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Eric Scott

25 Podcast Episodes

Latest 1 May 2021 | Updated Daily

Weekly hand curated podcast episodes for learning

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Working the System - Pastor Eric Scott

Emmanuel English Church

Passage: Luke 16:1-13 Main Point: Work God’s system to get a more secure future. Sermon Points 1. Celebrating Shrewdness The master praises the manager’s foresight and shrewdness in planning for the future Jesus calls His followers to work God’s system for their advantage 2. Working the System If our hearts are split, we won’t work God’s system properly The test for a split heart: How do we handle the small, seemingly trivial aspects of day to day life? Which system are we seeking to work? 3. A Single-Minded Heart  Our hearts are split because we still believe the lie that money can give us everything it promises  Only when we see the beauty of Jesus will we see life and money in their proper perspectives Practical Commitments: ➡Use money to build relationships ➡Never make money at the expense of relationships ➡Intentionally plan to be generous Sharing & Prayer After listening to the message: What would you like to know more about from Luke 16:1-13? Pray that God would help EEC to live generously in light of eternity Pray for strengthened relationships with others in the church

43mins

11 Apr 2021

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Alisha Harper and EY's Eric Scott on Corporate Taxes

Bellarmine On Business

Episode 7:  Host Jim Ray interviews Alisha Harper BU Associate Professor of Accounting and Eric D. Scott (BU ’06), Managing Director of Global Compliance & Reporting for EY (Ernst & Young LLP).  Today’s episode has an accounting theme based on Now, Next & Beyond, which we borrowed from EY. Segment 1:  The Now (PPP and the Consolidated Appropriations Act “CAA”) The CARES Act brought us the PPP loans and the Employee Retention Tax Credit.  The Consolidated Appropriations Act provided additional PPP loans addressed deductibility issues related to those loans, in addition to an expansion of the Employee Retention Tax Credit.  Later, the American Rescue Plan Act of 2021 (“ARPA”) was launched.  Both small and large businesses took advantage of the PPP loans.  There were actually 3 major pieces of legislation passed in a relatively short period of time.  The rules were being written in real time and the rules for forgiveness were also forthcoming.  The question of expense deductibility regarding expenses covered with PPP loans was on the minds of many business owners. Congress was initially caught off guard by the deductibility question.  Luckily, the legislative process worked and the law was changed to allow for expense deductibility for the PPP-utilized funds, in addition to allowing the loan proceeds to remain forgivable. The Employee Retention Tax Credit was implemented to help employers keep people on payroll.  This is a payroll tax credit for 2020, which was extended via the CAA through mid-2021 and again via the ARPA for the remainder of 2021.  This is a refundable credit, which is fairly advantageous for businesses.  The rules for this credit were somewhat fluid, which made planning and implementation difficult. Segment 2:  The Next (Legislative Process and Biden Administration Proposals) The legislative process is messy.  Even if a bill passes and gets signed into law by the president, it’s not over.  For instance, in 2017 the Tax Cuts and Jobs Act (TCJA) was enacted, but regulatory packages related to the Act are still being released.  The fluidity and messiness of the tax changes have been particularly confusing for accounting students.  Alisha was literally teaching students from the TCJA analysis, after its enactment, because the text books weren’t current on this topic. How long will the current rules remain in place?  How will the legislative process alter what we “know” now?  Students are struggling to cope with the regulatory environment.  Eric commented that at times, the words in the statute and the regulatory packages are in conflict.  This only compounds the problem.  He offered an example about how he deals with it with EY staff, in the real world.  The best way to approach it is to read the wording of the statute, then go onto the regulations.  It’s about building a foundation and deciding how it should be applied for a particular client.  It’s not always black and white. The Biden Administration’s Build Back Better plan is still being implemented.  There were many changes put forth during the campaign.  However, both Alisha and Eric agree that whatever tax policy changes end up being implemented, they won’t happen quickly. One idea initially floated is to increase the corporate tax rate from 21% to 28%.  