Simply Tax: Recent Episodes
Damien R. Martin, CPA
Simply Tax™ cuts through the static of the tax world and doesn’t waste your time by needlessly tossing around technical terms and citing code sections. Host Damien Martin has a knack for boiling down complex issues for business professionals who need a trusted advisor to help strengthen their tax mind.
Guests Nik Fahrer and Tom Haldiman return to the podcast to follow up on and take a deeper dive into nonfungible tokens (NFTs) with host Damien Martin. Here’s what they discuss:
- Who are Nik and Tom? @01:15
- What’s the significance of digital assets and where are we going with all of this? @04:48
- Core NFT concepts and a real-world example from Beepol @14:32
- Use cases for NFTs @29:09
- Tax considerations of holding NFTs for appreciation @42:27
- Estate and planning considerations @47:32
- Buyer beware @49:22
- Closing thoughts from Nik and Tom @53:02
- An update on the digital asset space @54:16
Learn more about Nik and Tom and get additional resources with the show notes to this episode comming soon here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
FORVIS Private Client™ advisors Carlee Lynn, CFP® and Zach Swartz, CFA® join host Damien Martin to demystify the world of accumulating wealth and share real-world examples of the benefits of working with a financial planner. Here’s what they discuss:
- Who are Carlee and Zach and how did they get into the finance industry? [00:57]
- Who and what are the Wealth Accumulation Team? [04:54]
- It takes a multidisciplinary team [08:15]
- A real-world example with serving physicians [10:26]
- How to know if you need a financial advisor [12:42]
- Jargon and other common challenges [16:35]
- Planning for phases of life and competing goals [19:40]
- What if I feel uncomfortable talking about finances? [24:20]
- Three top tips from Carlee and Zach [26:58]
- What Carlee and Zach enjoy most about what they do [32:01]
- Closing thoughts [33:36]
The services discussed in the episode may include investment advisory services provided by FORVIS Wealth Advisors, LLC, an SEC-registered investment advisor, and/or accounting, tax and related solutions provided by FORVIS, LLP.
Learn more about Zach & Carlee and get additional resources with the show notes to this episode comming soon here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
The New Markets Tax Credit (NMTC) Program is a federally funded program designed to attract private investment into distressed communities. Investors are incentivized to provide outside capital in exchange for credits against their federal income tax liability. Host Damien Martin sits down with guest Wes Ernst to discuss this sometimes-overlooked incentive and a new tool he helped to develop that improves speed, increases accuracy, and drives value through the entire NMTC process.
Here’s what they discuss:
- Who is Wes Ernst? [01:19]
- What’s the NMTC and how does it work? [05:28]
- What industries are good candidates for the NMTC? [16:11]
- Are there compliance considerations? [24:18]
- What’s the future of the NMTC? [26:40]
- How did Wes come to work with the NMTC? [32:47]
- Closing thoughts from Wes [36:59]
Learn more about Wes and get additional resources with the show notes to this episode comming soon here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
Five years ago today we released our very first episode of the “Simply Tax” podcast, Talking Tax Reform with Ed Karl. Host Damien Martin takes a look at a range of current tax topics as special guest Ed Karl—VP of taxation at the American Institute of CPAs (AICPA)—returns to the podcast to cut through the static of the headlines swirling in the tax world. Here’s what they discuss:
- A look back at five years and 150 episodes [0:00]
- The budget reconciliation roller coaster [05:48]
- Additional IRS funding and inaccurate information [10:27]
- IRS backlog and penalty relief [14:26]
- Extenders and the legislative outlook [25:07]
- The outlook for much needed guidance [37:46]
- What else Ed thinks you should watch for [39:40]
- New Schedules K-2 and K-3
- Form 1040 virtual currency checkbox question
- Taxability of student loan forgiveness
- Aggressive Employee Retention Credit companies
- Tax practitioner resiliency
- Statement of Standards for Tax Services exposure draft
- Simply Thanks! @50:47
Learn more about Ed and get additional resources with the show notes to this episode comming soon here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
FASB’s new lease standard requires lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. After deferrals, this new standard is effective for fiscal years ending on or after December 31, 2022 for all private companies and private nonprofits. Host Damien Martin caught up with FORVIS’ John Kmetz and Phil Laminack to discuss the new standard and share tools and guidance for both the accounting and tax considerations for companies starting the implementation process. Here’s what they cover:
- Get to know John and Phil @01:17
- The new lease accounting standard @03:40
- Adopting the standard @06:14
- Tax considerations @08:51
- Tax planning & traps for the unwary @12:16
- Advice for adopting & discussing the standard with stakeholders @16:01
- How to get some help @20:25
- Lessons learned from those who have already adopted the standard @23:53
- Closing thoughts & ways to learn more @25:13
ADDITIONAL RESOURCES
- Webinar: Implementing Leases: A Practical Approach, Challenges & Opportunities (October 6, 2022)
- Resource center: FORVIS Lease Accounting Resource Center
- Podcast: Simply Tax Episode 86: Tackle the New Lease Standard (February 3, 2020)
Learn more about our guests and get additional resources here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
For tax years beginning after December 31, 2021, the legislation informally known as the Tax Cuts and Jobs Act eliminated the option to deduct research and development (R&D) expenditures, which include software development costs. Host Damien Martin sits down with guest Mike Boenzi, the national leader of FORVIS’ R&D tax credit services, to break down the new mandatory treatment and help you prepare for the immediate and long-term potential impacts of this change. Here’s what they cover:
- Who is Mike Boenzi? @00:53
- What is IRC Sec. 174 and how did it change effective January 1, 2022? @05:00
- How might this change impact taxpayers? @07:06
- Are there practical tips for documentation? @15:44
- What is the history of the R&D tax credit and who should consider it? @21:05
- What’s the significance of recent developments in IRS examinations and guidance? @34:53
- What are takeaways and action items? @43:21
ADDITIONAL RESOURCES
- Archived webinar: Preparing for the Required Capitalization of Research & Development Costs: A Practical Perspective (August 31, 2022)
- Articles:
- The R&D Tax Credit: Lowering the Cost of Innovation for Food & Agriculture Businesses (August 16, 2022)
- Missouri to Reinstate the Research & Development Tax Credit (June 17, 2022)
- Mandatory Capitalization of R&E Costs - Are you Ready? (February 22, 2022)
- Simply Tax:
- Simply Tax Talks | February 1, 2022 | A Big R&D Change (February 1, 2022)
- Episode 44: The R&D Tax Credit (September 26, 2018)
Learn more about Sam and get additional resources here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
For tax years beginning after December 31, 2021, the legislation informally known as the Tax Cuts and Jobs Act eliminated the option to deduct research and development (R&D) expenditures, which include software development costs. Host Damien Martin sits down with guest Mike Boenzi, the national leader of FORVIS’ R&D tax credit services, to break down the new mandatory treatment and help you prepare for the immediate and long-term potential impacts of this change. Here’s what they cover:
- Who is Mike Boenzi? @00:53
- What is IRC Sec. 174 and how did it change effective January 1, 2022? @05:00
- How might this change impact taxpayers? @07:06
- Are there practical tips for documentation? @15:44
- What is the history of the R&D tax credit and who should consider it? @21:05
- What’s the significance of recent developments in IRS examinations and guidance? @34:53
- What are takeaways and action items? @43:21
ADDITIONAL RESOURCES
- Archived webinar: Preparing for the Required Capitalization of Research & Development Costs: A Practical Perspective (August 31, 2022)
- Articles:
- The R&D Tax Credit: Lowering the Cost of Innovation for Food & Agriculture Businesses (August 16, 2022)
- Missouri to Reinstate the Research & Development Tax Credit (June 17, 2022)
- Mandatory Capitalization of R&E Costs - Are you Ready? (February 22, 2022)
- Simply Tax:
- Simply Tax Talks | February 1, 2022 | A Big R&D Change (February 1, 2022)
- Episode 44: The R&D Tax Credit (September 26, 2018)
Learn more about Sam and get additional resources here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
What word comes to mind when you think about your Mondays? Host Damien Martin talks with returning guest Sam Allred about why he loves Mondays and uses them as his litmus test for navigating his career. Here’s what they cover:
- Why Sam loves Mondays and why it’s important [01:21]
- Play to your strengths—and get a clear understanding of where your strengths lie [07:03]
- Navigating the integration of work and personal life when evaluating your Mondays [14:14]
- Making changes when you feel your love for Mondays is declining [16:52]
- Closing thoughts and recommendations [25:11]
Learn more about Sam and get additional resources here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
On June 1, 2022, FORVIS was created by the merger of equals of BKD, LLP and Dixon Hughes Goodman, LLP (DHG). Host Damien Martin sits down with FORVIS CEO Tom Watson and FORVIS Governing Board Chair Matt Snow to discuss why and what it means for those inside and outside of the newly created firm, which ranks among the nation’s top 10 professional services firms. Here’s what they cover:
Get to Know Matt & Tom
- What they set out to study when they entered college—and how that changed [01:59]
- Favorite ways to recharge [05:26]
- Book recommendations [07:51]
The Forward Vision that Led to FORVIS
- Background on BKD and DHG leading up to June 1, 2022 [10:21]
- Why BKD and DHG agreed to merge [14:37]
- The most important things to get right in a merger [19:31]
- Surprises so far [22:51]
- What’s in a name? [27:22]
- The vision for the first 100 days of FORVIS and beyond [29:53]
- Why Tom and Matt are excited about FORVIS [33:50]
Learn more about Matt and Tom here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
What tax changes are possible in 2022? Will we see any of the proposals included in Build Back Better incorporated into other legislation? Guest Travis Lucas returns to the podcast with host Damien Martin to cut through the static of the headlines in Washington, D.C. Here’s what they cover: * Where are we right now? * What’s the timeline and what’s possible in 2022? * What rises to the top of the list of possibilities? * How has the focus changed between the end of 2021 and now? * How might a divided Congress impact the outlook for 2023 and 2024? * Will we see SECURE 2.0? * What’s Travis’ takeaway for listeners?
An optimal family wealth strategy is holistic and combines both investment and estate planning strategies. Do you know when and where to start? Host Damien Martin unpacks the important but often daunting task of planning for your wealth with BKD’s Troy Farmer. Here are the questions they cover: * Who is Troy Farmer? [01:48] * What is a wealth strategist and why work with one? [04:00] * How does estate planning play a role in wealth strategy? [07:28] * What are the key decisions you need to make and when? [09:02] * How do I know if a planning technique makes sense for my family? [11:55] * What’s a Grantor Retained Annuity Trust? [15:14] * What’s a Spousal Lifetime Access Trust? [17:54] * Should I be concerned about outliving my wealth? [20:12] * Are there risks to consider when implementing a wealth strategy? [21:41] * What are some frequent questions you answer? [22:30] * How do you educate the next generation and get them ready to inherit wealth? [27:55] * What are some actual stories of those who have implemented a wealth strategy? [31:37] * What should I expect in terms of timing and involvement? [38:13]
Learn more about Troy here and check out the Beyond the Numbers with Troy Farmer video on our YouTube channel mentioned in the episode.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
Digital assets have the potential to start (or perhaps already are) significantly altering the global financial landscape. Yet the rapid evolution of the industry and a sea of unfamiliar technical terms has many feeling a bit lost and overwhelmed. Tune in as guests Nik Fahrer, Brian Condron, Jeremy Goss, Tom Haldiman, Neal Maddy, and Geron Morgan discuss the why, the what, the risks, and the opportunities associated with digital assets. Here’s what’s covered: * Who are our guests? [01:53] * What problem are digital assets solving and why are they important? [07:27] * Nonfungible tokens (NFT), Web 3.0, and use cases [16:49] * What’s a smart contract? [21:10] * Decentralized Finance (DeFi) [24:13] * Wallets [33:48] * Is it anonymous? [40:57] * Illegal activity [48:29] * Stable coins and central bank digital currency [50:59] * Decentralized autonomous organizations [56:51] * Regulation and tax challenges [01:05:29] * Reporting and accounting considerations [01:20:05] * How to get started in and learn more about crypto [01:27:12] * Executive order on digital assets [01:36:44]
Learn more about our guests and get additional resources here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
What are environmental, social, and governance (ESG) standards? How do they affect my business? Host Damien Martin sits down with guest Dirk Cockrum to define ESG, explain its potential effects, describe various ESG frameworks, and share how to get started on building your program. Here’s what’s covered: * What’s ESG? * Why businesses, owners, and investors should pay attention to it * Factors that have driven the increase in interest in recent years * Myths or common misconceptions about ESG * How is reporting around ESG developed and what should businesses know about it? * Tips for those looking at implementing an ESG program * Predictions regarding ESG for 2022 and beyond
Learn more about Dirk and get additional resources here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
As returning guest Ted Kontopoulos puts it, “The whole point about writing, like speaking, is communicating.” Host Damien Martin sits down with Ted to discuss the importance of writing and actionable items to help you become a better writer. Here’s what’s covered: * Ted’s journey as a writer [02:00] * Approaching the different types of writing [09:32] * Tips for being concise and precise [19:26] * The review process [26:00] * Common mistakes [36:38] * Benefits of article writing [44:35] * Topic selection [53:45] * Five writing resolutions [55:54] * What’s next for Ted? [59:54]
Learn more about Ted and get additional resources here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
The CPA credential is a symbol of trust and professionalism in the world of business that unlocks a career of endless opportunities. Host Damien Martin sits down with Todd Shapiro—the CEO of the Illinois CPA Society—and Tom Murtagh—chairperson of the Illinois CPA Society’s board of directors and BKD tax partner—to discuss the opportunities and challenges currently facing the CPA profession. Here’s what’s covered: * The impact of the pandemic on the profession [01:48] * Changes in expectations [06:50] * A decline in the credential and a stagnating CPA pipeline [16:39] * Relevance now and into the future [24:53] * Be a strategic advisor [28:18] * Developing a strategic mindset [40:38] * The barrier is time [45:27] * Diversity in the profession [48:39] * Closing thoughts on the profession [55:35]
Learn more about our guests and get additional resources here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
Innovation has become an increasingly popular word both at home and in the office—but what is it and why do you need to be focused on it? Guest Dustin Bobbitt joins host Damien Martin to break it down and share perspectives and insights on lessons learned as BKD’s director of innovation. Here’s what’s covered:
- How do you define innovation? [01:17]
- Why is innovation so important to an organization? [04:43]
- Innovation and private equity [06:58]
- What does innovation look like in a public accounting firm? [08:42]
- Examples of innovation at BKD [13:38]
- Is there a process to innovation? [17:31]
- Some of the best ideas come from those who are just starting [21:31]
- Tips for organizations looking to innovate [22:47]
- “Embrace an innovative mindset” [24:46]
Learn more about our guests and get additional resources here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
If you thought the twists and turns of 2020 made it difficult to keep up with tax court cases, 2021 gave you a run for your money! Frequent guest Tony Nitti joins host Damien Martin for our third annual look at key lessons from Tony’s top tax cases of the year. Here’s an overview and summary of the sources mentioned in the episode:
#1: Holliday v. Commissioner, C. Memo 2021-69 and Blum v. Commissioner, T.C. Memo 2021-18 [05:20]
Malpractice award for mishandling divorce proceeding was includible in gross income concerning whether the award was a return of capital or taxable income. Mentioned in the discussion:
- Internal Revenue Code (IRC) Sections 61, 104, and 141
- Rul. 81–152
- Other cases discussed:
- Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955)
- Clark v. Commissioner, 40 B.T.A. 333 (1939)
- Cosentino v. Commissioner, T.C. Memo 2014-186
- McKenny v. United States, 126 AFTR 2d 2020-5943 (11th Cir. 2020)
- Eisner v. Macomber, 252 U.S. 189 (1920)
- Commissioner v. Groetzinger, 480 U.S. 23 (1987)
#2: United States v. Forte (D. Utah 2021) [24:49]
Both parties failed to prevail on ambiguous facts surrounding qualification for exclusion on the sale of a primary residence. Mentioned in the discussion:
- IRC §121
- PLR 201628002
#3: Ushio v. Commissioner, T.C. Summary Opinion 2021-27 [38:17]
Claiming an ordinary loss on a bad investment. Mentioned in the discussion:
- §§67(g), 165, 166, 1202, and 1244
- Rul. 93–80
- United States v. Generes, 405 U.S. 93 (1972)
- Trent v. Commissioner, 34 T.C. 910 (1960)
#4: PLR 202125004 and PLR 202114002 [50:09]
Mentioned in the discussion:
- IRC §§199A, 1045, and 1202
- Reg. §1.199A-5
#5: Heiting v. United States, 16 F. 4th 242 (7th Cir. 2021) [1:05:34]
Taxpayers were unable to prevail on unauthorized sale of stock by grantor trust under the claim of right doctrine. Mentioned in the discussion:
- IRC §§165 and 1341
- Other cases mentioned:
- North American Oil Consolidated v. Burnet, 286 U.S. 417 (1932)
- Nacchio v. United States
- James v. United States, 366 U.S. 213 (1961)
#6: Berry v. Commissioner, T.C. Memo 2021-52 [1:19:48]
Taxpayer lacked sufficient evidence to assign income and deduct related expenses from drag racing tournaments. Mentioned in the discussion:
- IRC §162
- Other cases mentioned:
- Deputy v. du Pont, 308 U.S. 488 (1940)
- Palo Alto Town & Country Village, Inc. v. Commissioner, 565 F.2d 1388 (9th 1977)
- Henry v. Commissioner, 362 F.2d 640 (1966)
- Evans v. Commissioner, T.C. Summary Opinion 2012-125
#7: Hussey v. Commissioner, 156 T.C. No. 12 [1:30:30]
Reducing basis of assets when IRC §108(a)(1)(E) exception applies. Mentioned in the discussion:
- IRC §§61(a)(11), 108, 752, and 1017
#8: Tribune Company v. Commissioner, T.C. Memo 2021-122 [1:42:28]
Taxpayer’s senior debt guarantees related to the disguised sale of the Chicago Cubs were bona fide but the subordinated debt by the Ricketts family was essentially equity. Mentioned in the discussion:
- IRC §§108, 737, and 752
- Canal Corp v. Commissioner, 135 T.C. No. 9 (2010)
#9: Slaughter v. Commissioner, 129 AFTR 2d 5399 (CA 11) [2:04:20]
Author was required to recognize income under a publishing contract as self-employed income. Mentioned in the discussion:
- IRC §§162 and 1402
- Commissioner v. Groetzinger, 480 U.S. 23 (1987)
#10: Aspro, Inc. Commissioner, T.C. Memo 2021-8 [2:12:32]
Purposed management fees to shareholders determined to be disguised dividends. Mentioned in the discussion:
- Reg. §1.162-7
Get additional resources and learn more about Tony here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
Employee stock ownership plans (ESOP) and business valuations often play a key role in succession and continuity planning. BKD’s Cara Benningfield and Shaun Duffin join host Damien Martin to explain what ESOPs and valuations are and break down the impact of the current environment to include the pandemic, uncertainty in the economy, and possible tax changes. Here’s what they cover:
- What’s a business valuation and why are they done? [02:22]
- What’s an ESOP and what role can they play in planning? [03:57]
- ESOP fit and good candidates for one [05:52]
- The intersection of ESOPs and valuations [07:26]
- Effect of COVID-19 on valuations [11:18]
- The role of projections in valuations and navigating uncertainty in the economy and the market [19:08]
- Current trends in ESOP transactions and valuations [20:19]
- Effect of potential tax changes [22:25]
- ESOPs and the talent war [26:25]
- “It takes a village” [34:40]
- Takeaways and closing thoughts [39:17]
Learn more about our guests and get additional resources at www.bkd.com/simplytax.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
It’s been another year like no other amid tax law changes, a shifting economy, an ongoing global pandemic, and new regulations—and the BKD Year-End Tax Advisor is back with more than 20 articles to assist with crucial year-end planning decisions. Host Damien Martin caught up with five contributors to this year’s Tax Advisor to discuss their articles in front of a live audience on November 4, 2021, in St. Louis, Missouri, as part of BKD’s annual Leadership Conference. Here’s what’s covered:
- What is the Tax Advisor [02:16]
- 10 IRS LB&I Compliance Campaigns You Should Know About with Yelena Bosovik [03:14]
- What is LB&I?
