Bennett Thrasher Presents: Beyond The Ledger

Bennett Thrasher

Explore “Beyond the Ledger,” Bennett Thrasher’s podcast where advisors and industry leaders look past the numbers to uncover the strategies, risks, and opportunities shaping today’s businesses. Each episode delivers timely insights across tax, advisory, and technology to help provide clarity through confident advisement.

  1. Aug 31

    The New Era of Inbound Investment: Why Global Companies Are Choosing the U.S.

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Matt Pellegrom, Partner in Bennett Thrasher’s International Tax Practice, to explore the evolving landscape of foreign investment in the United States. As global tax reform, shifting trade policies, supply chain realignment, and economic uncertainty reshape international business decisions, Matt explains why the U.S. continues to attract foreign-parented companies and what leaders should consider before entering the market. The conversation covers tax and entity structuring, operational and commercial considerations, common market-entry pitfalls, and why early, cross-functional planning can create a stronger foundation for long-term U.S. growth.   Takeaways The U.S. Remains an Attractive Market: Access to one of the world’s largest consumer markets, opportunities to build brand recognition, and a strong commercial environment continue to make the U.S. an appealing destination for foreign investment. Tax Is Only Part of the Decision: Successful U.S. expansion requires companies to evaluate operational, commercial, legal, financing, and market considerations alongside their international tax strategy. Structure Matters From the Start: Choosing the right U.S. entity and operating structure can have long-term implications for taxes, legal obligations, financing, and future growth. Early Planning Can Prevent Costly Surprises: Addressing tax exposure, state-specific requirements, permanent establishment concerns, and operational needs before entering the market can help companies avoid unnecessary complexity and costs. Cross-Functional Collaboration Is Critical: Inbound investment touches tax, finance, legal, HR, treasury, operations, and executive leadership, making coordination across teams essential to a successful expansion. Global Uncertainty Requires a Proactive Strategy: Changing tax policies, trade dynamics, geopolitical risks, and supply chain shifts reinforce the importance of building flexibility into U.S. investment strategies. Successful Expansion Takes a Long-Term View: Companies that approach U.S. investment with clear objectives, thoughtful structuring, strong local presence, and coordinated planning are better positioned for sustainable growth.   Chapters 00:00 Introduction to the U.S. inbound investment landscape 01:25 Impact of recent tax reforms and global initiatives 03:49 Why the U.S. remains a top destination for foreign investment 05:56 Factors making U.S. business entry easier 07:19 Operational and commercial considerations beyond tax 09:16 Choosing the right U.S. business structure 11:42 Planning for a U.S. presence and avoiding permanent establishment issues 13:07 Pre-investment planning and common pitfalls 15:54 Unexpected challenges in U.S. market entry 18:40 The importance of cross-functional collaboration 20:20 Future trends and preparing for global changes 22:13 Characteristics of successful inbound investments 23:10 The role of early legal and tax planning 24:04 Final advice for U.S. expansion planning   Connect with the Guest Matt Pellegrom Bennett Thrasher Bio: https://www.btcpa.net/people/matt-pellegrom LinkedIn: https://www.linkedin.com/in/matt-pellegrom/ Learn more about Matt and Bennett Thrasher’s International Tax capabilities at btcpa.net. Connect with the Host: Shardae Layfield LinkedIn: https://www.linkedin.com/in/shardae-layfield/ Connect with Shardae on LinkedIn and follow Beyond the Ledger for more conversations with business and industry leaders. 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  2. Aug 27

    “Missed an FBAR? The Rules Just Changed” with “Beyond the Ledger: Blitz Chats”

