Paychex THRIVE, a Business Podcast Paychex, Inc.

New York has done what no other state in America has, but what will offering 20 hours of prenatal paid leave to employees – on top of other leave time they are entitled to under the law – mean to employers? Gene Marks has a few thoughts on the topic, including that this might become a national trend. Job openings are down one-third since 2022, but still remain at an historic high. Gene shares his take on what has changed to bring on those results, along with why a major credit card company is trying to reduce the number of cards in your wallet.
DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.

CEO Shelly Weir discovered that her notions of what CPAs were like differed from who they actually are when she came to the Florida Institute of CPAs. Putting aside the “number crunchers” concept, she has leaned into their strategic and critical thinking skills and their people-person approach to help revamp educational efforts to the next generation of accounting professionals. With Florida growing so quickly, the need for quality and specialized CPAs is growing, too, and she details on Paychex THRIVE, a Business Podcast, what FICPA is doing to address this. Weir also shares her take on AI and how it can reshape the accounting profession.
Topics Include:
00:00:00: Episode preview00:01:01: Introduction to Shelly Weir00:01:29: Background of Shelly Weir00:05:50: Learnings about CPAs00:06:17: Qualities of successful CPAs00:09:07: Specialization in CPA profession00:12:41: Major CPAs’ specialties in Florida00:16:03: Unique CPA practices in Florida00:20:43: Pipeline and recruiting in the profession00:21:16: National level recruitment challenges and solutions00:26:59: Programmatic solutions for recruitment00:28:10: Certification requirements discussion00:30:59: Impact of work-from-home on accounting profession00:33:27: Future of Remote Work – a Florida perspective00:37:21: Future of AI in the accounting profession00:40:58: Impact of AI in accounting profession00:42:01: Wrap-up and thank you
DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.

This week on Paychex THRIVE, class is in session with Shefali Milczarek-Desai, a distinguished scholar and associate professor of law at the University of Arizona. She joins Gene to explore the complex subject of worker classifications as understanding its intricacies is more than a compliance exercise — it's an operational necessity. Shefali provides insights into recent changes in worker classification regulations, particularly focusing on new rules surrounding independent contractors, bringing attention to their impact on wages, benefits, and protections. This episode also explores the legal and financial implications of misclassification, along with strategies to avoid it. This is one class you don’t want to skip.
 
Topics include:
00:00: Episode preview and welcome
01:22: Introduction of Professor Shefali Milczarek-Desai
05:24: Introduction of worker classification discussion and rule changes
06:57: Explanation of the Fair Labor Standards Act and its implementation
10:52: Navigating the six factors for determining worker classification at the federal and state levels
15:02: Defining independent contractors vs. employees
17:03: Reviewing the Economic Realities Test
20:27: Department of Labor and IRS role in worker classification
22:15: Advice for business owners on navigating worker classification rules
26:25: Consequences of misclassification
28:41: Wrap up and thank you
 
DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.

A revamp of the lending structure has some people praising a more streamlined process to get an SBA loan, while others are mad at the additional complexities involved. Regardless, Gene Marks says SBA loans are still a great way to go for small businesses seeking funding. A study finds that pet bereavement leave has many advantages – recruitment, though? Yes, Gene says with so many pet owners, providing this low-cost benefit can draw talent in and help keep them. And why has Gen Z looked to the trades? Lower cost in obtaining education and certification, not to mention earnings potential.
DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.

Aiysha “AJ” Johnson, CEO and Executive Director of the New Jersey Society of CPAs, says raising awareness at an earlier point in the education process is key to creating a successful pipeline in the accounting profession. The validation of that choice comes when individuals realize the many avenues a CPA can take to help any business in any industry sector grow. She also talks about work credit programs with colleges and firms on Paychex THRIVE, a Business Podcast. 
Topics Include:
00:00:00: Episode Preview
00:02:03: Introduction to Aiysha “AJ” Johnson
00:03:17: Aiysha Johnson’s Career Path
00:07:25: Overview of NJCPA
00:09:00: AJ’s Role as a CEO
00:12:48: Aligning work for credit program with colleges and firms
00:17:25: Challenges of recruitment in the profession
00:19:00: Approach of pipeline task force
00:22:00: State requirements for certification
00:25:05: Bringing exposure to accounting to younger students
00:28:44: Opportunities for CPAs in other industries
00:32:38: Wrap-up and thank you
DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
 

On this episode of Paychex THRIVE, U.S. Senator Todd Young (R-Indiana) joins host Gene Marks to discuss the role of lawmakers in fostering AI innovation, its security, and risk mitigation. Senator Young dives into the bipartisan AI policy work he’s currently conducting in the Senate; sharing how this collaborative approach and thoughtful legislation can support the evolution of AI technologies. He also highlights financial mechanisms policymakers are using to stimulate innovation, specifically touching on the R&D tax credit and the impending reforms that are designed to help American business owners develop a thriving future economy.
 
Topics include:
00:00: Episode preview and welcome
01:23: Introduction Senator Todd Young (R-Indiana)
02:22: Role of legislation in AI
04:13: Steps towards AI legislation
06:02: Discussion about qualification to regulate technology
09:32: Introduction to the Future of AI Innovation Act
12:16: Implications of AI on learning
14:14: Explanation of the R&D tax credit and its impact
16:13: Proposed reforms to the R&D tax credit
20:07: Comparison of U.S. R&D tax provisions to other different countries
21:29: Importance of the R&D tax credit to non-tech sectors
24:29: Upcoming tax and election year issues
27:02: Paying for expanding tax provisions
30:08: Bipartisan tax agreement possibilities
32:15: Wrap up and thank you
 
DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.