- The purpose of the campaigns
- Takeaways on Yelena’s top three campaigns
- Global Tax Reform – Pillars One & Two with Elizabeth Hazzard-Herzing [08:07]
- What’s this global minimum tax I hear about?
- What is BEPS and who is the OECD?
- Why is global agreement so significant yet challenging to implement?
- What are the two pillars and the latest on each?
- 2021 Year-End Tax Planning for Individuals with Jessica Kinnard [17:30]
- Charitable planning and giving
- Child tax credit
- Changes to loss limitations
- Tax Planning Through Uncertainty – To Sell or Not to Sell with Stacey Atchison [27:57]
- Overview of the current tax proposals impacting capital gains
- Recommendations on approaching the uncertainty
- To sell or not to sell?
- Retirement Strategies in a Time of Uncertainty with Amy Frizzell [36:03]
- Items to keep in mind for those working on retirement
- Items for those already enjoying retirement
- Suggestions given some of the uncertainty we’ve seen lately with significant proposals
Learn more about our guests and get the additional resources mentioned in the episode here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
You might also enjoy our Simply Tax Talks: Join host Damien Martin, Yelena (Bosovik) Sheremeta, and Tad Goodenbour for a weekly 30-minute livestream on YouTube on Tuesdays at 10 am Central time! Get your questions answered live as we cover the latest developments, share thought-provoking insights, and offer strategies amid the uncertainty.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
Conversations on tax change are picking up steam with recent developments in the Washington. Frequent guest Ed Karl—vice president of taxation at the AICPA—returns to the podcast to break down the recently enacted Infrastructure Investment and Jobs Act and provide the latest on the Build Back Better Act (BBB) as we head into the Thanksgiving holiday. Here’s what’s covered:
- The impact on the acceleration of the sunset of the employee retention credit [00:46]
- Other tax-related areas of the infrastructure bill to unpack [06:46]
- Where things stand on the BBB [10:15]
- What to watch as the reconciliation bill heads to the Senate and areas of concern regarding the tax provisions in the reconciliation legislation [19:46]
- Approaching uncertainty [33:35]
- IRS services challenges and funding [37:04]
Learn more about Ed and get the additional resources mentioned in the episode here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
The threat and impact of cybercrime have become an unwanted part of our daily lives. Cy “the Cyber Guy” Sturdivant joins host Damien Martin to break down the biggest cybersecurity threats and provide best practices to help businesses and their owners identify and deter cyberattacks. Here’s what they cover:
- What is cybersecurity? [01:27]
- Who should be concerned with it? [02:34]
- How does Cy characterize the current cybersecurity environment? [04:59]
- What are the key threats? [06:27]
- How has the pandemic affected the cybersecurity environment? [08:39]
- What industries and organizations have the highest threat level? [10:44]
- What can you do about risk and how do you access your level of risk? [12:15]
- How is cybersecurity affecting the supply chain? [16:50]
- Any advice for those feeling overwhelmed? [19:36]
Learn more about Cy and get the additional resources mentioned in the episode here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
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A deal on budget reconciliation is proving elusive in Congress. Guest Travis Lucas is back with host Damien Martin to cut through the static of the headlines in Washington, D.C. Here’s what they cover:
- Impact of the 2022 elections
- Who’s against who
- Getting the requisite Democratic votes
- The new four tectonic plates
- Getting to a topline number
- Debt ceiling politics
- Timing of the bipartisan infrastructure and budget reconciliation bills
- What the final budget reconciliation bill might look like
Learn more about Travis and get the additional resources mentioned in the episode here.
Have questions on the possibility of significant tax change with discussions on President Joseph Biden Jr.’s “Build Back Better” agenda heating up in Washington, D.C.? Get answers live along with thought-provoking insights and strategies amid uncertainty with Simply Tax® Talks, a new weekly live stream discussion starting Tuesday, October 26 @ 10 am CST. Join us here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Internal Revenue Code (IRC) Section 1202 provides a meaningful exclusion for the gains from the sale of qualified small business stock (QSBS). Guest Rick Klahsen returns to the podcast with host Damien Martin to revisit how the enactment of the Tax Cuts and Jobs Act (TCJA) impacted this powerful opportunity and explore what proposed changes might mean for its future. Here’s what they cover:
- How to describe IRC §1202 at a cocktail party [02:39]
- Challenges to overcome and hoops to jump through [03:40]
- Protecting your QSBS [06:11]
- Planning ideas and opportunities [07:43]
- What is IRC §1045 and why is it seemingly ignored? [13:48]
- QSBS after TCJA [17:27]
- Is IRC §1202 at risk? [19:35]
- Key considerations to position yourself for IRC §1202 [21:57]
- A surprising aspect of IRC §1202 [24:05]
- Keep an open mind when investing and planning for QSBS [25:27]
Learn more about Rick and get the additional resources mentioned in the episode here.
Have questions on the possibility of significant tax change with discussions on President Joseph Biden Jr.’s “Build Back Better” agenda heating up in Washington, D.C.? Get answers live along with thought-provoking insights and strategies amid uncertainty with Simply Tax® Talks, a new weekly live stream discussion starting Tuesday, October 26 @ 10 am CST. Join us here.
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Several provisions included in proposed legislative text approved by the House Ways and Means Committee on September 15, 2021, would significantly change the estate planning world if enacted. Guest Justin Miller, J.D., LL.M., TEP, AEP®, CFP®, joins host Damien Martin to break these proposals down and explain what they might mean for you. Here’s what’s covered:
- The benefits of #TaxTwitter [01:47]
- Proposed income tax increases [04:28]
- Could they actually make a retroactive capital gains rate increase? [09:38]
- Proposed estate and gift tax changes [14:13]
- What’s scaring the world of estate planners? [16:11]
- Navigating and planning for uncertainty [22:58]
- Proposed changes to retirement accounts [24:23]
- Proper planning takes time and a good team of advisors [28:41]
- The importance of a collaborative team [30:02]
Learn more about Justin and get the additional resources mentioned in the episode here.
And go "Beyond the Numbers" to find out how Justin came to teach, his favorite place on the Cal campus and more here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
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While the prospect of federal tax law changes has dominated the headlines and airwaves lately, there are several significant developments taking shape in the state and local tax (SALT) space that merit your attention as well. Guests Rick Najjar, J.D. and Ted Kontopoulos, J.D. join host Damien Martin to share and break down the developments you need to know for both your personal and business tax bills. Here’s what they cover:
- How has South Dakota v. Wayfair, Inc. (Wayfair) shaped the SALT world and what does its future impact look like? [01:19]
- Surprises on the implementation of Wayfair [09:46]
- The future of nexus [11:37]
- Developments that businesses and their owners should know [17:24]
- The tax controversy “it depends” decision tree [23:35]
- Remote work and what it means to work somewhere [26:27]
- M&A considerations amid talk of potential federal tax rate increases [34:52]
- SALT workarounds [39:42]
- Closing thoughts [41:45]
Learn more about our guests and get the additional resources mentioned in the episode here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Guest Travis Lucas returns to the podcast to join host Damien Martin in boiling down the thousands of pages of recently introduced proposed legislative text. Listen to find out what the proposals might mean for you, your business, and your family as the fast-moving tax reform train continues to pick up speed.
Learn more about Travis and get the additional resources mentioned in the episode here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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An internship in public accounting can be one of the most rewarding yet nerve-racking experiences on the journey to a career in tax. Hear from four students who completed a summer internship with host Damien Martin as they share their advice, tips, and lessons learned. Here’s what’s covered:
- Meet our fantastic four tax interns [01:35]
- How the experience stacked up against expectations [04:00]
- Advice for those considering and embarking on an internship [11:52]
- AMA with Damien [25:38]
- How do you develop and foster client relationships? [25:54]
- What makes an intern successful and how can they successfully transition into an associate role? [28:17]
- How did you decide your path and decide to get an M.S. degree in taxation? [30:48]
- How do you keep the team motived during stressful times? [34:15]
- Tips and takeaways from the internship experience [37:07]
- Get to know the other interns
- Keep a positive mindset
- Build relationships with others at the firm
- Don’t be afraid to let others know your learning style and ability
Learn more about Tori, Batul, Drew, and Sammy and get the additional resources mentioned in the episode here!
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Join host Damien Martin in his ongoing quest for insights and best practices for affluent families and their advisors as he sits down with guest Jeff Davidson to unpack the often mystifying and sometimes daunting world of the family office. Here’s what’s covered:
- Who is Jeff Davidson? [02:35]
- Developing a national family business succession planning practice [07:11]
- The definition of a family office [11:25]
- Running a family office [13:41]
- Common challenges for families [16:59]
- Cost considerations for family offices [18:40]
- Figuring out the focus of the family office [20:46]
- Family meetings and addressing the gorilla in the corner [21:09]
- Leading effective family meetings and learning more about succession planning [25:18]
- Trends in philanthropy and family offices [28:38]
- Best practices for creating a lasting family legacy [30:30]
- What’s surprised Jeff most in his work with families and family offices [31:28]
- Why family offices are important for preserving wealth [32:32]
- How to decide between a single-family and multifamily office [33:05]
Learn more about Jeff and get the additional resources mentioned in the episode here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Headlines are swirling in Washington D.C. on a bipartisan infrastructure deal in the U.S. Senate and a $3.5 trillion budget reconciliation deal between Senate Democrats. Host Damien Martin cuts through the static of the latest tax-related developments with guest Travis Lucas, managing principal of The Lucas Law Firm, and also checks in with BKD partners Chris Doolittle and Randy Throener to hear how taxpayers are reacting and planning amid uncertainty. Listen to get answers to these questions:
- How are taxpayers approaching planning with so much unknown at this point? [02:58]
- Is the upcoming 2022 election playing a role in the current negotiations? [10:13]
- What areas are colliding in Washington right now [12:18]
- Why is it important to count the votes and what’s budget reconciliation again? [14:45]
- How might the tight margins of control in Congress impact the outcome [16:57]
- Where are we on possible higher capital gains rates and what are the odds of retroactive enactment? [22:14]
Learn more about Travis, Chris and Randy and get the additional resources mentioned in the episode here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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How has the construction and real estate industry changed in the past year? What should executives in the hospitality industry be focused on? Is the possibility of tax change affecting decisions? Get answers to these questions and more as Jason Myers—the new national industry partner of BKD National Construction & Real Estate Group—joins host Damien Martin to share insights into top business, tax, and accounting issues for the industry. Here’s what’s covered:
- Who is Jason Myers? [01:56]
- What’s the BKD National Construction & Real Estate Group? [05:30]
- Construction
- Industry trends and impact of recent events [06:21]
- Employee stock ownership plans @10:21 and [12:02]
- Architecture and engineering industry trends and impact of recent events [11:00]
- Real estate
- Industry trends and impact of recent events [13:36]
- President Biden’s tax proposals [15:30]
- Hospitality industry trends and impact of recent events [17:46]
- Overall trends in the industry [20:43]
- Jason’s advice for CFOs and financial managers [23:53]
- Closing thoughts [27:11]
Learn more about Jason and get additional resources here!
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Have you ever wondered what it would be like to be a CEO? Host Damien Martin caught up with Ted Dickman in his final days as BKD’s CEO to find out some of the lasting tips and memories from his career. In this episode, Ted reflects on his experience and shares tips to help anyone make the most of their career and enjoy the journey along the way. Here’s what’s covered:
- How Ted describes his role as CEO [02:52]
- Culture at BKD [04:34]
- Experiences as BKD’s CEO and the experiences that prepared Ted for the role [06:17]
- Developing as a leader [08:24]
- Evolving as a leader [11:13]
- Primary drivers in achieving growth [12:08]
- Biggest surprise as CEO [14:23]
- Advice to those starting their career [17:13]
- Why Ted chose tax [20:29]
- Contributing to the accounting profession [22:21]
- Ted’s favorite section of the Internal Revenue Code [24:12]
- Closing thoughts and advice [26:45]
BIO FOR GUEST
Ted Dickman retired as CEO at BKD on May 31, 2021, after nine years in the role, where he was responsible for the leadership and strategic direction of the firm’s personnel and partners. Previously, Ted served as regional managing partner of BKD’s East Region, overseeing operations in Indiana, Kentucky, and Ohio, in addition to serving on the firm’s governing board. Prior to that, he was the managing partner of BKD’s offices in Indianapolis, Bloomington, Fort Wayne, Merrillville, and Cincinnati.
Learn more about our guest and get additional resources here!
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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The tax and investment worlds are buzzing with headlines about possible significant tax changes this year as we continue to learn more about President Biden’s Build Back Better agenda and the tax-related proposed provisions to pay for the agenda over 15 years. BKD’s Holly Pantzer and Jeff Layman join host Damien Martin to help you better understand what’s being discussed, when we might see it, and how you can plan. Here’s what’s covered:
Overview of the “American Families Plan” [01:05]
Tax insights from Holly Pantzer
- The response so far [04:27]
- Surprises in the fact sheet [05:31]
- Top questions and concerns [09:11]
- Effective date [10:23]
- Steps to plan now amid uncertainty [13:26]
- Closing thoughts [16:57]
Investment insights from Jeff Layman
- Market reaction so far [19:46]
- What to watch [21:08]
- Investment strategies to consider amid uncertainty [23:24]
- Market and economic outlook [26:15]
- Closing thoughts [30:02]
Learn more about our guests and get additional resources here!
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A complete archive of our episodes is available on our website and YouTube playlist. We also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
We’d simply love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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The opportunities and options available for charitable giving can seem a bit daunting. Guest Bernadette Zita joins host Damien Martin to give an overview of current trends in charitable giving, offer tips to simplify this complex area, and explain the role a private foundation can play in your philanthropic strategy. Here’s what’s covered:
- Current trends in charitable giving [02:21]
- Risks and strategies for managing state filing requirements with new revenue streams [04:09]
- What’s a private foundation and how do you know if it’s a right fit for your philanthropic goals? [06:37]
- Excise taxes and landmines for private foundations [09:20]
- The importance of asking questions and alignment with your goals [14:06]
- Knowing your options and looking for examples to learn new ways to give [15:25]
- Thinking like a startup [18:00]
- Unrelated business taxable income [19:32]
- Questions to ask and how to get help [22:32]
Learn more about Bernadette and get additional resources here!
GET MORE SIMPLY TAX®
A complete archive of our episodes is available on our website and YouTube playlist. We also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
We’d simply love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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“I’m 100 percent not you, and you’re 100 percent not me.” Find out why this powerful reminder from guest Cassie Atteberry is the key to making the “people stuff” easier for you, your family, and your organization. In this episode, Cassie joins host Damien Martin to share insights to help you to show up as the best version of yourself, build higher-performing teams, and deliberately create a healthy and successful organizational culture. Here are some of the questions covered:
- Why is the people stuff so hard? [02:09]
- What are the areas to focus on to make it easier? [06:49]
- What is coaching and how can it help? [10:12]
- How do you develop team and talent? [14:41]
- Does culture always trump strategy? [27:54]
- Why does culture matter for a family office? [30:35]
- How do you lead amid the current environment and build resilience? [34:33]
- Why are dogs way easier than people? [39:26]
Learn more about Cassie, get her contact info and get additional resources here!
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Frequent guest Ed Karl, vice president of taxation at the AICPA, returns to the podcast amid a number of swirling tax headlines to break down the latest round of coronavirus-related relief, offer perspective on the tax filing season, and share insights on the areas to watch and outlook for tax policy changes in 2021 and beyond. Here’s what’s covered:
- [01:42] Latest stimulus package updates
- [04:03] Insights for digesting and acting on the latest round of relief
- [09:37] Recommendation to postpone the deadline and provide a prompt response
- [19:15] Prospect of further tax change under the Biden administration
- [27:04] The latest on the taxation of the digital economy
- [30:01] Closing thoughts and recommendations
Learn more about Ed, the AICPA and get additional resources here!
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Step back in time for the thrilling radio drama conclusion of the case of “The Missing Deduction.” This follow-up to the short film brings you inside a day with—and the head of—host Damien Martin as he helps ace investigative reporter Annie Story boil down yet another complex aspect of Internal Revenue Code Section 199A following the shocking transformation of Mr. Quincy B. I. Donaldson, aka QBID.
The Cast
- Emma Elliot as Annie Story
- Chris Greig as Carl P. Albright
- Ted Dickman as Doc Dickman
- Damien Martin as himself
The Crew
- Written by Damien Martin & Aaron Phares
- Produced, Edited, & Mixed by Aaron Phares
Get additional resources here.
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The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters. The team has been off to an active 2021, following a remarkably busy 2020. Guests Amy Wang and Alex Scott of the AICPA Tax Policy & Advocacy Team join host Damien Martin to share updates and provide insight into the current areas the team is closely watching and working in. Here’s what’s covered:
- [03:20] Update on virtual currency-related tax issues and the AICPA comment letter on IRS virtual currency guidance (February 28, 2020)
- [07:45] Insights on partnership tax basis capital reporting and the AICPA comment letter on Notice 2020-43 regarding tax capital reporting (September 15, 2020)
- [16:07] Form 1065 instruction updates and the AICPA comment letter on the draft Form 1065 instructions (December 7, 2020)
- [17:47] The latest on the Organisation for Economic Co-operation and Development (OECD) digital tax developments and AICPA advocacy efforts
- AICPA policy paper: Taxation of the digitized economy(Revised May 2019)
- AICPA comment letter on key elements essential to modification of the international tax system (May 2019)
- AICPA comment letter on Pillar One and income allocations between jurisdictions (October 2019)
- [22:33] Forms 5471 and 5472 penalty issues
- [26:14] Section 163(j) guidance and AICPA advocacy efforts
- AICPA comment letter on final and proposed regulations – pass-through issues (December 21, 2020)
- AICPA comment letter on Section 163(j) international and exempt organization issues (December 21, 2020)
- [36:20] Advice on the 2021 tax filing season
Learn more about our guests and get additional resources here.
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A complete archive of our episodes is available on our website and YouTube playlist.
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Tax headlines are swirling after several tax-related developments following the enactment of the 2021 Consolidated Appropriations Act on December 27, 2020. Tune in as host Damien Martin cuts through the static of these significant changes with returning guests Jesse Palmer and Yelena Bosovik. Here’s what’s covered:
- Expanded and extended employee retention credit (ERC)
- What is the ERC? [01:55]
- What changed? [05:17]
- How do you claim the ERC retroactively for 2020? [09:54]
- Extended credits under the Families First Coronavirus Relief Act [10:50]
- Paid sick leave vs expanded family leave [12:32]
- Importance of documentation [13:45]
- Important considerations for the ERC [15:45]
- Business meal deduction changes [22:00]
- Charitable provisions for individuals [25:52]
- Deferral of the employee’s portion of Social Security tax [27:26]
- Other employment benefit changes [31:15]
- Extender provisions [35:12]
- Closing remarks [42:30]
Learn more about our guests and get additional resources here.