    Missed an FBAR? The Rules Just Changed In this episode of Beyond the Ledger: Blitz Chats, host Shardae Layfield  sits down with Matt Pellegrom, Partner in Bennett Thrasher’s International Tax Practice, to break down a significant change to the FBAR reporting landscape. With the IRS eliminating its Delinquent FBAR Submission Procedures, taxpayers who discover missed filings may face a different path forward. Matt explains who may have an FBAR filing requirement, the potential risks and penalties associated with delinquent filings, why acting quickly matters, and what individuals and businesses should consider before deciding their next step. Takeaways FBAR Requirements Extend Beyond Individuals: U.S. persons with a financial interest in or authority over certain foreign financial accounts may have an FBAR filing requirement, making it important for both individuals and businesses to understand their potential obligations. The Delinquent FBAR Process Has Changed: The IRS eliminated the Delinquent FBAR Submission Procedures, removing a pathway that previously allowed certain taxpayers with overdue FBARs to address missed filings without penalties. Missed FBARs Can Carry Significant Risk: Penalties can vary substantially depending on the circumstances and whether a failure is considered willful or non-willful, with serious cases potentially carrying significant financial consequences. Waiting Could Increase Exposure: Once a taxpayer becomes aware of a potential missed filing, choosing not to address it could create additional risk—particularly if the IRS determines the taxpayer knowingly failed to comply. Professional Guidance Is Critical: Individuals and businesses that believe they may have delinquent FBARs should consult a qualified tax professional to understand their circumstances, evaluate available options, and determine an appropriate path forward. Chapters 00:00 – Introduction  Welcome to Beyond the Ledger: Blitz Chats and an introduction to the changing FBAR reporting environment. 00:25 – What Is an FBAR?  Understanding the Foreign Bank and Financial Accounts Report, who may be required to file, and why FBAR compliance matters. 02:05 – What Changed?  A look at the elimination of the IRS Delinquent FBAR Submission Procedures and what the change means for taxpayers. 04:10 – Who Could Be Impacted?  The individuals, businesses, partnerships, trusts, and other taxpayers that should be evaluating potential foreign account reporting obligations. 05:35 – What Happens If You Missed an FBAR?  Potential penalties and risks associated with discovering an unfiled FBAR from a prior year. 07:15 – Why Does Acting Quickly Matter?  How delaying action after becoming aware of a missed filing could potentially increase a taxpayer’s exposure. 08:35 – What Should Taxpayers Do Now?  Why taxpayers should seek professional guidance before determining how to address potentially delinquent FBAR filings.   Connect with the Guest Matt Pellegrom Bennett Thrasher Bio: https://www.btcpa.net/people/matt-pellegrom LinkedIn: https://www.linkedin.com/in/matt-pellegrom/ Learn more about Matt and Bennett Thrasher’s International Tax capabilities at btcpa.net. Connect with the Host Shardae Layfield LinkedIn: https://www.linkedin.com/in/shardaelayfield/ Follow Beyond the Ledger and its sub-series Blitz Chats for timely insights, emerging issues, and expert perspectives on the developments affecting businesses and individuals. 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  3. Aug 19

    Why Your Sales Tax Software Isn’t Enough: The Hidden Risks Costing Businesses Thousands

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with DiAndria “Dee” Green, Partner in Bennett Thrasher’s State and Local Tax Practice, to explore why sales tax automation alone isn’t enough to keep businesses compliant. While platforms like Avalara and Anrok can streamline compliance, missed filings, unresolved notices, credit balances, reconciliation issues, and changing nexus obligations can still expose businesses to costly risks. Dee shares the warning signs companies should watch for, the processes that help close compliance gaps, and how proactive oversight can help businesses stay ahead as they grow. Takeaways Automation Still Requires Oversight: Sales tax software can simplify compliance, but businesses still need the right processes, configurations, testing, and ongoing management to identify issues technology alone may not catch. Hidden Risks Can Become Costly: Sales tax problems may go unnoticed until they create significant exposure. A real-world example demonstrates how a process that appears to be running smoothly can still result in unexpected tax, penalties, and interest. Compliance Goes Beyond Filing Returns: Regular procedures and ongoing monitoring can help businesses uncover issues before they develop into larger and more expensive compliance problems. Reconciliation Is a Critical Control: Reconciling invoicing systems with sales tax software can help businesses identify discrepancies and strengthen their overall compliance process. Growth Creates New Obligations: As businesses expand, monitoring economic nexus thresholds is essential for identifying when new registration and filing requirements may be triggered. Proactive Support Can Help Businesses Stay Ahead: Managing notices, credits, refunds, nexus obligations, and other ongoing responsibilities can require significant attention. The right combination of technology and experienced oversight can help businesses build a more sustainable compliance approach as they grow. Chapters 00:00 Introduction to sales tax compliance challenges 00:12 Dee Green's expertise in sales tax 00:56 Why automation alone isn't sufficient 01:26 Misconceptions about sales tax platforms 02:13 The importance of oversight and management 03:07 Early warning signs of compliance issues 04:01 Configuring and testing automated solutions 06:20 Case study: Hidden penalties and lessons learned 09:14 Ongoing procedures for compliance 12:54 Reconciliation and its significance 16:11 Monitoring economic nexus thresholds 18:27 Managing notices, credits, and refunds 20:46 Outsourced sales tax support and benefits 26:20 Evolving sales tax rules and future trends 28:39 Maintaining compliance for future growth 29:38 Final thoughts and partnership approach Connect with the Guest: DiAndria “Dee” Green Bennett Thrasher Bio: DiAndria “Dee” Green LinkedIn: https://www.linkedin.com/in/thesaltylawyerdee/ Connect with the Host: Shardae Layfield LinkedIn: https://www.linkedin.com/in/shardae-layfield/ 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  4. Aug 6