Additionally, there was talk of repealing the deductibility of advertising expenses for pharmaceutical companies.  The Global Intangible Low-Tax Income (“GULTI”) for foreign income is part of the TCJA and could also be impacted by the Biden administration changes.  In Episode 3 of the Bellarmine on Business podcast, Jim, Dr. Frank Raymond and Carl Hafele also spent a lot of time discussing what we thought might happen, based on the Biden campaign’s talking points.  Segment 3:  The Importance of Modeling Modeling is basically the exercise of generating various scenarios and determining how the current environment impacts your business financials.  Modeling can help a company make better-informed decisions.  Change is constant.  Having a game plan to deal with that change is a good strategy.  There is some optionality to the tax code.  You may have elections, but the option you choose will have consequences.  If you later decide you want to change one or more of those elections, if it’s even possible, it can be complicated (and expensive).  The Employee Retention Tax Credit (ERTC) is a benefit, but businesses must be careful how that credit is calculated when a PPP loan is involved.  It was important to run the numbers (e.g. model) the scenarios of how you might elect to use one or both of these relief measures.  It’s possible that the business may have left money on the table if careful consideration was undertaken. The Business Interest Expense Limitation was an updated in the TCJA.  Initially, it imposed a limited on your interest expense by not allowing it to exceed a certain amount of your adjusted, taxable income.  It can limit the interest a business is allowed to deduct in a given year.  Because the 2020 pandemic negatively impacted many businesses, the provision was updated to allow businesses to elect to use the 2019 adjusted, taxable income (which might have been higher), thus allowing for the deductibility of more interest expense.  It’s important to model the scenarios to understand what’s best for your company’s situation. Alisha discussed how an important way for her student to understand modeling is by analyzing a choice of entity decision.  They get the opportunity to see how tax rates and changes will apply to the various business entities.  Segment 4:  The Beyond The day to day role of accounting professionals is changing.  The modeling and advising capability makes them vital to the success of a company (small, medium or large.)  Businesses need to be nimble.  Being able to make informed decisions can be a competitive advantage.  The environment is going to remain very dynamic.  Scott recommends accounting students should work hard to get a foundation set and learn how to read the tax code.  This skill set will enable you to be able to build on that foundation.  You’ll be equipped to be dynamic and equipped to deal with the changes that will inevitably come.  You’ll be able to help your clients to plan for the beyond. Scott closed with a few comments on student loan forgiveness, based on the ARPA.  It provides that if student loan debt were to be forgiven (2021-2025), the forgiven student loan debt would be excludable from income.  This does not forgive student loan debt, but it does seem to lay the groundwork for potential forgiveness of the debt.  Normally, if loan debt is forgiven, it’s counted as gross income. If you’d like to contact Eric Scott, his office phone number is (502) 585-6554.  The company website is EY.com.  His office address is: Ernst & Young LLP Suite 1200 400 West Market St. Louisville, KY 40202 To contact Alisha Harper, her office phone number is (502) 272-8471 and you can learn more about her at:  https://www.bellarmine.edu/rubel-school-of-business/faculty/ Disclaimers: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining. This discussion is not intended, and should not be relied upon, as tax, accounting, or legal advice. Ernst & Young LLP expressly disclaims any liability in connection with the use of this discussion or its contents by any third party.  The views expressed by the speakers are not necessarily those of Ernst & Young LLP or other members of the global EY organization. THE MONTHLY FORECAST: Upcoming Events 4/12/21 – The Knights Golf Day at Woodhaven Country Club.  This will be a golf scramble.  Click here for more information and to register for the event. 4/15/21 – Dean’s Executive Speaker Series – KY State Treasurer Allison Ball.  Join us for a presentation from our second-term Treasurer.  She’ll discuss her experience as a child entrepreneur and the valuable lessons that experience taught her for her future career.  Click here to register for this event.  Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

59mins

31 Mar 2021

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Episode 46: Pastor Eric Scott on spiritual burn out and the greatest generation