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The latest COVID-19-related relief package included key changes to the Paycheck Protection Program (PPP). Get the practical insights you need from returning guests Tad Goodenbour and James Anderson as they discuss what these changes mean for borrowers and the interim final rules released January 6, 2021, by the U.S. Small Business Administration (SBA).
BIO FOR OUR GUESTS
Tad Goodenbour is a partner in BKD’s Colorado Springs practice. Tad has more than 35 years of experience in public accounting, focusing on federal income tax, and serves primarily quick service restaurant, gaming, agriculture, and real estate companies. He also has significant experience in partnership and limited liability company planning, structuring, and operation and is one of BKD’s technical area specialists in partnership taxation.
James Anderson is a partner and tax director out of BKD’s Nebraska practice. He is a member of BKD National Construction & Real Estate Group and BKD National Commercial Services Group and is the north region tax director for the firm’s tax committee. James is experienced in providing corporate and individual taxation assistance to construction companies, financial institutions, manufacturers, and retailers across the Midwest. He also consults with clients regarding accounting method changes, multistate taxation, choice-of-entity analyses, tax controversy support, and business combinations.
Get additional resources (including the citations for the other cases mentioned in the discussion) here.
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A complete archive of our episodes is available on our website and YouTube playlist.
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The twists and turns of 2020 made it difficult to keep up with tax court cases this year, but we’ve got you covered! Frequent guest Tony Nitti returns to the podcast again this year to boil down the key lessons from his top tax cases with host Damien Martin. Here’s what’s covered in our final episode of 2020:
- Bordelon v. Commissioner, T.C. Memo 2020-26 @08:59
- Hakkak & v. Commissioner, T.C. Memo 2020-46 @27:08
- Lucero v. Commissioner, T.C. Memo 2020-136 @41:52
- Duffy v. Commissioner, T.C. Memo 2020-108 @56:48
- Morning Star Packing v. Commissioner, T.C. Memo 2020-142 @1:22:52
- Beckett v. Commissioner, C. Summary Option 2020-19 @1:33:30
- Christensen v. Commissioner, T.C. Memo 2020-14 @1:49:50
- Biddle v. Commissioner, T.C. Memo 2020-39 @1:54:45
- Novoselsky v. Commissioner, T.C. Memo 2020-68 @2:01:58
- Cuthbertson v. Commissioner, T.C. Memo 2020-9 @2:13:23
Learn more about Tony and get additional resources (including the citations for the other cases mentioned in the discussion) here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. In this episode, guest Melanie Lauridsen, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on penalty relief and the electronic signature program. Here’s what’s covered:
- Who is Melanie Lauridsen? @3:14
- Penalty relief for late filing and late payment @05:32
- AICPA recommendations for the IRS @10:34
- How the IRS responded to AICPA recommendations @17:39
- The latest on IRS penalty relief @20:07
- Guidance regarding electronic signatures @21:50
- Permanent relief vs. temporary relief @24:28
- Forthcoming permanent solution for power of attorney forms @30:40
- Continuation of temporary relief for next filing season @32:36
- Key focus areas moving forward @33:46
- Comment letter process @34:51
- Closing thoughts @36:16
Learn more about our guest and get additional resources here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
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The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on Paycheck Protection Program (PPP) loan forgiveness. Here’s what’s covered:
- Update on PPP loan forgiveness and related activity in Washington @01:16
- The latest with AICPA tax policy and advocacy efforts @06:51
- Ways the AICPA has made a difference in the guidance implementation process @17:58
- Key areas of focus going forward @21:12
- Closing thoughts @24:44
BIO FOR GUEST
Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services, while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings.
Learn more about our guest and get additional resources here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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It’s been a turbulent year amid a global pandemic and a cliffhanger of an election, making year-end tax planning more important than ever to create and maintain financial health for you, your family, and your business. National Tax Assistant Director Julia Dengel returns to the podcast to discuss some of the topics and articles within this year’s Tax Advisor and how they can assist you with year-end tax planning and financial decision making. Here’s what’s covered:
- Update on the outlook for tax change and what it means for year-end planning @00:32
- Background on the Year-End Tax Advisor @05:18
- Cybercrime during COVID-19 @08:11
- Year-end tax planning for individuals @11:05
- Year-end tax planning for businesses @12:04
- Charitable giving tax planning considerations @13:53
- TCJA complexities and the need to model @15:18
- Overview of industry-specific articles @17:38
- Financial services @18:30
- Construction, real estate, and hospitality @18:42
- Nonprofits @18:49
- Tax planning in an election year @19:09
- Transferring your business @19:18
- Key takeaways @20:12
Learn more about our guest and get additional resources here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Change of state residency is on the minds of many these days, as we navigate a pandemic that has increased the prevalence of remote working and led some individuals to reevaluate where they live and work. State and local tax (SALT) attorney David Hughes joins host Damien Martin for an in-depth discussion on the topic of residency and a constitutional amendment on the 2020 Illinois ballot that would allow graduated income tax rates. Here’s what’s covered:
- The Illinois “Fair Tax” @02:28
- Some potential ramifications of a graduated income tax @14:34
- Circumstances where changing residency may make sense and be a viable option @21:58
- Factors for evaluating a change of residency @27:11
- Overcoming a presumption of residency @36:56
- Best practice for approaching SALT implications of telecommuting amid the pandemic @47:05
Learn more about our guest and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Catalyst for corporate culture change and podcast host John Garrett joins host Damien Martin to discuss John’s latest book, What's Your "And"?: Unlock the Person Within the Professional, and the importance of having personal passions outside of the workplace. John shares some of the highlights of writing his book, how his message can help when adapting to the COVID-19 environment, and more. Here’s what’s covered:
- Foreword written by former Notre Dame football coach Lou Holtz @01:35
- The experience of writing What's Your “And”? @07:56
- The most difficult part of the writing process @12:10
- Who’s the book written for? @14:43
- Retirement and going beyond your job title @16:19
- The impact of the pandemic on business and helping clients adapt @18:29
- Improving culture and how passions can deepen relationships @25:38
- The role of vulnerability in growth and leadership @29:00
- Highlights of "Follow-Up Fridays" @32:23
- Mental wellness during a pandemic @35:18
- Closing comments @39:13
Learn more about our guest and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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What should businesses and their advisors be considering when it comes to financial statement audits, given the recent disruptions caused by COVID-19? What role can analytics play in managing cash flow and forecasting? Guests Megan Stern and Greg Knight join host Damien Martin to offer their insights from working with businesses amid the pandemic in the last six months and share best practices and considerations for next year’s audit. Here’s what’s covered:
- The importance of cash flow management and the impact of the pandemic [01:46]
- How this year’s auditing compares to last year [05:09]
- Special considerations for CFOs to prepare for upcoming audits [06:55]
- Implementing new financial statement standards [13:23]
- Revenue recognition FAQs [15:59]
- Considerations for revenue recognition amid COVID-19 [23:59]
- Discussing and presenting cash flow forecasts with your bank [26:11]
- Understand your cost structure [31:16]
- Going concern gets a bad rap but doing the analysis isn’t a bad exercise [34:40]
- Closing thoughts on cash flow forecasts [35:23]
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Why would anyone want to work in tax? Find out as guest Kent Klaus, a senior instructor at DePaul University, joins host Damien Martin to share insights from practicing and teaching in tax. Here’s what’s covered:
- How Kent Klaus came to teach @01:29
- The opportunities of a career in tax @05:26
- Becoming a subject matter expert and how to find your area @08:11
- Damien’s path to a career in tax @17:55
- Advice for those considering a career in accounting @20:55
- How Damien came to host a podcast @26:33
- Online courses can be a more rewarding experience than in-person classes @37:35
- Tips for learning in a remote environment @40:16
- Advice for students and those starting a tax career amid a pandemic and beyond @46:24
- Tips for virtual interviews @50:08
- Finding a mentor in a virtual environment @55:18
Learn more about our guest and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Guests Mary Reiser and Jana Gradeva join host Damien Martin to unpack state and local tax (SALT) developments and discuss areas you should focus on amid an uncertain and rapidly changing environment. Here’s what’s covered:
- How state and local jurisdictions generally apportion a taxpayer’s employment income [01:53]
- What role does payroll play in apportionment formulas for businesses? [10:57]
- Sales tax considerations for telecommuting [13:17]
- How have states responded to the many employees working remotely due to the pandemic, and what are the related implications for remote employees? [14:08]
- What are the state and local considerations of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provisions? [16:21]
- Now that we’re a little more than two years in since the landmark U.S. Supreme Court decision in South Dakota v. Wayfair, Inc. (Wayfair), how have states responded? [25:04]
- Marketplace facilitator rules [31:25]
- Audits after Wayfair [35:36]
- What should taxpayers and their advisors focus on now from an income tax perspective? [41:05]
- How Wayfair has impacted mergers and acquisitions [47:00]
- “It depends and it’s changing all of the time” [50:11]
Learn more about our guests and get additional resources here.
BKD campus recruiters Jerica Newby and Michael Nuttle join host Damien Martin to offer advice for students making one of the most important life decisions: Where should you work?
- Who is Jerica Newby? @01:46
- Who is Michael Nuttle? @03:03
- The accounting recruiting cycle @05:35
- How to use campus recruiters to your advantage @10:08
- Why you should consider a career in public accounting and tax @15:17
- Deciding between audit and tax @22:10
- Tips for a successful internship @30:10
- Recruiting and getting a job during crisis @37:43
- Top student concerns @42:27
- Ways to stand out in a virtual environment @48:44
- The CPA exam @53:29
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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We're back with part two of our conversation on managing change and driving innovation. Join host Damien Martin and change and project management specialists John Gamble and Gary Farrar as they continue their discussion on leading change in any organization that was tapped in front of a live audience at a Financial Executives International event in Chicago, IL on February 27, 2020. This special two-part interview covers strategic perspectives on change management and an opportunity to hear about and learn from BKD’s internal innovation efforts.
Here’s what’s covered in part two (give episode 104 a listen for part one):
- Collaboration in a remote environment @ 1:54
- Working with resistors as a new person on the team @ 3:49
- Tips for approaching cost reduction projects and post-merger integrations @ 6:09
- Innovation is a slice of change management @ 7:27
- The horizons and types of innovation @ 10:27
- How BKD is approaching innovation @ 12:56
- Failing fast and other concepts from the lean start up world @ 18:37
- A client story of BKD innovation @ 24:49
- Score carding as a type of incremental innovation @ 27:53
- Innovation for organizations other than professional services firms @ 28:35
- Key action items for CFOs @ 31:58
- Managing profitability and innovation @ 36:38
- Tips for family-owned and closely held businesses @ 40:47
- Key takeaways @ 44:13
Learn more about our guests here and watch the video of the full interview here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
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Managing change and driving innovation have rapidly become top priorities for financial executives; however, it’s often difficult to keep up with the fast pace of change and fit these challenging tasks into an already packed to-do list. Join host Damien Martin and change and project management specialists John Gamble and Gary Farrar for an informative discussion on leading change in any organization that was tapped in front of a live audience at a Financial Executives International event in Chicago, IL on February 27, 2020. This special two-part interview covers strategic perspectives on change management and an opportunity to hear about and learn from BKD’s internal innovation efforts. Here’s what’s covered:
- “Change is all around us, some that’s in our control and some that’s not” @4:37
- Perspectives on change management from the AICPA @6:58
- It can be overwhelming @9:44
- External drivers of change @11:01
- Two basic questions you need to ask to be relevant and successful in a future that looks different than today @14:43
- Two basic disciplines @17:13
- The process of successful personal change @22:40
- The psychology of going through change @29:12
- What’s a project? @31:28
- Characteristics of a good project manager @35:26
- What should you do if you don’t have a project manager on the team @39:37
- Is project management still relevant? @42:52
- The triple constraints that define any project @45:49
- How do you instill passion to your team to get behind a project? @48:13
- Why do 70 percent of project fail? @50:53
- How to engage passive listeners on the team @52:17
- Tips for being a project management by default @56:48
- Portfolio management for project management @57:54
Learn more about our guests here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Guests Bryan Callahan, Bob Sprague, Will Weltman, and Kevin Dreher join host Damien Martin to have a conversation surrounding business interruption claims, contingent business interruption claims, civil authority claims, and related considerations amid a global pandemic. Here’s what’s covered:
- Take stock and consult a professional [04:11]
- Industries impacted fall into two buckets [07:51]
- Timeline and what to expect [10:20]
- Arbitration [12:07]
- Assessing the magnitude and where to start [19:02]
- The time is now to start tracking [23:01]
- Trigger events under first party policies [27:56]
- Exclusions might apply [35:36]
- An important question to consider [40:03]
- Measuring the period of restoration [44:57]
- Claims against proceeds [51:44]
- Impact of possible legislation [55:25]
- Recoveries from relief and other sources [56:57]
- Closing thoughts and considerations [58:28]
Learn more about our guests here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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BKD partners Rachel Dwiggins and JoAnna Simek join host Damien Martin to continue a conversation on diversity, equity, and inclusion and share their experiences as women in the accounting profession. Here’s what’s covered:
- Experiencing the 2019 AICPA Women's Global Leadership Summit (Summit) [01:14]
- Being the only woman in the room [03:24]
- Creating a more inclusive conversation [06:03]
- Key takeaways from the Summit [07:42]
- BKD’s SKY initiative [12:41]
- Unconscious bias [14:04]
- Mentorship and sponsorship [17:01]
- Are you participating in the right meetings? [23:28]
- Gender and parenting [31:26]
Learn more about our guests here and listen to part one here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Guest Trisha Daho joins host Damien Martin to discuss why and how to create an inclusive culture to help give everyone in your organization the path and tools to reach their highest aspirations and fullest potential. Here’s what they cover:
- Who is Trisha Daho? @01:39
- What is diversity, equity and inclusion @03:33
- You need solve an inclusion problem first @04:54
- The business case for diversity @07:12
- Where to start @08:45
- What to do after you assess where you are? @12:44
- A sense of belonging is the tip of the iceberg @17:29:
- “You are never going to fully understand the experience of someone that’s gone through something that you would never comprehend” @21:08
- You must be authentic and real @27:56
- Resources and how to get help @29:37
- A way to win the war on talent in the accounting industry @32:36
- Advice for organizations looking to make a change in light of recent events @36:20
- Tips for having challenging conversations and what to avoid @ 37:32
- How to avoid falling victim to your bias and blinds spots @40:26
- Leading and sustaining change @44:58
- Virtual considerations for difficult conversations @47:42
- Now is the time! @49:05
BIO FOR GUEST
Trisha Daho is the founder and owner of Empowered, where she partners with C-suites and managing partners to think, plan, and execute strategically for the purpose of accelerated and sustainable growth, primarily in professional service firms. She also partners with larger firms to create success for women and diverse people who are entering leadership positions through a diversity and inclusion peer advisory experience focused on strategy, high performing teams, and advocacy in leadership.
With a law degree from Case Western Reserve University and a business degree from Miami University, Trisha brings practical results-driven insights as well as leadership acumen. She regularly writes and speaks on a variety of topics, including authenticity in leadership, high impact teams, creating growth cultures, diversity and inclusion, and many more.
- Connect with Trisha on LinkedIn
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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“Simply Tax” turns 100 by looking back and looking forward with Sam Allred, Jeremy Clopton and Heath Alloway of Upstream Academy on how accounting firms are responding to the coronavirus pandemic and preparing for future success. Here’s what’s covered:
- Looking back to the beginning of 2020 [02:43]
- Top four goals of managing partners, even during crisis [05:03]
- Areas of focus amid a pandemic [12:01]
- Lessons firms have learned so far [17:49]
- The do’s and don’ts of leadership in the present crisis [22:25]
- Advice for working and training in a remote environment [33:11]
- “Leadership in a time of crisis is going to leave a more lasting memory than anything else a leader does” [39:41]
- “Nothing says I care more than being proactive” [42:19]
- Preparing for future success [45:34]
- Innovation as a way to improve [54:34]
- The danger of reverting to normal [59:56]
- Forward-looking book recommendations from Jeremy and Heath [01:04:38]
- Closing thoughts [01:09:01]
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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The U.S. Small Business Administration (SBA) released two more interim final rules on the Paycheck Protection Program (PPP) on Friday, May 22. Host Damien Martin calls up BKD’s Tad Goodenbour, James Anderson and Robb Conner to unpack the latest guidance and what it means for borrowers.
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
BKD alert: PPP Loan Forgiveness: What We Know (May 26, 2020)
BKD article: SBA Releases PPP Loan Forgiveness Application (May 19, 2020)
BKD webinar archive: COVID-19 PPP Loan Forgiveness: What We Know (May 18, 2020)
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
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Adapting effectively to adjustments in economic culture and wealth is often difficult and requires families to balance past tradition with the need to move forward. Internationally-recognized family wealth psychologist Dr. James Grubman joins host Damien Martin to discuss the dilemmas, decisions and challenges that come with wealth and share real-world stories for those both new to and coming from wealth. Here’s what’s covered:
- Immigrants and natives to wealth @02:48
- “Adapting from one economic culture to another is harder than people think” @06:44
- The three main questions of adaptation @08:34
- Best practices for balancing the past with the future in adaptation @09:57
- The importance of finding the right balance of leaning on past tradition and taking on new skills @13:39
- How to communicate during a crisis @16:24
- Tips and techniques for getting the communication ball rolling @22:18
- The “white noise” factor @25:19
- A resource for getting some help with family communication @27:18
- “You are absolutely not alone” @28:24
BIO FOR GUEST
Dr. James Grubman has provided services to individuals, couples and families of wealth for more than 30 years. His work with clients at many levels of affluence—from the “millionaire next door” to the Forbes 400—has earned him a reputation as a valued family advisor. Jim often is consulted in situations of complexity where psychology, law, finance, medicine and business all come into play to varying degrees. He draws on his experience as a psychologist, neuropsychologist and family business consultant with specialty interests in trusts and estate law, family governance and wealth psychology.
Jim brings his deep knowledge of the client's perspective to his work with single and multi-family offices, top 100 wealth management firms, attorneys and other advisors. He has coached hundreds of advisors on the core competencies needed to foster exceptional client relationships. His practical approach emphasizes collaboration, empathy and efficiency.
Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author (with Dennis Jaffe, PhD) of Cross Cultures: How Global Families Negotiate Change Across Generations, groundbreaking explanations of how individuals and families can adjust to wealth effectively. His work has been discussed in Malcolm Gladwell’s national bestseller, David and Goliath, as well as featured in the Wall Street Journal, Business Week, *CNBC, The New York Times, The Boston Globe and Private Wealth. He has published widely in the Journal of Wealth Management, Journal of Financial Planning, Financial Advisor* and many other media.