    Unlocking Hidden Opportunities: R&D Tax Credits for Manufacturers

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Nina Desai, Partner in Bennett Thrasher's Credits & Incentives Practice, and Julie Hagan, who works closely with manufacturers to identify innovation across their operations, to discuss how manufacturers can uncover valuable R&D tax credit opportunities hidden within their everyday operations. From process improvements and automation to custom engineering and production challenges, they explain what truly qualifies, debunk common misconceptions, and share practical guidance on documentation, eligibility, and how these incentives can help manufacturers reinvest in future growth and innovation. Takeaways Innovation Happens on the Shop Floor: Many manufacturers assume R&D tax credits only apply to groundbreaking inventions, but everyday engineering challenges, process improvements, and production innovations may also qualify. Qualification Goes Beyond New Products: Activities involving automation, tooling, robotics, AI, custom manufacturing, and process optimization can all create qualifying R&D opportunities when technical uncertainty is present. Documentation Is Critical: Maintaining design records, testing results, engineering notes, and evidence of iterative development helps support a successful R&D tax credit claim. Even Failed Experiments Can Qualify: Projects that don't achieve the desired outcome may still meet IRS requirements because they demonstrate technical experimentation and uncertainty. Many Costs Are Eligible: Qualified expenses can include employee wages, supplies used during development, and certain contracted research activities. Technology Is Expanding Opportunities: Investments in automation, artificial intelligence, robotics, and advanced manufacturing technologies are creating new opportunities for manufacturers to claim valuable tax credits. R&D Credits Can Fuel Future Growth: Rather than simply reducing taxes, these credits can improve cash flow and provide additional resources to invest in innovation, equipment, talent, and long-term competitiveness. Read the Full Blog: Beyond the Shop Floor: The R&D Tax Credits Manufacturers Are Missing   Chapters 00:00 Introduction to R&D Tax Credits for Manufacturers 01:24 Common Misconceptions About R&D Eligibility 02:20 The Four-Part Test for R&D Qualification 03:43 Qualifying Activities in Manufacturing 05:28 Process Improvements and Cost Reductions 10:30 Impact of Advanced Manufacturing Technologies 12:48 Distinguishing Routine Activities from Experimentation 14:32 Developing Solutions for Custom Orders 16:16 Documentation Strategies for R&D Claims 21:24 Using R&D Credits to Reinvest in Growth 23:11 First Steps for Manufacturers to Claim R&D Credits Resources Bennett Thrasher – Credits & Incentives Practice: https://www.btcpa.net/services/tax/credits-and-incentives   Connect with the Guests Nina Desai Bennett Thrasher Bio: Nina Desai Julie Hagan Bennett Thrasher Bio: Julie Hagan   🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  5. Jul 24