Limitless Spirit

“I knew church. I knew the motions to go through… but I didn’t know Jesus.” Eric Scott was a stereotypical, rebellious pastor’s kid who looked good on the outside. On the inside, he was searching for his own identity separate from his parent’s faith and work. That led him to make some poor decisions in college that led him to a breaking point. But God used everything Eric went through to bring him into a relationship with Christ. Eric finally began to understand the meaning of grace and mercy, and he entered into a journey of discovering God’s love. After getting married, starting a family, and doing ministry work years later, Eric had to go through another journey of discovery. This time, God needed to teach him that the love of Jesus was not dependent on his performance.  As the Associate Director of Campus Ministry at The King’s University in Texas, Eric now spends a lot of his time teaching the next generation the hard lessons that God showed him. He’s got plenty of good insight to share about his life, and some powerful words of wisdom about Gen Z that you won’t want to miss in this episode. 2:36 – Eric talks about being the stereotypical rebellious “preacher’s kid” and discusses how a lack of personal identity can lead children to rebel against their parent’s faith 6:49 – Eric’s parents shoot down his idea about being involved with basketball at a state university, so he goes to Bible college instead 9:03 – Struggling with substance addiction and theft while he was in college, Eric eventually begins a real relationship with Jesus  13:50 – Coming to a true understanding of God’s grace and mercy 16:46 – Eric explains why in 2013, he realized he was an “unbelieving believer” who knew the Gospel but not the grace of Christ 21:40 – The journey with Jesus is becoming and knowing who we are in light of who Jesus is 26:29 – Eric’s powerful perspective on Gen Z and how God can use them to change the world for Him Would you like know more about how you can connect with your greater purpose? After you listen to this episode, go to our website: www.rfwma.org and find out how World Missions Alliance can help you connect to your greater purpose. Find out more about the Greater Purpose Conference: https://rfwma.org/greaterpurpose/If you are interested in becoming a sponsor of the Limitless Spirit Podcast, click belowSupport the show (https://rfwma.org/give)Email us your questions and comments at podcast@rfwma.orgWMA is 501(c)(3), donations are tax deductibleSupport the show (https://rfwma.org/give)

36mins

26 Mar 2021

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Victory - Separation and Reconciliation - Pastor Eric Scott

Emmanuel English Church

Passage: Ephesians 2:1-22  Main Point: Jesus transforms our relationships with God and others. Sermon Points 1. Separation from God (v. 1-3) By nature, all of us are alienated from God and deserving of judgment 2. Reconciliation with God (v. 4-10)  But God - The greatest words there are  The whole process of transformation is a gift of grace  3. Separation from One Another (v. 11-12)  Our alienation from God leads to alienation from one another  4. Reconciliation with One Another (v. 13-22)  Jesus saves us not only so we can live as individual Christians, but so we can come together as His people and be the church  Sharing & Prayer  After listening to the message:  What would you like to know more about from Ephesians 2? Pray that God would help EEC understand the questions we have about the passage Pray for strengthened relationships with others in the church

38mins

28 Feb 2021

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Sports Talk with K. Walk - HOST: Kevin Walker & Eric Scott - NeverHadItRadio

Never Had It So Good Sports Radio

Sports Talk with K. Walk - HOST: Kevin Walker & Eric Scott - NeverHadItRadio

2hr 18mins

25 Feb 2021

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Eric Scott

NattyMuscleRadio

Eric Scott by NattyMuscleRadio

1hr

15 Feb 2021

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Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

Never Had It So Good Sports Radio

Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

2hr 5mins

14 Jan 2021

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Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

Never Had It So Good Sports Radio

Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

2hr 10mins

7 Jan 2021

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Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

Never Had It So Good Sports Radio

Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

2hr 5mins

19 Nov 2020

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Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

Never Had It So Good Sports Radio

Sports Talk with K. Walk & Eric Scott - HOST: Kevin Walker - NeverHadItRadio

1hr 58mins

5 Nov 2020

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