Learn more about Dr. Grubman and get additional resources here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
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Host Damien Martin wraps up a multi-episode look at the tax season with American Institute of CPAs (AICPA) Director of Tax Practice & Ethics Cari Weston. Here’s what’s covered:
- Who is Cari Weston? [01:29]
- “You can absolutely not go wrong with a degree in accounting” [07:54]
- How was tax season? [11:21]
- What members experienced this season [20:30]
- The importance of being future ready [26:36]
- The case for being nimble [31:48]
- How accountants can be more consultative [37:50]
- Tips for those starting out in the profession [41:42]
- The AICPA is there for you [45:17]
- How you can volunteer with the AICPA [48:22]
Learn more about Cari and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Host Damien Martin continues a multi-episode look at the tax season with Kelly Phillips Erb, popularly known as Taxgirl. Here’s what’s covered:
- Who is Taxgirl? @ 1:16
- Why tax? @ 2:51
- Challenges and changes @ 5:20
- Watch out for scammers! @ 12:49
- The experience of writing and reporting on the tax season @ 16:44
- The most important and overlooked provisions @ 19:32
- Tips for the current environment @ 21:56
- Tips for a career in tax and writing about tax @ 27:09
- How Taxgirl started writing @ 32:39
- Closing thoughts on the tax season and a career in tax @ 37:51
- Parenting advice @ 43:39
Learn more about Kelly and get additional resources here.
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We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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This time of year, tax practitioners are normally greeted with the question, “How was tax season?” With the disruption caused by the SARS-CoV-2 virus and the incidence of COVID-19, however, it clearly isn’t business as usual. Host Damien Martin kicks off a multi-episode look at the tax season with BKD’s Jesse Palmer and Gene Morgenthaler to get their insights on approaching challenges and tax planning opportunities. Here’s what’s covered:
- “Just trying to keep on top of everything” [01:36]
- Areas to focus on [05:09]
- Qualified improvement property fix [12:34]
- Surprises from relief provisions [14:48]
- Tips for going forward and opportunities to look for [20:06]
- Wealth transfer considerations [23:13]
- State, local and other considerations [26:27]
- Jesse’s recommended approach [29:20]
- Damien’s advice to businesses and owners [32:14]
- Gene’s background and experience [39:00]
- “Like no other tax season in the last 39 years” [48:02]
- The bottom line for tax professionals to tackle the months ahead [51:40]
- Step back and consider the big picture [56:43]
- Lessons from Gene and tips for a successful tax career [59:54]
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Organizations large and small continue to confront challenges related to the systematic disruption caused by the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). Guest Kim Hirsch of Fusion Risk Management joins host Damien Martin to explain how risk management and business continuity strategies can help organizations and their leaders respond to a pandemic and create a plan to return to “normal” when the pandemic subsides. Here’s what’s covered:
- Who is Kim Hirsch? @ 01:36
- The way to get ahead of risks @ 02:47
- Business impact analysis and all hazards planning @ 04:29
- A manageable approach @ 08:53
- Pandemic planning @ 11:21
- Best practice to drive your decision making @ 17:02
- Pandemics are hard to contemplate @ 19:55
- Great data is the foundation @ 27:48
- Ways to learn more 30:14
- Plan for the worst but hope for the best @ 31:50
Learn more about Kim and get additional resources here.
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A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Tax headlines are swirling after several tax-related developments passed in Washington in response to the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). These significant changes have created questions for taxpayers and CPAs alike. Tune in as host Damien Martin cuts through the static of the tax deadline postponement with frequent guest Ed Karl and tackles common listener questions with returning guests Julia Dengel and Yelena Bosovik.
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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The U.S. Small Business Administration (SBA) has worked to provide Economic Injury Disaster Loan assistance to eligible organizations to help ease the effects of the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19) on small businesses, nonprofits and other entities. These organizations are experiencing unexpected decreases in cash flow due to the “shelter-in-place” orders enacted by many municipalities. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and SBA intend to provide loans with decreased interest rates and forgiveness plans to assist organizations as they continue operating during this challenging time. Join us for the third installment of our COVID-19 Response Series, where host Damien Martin talks with guests Jim Ashley, Corey Stone and Greg Knight to review these complicated but crucial changes under the CARES Act. Here’s what’s covered:
- The SBA Economic Injury Disaster Loan (EIDL) before CARES @01:45
- Get some trusted education on the programs @08:59
- Paycheck Protection Program (PPP) under the CARES Act @11:42
- Common questions on the PPP loan program @17:10
- The analysis to be done here @23:26
- Business responses to the SBA loan programs so far @28:19
- The need for real-time decisions @32:46
- The specifics of the PPP loan forgiveness @34:05
- Get ready and prepare for the next eight weeks @36:55
- Making cuts and difficult decisions @38:58
- How your data can help right now @41:24
- Practical considerations for making the most informed decision @43:58
- A lot of times the data is already there @47:42
- Closing thoughts
- Greg Knight @50:37
- Corey Stone @53:18
- Jim Ashley @ 54:48
Learn about our guests and get additional resources here.
Due to the SARS-CoV-2 virus (COVID-19), Washington recently enacted legislation providing various relief measures. In episode two of our COVID-19 Response Series, guest Ryan Peterson and host Damien Martin discuss the payroll-related provisions provided under this new relief. We’ll cover items of common confusion, identify areas needing additional guidance and explain what these newly enacted provisions may mean for you and your business. We’ll also hear from Yelena Bosovik and Julia Dengel on the expansion of emergency family and medical leave and employer tax credits. Here’s what’s covered:
- Payroll-specific relief under the Families First Coronavirus Relief Act (FFCRA) @02:39
- FAQ on the specifics of the relief provided under the FFCRA @06:46
- Employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) @15:03
- A few things should be doing now @20:44
- Common misconceptions @24:49
- Delay of payment of employer payroll and self-employment taxes @27:48
- Ryan’s recommended approach to the relief provisions @29:50
- Closing thoughts @31:05
Learn more about our guests and get additional resources here
The novel coronavirus disease 2019 (COVID-19) and the response to this pandemic have created an unprecedented, fast-moving and challenging environment. Join guest Chris Schumann and host Damien Martin for the first episode of a three-part series focused on helping you respond responsibly to COVID-19. We’ll share practical advice and key action steps businesses and their owners can take to confront the unexpected business challenges of the current situation. Here’s what’s covered:
- This situation is different @03:24
- Cash is king @05:33
- Don’t overcomplicate it @08:08
- Mistakes from the past @10:31
- The people perspective @22:45
- A lesson from 2008 on transparency @25:26
- Inventory @28:03
- Constant communication and reassurances @32:16
- Impact on transactions and deals @36:40
- Closing thoughts @39:01
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
In these uncertain times related to the coronavirus 2019 (COVID-19) pandemic, tax professionals and businesses alike face a multitude of challenges. Among them is conquering the learning curve of working remotely, as many tax and business professionals will be working from home (WFH) in the weeks ahead. Host Damien Martin called up frequent guest Tony Nitti to discuss what he’s learned from 15 years of WFH, tips for being effective and advice for everyone including those who are starting out and those who are established in their careers.
Learn more about our guest and get additional resources here.
We’ve been working with the centralized partnership audit regime (CPAR) for more than a year, but key challenges remain regarding the application of federal rules at the state level. In this episode, you’ll find out why it matters and how the American Institute of CPAs (AICPA) and other organizations are advocating for taxpayers and tax practitioners. AICPA Senior Manager Eileen Sherr sits down with host Damien Martin to discuss the Multistate Tax Commission’s (MTC) Model Uniform Statute and Regulation for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments (model statute) aimed at unifying state approaches to the centralized partnership audit procedures. Learn which states are considering and enacting legislation that addresses the significant changes under the CPAR. Take a look at what’s covered:
- Meet Eileen Sherr @01:06
- Overview of the CPAR @02:14
- State considerations @04:34
- Key players and contributions @05:59
- Description of the MTC’s model statute @08:46
- The desire for flexibility @13:34
- Why a model statute is important @15:02
- How the AICPA is advocating for taxpayers and tax practitioners @15:49
- Eileen’s experience creating the model and expectations for the future @18:13
- How listeners can get involved @21:34
- What we’ve seen so far in 2020 @24:48
Learn more about Eileen and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
Have you ever wondered what would happen if you put the hosts of two tax podcasts together in a studio to talk tax? We thought so! “Simply Tax” host Damien Martin sits down with “Tax Notes Talk” host David D. Stewart to discuss his career reporting on international tax, where things stand with the Organisation for Economic Co-operation and Development’s (OECD) base erosion and profit shifting (BEPS) project and the experience of hosting a podcast about taxes. Here’s what’s covered:
- How David Stewart came to write about, analyze and report on taxes @2:16
- How David knew he was a tax geek @4:18
- A day in the life of an international tax reporter @5:18
- The latest on the OECD’s BEPS project and the experience of following it @11:16
- A prediction on the 2020 target completion for the project @17:29
- The biggest challenge for completing the BEPS project @18:41
- Reactions to telling people you host a podcast about taxes @21:29
- How “Tax Notes Talk” was born @23:53
- Why you should listen and how it’s grown in more than 100 episodes @25:45
- Advice for a successful career reporting on tax @32:16
Resources mentioned in the episode
- "Tax Notes Talk" episode: Simply Tax Season crossover episode with David Stewart and Damien Martin
- "Tax Notes Talk" episode: Drunk Tax History with David Stewart and Joseph Thorndike
- “Tax History: Drunk Tax History: Alcohol and American Public Finance” by Joseph Thorndike
Learn more about David and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
Can you describe the characteristics of a great board member or the critical role boards play in the success of all types and sizes of organizations? Find out from guest Dan Prater, as he joins host Damien Martin to discuss the qualities and activities of a strong board and share best practices for any board member. Take a look at what’s covered:
- Why are boards important? @01:59
- Roles and purposes of board members @03:00
- Considerations for new board members @04:15
- Identifying a strong board @06:01
- What kind of board member does my organization need me to be? @08:04
- The most important question for a board to ask @09:20
- How to stay relevant as an organization @10:55
- Considerations for finding the right board members @13:32
- Diversity of thought is critical @16:28
- Social return on investment @20:26
- Best practices of the best organizations @22:25
- Founders who won’t move forward and let go @25:46
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
Much like the changes under the Tax Cuts and Jobs Act, the new lease standard is complex and likely will require significant hours to implement correctly. Join guests Chris Telli and Jessica Richter as they help educate host Damien Martin on the change and discuss what measures organizations should take to comply with the new standard. Here’s what’s covered:
- Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, and Financial Accounting Standards Board (FASB) Accounting Standards Codification [01:35]
- The big shift under the new standard [04:03]
- Implementation example [07:20]
- Awareness of the change [11:05]
- Private companies are underestimating what it will take to implement [15:38]
- So what does this mean for lessors? [18:33]
- How it’s going so far and additional considerations [20:08]
- The biggest challenge [24:42]
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
Cybersecurity has become an important part of everyday life. Join guest Rex Johnson and host Damien Martin to learn more about the risks and consequences of a cyberattack and the actions you can take to help protect your business. Here’s what’s covered:
- What’s cybersecurity? [02:25]
- Risks and rewards of ease of access to data [05:33]
- How the headlines are changing mindsets in management [10:07]
- Where do you start [12:42]
- Why you need an incident response plan [15:02]
- Things to focus on [18:05]
- The tone at the top is vital [20:39]
- What you can learn from a penetration test [22:12]
- It all comes down to what you want to protect [26:13]
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
Headlines are swirling after several tax-related developments in Washington at the end of 2019. Join guests Ed Karl, vice president of taxation at the American Institute of CPAs (AICPA), Dan Smith, Lynn Mayabb and host Damien Martin, as they discuss the tax-related provisions of the Further Consolidated Appropriations Act, 2020 (Act), share what these modifications could mean for individuals and businesses and provide an inside look at what Ed and the AICPA are focusing on in the year ahead. Here’s what’s covered in our first episode of 2020:
The latest in tax legislation with Ed Karl
- Ed’s reaction to the Act, its contents and how the Act came to be @2:22
- Are changes needed to the disaster relief provisions? @4:12
- It’s hard to justify the use of temporary provisions @8:13
Changes for Qualified Plans with Dan Smith
- Dan’s experience with qualified plans and the history of 401(k)s @12:28
- The genesis of the SECURE Act’s provisions within the Act @16:15
- Modifications to pooled employer plans and what they mean for smaller companies @19:50
- “There’s a lot in there!” @26:59
- The remedial amendment period @28:38
- Other changes in the Act for qualified plans @31:58
- The most common error with qualified plans and things to watch for @49:23
- Closing thoughts from Dan @53:39
Individual Considerations After the Act with Lynn Mayabb
- How to approach the updates for individuals @56:36
- The two biggest changes and potential action needed by individuals @58:06
- Roth IRAs after the latest developments under the Act @1:04:57
- There’s no one-size-fits-all answer @1:05:57
- Taking a collaborative and holistic approach @1:11:14
- Other changes for individuals in the Act @1:12:21
- Key considerations and actions to take now @1:16:00
Other Developments & the Year Ahead with Ed Karl
- Recent guidance—and the need for it @1:17:37
- What are Ed and the AICPA watching and working on in 2020? @1:20:39
- The latest developments with the taxation of the digitalized economy @1:24:26
- Tax proposals and the AICPA’s response @1:29:27
- Amending returns after the Act @1:31:39
Learn more about our guests and get additional resources here.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
2019 was yet another busy year in the tax world! Tony Nitti returns to the podcast to share key takeaways from his top tax cases of the year with host Damien Martin, along with advice for reading and staying current with tax case law. Here’s what’s covered in our final episode of 2019:
Background, tips and tricks on studying tax case law:
- Why read tax cases? @01:56
- Tony’s tips for reading tax case law @04:12
- How to fit reading tax cases into the busy day-to-day @09:14
- How Tony picked his top 10 cases @11:41
Top 10 tax cases:
- Gaylor v. Mnuchin, 919 F.3d 420 (7th Cir. 2019) @14:41
- What’s Internal Revenue Code (IRC) Section 107?
- Why did the Freedom From Religion Foundation sue the IRS?
- Northern California Small Business Associates v. Commissioner, 153 T.C. 4 @34:44
- What’s IRC §280E?
- What was the taxpayer’s argument in the case?
- Why did the court reject this argument?
- Langston v. Commissioner, T.C. Memo 2019-19 @47:48
- Why was there even an issue here?
- What’s the significance of this case?
- Barbara v. Commissioner, T.C. Memo 2019-50 @54:24
- Why is material participation so important yet challenging?
- Why did the tax court disagree with the IRS in this case?
- What’s the key takeaway from this case?
- Eger v. U.S., 124 AFTR 2d 2019-5717 @1:07:19
- What’s IRC §469(c)(7)?
- What did we learn from this case?
- Three things to remember about real estate professionals
- Donoghue v. Commissioner, T.C. Memo 2019-71 @1:24:30
- Is this just another bad-facts case about horses?
- What are the hobby-loss rules and why are they so tricky?
- Ames D. Ray v. Commissioner, T.C. Memo 2019-36 @1:37:00
- Why have we been talking so much about IRC §§162 and 212 lately?
- Why did the taxpayer feel he could deduct his legal fees?
- Why did the court ultimately disagree?
- Lipnick v. Commissioner, 153 T.C. 1 @1:45:57
- What are the debt-financed distribution interest expense rules?
- What was the issue of first impression here and how did the court rule?
- Mihelick v. U.S., 927 F.3d 1138 (11th Cir. 2019) @1:52:41
- What’s the claim-of-right doctrine?
- What did we learn about this doctrine from this fact pattern?
- Brown v. Commissioner, T.C. Memo 2019-30 @2:03:22
- Why does it matter where your tax home is?
- What are the factors to determine where a taxpayer’s regular and principal places of business are?
Bringing it all together:
- Shrinking the code @2:10:28
Learn about Tony and get additional resources here.
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Previous guests of the “Simply Tax” podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes:
Episode 49: Tax Planning Questions for Businesses
Episode 47: Tax Planning for High-Net-Worth Families After the TCJA
Episode 46: Do You Have 199A Confusionosis?
Episode 44: The R&D Tax Credit
Episode 42: Cutting Through the Tax Static with Ed Karl
Episode 39: Tax Technology of the Future
Episode 38: Bonus Depreciation Regs & More
Episode 36: Simply Small Business Taxpayer Accounting Methods
Episode 35: The Proposed 199A Regulations with Tony Nitti
Episode 27: The SALT Workarounds with Annette Nellen
Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law
Episode 19: Tax Reform for Insurance Companies
Episode 16: AICPA's 199A Task Force
Episode 15: Tax Reform for Health Care Providers
Episode 13: Tax Reform for Construction & Real Estate
Episode 12: Ed Karl's Tax Reform Carnival Update
Episode 11: The Twins on Tax Reform for Individuals
Episode 10: The International Side of Tax Reform
Episode 9: Tax Reform for Businesses
Bonus Episode: CPA to CPA with Tony Nitti
Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti
Bonus Episode: Tax Bill Whack-A-Mole
Bonus Episode: Latest from the Reform Roller Coaster
Bonus Episode: Tax Framework with Ed Karl
Episode 1: Talking Tax Reform with Ed Karl
THE STORY
‘Twas the night before TCJA, when all through the House,
A tax reform framework was stirring, with momentum moving quicker than a mouse;
A budget resolution had just passed in Congress with care,
In hopes that tax reform soon would be there;
The stage had been set to use reconciliation by those who led,
While visions of rate cuts danced in their heads;
And Republicans in the House and the Senate moving ASAP,
Remained committed to using the unified framework as a map,
When on November 2nd there arose such a clatter,
It was the Tax Cuts and Jobs Act that was the matter!
Away to the internet I flew like a flash,
To open the bill that made such a splash.
The text on freshly printed pages as white as snow
Gave the luster of new tax changes offering so much to know,
When, what to my wondering eyes should appear,
But new provisions to add and amend the tax code as I sat down to read it with a beer,
With the changes moving, so lively and quick,
I still was not certain if these provisions would stick.
More rapid than eagles the markups they came,
And they passed different versions of the bill in the House and the Senate under the TCJA name;
Now, Republicans! Now, Democrats! In a conference committee mixin’!
On compromises! On changes! On things that needed fixin’!
Back to the House and the Senate with time running small
Now three last-minute changes that were then voted on by all,
Including a name change that’s made the bill somewhat hard to identify,
But around the Tax Cuts and Jobs Act name most seem to still unify.
So after enactment on December 22nd tax advisors they flew,
To their copies of the bill with highlighters and even hole punch reinforcers, too.
And then, in a twinkling, I heard tax advisors raise the roof
The excitement of new code sections that arrived in a poof.
Now after reading the TCJA, I knew that choice of entity was bound,
To be a big deal with many significant changes now around.
It was presented as simplification with reduced rates at its root,
But is often complex when combined with the tax law that stayed put;
A bundle of questions arose when tax advisors started to unpack
The provisions of the newly enacted tax law with areas of uncertainty starting to stack.
And the many significant international changes that can seem quite frankly scary!
Actually, Chris Clifton of episode 10, would you explain while I refill my sherry?
Now one thing that clearly began to show,
Was each taxpayer’s situation is unique and tax planning for the TCJA could not be put on auto;
A decision like charitable giving now has much more to consider,
Like will you itemize, what are you giving and even what and how much do you plan to bequeath;
And the new 20 percent deduction has led to many calls on the telly,
With the definition of trade or business under §162 that can seem as fluid as a bowlful of jelly.
Whether you get the deduction and what industry are important questions to ask yourself,
For example, Brian Todd of episode 15, for health care would say it depends on the organization itself?