    From Idea to Impact: How Erin England Built Diaper Concierge

    Summary In this episode of Beyond the Ledger's special series, The Growth Exchange host Shardae Layfield introduces Emily Ackerman, Southwest Business Development Director at Bennett Thrasher, and Erin England, Founder and CEO of Diaper Concierge, for a conversation about turning a simple idea into meaningful impact. Erin shares her inspiring journey to founding Diaper Concierge, a revolutionary vending solution for parents on the go, and how one idea sparked a business that is transforming parenting and travel experiences. Together, Emily and Erin explore the realities of entrepreneurship and the persistence, partnerships, and purpose required to build and scale a business that solves an everyday challenge for families.  Diaper Concierge- Instagram Takeaways A Personal Frustration Sparked a Business: Diaper Concierge was born from a real parenting challenge, proving that some of the best business ideas come from solving everyday problems. Entrepreneurship Requires Persistence: Building a company means overcoming setbacks, navigating rejection, and remaining committed to a long-term vision. Access to Capital Can Be a Barrier: Women entrepreneurs often face additional funding challenges, making creativity, resilience, and strategic relationships even more important. Customer Stories Fuel Growth: Positive feedback from parents and venue partners continues to validate the business model and drive new opportunities. Strategic Partnerships Accelerate Expansion: Growth depends on building relationships with airports, entertainment venues, family attractions, and other organizations committed to improving the customer experience. Scaling Takes Patience: Expanding a vending machine business involves operational planning, logistics, and finding the right partners to support sustainable growth. Mentorship Makes a Difference: Learning from experienced entrepreneurs and building a strong support network can help founders navigate challenges more effectively. Focus Creates Momentum: Solving one problem exceptionally well has allowed Diaper Concierge to build credibility, differentiate itself, and create opportunities for broader adoption. The Future Is Family-Friendly Experiences: As businesses increasingly prioritize customer experience, amenities that support parents and caregivers are becoming a competitive advantage.   Chapters 00:00 – Introduction to Diaper Concierge 02:59 – The Origin Story Behind the Business 06:12 – Overcoming the Challenges of Entrepreneurship 09:04 – Customer Success Stories and Real-World Impact 12:09 – Pitching to Venues and Breaking Through Barriers 15:05 – Future Growth and Expansion Opportunities 17:51 – Leadership Lessons and Personal Growth 20:57 – The Power of Mentorship and Community 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  6. Jul 9

    The Business of Being an Athlete: NIL, Taxes & the Financial Playbook Every Athlete Needs

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Peter Stathopoulos, Partner in Bennett Thrasher's Entertainment Practice, to explore how Name, Image, and Likeness (NIL) has transformed college athletics into a complex financial and tax landscape. The conversation examines the tax implications of NIL income, common record-keeping mistakes, multi-state tax challenges, and strategic planning opportunities that can help athletes, schools, and collectives navigate this rapidly evolving environment with greater confidence. Takeaways NIL Income Is a Business: Student-athletes should approach NIL earnings as business income from the very beginning, with the same financial discipline expected of entrepreneurs. Record-Keeping Is Essential: Maintaining organized records of income, contracts, expenses, and payments can help prevent costly tax issues and simplify reporting. Tax Bills Can Be Unexpected: Many athletes are surprised by their tax liability, making proactive planning and setting aside funds for taxes a critical part of managing NIL income. Multi-State Taxes Add Complexity: Earning income across multiple states can trigger additional filing requirements and tax obligations that athletes often overlook. Business Structures Can Create Opportunities: As NIL earnings grow, forming the right business entity may provide tax planning and liability benefits. Schools and Collectives Have Compliance Responsibilities: Proper payment reporting, documentation, and education are increasingly important for institutions supporting NIL programs. Professional Guidance Pays Off: Working with qualified tax advisors early can help athletes avoid common mistakes and make more informed financial decisions. Planning Beyond College Matters: NIL income presents an opportunity to build long-term financial success through strategic tax planning, savings, and investment decisions. The NIL Landscape Will Continue to Evolve: As regulations and guidance develop, athletes and organizations must remain adaptable to new tax and compliance requirements. Chapters 00:00 – The Evolution of NIL in College Athletics 04:24 – Understanding NIL Income and Tax Implications 09:27 – Record-Keeping Essentials for Athletes 14:27 – Navigating Multi-State Tax Challenges 19:35 – The Role of Schools and Collectives in NIL 21:52 – Tax Planning Strategies for Athletes 23:45 – Future Trends in NIL Taxation and Compliance 26:22 – Navigating Opportunities and Avoiding Pitfalls 26:51 – Building Long-Term Financial Success 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  7. Jun 23

