bigger pockets – for all the money you’ll make!

2. Accountants Doing Cool Sh!t

This is about exactly what its title implies – accountants who are using their skills, knowledge, and creativity to do some interesting, innovative, and unusual things. Lifestyle Accountant, a worldwide networking group, provides services to accounting freelancers and entrepreneurs, including the economic podcast, populated by exciting new voices in the field.

3. Future of Accounting with Danetha Doe

This is a great podcast for business owners seeking to attract young professionals. Danetha Doe is one of the Millennial generation’s top thought leaders and ambassadors, attracting attention from Huffington Post, Xero, and Wells Fargo for her expertise. Her podcast, Future of Accounting, is targeted at young people heading into accounting, including students and young professionals just starting their careers. Danetha Doe doesn’t just host the Future of Accounting – she is the future of accounting.

4. The Abacus Show

The Abacus Show, hosted by Bob the CPA from Abacus U, brings top accounting professionals, influencers, and experts into informative, entertaining financial podcasts. Bob, whose Abacus U offers online courses in topics like resume building and using LinkedIn effectively, covers crucial issues for accountants and accounting students like joining professional organizations and going digital.

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Of course, the cool thing about podcasts is different ones appeal to different people. Do you have a podcast that you love or produce? Let us know in the comments! Plus, don’t forget to tune into our Facebook Live all about podcasts here.

How the Wayfair Decision Affects Maryland Businesses

Posted on July 25, 2018March 12, 2024 by Navaal Mahdi

The Comptroller of Maryland has released a Tax Alert regarding the Maryland Sales & Use Tax in reference to the Supreme Court decision in South Dakota v. Wayfair. This Tax Alert is meant to shed light on what is expected of online retailers who sell products or provide a taxable service for use in Maryland.

To recap, the South Dakota v. Wayfair decision overturns the earlier decision made in North Dakota v. Quill Corporation, which stated that businesses must have a physical presence in a state in order for that state to collect and remit sales tax from its earnings. Recently, several states have signed the Streamlined Sales Tax Agreement, a plan aimed at simplifying tax collection, but Maryland is not one of the participating states.

According to the Comptroller, if you have already been collecting and paying sales tax to the state of Maryland, you should continue to do so.

If you have not been collecting and paying sales tax and you sell products or provide a taxable service in Maryland, you should read up on the recent Supreme Court’s Decision to see how it impacts you. We’ve covered this decision on our blog here.

If you would like to start collecting and paying sales tax to the state of Maryland, you need to get a sales and use tax license by completing a Combined Registration Application.

Maryland businesses selling products or taxable services in other states may be required to pay sales tax in those states. The Comptroller recommends directly contacting any states you may have business in if you have any questions regarding this decision.

For a deeper understanding about sales and use tax and to get your questions answered, you can now register for MSATP’s newest seminar/webinar, Sales and Use Tax After the Wayfair Case. To register for the webinar, click here, and to register for the in-person seminar, click here.

A Grad’s Guide to Becoming an Accountant

Posted on July 25, 2018March 12, 2024 by Navaal Mahdi

Accountants are some of the most trusted advisors in business because of their level of involvement with their clients’ fiscal wellbeing. Because of their wide range of knowledge — from taxes to wealth management, in most cases — young CPAs and tax professionals have the potential to become the trusted advisors every business needs.

Here are some tips for graduates and young professionals:

1. Apply what you know.

Just because you’ve finished a degree in accounting or finance doesn’t necessarily mean that you’re fully aware how to apply the skills that you’ve learned. Start applying those textbook scenarios to real world happenings. Step outside of your comfort zone and seek opportunities that will allow you to expand your knowledge base and, more importantly, teach you how to solve a wide range of problems for your clients.

2. Tell the truth and hold yourself accountable.

Everyone makes mistakes, especially when first starting out in a field, and there’s nothing wrong with that. Think back to any particular moment in your life when you’ve made a mistake, and you’ll notice that you learned a lesson from it. Though making mistakes is okay, it’s essential that if you do make a mistake, you let an experienced coworker know immediately so they can help you recover. Don’t let your ego keep you from asking for help when you need it.

3. Stick to deadlines.

A huge part of being an accountant is having the desire to see your clients succeed. If you expect to be seen as an advisor for a business owner, you must stick to all deadlines to ensure that you never let your clients down. Work on your time management skills before tax season, especially if time management is something you struggle with. The most effective way to manage your time is by designating enough of it to each client. Make sure you’re not distracted by trivial and unimportant tasks so you can give your clients the attention they deserve.

Check out our recent blog post about time management to help you stay on top of your workload!

4. Build your network.

Don’t be afraid to attend networking events for accountants. Making connections with other professionals, especially those who have years of experience, will only help you become a better accountant or tax preparer. Remember, other professionals want to help you succeed — ask them questions and don’t be afraid to reach out to them for advice. After all, they were once in your shoes too, and they have an idea about what you’re going through.

MSATP offers opportunities to help professionals build their businesses and their networks. Register now for our upcoming Employee to Entrepreneur event on October 25 for your chance to meet other young professionals and learn from experts in the field. The first 25 registrants will receive a free Associate Membership with their registration, so sign up now!