And though the TCJA-related guidance so far has given much to put in our head,
More from Treasury and the IRS is still needed and expected to come ahead;
And though enhanced capital expensing is quite a perk,
A technical correction for qualified improvement property would address issues that still lurk,
And keep in mind under the TCJA some saw overall tax increases as their effective tax rate rose,
Netting the effect of new limits on deductions with the beneficial changes is something you must juxtapose;
To many tax advisors the TCJA can seem like a thistle,
So I’d like frequent podcast guest Tony Nitti to offer some advice to those starting to bristle.
So with that I’d like you to celebrate the one year of the TCJA with spirits that are bright,
Happy TCJA to all, and to all a good night!
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On October 9, 2019, the IRS released the first guidance in five years for taxpayers who engage in transactions involving virtual currency. Cut through the static of this rapidly changing area with guests Nik Fahrer, Sean Stein Smith and Tyrone Ross and host Damien Martin as they share observations from the recent guidance and provide insights on working with and investing in cryptocurrency. Here’s a look at what’s inside our latest episode:
Tax update with Nik Fahrer
- Impressions and takeaways from the first cryptocurrency guidance in five years @01:14
- Affirming any acquired financial interest in virtual currency on your 2019 tax return @07:58
- What to do if you haven’t reported your cryptocurrency transactions @09:42
- What’s the effective date of the latest guidance? @11:45
- Did you get a letter from the IRS? @13:25
- This stuff isn’t going away @16:20
Common questions and misconceptions with Sean Stein Smith
- Why you should care about cryptocurrency in the first place @20:51
- How Sean covers this topic when teaching and writing @23:49
- What’s a “hard fork” and what’s an “air drop”? @25:31
- Top issues and outlook for 2020 @31:43
- Living lessons from the American Institute of CPAs (AICPA) Leadership Academy @37:54
Investment considerations with Tyrone Ross
- The importance of an abundance of crypto-specific education @40:56
- Greatest points of misinformation and confusion @45:55
- Considerations for owning cryptocurrency @53:04
- Estate planning considerations with cryptocurrency @59:37
- It’s not going away! @1:04:01
Learn about our guests and get additional resources here.
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Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
How did tax reform change year-end planning for individuals? Returning guests Holly Pantzer and Susan Jones join host Damien Martin for a closer look at key considerations for individuals following the recent tax law changes as they share their firsthand experiences from recent year-end planning discussions. Here’s a look at what’s inside our latest episode:
- Why year-end tax planning is important and best practices for planning meetings @ 2:45
- Biggest challenges in implementing the tax reform changes in year-end planning @ 8:27
- Things Holly and Susan aren’t doing in planning this year @ 14:24
- How charitable giving and philanthropic plans have changed after tax reform @ 17:59
- Estate planning trends in year-end discussions @ 23:26
- “We might be in the lowest income tax environment we’ll see for quite some time” @ 30:11
- Closing thoughts on year-end planning @ 32:07
- The biggest questions Holly and Susan are addressing @ 37:15
Learn about our guests and get additional resources here.
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We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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The modern business world is often described as crazy busy with constant change and shifting priorities. Learn how to cut through the static of this tumultuous new normal as guest Amy Franko returns to the podcast. She and host Damien Martin explore the skills necessary to help you better execute on the tactical aspects of selling in this modern environment. Here’s what’s covered:
- Who is Amy Franko, and how did she become an educator on sales and leadership @ 1:59
- How to spot an entrepreneurial inflection point @ 6:11
- The experience of writing and publishing a book @ 6:49
- Who should read Amy’s book? @ 14:01
- The definition of the modern seller @ 18:34
- The five dimensions of a modern seller @ 25:10
- Agile @ 26:24
- Entrepreneurial @ 27:32
- Holistic @ 30:58
- Social @ 33:27
- Ambassador @ 35:13
- Putting it all together @ 37:29
BIO FOR GUESTS
Amy Franko is founder and president of Impact Instruction Group. She is a keynote speaker, sales strategist and author specializing in B2B sales and sales leadership development. With more than 20 years of client-facing sales experience, Amy began her career with global companies IBM and Lenovo before pivoting into entrepreneurship. Her book of business includes some of the world’s most recognizable brands. Her book The Modern Seller is an Amazon bestseller and was named a 2019 top sales book by Top Sales World. She is recognized by Top Sales World as one of the top 50 sales bloggers in the world.
- Connect with Amy on LinkedIn
- Follow Amy on Twitter
ADDITIONAL RESOURCES
- "Simply Tax" episode 30: A Leadership Pipeline with Amy Franko
- Amy’s website: Impact Instruction Group
- Amy’s book: The Modern Seller
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Tax planning is complex and particularly challenging this year after yet another busy year in the tax world. Julia Dengel joins Damien Martin to co-host a mashup of interviews on key topics to help you navigate year-end tax planning. Here’s what’s covered:
- Behind the scenes of the Year-End Tax Advisor @01:59
- Private Foundations: Beware the Hidden Issues with Stephanie Bostick @05:49
- Opportunity Zones with Derek Smith @18:28
- Year-End Planning for Businesses: Accounting Methods with Dodge Docheff @30:44
- Mitigating the Penalty Exposure Through Proper Use of Forms 8275 & 8275-R with Yelena Bosovik @39:43
- 2019 Charitable Tax Planning Reminders with Luke Guttermann @50:47
- Section 199A Doesn't Stand Alone with Karen Fleming @1:01:56
- Student Loan Repayment Programs: What Are They & How Will the IRS Respond? by Jessica Cox with Julia Dengel @1:09:26
BIO FOR GUESTS
- Stephanie Bostick is a tax senior manager and member of BKD Private Client Service Group in San Antonio, TX. Connect with Stephanie on LinkedIn.
- Derek Smith is a tax partner and member of BKD National Construction & Real Estate Group in Springfield, MO. Follow Derek on Twitter and connect with him on LinkedIn.
- Dodge Docheff is a tax manager and member of BKD Financial Services in Kansas City, MO.
- Yelena Bosovik serves as a national senior associate in BKD’s National Office Tax Department. Connect with Yelana on LinkedIn.
- Luke Guettermann is a tax senior manager in Kansas City, MO. Connect with Luke on LinkedIn.
- Karen Fleming is a tax senior manager and member of BKD Private Client Service Group in Chicago, IL. Follow Karen on Twitter and connect with her on LinkedIn.
- Julia Dengel serves as a national tax manager in BKD’s National Office Tax Department. Follow Julia on Twitter and connect with her on LinkedIn.
ADDITIONAL RESOURCES
- Episodes of “Simply Tax” mentioned in the episode
- Episode 41: What's a Qualified Opportunity Zone? with Derek Smith
- Episode 45: The Opportunity Zone with Derek Smith
- Episode 78: Manage the Accounting Method Madness with Travis Butler and Brittany Cummings
-
What We Learned from Tax Reform for Individuals with Jeff Bodkin, Susan Jones, Damien Martin and Derek Smith (August 8, 2019)
-
What We Learned from Tax Reform for Businesses with Rick Klahsen, Damien Martin, Jesse Palmer and Melissa Pozniak (August 9, 2019)
- Last year’s year-end tax planning series on “Simply Tax”
- Episode 47: Tax Planning for High-Net-Worth Families after TCJA with Steve Bigge, Chris Hesse and Marv Hills
- Episode 48: Tax Planning with Losses with James Anderson
- Episode 49: Tax Planning Questions for Businesses with Ed Karl, Jesse Palmer and Justin StenbergGET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
Accounting methods are a complex and intimidating corner of the tax world. Guests Brittany Cummings and Travis Butler join host Damien Martin to cut through the static of recent accounting method developments and break down what you need to know as we head into year-end planning. Listen for answers to these questions:
- What’s an accounting method? @00:28
- What’s in the recently released final and proposed bonus depreciation guidance? @04:06
- Can taxpayers take bonus depreciation on qualified improvement property? @06:35
- What else is going on in the accounting method world as it relates to fixed assets? @10:03
- What’s in the recently released proposed revenue recognition guidance under Section 451? @13:58
- How did this guidance address cost of goods sold and variable consideration? @22:30
- Are there best practices for implementing this guidance? @26:04
- What’s negative §263A and what was in the guidance released last November? @27:40
- What other accounting methods should you be thinking about right now? @33:46
- What are Brittany and Travis’ favorite accounting method changes? @38:26
- Are there any international or state and local tax issues to consider with accounting methods? @40:34
BIO FOR GUESTS
Travis Butler serves as a director in BKD’s National Tax Department and Chicago office.
- Connect with Travis on LinkedIn
Brittany Cummings serves as a national assistant tax director in BKD’s National Tax Department.
- Connect with Brittany on LinkedIn
- Follow Brittany on Twitter
ADDITIONAL RESOURCES
Mentioned in the podcast:
- Episode 36: Simply Small Business Taxpayer Accounting Methods with Nathan Clark
- Episode 38: Bonus Depreciations Regs & More with Jesse Palmer
Additional resources:
- Summary: https://www.bkd.com/chart/2018/08/tax-cuts-and-jobs-act-ss168k-bonus-depreciation
- Article: New Depreciation Rules Create Tax Planning Opportunities by Jason Jobgen
- Resource centers:
- Revenue Recognition
- Lease Accounting
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Guest Tim Jipping—host of the “Journey View” podcast—joins “Simply Tax” host Damien Martin on an exploration of their careers in the CPA profession. The two share their personal experiences from working in the CPA profession and discuss the profound effect the AICPA Leadership Academy has had on both their careers and personal lives.
TIME STAMPS
- Who is Tim Jipping? [02:45]
- The experience of starting a podcast [07:34]
- Creating and being creative [09:18]
- Simply creativity and innovation [13:51]
- How the AICPA Leadership Academy can change you [21:56]
- Tim’s journey and the role of fear and vulnerability [28:37]
- Wait, Damien majored in music? [35:27]
- Creating space to grow and running a marathon [41:51]
- How to say YES! [45:36]
- Perspectives and insights gained from moving across the country [50:16]
- Advice to 20-year-old Damien and Tim [59:13]
- Slow down, people! [1:06:56]
BIO FOR GUEST
Tim Jipping, CPA, CGMA is the founder and owner at Journey Advisors & CPAs. Named as a 2018 40 Under 40 Honoree in accounting and audit, Tim has more has more than 13 years in the accounting profession, with time spent in public accounting and a stint as a controller. He also hosts "Journey View,” a podcast created specifically as an outlet for his creativity and to share conversations with fascinating people about their journey in life.
- Connect with Tim on LinkedIn
- Follow Tim on Twitter
- Follow Tim on Instagram
ADDITIONAL RESOURCES
-
Mentioned in the podcast:
- "Journey View" podcast
- AICPA Leadership Academy
- Behind the Scenes with Tim Jipping
-
More episodes from the “Working in Tax” series:
- Episode 62: Loving What You Do with John Garrett
- Episode 63: Where Should You Work? with Amie Kuntz
- Episode 67: An Insider's View: The IRS & Public Accounting with David Kirk
- Episode 76: How to Become a Tax Geek with Chris Hesse
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Tax manager recently topped the list of jobs with the best career opportunities in the U.S. in a recent Glassdoor survey. Host Damien Martin sits down with guest Chris Hesse—current chair of the AICPA Tax Executive Committee—to cover Chris’ advice for a successful and happy career in tax, insights on the important role the committee plays in advocating for taxpayers and tax practitioners, key takeaways from tax reform and more.
TIME STAMPS
- Who is Chris Hesse and why is he involved with the AICPA? @3:21
- What does the AICPA tax executive committee do? @7:12
- The role of the Tax Executive Committee in requesting TCJA guidance @8:31
- The AICPA’s role in advocating for taxpayers on §199A @10:25
- Comment letters are a treasure trove of information @16:04
- Are draft tax forms considered guidance? @18:21
- Nuances of the trade or business determination and consistent application @20:18
- How Chris became a tax geek (and how you can too) @25:42
- Nothing beats 40 years of experience @33:22
- Chris’ advice for starting out in the profession @38:25
- Be happy with what you’re doing! @43:31
BIO FOR GUEST
Chris Hesse has more than 35 years of tax experience in public accounting with more than 30 years of speaking and training experience before tax professionals. His career has included tax leadership of a 200-person practice and extensive tax writing and analysis services. Chris has spoken at numerous conferences throughout the country on taxation, agricultural and estate tax topics and is the chair of the AICPA Tax Executive Committee. He has testified before legislative committees on tax policy matters and has been instrumental in federal and state tax law changes.
- Connect with Chris on LinkedIn
ADDITIONAL RESOURCES
- Mentioned in the podcast:
- Tax Manager Tops Best Jobs List in New Survey by Jonathan Curry (Tax Notes subscription required)
- Episode 47: Tax Planning for High-Net-Worth Families After the TCJA
- More episodes from the “Working in Tax” series:
- Episode 62: Loving What You Do with John Garrett
- Episode 63: Where Should You Work? with Amie Kuntz
- Episode 67: An Insider's View: The IRS & Public Accounting with David Kirk
- More from the AICPA
- Learn about the Tax Executive Committee: AICPA Senior & Executive Committees
- AICPA TV: Updates from the New Tax Executive Committee Chair, Chris Hesse
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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A lot has been said and written about blockchain and cryptocurrency, but what do you really need to know—and why does it matter? Guests Nik Fahrer, Caleb Shough and Katie Harrison join host Damien Martin for a discussion on the tax, financial reporting and regulatory aspects of this evolving area.
HERE'S WHAT'S COVERED:
- Background on Bitcoin @03:12
- Goal of cryptocurrency’s creators @04:12
- What is cryptocurrency? @05:41
- Evolution of cryptocurrency since its inception @09:14
- Tax treatment and implications @11:26
- Financial reporting treatment and implications @13:39
- Misconceptions and misunderstandings @15:40
- Compliance and regulatory considerations @21:05
- It’s more than having a great cryptocurrency-related idea @24:48
- Mining @26:57
- Hardforks @32:13
- Wash sales @35:41
- Other blockchain applications @37:31
- Partnering with FinTech companies @39:39
- Best practices for partnering @44:21
- Cryptocurrency and the gig economy @46:00
- Anonymity and cryptocurrency @47:10
- Advice for keeping up with the developments @49:05
- A few ways to learn more @50:11
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Guest Gary Genenbacher joins host Damien Martin to reflect on the first tax filing season for financial institutions under the Tax Cuts and Jobs Act (TCJA). Here’s what’s covered:
- Gary’s perspective on applying the provisions of the TCJA [04:10]
- Key TCJA changes for financial institutions [06:09]
- How financial institutions have reacted to the TCJA changes [10:21]
- The most surprising TCJA provisions [11:16]
- Areas we need guidance [14:08]
- Being off-balance on purpose [16:47]
- Planning considerations for financial institutions after tax reform [19:10]
- Increased conformity between book and tax [23:14]
- The important role tax advisors play [25:54]
- Tax simplification [26:42]
BIO FOR GUEST
Gary Genenbacher is a partner and member of BKD National Financial Services Group. Gary focuses on providing family-owned businesses with tax solutions and corporations with strategic tax planning, including subchapter S conversions, retirement planning strategies, accounting methods and tax credit opportunities.
- Connect with Gary on LinkedIn
ADDITIONAL RESOURCES
- Mentioned in the episode:
- What We Learned from Tax Reform for Individuals presented by Jeff Bodkin, Susan Jones, Derek Smith and Damien Martin (August 8, 2019)
- What We Learned from Tax Reform For Businesses presented by Rick Klahsen, Melissa Pozniak, Jesse Palmer and Damien Martin (August 9, 2019)
- “Simply Tax” Episode 67: An Insider's View: The IRS & Public Accounting with David Kirk
- “Simply Tax” Insight Video: Rental Activities as a Trade or Business
- Learn more about some of the topics discussed in the episode:
- Financial Services Tax Reform Update presented by Gwyn Eastom and Steven Cunningham (December 20, 2018)
- “Simply Tax” Episode 17: Tax Reform for Financial Institutions (March 8, 2018)
- Learn more about tax reform with BKD's Tax Reform Resource Center
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Cut through the static of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned from applying the provisions of the TCJA during the first tax filing season for construction and real estate. Guest Jason Grosh joins host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered:
- Key TCJA changes for contractors [01:17]
- Are contractors actually making accounting method changes after the TCJA? [05:48]
- Challenges with the lack of guidance [10:39]
- Planning considerations for contractors after the TCJA [13:31]
- Record keeping considerations after tax reform [20:00]
- Enhanced depreciation deductions [23:21]
- Credits and incentives [25:25]
- C versus S corporation after the TCJA [27:23]
BIO FOR GUEST
Director Jason Grosh is a member of BKD National Construction & Real Estate Group. Jason provides tax services for contractors, real estate developers, hospitality companies, manufacturers and telecommunications companies. He focuses on tax planning for multistate partnerships, LLCs and corporations and on business succession planning, including buy-sell agreements, deferred compensation plans and merger and acquisition agreements.
- Connect with Jason on LinkedIn
ADDITIONAL RESOURCES
- Learn more about some of the topics discussed in the episode:
- Construction, Contracting & Developer Tax Issues by Nathan Fitzgerald (August 12, 2019)
- Calculating Gross Receipts for Small Contractors Under the TCJA by Katie Baker and Jason Grosh (August 5, 2019)
- Resources mentioned in the episode:
- The QBI Deduction: Insights on the Latest Guidance presented by Damien Martin and Kori Zey (January 31, 2019)
- “Simply Tax” episodes covering §199A:
- Episode 8
- Episode 16
- Episode 35
- Episode 37
- Episode 43
- Episode 46
- Episode 54
- “Simply Tax” Episode 72: State & Local Tax Insights on the TCJA
- “Simply Tax” Episode 44: The R&D Tax Credit
- Learn more about tax reform with BKD's Tax Reform Resource Center
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Cut through the static of applying the provisions of the Tax Cuts and Jobs Act (TCJA) at the state and local tax (SALT) level as guest Jim Pierzchalski joins host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered:
- How the TCJA’s changes are affecting the SALT landscape @1:42
- A framework for approaching the challenges of applying the TCJA changes at the SALT level @6:00
- Applying Global Intangible Low-Taxed Income (GILTI) at the SALT level @7:43
- Applying Section 163(j) at the SALT level @10:45
- Approaching uncertainty around TCJA-related provisions and changes @14:14
- Repatriation tax under §965 @20:47
- Challenges specific to pass-through businesses @22:56
- Due diligence considerations @25:03
- Preparing for possible examinations at the SALT level @28:44
- SALT planning considerations @31:11
- Closing thoughts on sales factor treatment and basis @32:58
- Jim’s advice for staying current and the approaching deadlines @37:13
BIO FOR GUEST
Director Jim Pierzchalski is a member of BKD's State & Local Tax Services division. Jim has a wide range of state income and franchise tax experience including compliance, audit defense, refund reviews, diligence, nexus studies, planning and structuring, credits and incentives and sales factor sourcing reviews.
ADDITIONAL RESOURCES
Learn more about some of the topics discussed in the podcast:
- The GILTI Aspects of State Tax (August 17, 2018) by Jim Pierzchalski and Rick Najjar
- State Income Tax Considerations Applicable to Foreign Investment in the United States (April 26, 2019) by Bob Johnson Jr.
- State Income & Sales Tax Update for Manufacturers & Distributors (September 12, 2018) presented by Jim Pierzchalski and Bob Johnson Jr.