    Outgrowing Your Accounting? The Smart Playbook for Scaling Without Chaos

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Chris Tomaselli to discuss how growing businesses can build accounting functions that support long-term success. The conversation explores the warning signs that companies have outgrown their current processes, when outsourcing may become a strategic advantage, and how technology, automation, and scalable systems can help organizations manage growth more effectively. Takeaways Growth Often Exposes Accounting Gaps: As companies expand, accounting processes that once worked efficiently can become bottlenecks that limit visibility, reporting, and decision-making. Outsourcing Can Be a Strategic Growth Tool: Businesses do not have to choose between control and outsourcing. The right partner can provide expertise, scalability, and operational efficiency while improving financial oversight. Technology Supports Scalability: Selecting the right accounting software and integrated technology stack is critical for improving visibility, automation, and operational efficiency. Scalable Systems Matter: Growing companies should prioritize solutions that can support increased transaction volume, multi-entity structures, enhanced reporting, and future growth initiatives. AI Is Creating New Opportunities: Automation and AI continue to reshape accounting functions, helping organizations improve efficiency while still requiring human oversight and judgment. Implementation Planning Is Critical: Successful accounting system transitions require clean data, realistic timelines, strong communication, and a well-defined implementation strategy. Partner Selection Impacts Outcomes: Choosing an experienced accounting and technology partner can significantly influence the success of outsourcing initiatives and system implementations. Future Growth Requires Preparation: Building scalable accounting processes early can help companies navigate acquisitions, investor expectations, audits, and increasing operational complexity. Chapters 00:00 Introduction to Outsourced Accounting Solutions 03:58 Recognizing the Need for Change in Accounting Processes 07:00 Common Accounting Challenges for Growing Businesses 10:49 The Role of Technology in Accounting 14:27 Leveraging AI and Automation in Accounting 18:36 Mistakes in Accounting System Transitions 21:48 Choosing the Right Accounting Partner 23:41 Advice for Future Growth and Scalability  🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  8. Jun 17

    Inside the IRS Audit Playbook: What To Know Before The IRS Comes Calling

    In this episode of Beyond the Ledger, host Shardae Layfield sits down James Pickett and Chris Stephens to explore the realities of the IRS audit process and what businesses should know before the IRS comes calling. The conversation examines common audit triggers, documentation challenges, communication strategies, and the proactive steps organizations can take to strengthen audit readiness and reduce risk before an examination begins. Takeaways IRS Audits Are More Strategic Than Random: Many examinations are initiated based on data analysis, compliance trends, and specific risk indicators rather than chance selection. Audit Triggers Often Stem From Inconsistencies: Significant changes in income, deductions, credits, reporting discrepancies, and unusual tax positions can attract IRS attention. Early Response Matters: How a business reacts to an initial IRS notice can significantly influence the efficiency and outcome of the audit process. Documentation Is Critical: Maintaining complete, organized, and accessible records is one of the strongest defenses during an examination. Communication Should Be Deliberate: Providing accurate, relevant information while avoiding unnecessary disclosures can help prevent audits from expanding beyond their original scope. Growing Businesses Face Additional Complexity: Multi-state operations, international activities, and complex organizational structures often increase audit challenges and scrutiny. Technology Is Changing IRS Enforcement: Advanced data analytics and digital examination tools allow the IRS to identify anomalies and potential compliance issues more efficiently than ever before. Disputes Can Be Managed Strategically: Businesses have options when they disagree with proposed adjustments, including appeals, negotiations, and administrative resolution processes. Penalties Are Not Always Final: Taxpayers may qualify for penalty relief, abatement opportunities, or other resolution strategies depending on the circumstances. Audit Readiness Starts Before an Audit: Regular compliance reviews, strong internal controls, consistent recordkeeping, and proactive planning can help reduce exposure and improve outcomes if an examination occurs. Chapters 00:00 Introduction to IRS Audits and Tax Controversies  01:29 Understanding Common IRS Audit Types  03:45 Triggers for IRS Audits  06:31 What to Do After Receiving an Audit Notice  08:37 Documentation Challenges During Audits  12:33 Communicating Effectively with the IRS  15:45 Audit Challenges for Growing and Multi-State Businesses  17:38 How Technology Is Changing IRS Audits  20:29 Managing Expanded Audits and Disputes  27:48 IRS Procedures for Large Businesses  31:33 Penalties, Interest, and Resolution Options  38:29 Building a Strong Audit Readiness Strategy 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

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Explore “Beyond the Ledger,” Bennett Thrasher’s podcast where advisors and industry leaders look past the numbers to uncover the strategies, risks, and opportunities shaping today’s businesses. Each episode delivers timely insights across tax, advisory, and technology to help provide clarity through confident advisement.

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