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Cut through the static of the international provisions of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned during the first tax filing season, including Global Intangible Low-Taxed Income (GILTI) and more. Guest Chris Clifton joins host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered:
- The added complexity of the TCJA [01:25]
- The most surprising things about applying the international provisions [06:27]
- Section 956 [07:03]
- The new GILTI high-tax exception [09:26]
- Overpayments with §965 [12:27]
- Hybrid GILTI rule for partnerships and S corporations [14:34]
- Challenges with guidance on the 50 percent GILTI deduction with the §962 deduction [18:14]
- Areas where Chris is hoping to see more guidance [23:06]
- Approaching uncertainty after the TCJA [27:42]
- Discussing challenges and uncertainty with clients [29:36]
- Planning considerations for taxpayers after the TCJA [30:52]
BIO FOR GUEST
Chris Clifton is a managing director in BKD’s International Tax Services division. His focus is on international tax planning and compliance for domestic, foreign and multinational corporations in areas such as foreign tax credits, subpart F, withholding taxes and income tax treaties.
ADDITIONAL RESOURCES
Learn more from Chris about some of the complex provisions discussed in the podcast:
- "Simply Tax" Episode 10: The International Side of Tax Reform with Chris Clifton (January 25, 2018)
- International Tax & the TCJA presented by Chris Clifton (February 22, 2018)
- New GILTI Regulations Include High-Tax Exception Election, Change for Partnerships & S Corporations by Chris Clifton (June 21, 2019)
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Cut through the static of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned from applying the provisions of the TCJA during the first tax filing season for tax-exempt organizations. Guests Lauren Denton and Mike Engle join host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered:
- The most surprising aspects of tax reform for tax-exempt organizations @1:37
- Challenges with the new qualified transportation fringe benefit provision @3:01
- Applying the new unrelated business taxable income “siloing” rules @7:11
- The new excise tax on executive compensation @10:48
- Planning ideas tax-exempt organizations should consider after the TCJA @13:13
- Provisions to keep in mind that ended up “on the cutting room floor” during the enactment of the TCJA @17:11
- How tax-exempt organizations have been affected by the qualified transportation fringe benefit provision @19:30
- What’s a Form 990-T anyway? @20:29
- Other tax areas requiring attention from tax-exempt organizations @22:21
- Planning for the new excise tax on executive compensation with the split-dollar loan regime @26:17
- Have we seen a reduction in charitable giving after the TCJA? @30:41
- How to plan for the TCJA going forward @32:50
BIO FOR GUESTS
Lauren Denton is a member of BKD National Not-for-Profit Group and BKD National Public Sector Group. Lauren provides tax services for colleges, universities, community organizations and private foundations as well as partnerships, health care organizations, individuals, benefit plans and trusts.
- Connect with Lauren on LinkedIn
Mike Engle is the North Region tax leader for BKD National Not-for-Profit Group, BKD National Public Sector Group and BKD National Health Care Group. He has more than 20 years of experience providing tax services to health care entities, colleges, universities and not-for-profit organizations. He is charged with growing and developing tax services for these industries throughout BKD’s North Region. He performs comprehensive reviews of not-for-profit activities to identify and help mitigate exposure areas related to private inurement, intermediate sanctions, worker classifications and unrelated business taxable income issues. He also has extensive experience with IRS examinations, obtaining favorable determination letters, private letter rulings and closing agreements.
- Connect with Mike on LinkedIn
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Cut through the static of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned from applying the provisions of the TCJA during the first tax filing season for manufacturers and distributors (M&D). Guests Chris Doolittle and Stephanie Carper join host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered:
- The most challenging aspects of tax reform for M&D @1:56
- The provisions that had the biggest effect on M&D @4:03
- Discussing the tax reform changes with taxpayers @5:57
- How Stephanie and Chris are approaching areas lacking guidance @7:36
- Areas requiring further analysis @8:59
- It’s been a challenging tax year that’s also been riddled with opportunity @12:11
- Provisions that have been surprising @13:47
- Planning points to consider @17:50
- “Farmers have had the most guessing” @20:21
- Areas we need guidance @22:53
- Key takeaways for M&D @25:54
- The tax profession has so much to offer! @28:08
BIO FOR GUESTS
Chris Doolittle is a member of BKD National Manufacturing & Distribution Group, Chris has more than 17 years of public accounting experience. He focuses on providing tax planning services to clients in the manufacturing, distribution and service industries. He interprets the latest tax laws, helps clients reduce their tax liability and provides guidance on the tax implications of business opportunities. He previously served as a national tax assistant director in BKD’s National Office in Springfield, Missouri, where he performed tax consultations with the firm’s offices and quality control reviews. He also contributed to various efficiency and quality control initiatives by developing standardized tax workpapers, engagement letters and checklists.
- Connect with Chris on LinkedIn
Stephanie Carper has assisted manufacturing, distribution and real estate clients with tax planning and compliance for more than 13 years. She also assists with tax planning and compliance for multiple physician practices. She has experience in multistate tax preparation and planning, tiered partnership return preparation, consolidated corporate tax preparation, tax provision preparation and Form 3115 preparation.
- Connect with Stephanie on LinkedIn
ADDITIONAL RESOURCES
Learn more about provisions mentioned in the episode
- More on §163(j) –Episode 9: Tax Reform for Businesses (starting at 12:59)
- More on §199A – Episode 54: Putting the Final §199A Pieces Together
- More on the TCJA changes to accounting methods – Episode 36: Simply Small Business Taxpayer Accounting Methods
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Was tax reform good for manufacturers and manufacturing? Find out as guest Chris Netram of the National Association of Manufacturers (NAM) joins host Damien Martin to break it down and provide his insights on this key sector of the economy.
TIME STAMPS OF WHAT’S COVERED
- Who is Chris Netram and what is the NAM @1:22
- Why manufacturing is a key sector of the economy @2:47
- How manufacturers have responded to tax reform @4:47
- Tax-related factors contributing to growth in the economy @7:39
- Conflicting headlines and politics about tax reform @11:35
- Guidance on the modified business interest expense limitation @13:43
- Other areas where manufacturers are waiting for guidance @16:02
- Legislative priorities for manufacturers @17:39
- The future of the Tax Cuts and Jobs Act @19:29
- A potential missed opportunity for manufacturers @22:37
- The 125th anniversary of the NAM @25:08
BIO FOR GUEST
Christopher Netram is vice president of tax and domestic economic policy at the NAM. In this capacity, he leads the policy and advocacy work on tax, corporate governance, shareholder activism, executive compensation, pensions and employee benefits. In addition, he works to ensure the manufacturing voice is brought to these legislative and regulatory issues before Congress and the administration. A native of New York, Mr. Netram received his B.A. in liberal studies from the University of Central Florida, his J.D. from The Catholic University of America and his LL.M. in taxation from Georgetown University. In addition, Mr. Netram serves as a lecturer at Catholic University’s law school.
- Follow Chris on Twitter
- Connect with Chris on LinkedIn
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
- Episode 31: The Economy for Manufacturers After Tax Reform
- NAM’s Center for Manufacturing Research
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Guest David Kirk joins host Damien Martin to share his experience working at the Office of the Chief Counsel of the IRS. Listen to find out what it’s like to be the principal author on a significant guidance project, observations on the first tax season under the Tax Cuts and Jobs Act (TCJA) and advice for a successful career in tax.
TIME STAMPS OF WHAT’S COVERED
- How Dave Kirk came to work for the IRS [01:47]
- What it’s like to work at Chief Counsel [04:50]
- Dave’s experience working on the NIIT regulations [10:41]
- Unintended consequences in Rev. Proc. 2013-30 [12:40]
- Dave’s approach to drafting a regulation [18:00]
- How accountants and lawyers approach regulations differently [21:29]
- Doing the best we can with the first tax season under the TCJA [25:46]
- Getting comfortable with uncertainty [31:51]
- Documentation is always important, and other best practices for extended returns [35:00]
- Lawyers are better writers than accountants [39:24]
- Dave’s proudest achievement so far [44:57]
- Dave’s favorite Internal Revenue Code Section (aside from 1411) [49:47]
- Closing thoughts on a successful career in tax [51:13]
BIO FOR GUEST
David Harrison Kirk is a partner within the private client services practice of EY’s National Tax Department in Washington, DC. Throughout his career, Dave has focused primarily on the taxation of individuals, trusts, S corporations and partnerships and financial planning for high-net-worth family groups. Prior to joining EY, he was an attorney in the Passthroughs and Special Industries division of the Office of the Chief Counsel of the IRS. He was a principal author of the NIIT regulations under §1411 of the Internal Revenue Code and Revenue Procedure 2013-30, Uniform Late S Corporation Election Relief. Dave is the author of the Bloomberg-BNA Tax Management Portfolio on the §1411 tax.
- Connect with Dave on LinkedIn
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
Mentioned on the podcast:
- “An Interview with David Kirk: Beware the New Excess Business Loss Limitation” (Forbes) by Tony Nitti
- “Section 1411 – Net Investment Income Tax (Portfolio 873)” (Bloomberg) by David Kirk
GET MORE “SIMPLY TAX”
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Take a “drive” with frequent guest Ed Karl to hear the latest on tax-related legislation in Washington, D.C. In addition, listen in for updates on cryptocurrency guidance, the taxation of the digitized economy and Ed’s advice for the fall tax season.
TIME STAMPS OF WHAT’S COVERED
- ”It looks like everything is headed towards a September fiscal cliff” @1:35
- Ed’s outlook on extenders and Tax Cuts and Jobs Act (TCJA)-related corrections legislation @7:55
- The Setting Every Community Up For Retirement Enhancement Act of 2019 @11:26
- The Taxpayer First Act @12:22
- Observations on the first tax season under the TCJA @14:12
- Guidance on virtual currency @18:31
- Update on the taxation of the digitized economy @20:58
- Possible preparer regulation @25:18
- “You have to have a lot patience to work in Washington” @27:11
- Closing thoughts @29:54
BIO FOR GUEST
Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
- Follow Ed on Twitter
- Connect with Ed on LinkedIn
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
Mentioned on the podcast:
- "Death & Taxes" YouTube playlist
- Episode 60: Tax Return Positions with Ed Karl
- Episode 46: Do You Have 199A Confusionosis? with Amy Wang and Glen Birnbaum
- Episode 29: What's the CPAR? with Jonathan Horn
- Episode 16: AICPA's 199A Task Force with Amy Wang
Additional tax reform resources:
- AICPA Tax Reform Resource Center
- BKD Tax Reform Resource Center
GET MORE “SIMPLY TAX”
We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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A family office can help build and preserve a family’s legacy. Guest Jack Thurman joins Damien Martin to explain how, while also breaking down the ways a family office can benefit a family.
TIME STAMPS OF WHAT’S COVERED
- How Jack defines a family office [01:54]
- Benefits of a family office [06:01]
- Is a family office is a good fit for you? [07:38]
- Common roles a family office can play [12:07]
- What to look for in a family office advisor [15:16]
- Evaluating the cost [22:03]
- Common issues that keep generation one up at night [25:56]
- Best practices for family offices [29:37]
- A family office advisor is like a running buddy [31:31]
- How Jack came to work with affluent families [36:05]
- How Jack manages his goals and aspirations [39:05]
- Ways Jack focuses on what he does best while outsourcing the rest [42:46]
- Closing thoughts [48:45]
BIO FOR GUEST
Jack Thurman is president of BKD Wealth Advisors, LLC, a subsidiary of BKD, LLP, which provides investment oversight, wealth management and family office services to high-net-worth families and corporations. He has provided wealth management services since 1986 and is regularly contacted by national media for interviews and commentary on the market and economic events. Jack has been quoted in publications such as Forbes, The Wall Street Journal, Businessweek, SmartMoney and CNBC.
- Email Jack
- Connect with Jack on LinkedIn
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
Mentioned on the podcast:
- Strangers in Paradise by James Grubman, Ph.D.
- The 7 Habits of Highly Effective People by Stephen R. Covey
Additional family office resources:
- Webinar: Want a Family Office That Thrives? Common Mistakes to Avoid presented by Jim Coutre and Jack Thurman on November 13, 2018
- Learn more about BKD Family Office Services
GET MORE “SIMPLY TAX”
We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Many have been buzzing about Lender Management, LLC v. Commissioner (T.C. Memo 2017-246) since it was decided in December 2017, only days before the enactment of the Tax Cuts and Jobs Act (TCJA), which we’ve talked so much about. Guest John Hackney—one of three attorneys representing Lender Management, LLC in the case before the United States Tax Court—joins host Damien Martin for an insightful discussion on key aspects of the case and possible planning strategies now that we’re about 18 months in.
TIME STAMPS OF WHAT’S COVERED
- About John Hackney [1:30]
- Why the Lender Management decision is significant [3:03]
- The distinction between an IRC §162 trade or business and §212 investment activity [5:24]
- Importance of good, well-documented facts [7:23]
- What it takes to rise to the level of a §162 trade or business [8:04]
- How Lender Management, LLC overcame an argument that it was managing the investments of the Lender family [9:58]
- Compensation through a profits interest is a key component in the structure [12:50]
- Registration requirements under securities laws [16:06]
- What John is seeing and hearing after the decision [17:18]
- How the TCJA increased interest in the Lender Management decision [19:11]
- Are many family offices organizing or restructuring in light of the decision? [19:58]
- How to evaluate a Lender Management, LLC-type structure [21:16]
BIO FOR GUEST
John Hackney is a shareholder at Chamberlain Hrdlicka Attorneys at Law in Atlanta, Georgia, where he represents clients in disputes with the IRS and other taxing authorities. John has extensive experience in the tax arena that precedes his law practice. He has a master’s degree in accounting with a tax concentration. Prior to attending law school he worked as a CPA for PwC in its tax department where he focused on compliance work for a large private equity client and individuals.
- Connect with John on LinkedIn
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
- Read the decision: Lender Management, LLC v. Commissioner (T.C. Memo 2017-246)
- Watch our companion video: Rental Activities as a Trade or Business
- Learn more about how BKD can help with BKD Family Office Services
GET MORE “SIMPLY TAX”
We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Deciding between working in tax in public accounting versus private industry can be challenging! Guest Amie Kuntz joins host Damien Martin on the podcast to help cut through the static of this often-difficult decision, offer perspectives on finding your why and share ways to better serve your top clients and customers.
Here’s a look at what’s inside this episode:
- Amie’s path [3:02]
- Finding the intersection of your strengths and passions [4:20]
- Navigating the public accounting vs. industry decision [8:42]
- Pros and cons of working in public accounting [11:17]
- Damien’s perspective on working in public accounting [14:49]
- Pros and cons of working in the industry [17:13]
- Tips for public accounting firms and professionals working in public accounting [22:36]
- Finding your why as an organization [26:50]
- Amie’s advice for where you should work [29:47]
- Overcoming your fear of presenting, sharing your thought leadership and seizing opportunities for growth [32:31]
BIO FOR GUEST
Amie Kuntz is a self-described “normalish 30-something girl” from Des Moines, Iowa, who spends a good portion of her free time voluntarily thinking about tax. While some may tell her to “get a life,” Amie has made tax part of her life by blogging about her experiences and sharing her knowledge of business, insights on tax and updates on the tax law on her blog Living the Tax Life. She’s dabbled in most areas of the tax code during her 12-year career in tax, working in both public accounting and private company roles.
- Follow Amie on Twitter
- Connect with Amie on LinkedIn
ADDITIONAL RESOURCES MENTIONED IN THE EPISODE
- Amie's blog: Living the Tax Life
- Amie’s recent article in The Tax Adviser: “2018 partnership Schedule K-1 Changes”
GET MORE “SIMPLY TAX”
We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram | YouTube
CPA-turned-corporate-comedian and host of the “Green Apple Podcast” John Garrett joins host Damien Martin to explore the importance of bringing your outside-of-work passions and interests to work. Tune in to hear how you can use your passions to be more memorable, build genuine relationships and even create stronger client relationships.
Here’s a look at what’s inside our latest episode:
- About John Garrett [01:49]
- 92 percent of professionals have this outside of work [03:28]
- Why John started the “Green Apple Podcast” [06:20]
- The power of being memorable [10:30]
- Be genuinely interested in who you work with [13:40]
- How to start building genuine relationships [17:10]
- Benefits of creating a workplace that embraces the human side [18:48]
- What happens if you don’t focus on your passions and interests outside of work [23:00]
- Ideas on ways to build a great company culture [24:27]
- What works in some places doesn’t in others [29:16]
- Why John is so jazzed about the accounting profession [31:44]
- What John loves to do outside of work [33:22]
- Use your passion to build client relationships [37:54]
- How to learn more about John [39:17]
- Don’t be afraid! [42:29]
BIO FOR GUEST
John Garrett is a nationally recognized corporate comedian and emcee who draws on his condition as a recovering international firm CPA to deliver messages that hit home with corporate audiences. He’s a professional member of the National Speakers Association and is on a mission to strengthen teams. John received his bachelor’s degree from University of Notre Dame, where he earned a letterman jacket as a trombone player in the marching band. John currently lives in Denver and really enjoys ice cream and college football—especially at the same time.
- Follow John on Twitter
- Connect with John on LinkedIn
- Subscribe on YouTube
- Follow John on Facebook
ADDITIONAL RESOURCES
- John's website
- Episodes of the “Green Apple Podcast” mentioned in the episode:
- Episode 59: Rachel Fisch
- Episode 114: Damien Martin
- Previous “Simply Tax” guests featured on the “Green Apple Podcast”:
- Episode 138: Tom Wheeland
- Episode 121: Sean Stein Smith
- Episode 100: Tony NItti
GET MORE “SIMPLY TAX”
We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Will robots replace accountants? Listen and learn the changes in store for the accounting profession as host Damien Martin sits down with guest Eric Hansen—chair of the AICPA Board of Directors and chief operating officer at BKD—to discuss the profession, leadership and integrating life inside and outside the office.
TIME STAMPS OF WHAT’S COVERED
Giving Back to the Profession & Growing in Leadership
- [ 02:31 ] How Eric came to give back to the profession and serve as chair of the AICPA Board of Directors
- [ 04:12 ] What it’s like to serve as chair
- [ 05:24 ] Eric’s mindset for leadership success in the accounting profession
- [ 06:56 ] How Eric found his personal niche
- [ 08:37 ] Advice for achieving goals
The Future of Accounting
- [ 10:29 ] Insights from recent AICPA Governing Council meetings
- [ 11:37 ] A threat to the CPA license
- [ 15:00 ] Upcoming changes for the accounting profession
- [ 16:21 ] The skill sets necessary for success depend on your career stage
- [ 20:11 ] How leaders can successfully navigate the change ahead
- [ 21:20 ] It’s an exciting time for the accounting profession
Life Outside the Office
- [ 23:59 ] Eric’s approach to work-life balance
- [ 26:17 ] Balancing professional and personal responsibilities
- [ 28:01 ] Parenting advice
- [ 29:58 ] What Eric loves to do outside the office
- [ 32:04 ] Live outside your comfort zone!
BIO FOR GUEST
Eric Hansen serves as chief operating officer of BKD CPAs & Advisors and chairman of the AICPA Board of Directors. He has been an active volunteer with the AICPA, including serving as chair of the Finance Committee and a member of the Compensation and Audit Committees. Eric was part of the AICPA Future of Learning Task Force and served as a member of AICPA Major Firms Group. He has been a member of the AICPA Board of Directors and Governing Council. Eric also participates in various trade organizations and has served in a variety of leadership and teaching positions.
- Follow Eric on Twitter
- Connect with Eric on LinkedIn
ADDITIONAL RESOURCES
- More about Eric: "We Have to Be Bold" (Journal of Accountancy)
- Learn more about the AICPA:
- AICPA website
- AICPA membership
- Learn more about BKD
- BKD website
- What's Your Next Play?
GET MORE “SIMPLY TAX”
We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Applying tax law to real life situations can seem gray at times in spite of the black and white words on the law’s pages. In a mock interview, Guest Ed Karl—vice president of taxation at the American Institute of CPAs (AICPA)—breaks down the AICPA’s Statements on Standards for Tax Services (SSTS) and shares key insights on taking tax return positions on gray areas of the tax law after tax reform.
TIME STAMPS OF WHAT’S COVERED
- What are the SSTSs and who do they apply to? @0:25
- The value proposition of the SSTSs to the CPA profession @1:12
- An example of areas covered by the SSTSs @2:55
- Standards for tax return positions @3:39
- Required disclosure for positions of less than substantial authority @6:49
- Can you just rely on an article from the internet to support a conclusion? @9:06
- Tips for approaching gray areas @10:05
- Does putting a tax return on extension increase the chances of an IRS exam? @12:51
- Is answering a quick client question considered giving tax advice? @14:01
- Ed’s advice for CPAs and CPA firms on working with and learning more about the SSTSs @17:05
- “Just put it in writing!” @18:51
BIO FOR GUESTS
Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s SSTSs. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
- Follow Ed on Twitter
- Connect with Ed on LinkedIn
“Reporters” from the tax intern group of BKD Chicago in order of appearance:
- Mark Christman | University of North Carolina | Graduating June 2019
- Yosue Perez | Northern Illinois University | Graduating May 2019
- Olivia Salach | Loyola University Chicago | Graduating May 2020
- Letty Valles | Dominican University (River Forest) | Graduating May 2019
- Emily Szmania | Loyola University Chicago | Graduated November 2018
- Kamile Petraityte | Saint Xavier University | Graduating May 2020
ADDITIONAL RESOURCES
Statements on Standards for Tax Services
Tax Ethics & Professional Standards
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Guest Jonathan Horn returns to “Simply Tax” to discuss the recent Association of International Certified Professional Accountants (AICPA) policy paper on the taxation of the digitalized economy, explain why current international concepts don’t fit well with digital transactions and break down the unique challenges countries face with the taxation of digital transactions in a cross-border context.
TIME STAMPS OF WHAT’S COVERED
- Challenges with the taxation of the digitalized economy @2:04
- Permanent establishment @7:23
- The Organisation for Economic Co-operation and Development (OECD) commitment @8:40
- Why the AICPA issued a policy paper @14:55
- Fixing the problem today and five years from now @17:44
- Three possible pathways under consideration:
- User value creation @22:27
- Digital permanent establishment @25:24
- Marketing intangibles @31:46
- What’s ahead for the taxation of digital transactions @35:40
- Where to find out more @40:33
- Blockchain and the digital economy @45:26
BIO FOR GUESTS
Jonathan Horn is a senior manager on the AICPA’s Tax Policy & Advocacy Team, based in Washington, D.C. He is responsible for developing and submitting comments to Congress, Treasury and the IRS and developing alerts for members. Prior to joining the AICPA, he was a sole practitioner for more than 20 years, providing tax services to clients of all sizes around the globe. In 2015, Jonathan received the AICPA Tax Division Distinguished Service Award for his extraordinary contributions to the work of the AICPA Tax Division.
- Connect with Jonathan on LinkedIn
- Follow Jonathan on Twitter
ADDITIONAL RESOURCES
AICPA resources
- Taxation of the digitalized economy: A policy paper designed to educate, enlighten and stimulate discussion (October 18, 2019)
- Interview with Chip Harter, Deputy Assistant Secretary (Internal Tax Affairs) at U.S. Department of the Treasury (September 18, 2018)
Other resources
- OECD website
- Base Erosion and Profit Shifting Actions
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Pick up where guests Mary Reiser and Ken Taylor left off in All the Wayfair - Part 1 as they join host Damien Martin to address common questions on how the U.S. Supreme Court ruling on South Dakota v. Wayfair, Inc. (Wayfair) is changing the sales and income tax landscape for businesses and their owners. Here’s what they cover:
- How should I approach uncertainty after Wayfair? @1:10
- Can I contractually pass a sales and use tax obligation on to someone else? @ 6:08
- How is deciding to collect sales tax or file income tax returns a business decision? @ 8:31
- Can’t I just do the same thing I did last year? @ 14:56
- What approach are businesses and their owners actually taking in response to Wayfair? @18:15
- How might factor-based income tax nexus standards effect small and medium-sized businesses @ 24:49
BIO FOR GUESTS
Mary Reiser is a member of BKD’s State & Local Tax (SALT) Services division. She focuses on compliance and consulting for various SALT issues involving multistate entities, including audit defense, nexus analysis, voluntary disclosure and buy- and sell-side due diligence. Her primary experience is in the areas of income and franchise tax and sales and use tax.
- Connect with Mary on LinkedIn
Ken Taylor is a senior managing consultant in BKD’s SALT division. He provides indirect tax consulting services to both public and private companies, including facilitation of automating sales and use tax compliance, technical assistance and research, audit defense, opinion memos, due diligence reviews for purchasers, identification and recovery of overpayments and sales and use tax function effectiveness reviews.
- Connect with Ken on LinkedIn
ADDITIONAL RESOURCES
Previous episodes of “Simply Tax” on Wayfair:
- Episode 57: All the Wayfair - Part 1
- Episode 32: What Now After Wayfair?
- Episode 28: Just Add Salt
Articles on Wayfair
- Wayfair – State Tax Update (January 22, 2019)
- As the Dust Settles in the Post-Wayfair World: Economic Nexus Landscape (September 25, 2018)
- Quill Is Overturned – A New Era in Economic Nexus for Sales Tax (June 1, 2018)
- U.S. Supreme Court to Review Nexus for Sales Tax (February 1, 2018)
Webinars on Wayfair
- State Income & Sales Tax Update for Manufacturers & Distributors (September 12, 2018)
- What Does the Wayfair Ruling Mean for Your Organization? (August 14, 2018)
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
As we discussed in Just Add Salt and What Now After Wayfair?, the U.S. Supreme Court ruling on South Dakota v. Wayfair, Inc. (Wayfair) forever changed the landscape of nexus for state sales tax purposes. Guests Mary Reiser and Ken Taylor return to the podcast to discuss how developments stemming from this landmark decision have been shaping the sales and income tax landscape for businesses and their owners.
TIME STAMPS OF WHAT’S COVERED
- What’s nexus? @2:40
- Economic nexus @3:50
- The evolution of income tax nexus standards @5:23
- Public Law 86-272 @8:53
- Economic nexus is here to stay @11:14
- Do you know where your inventory is? @15:56
- What to do this tax filing season if you have inventory in multiple states @18:36
- How to approach gathering the info you need @24:29
- Inventory is taxable @27:18
- What does Wayfair mean for Public Law 86-272? @29:21
- Taxation of services as part of the Wayfair analysis @37:28
- Market sourcing after Wayfair @44:23
BIO FOR GUESTS
Mary Reiser is a member of BKD’s State & Local Tax (SALT) Services division. She focuses on compliance and consulting for various SALT issues involving multistate entities, including audit defense, nexus analysis, voluntary disclosure and buy- and sell-side due diligence. Her primary experience is in the areas of income and franchise tax and sales and use tax.
- Connect with Mary on LinkedIn
Ken Taylor is a senior managing consultant in BKD’s SALT division. He provides indirect tax consulting services to both public and private companies, including facilitation of automating sales and use tax compliance, technical assistance and research, audit defense, opinion memos, due diligence reviews for purchasers, identification and recovery of overpayments and sales and use tax function effectiveness reviews.
- Connect with Ken on LinkedIn
ADDITIONAL RESOURCES
Articles on Wayfair
- Wayfair – State Tax Update (January 22, 2019)
- As the Dust Settles in the Post-Wayfair World: Economic Nexus Landscape (September 25, 2018)
- Quill Is Overturned – A New Era in Economic Nexus for Sales Tax (June 1, 2018)
- U.S. Supreme Court to Review Nexus for Sales Tax (February 1, 2018)
Webinars on Wayfair
- State Income & Sales Tax Update for Manufacturers & Distributors (September 12, 2018)
- What Does the Wayfair Ruling Mean for Your Organization? (August 14, 2018)
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Trust and team dynamics can be complex, yet are a part of everyday life—just like tax. BKD Audit Partner Debbie Scanlon helps host Damien Martin cut through the static of one of the most essential yet sometimes fleeting dynamics on a team by sharing her concept of a “trust bank account.” Listen for ideas for making “deposits” to build great teams and to hear invaluable insights on strengthening gender diversity and enhancing collaboration between men and women.
TIME STAMPS OF WHAT’S COVERED
- Why team dynamics are so fascinating @2:03
- Debbie’s definition of “team” @4:08
- The trust bank account concept @6:48
- Managing trust bank accounts in practice @9:51
- Tips for those new to a team @12:04
- What “commitment missers” tend to overlook @15:21
- Being intentional even when you’re busy @21:15
- Tips for having difficult conversations @23:42
- There’s a “currency conversion” on some deposits @24:33
- Building trust as a leader @28:38
- Diversity on teams @32:06
- Unconscious bias and why we need the SKY initiative @34:36
- Debbie’s advice for Damien on working with women on team @39:46
- Takeaways from BKD’s SKYx conference @41:56
- Closing thoughts on trust and diversity inclusion @44:50
BIO FOR GUEST
Debbie Scanlon is a member of BKD National Financial Services Group and leads the Houston and Dallas financial services practices. She has more than 25 years of experience providing audit and consulting services to a variety of financial institutions, broker-dealers, investment advisory firms and funds. Debbie is a member of BKD’s SKY Advisory Council and frequent speaker on building an inclusive culture.
- Connect with Debbie on LinkedIn
ADDITIONAL RESOURCES
About SKY, BKD’s firmwide initiative to emphasize and strengthen diversity and promote inclusion
SKYx Conference editorial recap
2017 SKY Impact Report
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Find out how Episode 55 guest Cara Benningfield used her technical background in tax to find a field that she loves and a career that she's passionate about.
An employee stock ownership plan (ESOP) is a tax-advantaged succession-planning vehicle and retirement plan that’s sometimes overlooked. Guest Cara Benningfield joins host Damien Martin to explain how ESOPs can help preserve the culture and legacy of a business and discuss the pros, cons and risks of an ESOP transaction.
TIME STAMPS OF WHAT’S COVERED
- Leveraged ESOPs @1:48
- Contributory ESOPs @3:41
- How ESOPs work @5:28
- Where to start when evaluating an ESOP transaction @10:56
- Situations where an ESOP isn’t a good fit @12:36
- Benefits of an ESOP @15:46
- Gain deferral under §1042 @22:15
- Situations where ESOPs are particularly effective @29:24
- ESOPs after tax reform @32:14
- Common ESOP myths @42:47
- A practical example of an ESOP success @45:48
- Figure out what’s important @51:20
- It takes a team @52:48
BIO FOR GUEST
Cara Benningfield is a partner in BKD’s Bowling Green, Kentucky practice and leader of BKD ESOP Transaction Services Group. She structures and facilitates the creation of new ESOPs and works with existing ESOPs in matters ranging from acquisition structuring to repurchase planning and analysis. Cara’s experience with ESOPs also includes providing financing assistance, tax planning, ongoing plan administration, employee communication and structuring of executive incentive plans.
Connect with Cara on LinkedIn
ADDITIONAL RESOURCES
Bonus Discussion: Why Cara Benningfield ♥s ESOPs
Video: Impacts of Tax Reform on ESOP Companies
Webinar archive: ESOPs: Continuing a Legacy
Articles:
- The Effect of Tax Reform on ESOPs
- 2018 ESOP Economic Performance Report Survey Results Released
- 100 Percent ESOP – The First Six Months After Implementation
- ESOPs: Accounting for the Repurchase Obligation on Your Financial Statements
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway.
TIME STAMPS OF WHAT’S COVERED
- A big announcement from Tony @2:04
- Hats off to Treasury and the IRS @3:59
- Headlines from the final regs @5:00
- How to digest 247 pages of final guidance @8:24
- More extended tax returns this year? @10:01
- The problem for rental real estate and the triple net lease under the final regs @11:43
- Safe harbor for treating a rental real estate enterprise as a trade or business @13:01
- Multiple trades or businesses within the same entity @18:51
- Putting it all together @20:51
- The incidental rule is gone @23:51
- Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51
- They narrowed down the SSTB definitions @26:08
- Big clarification for consulting @27:18
- Relying on the proposed regulations @33:00
- What’s ahead for Tony’s Forbes articles @37:07
- What’s ahead for §199A @38:24
BIO FOR GUEST
Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.
More about Tony:
- Tax Section Member Spotlight on Anthony (Tony) Nitti, CPA
- Bonus episode – CPA to CPA with Tony Nitti
Connect with Tony on Social Media:
- Follow Tony on Twitter
- Connect with Tony on LinkedIn
RESOURCES MENTIONED IN THE EPISODE
Previous episodes of the “Simply Tax” podcast covering §199A:
- Episode 8: The Nitty Gritty—of Section §199A—with Tony Nitti
- Episode 16: AICPA's 199A Task Force
- Episode 35: The Proposed 199A Regulations with Tony Nitti
- Episode 37: #TaxTwitter Answers to 199A Questions
- Episode 43: The Hearing on the Proposed 199A Regs
- Episode 46: Do You Have 199A Confusionosis?
More on §199A from Tony:
- IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together (Forbes)
- The new QBI deduction is finally clearer (Journal of Accountancy)
- INSIGHT: Proposed Section 199A Rules Fill in Framework of Statute (BNA Daily Tax Report)
- Proposed 199A Regulations: Three Big Questions Remain (Tax Notes, subscription required)
- IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes)
- 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required)
- Understanding the new Sec. 199A business income deduction (The Tax Adviser)
- The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type – Or Does It? (Forbes)
- Making Sense of the New '20% Qualified Business Income Deduction' (Forbes)
BKD webinar on §199A: The QBI Deduction: Insights on the Latest Guidance
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Guests Emily Kembell and Gretchen Cliburn recently met host Damien Martin for lunch where they got to talking about the often intimidating subject of estate planning. Listen to their follow up conversation to get practical tips on approaching the complex world of estate planning within the context of the complex emotional realities of life.
TIME STAMPS OF WHAT’S COVERED
- Estate planning? @3:32
- Common estate planning myths @4:34
- Key definitions @5:41
- Why does your financial planner need to know about your estate plan? @8:17
- Working with an estate planning attorney vs. using an online service @11:05
- No one wants to talk about their death @13:51
- The cost of doing nothing @15:13
- Why you need a team of advisors @16:38
- Getting ready for an initial meeting @24:11
- When and how frequently do you need an estate planning checkup @26:50
- Advice for getting started @30:00
- It’s not your job to know all of the answers @31:50
- Get all of your advisors involved @33:52
- Pay now or pay later @34:59
- Ways to save money on estate planning @35:50
- A lunch conversation between your financial advisor and your estate planning attorney @37:44
- Asking the “what if’s” @42:14
- Asset protection planning @43:56
- You can change your plan @45:41
- Deciding on a guardian for minor children @46:54
- Dividing an estate when you have a family business @49:08
- Having a multigenerational conversation @53:37
- Family disharmony after you're gone @55:58
- The best day to have an estate planning conversation @ 59:27
BIO FOR GUESTS
Emily Kembell is a partner in the Springfield, Missouri office of Kirkland Woods & Martinsen LLP. Emily focuses her practice on estate planning of all types, trust and probate administration, transfer tax planning, issues relating to business succession planning and adult and minor guardianships.
Connect with Emily on LinkedIn
Gretchen Cliburn is a director at BKD Wealth Advisors, LLC in Springfield, Missouri. Gretchen is a Certified Financial Planner™ (CFP®) and a Certified Divorce Financial Analyst® (CDFA™) and coordinates investment management with tax, retirement, financial education and estate planning.
Connect with Gretchen on LinkedIn
RESOURCES MENTIONED IN THE EPISODE
Previous episodes of the “Simply Tax” podcast:
- Episode 52: Choice of Entity for Family Businesses Part II
- Episode 47: Tax Planning for High-Net-Worth Families After the TCJA
- Episode 30: A Leadership Pipeline
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Businesses, owners and their advisors have been carefully evaluating their choice of entity and wrestling with converting S corporations to C corporations after tax reform. Listen in on an insightful two-part discussion as guests Steve Gorin and Susan Jones join host Damien Martin to take a closer look at this perplexing and complicated topic.
TIME STAMPS OF WHAT’S COVERED
- Irrevocable grantor trusts explained @ 1:11
- “A C corporation is fundamentally incapable with a sale to an irrevocable trust or a grantor retained annuity trust (GRAT)” @ 8:32
- Possible exit charges on converting a C corporation to an S corporation (and possible strategies to avoid them)
- Method of accounting considerations for choice of entity @ 12:55
- Distributing your S corporation accumulated adjustments account @ 15:06
- Future of tax rates @ 20:57
- What if you change your mind and you want to go back to being an S corporation @ 24:25
- The Built-in gains tax considerations @ 26:34
BIO FOR GUESTS
Steve Gorin is a partner in Thompson Coburn's St. Louis, Missouri office and a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.
Learn more about Steve
Connect with Steve on LinkedIn
Susan Jones is the St. Louis leader for BKD's Private Client Services (PCS) tax team and a leader of BKD Family Office. She provides sophisticated income, gift and estate tax compliance, consulting and planning services to individuals, families, fiduciaries, private foundations and their related entities. She also provides proactive executive compensation planning and succession planning for high-net-worth individuals and their family owned businesses.
Connect with Susan on LinkedIn
RESOURCES MENTIONED IN THE EPSIODE
View Steve’s webinar: Effective Business Income Tax Rates in Light of 2017 Tax Law Changes
Subscribe to Steve’s blog: Business Succession Solutions
Listen to previous episodes of the Simply Tax Podcast mentioned during the episode
- Episode 50: 'Twas the Night before TCJA
- Episode 26: Is Section 1202 for You?
ADDITIONAL RESOURCES
Wealth Transfer Strategies for Families presented by Susan Jones and Holly Pantzer
Episodes of the Simply Tax Podcast included in the introduction to Part I
- Episode 26: Is Section 1202 for You?
- Episode 23: Tax Reform for Middle Market Businesses
- Episode 48: Tax Planning with Losses
- Episode 49 Tax Planning Questions for Businesses
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Businesses, owners and their advisors have been carefully evaluating their choice of entity and wrestling with converting S corporations to C corporations after tax reform. Listen in on an insightful two-part discussion as guests Steve Gorin and Susan Jones join host Damien Martin to take a closer look at this perplexing and complicated topic.
TIME STAMPS OF WHAT’S COVERED
- Who’s Steve Gorin? @ 02:45
- Who’s Susan Jones? @ 04:53
- Overview of the taxation of entities @ 06:18
- Navigating the menu of choices of entity @ 13:26
- Calculating the effective annual tax rate @ 16:40
- Exceptions to “47.3 percent pay me now or pay me later”
- Qualified small business stock @ 20:40
- “Step up” in basis at death @ 22:01
- Self-employment tax considerations @ 24:37
- Pressures to pay dividends
- Personal holding company tax @ 29:41
- Accumulated earnings tax @ 30:57
- A trap for professional service corporations after tax reform @ 32:38
BIO FOR GUESTS
Steve Gorin is a partner in Thompson Coburn's St. Louis, Missouri office and a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.
Learn more about Steve
Connect with Steve on LinkedIn
Susan Jones is the St. Louis leader for BKD's Private Client Services (PCS) tax team and a leader of BKD Family Office. She provides sophisticated income, gift and estate tax compliance, consulting and planning services to individuals, families, fiduciaries, private foundations and their related entities. She also provides proactive executive compensation planning and succession planning for high-net-worth individuals and their family owned businesses.
Connect with Susan on LinkedIn
RESOURCES MENTIONED IN THE EPSIODE
View Steve’s webinar: Effective Business Income Tax Rates in Light of 2017 Tax Law Changes
Subscribe to Steve’s blog: Business Succession Solutions
Listen to previous episodes of the Simply Tax Podcast mentioned during the episode
- Episode 50: 'Twas the Night before TCJA
- Episode 26: Is Section 1202 for You?
ADDITIONAL RESOURCES
Wealth Transfer Strategies for Families presented by Susan Jones and Holly Pantzer
Episodes of the Simply Tax Podcast included in the introduction to Part I
- Episode 26: Is Section 1202 for You?
- Episode 23: Tax Reform for Middle Market Businesses
- Episode 48: Tax Planning with Losses
- Episode 49 Tax Planning Questions for Businesses
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Previous guests of the “Simply Tax” podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes:
Episode 49: Tax Planning Questions for Businesses
Episode 47: Tax Planning for High-Net-Worth Families After the TCJA
Episode 46: Do You Have 199A Confusionosis?
Episode 44: The R&D Tax Credit
Episode 42: Cutting Through the Tax Static with Ed Karl
Episode 39: Tax Technology of the Future
Episode 38: Bonus Depreciation Regs & More
Episode 36: Simply Small Business Taxpayer Accounting Methods
Episode 35: The Proposed 199A Regulations with Tony Nitti
Episode 27: The SALT Workarounds with Annette Nellen
Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law
Episode 19: Tax Reform for Insurance Companies
Episode 16: AICPA's 199A Task Force
Episode 15: Tax Reform for Health Care Providers
Episode 13: Tax Reform for Construction & Real Estate
Episode 12: Ed Karl's Tax Reform Carnival Update
Episode 11: The Twins on Tax Reform for Individuals
Episode 10: The International Side of Tax Reform
Episode 9: Tax Reform for Businesses
Bonus Episode: CPA to CPA with Tony Nitti
Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti
Bonus Episode: Tax Bill Whack-A-Mole
Bonus Episode: Latest from the Reform Roller Coaster
Bonus Episode: Tax Framework with Ed Karl
Episode 1: Talking Tax Reform with Ed Karl
THE STORY
‘Twas the night before TCJA, when all through the House,
A tax reform framework was stirring, with momentum moving quicker than a mouse;
A budget resolution had just passed in Congress with care,
In hopes that tax reform soon would be there;
The stage had been set to use reconciliation by those who led,
While visions of rate cuts danced in their heads;
And Republicans in the House and the Senate moving ASAP,
Remained committed to using the unified framework as a map,
When on November 2nd there arose such a clatter,
It was the Tax Cuts and Jobs Act that was the matter!
Away to the internet I flew like a flash,
To open the bill that made such a splash.
The text on freshly printed pages as white as snow
Gave the luster of new tax changes offering so much to know,
When, what to my wondering eyes should appear,
But new provisions to add and amend the tax code as I sat down to read it with a beer,
With the changes moving, so lively and quick,
I still was not certain if these provisions would stick.
More rapid than eagles the markups they came,
And they passed different versions of the bill in the House and the Senate under the TCJA name;
Now, Republicans! Now, Democrats! In a conference committee mixin’!
On compromises! On changes! On things that needed fixin’!
Back to the House and the Senate with time running small
Now three last-minute changes that were then voted on by all,
Including a name change that’s made the bill somewhat hard to identify,
But around the Tax Cuts and Jobs Act name most seem to still unify.
So after enactment on December 22nd tax advisors they flew,
To their copies of the bill with highlighters and even hole punch reinforcers, too.
And then, in a twinkling, I heard tax advisors raise the roof
The excitement of new code sections that arrived in a poof.
Now after reading the TCJA, I knew that choice of entity was bound,
To be a big deal with many significant changes now around.
It was presented as simplification with reduced rates at its root,
But is often complex when combined with the tax law that stayed put;
A bundle of questions arose when tax advisors started to unpack
The provisions of the newly enacted tax law with areas of uncertainty starting to stack.
And the many significant international changes that can seem quite frankly scary!
Actually, Chris Clifton of episode 10, would you explain while I refill my sherry?
Now one thing that clearly began to show,
Was each taxpayer’s situation is unique and tax planning for the TCJA could not be put on auto;
A decision like charitable giving now has much more to consider,
Like will you itemize, what are you giving and even what and how much do you plan to bequeath;
And the new 20 percent deduction has led to many calls on the telly,
With the definition of trade or business under §162 that can seem as fluid as a bowlful of jelly.
Whether you get the deduction and what industry are important questions to ask yourself,
For example, Brian Todd of episode 15, for health care would say it depends on the organization itself?
And though the TCJA-related guidance so far has given much to put in our head,
More from Treasury and the IRS is still needed and expected to come ahead;
And though enhanced capital expensing is quite a perk,
A technical correction for qualified improvement property would address issues that still lurk,
And keep in mind under the TCJA some saw overall tax increases as their effective tax rate rose,
Netting the effect of new limits on deductions with the beneficial changes is something you must juxtapose;
To many tax advisors the TCJA can seem like a thistle,
So I’d like frequent podcast guest Tony Nitti to offer some advice to those starting to bristle.
So with that I’d like you to celebrate the one year of the TCJA with spirits that are bright,
Happy TCJA to all, and to all a good night!
ADDITIONAL RESOURCES
AICPA Tax Reform Resource Center
BKD Tax Reform Resource Center
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
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Businesses and their owners have a lot on their wish lists this tax planning season thanks to the Tax Cuts and Jobs Act (TCJA). Just in time for “TCJA-mas,” host Damien Martin calls in some help from guests Ed Karl, Jesse Palmer and Justin Stenberg to respond to a few TCJA-related wishes from businesses, their owners and their advisors. They’ll explore guidance, accounting methods and considerations for multinational companies after the TCJA. Here’s a list of questions covered:
Guest Ed Karl
- [ 01:26 ] Will we have answers and guidance before filing season?
- [ 03:31 ] How can a CPA add value to businesses and their owners?
- [ 04:09 ] What’s the employer credit for paid family and medical leave?
Guest Jesse Palmer
- [ 06:50 ] Can a cash basis small business taxpayer deduct inventory after the TCJA?
- [ 12:38 ] How does Section 451(b) change the recognition of income?
Guest Justin Stenberg
- [ 19:00 ] What action should U.S. CFC shareholders consider before year-end?
- [ 27:44 ] Why do you need to consider a basis election under the §965 guidance?
- [ 32:06 ] How has foreign reporting changed under the TCJA?
- [ 35:48 ] What could changes to the foreign tax credit under the TCJA mean for credit carryovers?
- [ 40:08 ] What are some international considerations for choice of entity?
- [ 47:48 ] Is it true multinational companies aren’t subject to tax on their foreign earnings with the 100 percent dividend received deduction?
- [ 51:31 ] Why are E&P studies important right now?
BIOS FOR GUESTS
Justin Stenberg is a member of BKD’s International Tax Services division and has more than 11 years of experience providing tax services to clients in the manufacturing, distribution, software and service industries. He has worked closely with privately held and publicly traded corporations.
Connect with Justin on LinkedIn
Jesse Palmer is a tax partner at BKD and serves as director of tax quality control in the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks.
Connect with Jesse on LinkedIn
Ed Karl is vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Ed also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes managing the AICPA’s Statements on Standards for Tax Services. Finally, Ed oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
Follow Ed on Twitter | Connect with Ed on LinkedIn
ADDITIONAL RESOURCES
“Released Guidance Sheds Light on Employment Provisions” by Katie Patton
“GILTI Year-End Restructuring Considerations for U.S. CFC Shareholders” by Chris Clifton
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Host Damien Martin sits down with BKD’s James Anderson to cut through the complexities of the loss limitation rules to demonstrate why you need an understanding of both new and existing tax law to apply these rules after the Tax Cuts and Jobs Act (TCJA). Join Damien and James as they break down the hobby and passive activity loss rules, explain how these rules applied in a recent United States Tax Court case and discuss changes under the TCJA.
TIMESTAMPS OF WHAT’S COVERED
- [01:06] Overview of the hobby loss rules
- [02:22] How hobby losses changed under the Tax Cuts and Jobs Act (TCJA)
- [03:50] Robison v. Commissioner, T.C. Memo. 2018-88
- [05:39] Applying the nine tests under the hobby loss rules in Robison
- [08:13] Applying the hobby loss rules in real life
- [15:08] Tax basis and at-risk loss limitations
- [17:21] Overview of the passive activity loss rules and how they applied in Robison
- [23:24] What losing the case means for the taxpayers in Robison
- [25:40] The new excess business loss limitation under the TCJA
- [27:41] This was a relatively simple case
- [30:20] The TCJA layered on top of the existing tax law
- [34:00] Why tax accountants are popular at cocktail parties
- [35:52] James’ key takeaways from this case
- [38:37] Loss limitations and year-end planning
BIO FOR GUEST
James Anderson is a partner in BKD’s Lincoln, Nebraska practice and a member of the firm’s National Construction & Real Estate Group, National Manufacturing & Distribution Group and tax committee. James is experienced in providing corporate and individual taxation assistance to construction companies, financial institutions, manufacturers and retailers across the Midwest. He also consults with clients regarding accounting method changes, multistate taxation, choice-of-entity analyses, tax controversy support and business combinations.
Connect with James on LinkedIn
ADDITIONAL RESOURCES
An Interview With David Kirk: Beware The New Excess Business Loss Limitation by Tony Nitti (Forbes)
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
The confluence of all of the changes under the Tax Cuts and Jobs Act (TCJA) paired with the complexities of the existing tax law make tax planning and compliance more challenging for many high-net-worth individuals and families. Tune in to hear how tax and wealth transfer planning has changed under the TCJA as host Damien Martin sits down with guests Steve Bigge, Chris Hesse and Marv Hills to discuss key takeaways from a joint tax planning symposium held between BKD, CliftonLarsonAllen, Crowe and Keebler & Associates.
Here’s a look at what’s inside our latest episode:
- [ 03:34 ] Background on the Tax Planning for High Net Worth Symposium
- [ 07:54 ] Marital deduction formulas and funding
- [ 09:46 ] Roth conversion planning after the TCJA
- [ 10:20 ] Unwinding “bad” estate planning
- [ 13:01 ] Break points on income tax and managing taxable income
- [ 14:51 ] Charitable giving after the TCJA
- [ 16:52 ] Social security planning
- [ 17:59 ] Format of the symposium and the “ah ha” moments
- [ 19:23 ] Elect out of bonus depreciation and use Internal Revenue Code §179 expensing
- [ 20:28 ] Small business taxpayers after the TCJA
- [ 22:08 ] Will the increased estate tax exemption stay?
- [ 26:15 ] Planning with Spousal Lifetime Access Trust
BIO FOR GUESTS
Steve Bigge is a partner with Keebler & Associates, LLP, whose emphasis is in developing comprehensive financial, estate and income tax analyses and wealth transfer techniques, including FLP, GRATS, CRTs, ILITs and IDGTs. He specializes in estate, gift and retirement planning, charitable gift planning and trust and estate administration.
Connect with Steve on LinkedIn
Chris Hesse is a principal in CliftonLarsonAllen’s National Tax Office and has more than 35 years of tax experience in public accounting, with more than 30 years of speaking and training experience before tax professionals. His career has included tax leadership of a 200-person practice and extensive tax writing and analysis services.
Connect with Chris on LinkedIn
Marv Hills is a partner in the Crowe LLP private client tax services group and also leads the service delivery team. He joined Crowe in 1981 and specializes in estate planning and tax consulting for high-net-worth individuals, particularly owners of closely held businesses.
Connect with Marv on LinkedIn
ADDITIONAL RESOURCES
Symposium speakers mentioned on the podcast
- Bob Keebler
- James Clemensen
- Domingo Such
Other resources mentioned on the podcast
- Charitable Giving Strategies After Tax Reform presented by Chad Gassen and Corey Ziegler (Greater Kansas City Community Foundation)
- Previous episodes of “Simply Tax”
- Episode 11: The Twins on Tax Reform for Individuals
- Episode 43: The Hearing on the Proposed 199A Regs
- Episode 46: Do You Have 199A Confusionosis?
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Despite recent guidance, uncertainty and confusion remain while taxpayers and tax practitioners alike await final guidance on new Internal Revenue Code Section 199A. Cut through the confusion on the 20 percent deduction everyone’s been talking about as two previous Simply Tax guests join host Damien Martin to discuss what we know (and what we don’t) as of November 20, 2018. First, returning guest Amy Wang—American Institute of CPAs (AICPA) tax policy and advocacy senior manager—provides an update from the AICPA’s Qualified Business Income (QBI) Task Force. Then, returning guest Glen Birnbaum—shareholder at Heinold Banwart, Ltd.—shares industry insights for farmers, considerations for choice of entity and more.
TIMESTAMPS OF WHAT’S COVERED
Interview with guest Amy Wang
- [ 02:29 ] Initial reactions to the proposed guidance from the AICPA QBI Task Force
- [ 03:28 ] Requested guidance included in the proposed regulations
- [ 04:27 ] Writing a comment letter in 45 days
- [ 06:10 ] Oral testimony by Troy Lewis
- [ 07:05 ] The priority concern and number one question on the proposed regulations
- [ 08:54 ] Recommendation regarding anti-base and de minimis rules
- [ 11:45 ] Prioritizing recommendations
- [ 14:17 ] Who’s on the task force and how they worked together on the comment letter
- [ 15:27 ] When we’ll see final guidance and the form for calculating the QBI deduction
- [ 18:27 ] The best way to learn how the calculations will work and other considerations
Interview with guest Glen Birnbaum
- [ 23:06 ] Concerns with the definition of “dealing in commodities”
- [ 24:54 ] Are farmers providing services?
- [ 27:45 ] Guidance on the QBI deduction for co-ops
- [ 29:14 ] Rental trade or business considerations for farmers
- [ 31:06 ] Should you take 199A-related action while we await final guidance?
- [ 34:26 ] Tax reform-related takeaways from Chuck Levun and Michael Cohen
- [ 39:49 ] What it means that equipment no longer qualifies for like-kind exchanges
BIO FOR GUESTS
Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings.
Connect with Amy on LinkedIn | Follow Amy on Twitter
Glen Birnbaum is a shareholder at Heinold Banwart, Ltd., where he provides accounting and tax advisory services for a range of entities including agriculture, manufacturing and contracting companies. In particular, he enjoys tax planning and working with clients on succession planning and new initiatives.
Connect with Glen on LinkedIn | Follow Glen on Twitter
ADDITIONAL RESOURCES
Mentioned by Amy on the podcast
- AICPA Tax Reform Resource Center
- AICPA oral testimony for IRS hearing on REG-107892-18 QBI deduction
- IRS draft tax forms
Mentioned by Glen on the podcast
- Levun Goodman & Cohen, LLP Tax Planning Forum
More on Section 1202: Episode 26 – Is Section 1202 for You?
More on choice of entity considerations under the Tax Cuts and Jobs Act.
MORE ON SECTION 199A
Articles
- White Paper
- Proposed Regulations Issued August 8
- Grain Glitch Fix
Summaries
- Flow Chart
- Specified Service Trades or Businesses
- Aggregation Rules
Podcast Episodes
- Episode 8 – The Nitty Gritty—of Section 199A—with Tony Nitti
- Episode 16 – AICPA's 199A Task Force
- Episode 35 – The Proposed 199A Regulations with Tony Nitti
- Episode 37 – #TaxTwitter Answers to 199A Questions
Webinars
- Insights & Planning Points from the Proposed §199A Regulations (August 22)
- Pass-Through Considerations of Tax Reform (January 23)
BKD Advocacy
- Comment Letter
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
You unlock this opportunity with the recognition of gain. Beyond is an opportunity … an opportunity of deferral, an opportunity of reduced recognition of gain, an opportunity of permanent exclusion of gains related to the appreciation on a Qualified Opportunity Fund (QOF) investment after a 10-year holding period. You’re moving into a land of both clarity and remaining uncertainty, of guidance received and guidance yet to come. You’ve just crossed over into the Opportunity Zone with returning guest Derek Smith!
TIMESTAMPS OF QUESTIONS COVERED
- [01:18] What’s an eligible gain?
- [04:32] Can partnerships and S corporations be investors in QOFs?
- [05:23] What if the partnership or S corp chooses not to invest in a QOF?
- [07:08] Did we get guidance on working capital?
- [09:00] Does the guidance give us what we’ve been waiting for on QOFs?
- [9:57] What’s “substantial improvement”?
- [13:58] How is trade or business defined for this purpose?
- [16:09] Do we know what “used primarily within the QOZ” means yet?
- [18:24] Do we have to worry about the passive activity loss limitation rules?
- [19:07] What options do partners and S corp shareholders have if there was a midyear gain recognition event?
- [21:26] Should you have QOZ FOMO?
- [23:18] What happens if the designation expires during the holding period?
- [26:07] What are Derek’s key takeaways from the first round of proposed regulations?
BIO FOR GUEST
Derek is a member of BKD National Construction & Real Estate Group. With technical expertise in partnerships, Derek is a firmwide resource on partnership-related issues and works with individuals and closely held businesses to help develop and implement business structures and tax savings strategies.
Connect with Derek on LinkedIn
Follow Derek on Twitter
ADDITIONAL RESOURCES
Article: Opportunity Zone Guidance Issued by IRS
Webinar: Critical New Insights on Proposed Opportunity Zone Regulations
Podcast: Episode 41: What's a Qualified Opportunity Zone?
GET MORE “SIMPLY TAX”
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
The research and development (R&D) tax credit, originally enacted as part of the Economic Recovery Tax Act of 1981 to encourage companies to invest in R&D in the U.S., was modified and temporarily extended 16 times before being made permanent with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). Learn how the R&D tax credit can possibly reduce your tax liability on a dollar-for-dollar basis as guest Ashley Thompson joins host Damien Martin to discuss the tax opportunity and share insights on how it applies to the craft beer industry.
TIMESTAMPS OF WHAT’S COVERED
- [ 02:19 ] Researching craft beer
- [ 07:22 ] Overview of the R&D tax credit
- [ 12:17 ] The perception that having fun isn’t R&D
- [ 13:48 ] Types of expenses that qualify for the credit
- [ 19:29 ] What’s a credit study?
- [ 24:37 ] Changes under the PATH Act
- [ 29:13 ] Election to use the credit against payroll taxes
- [ 30:13 ] Example of the credit for manufacturers of packaging equipment
- [ 33:04 ] Innovation and the R&D tax credit
- [ 35:31 ] Allocating resources when starting up or innovating
- [ 38:25 ] Gray areas and documentation
BIO FOR GUEST
Ashley Thompson leads the BKD R&D Tax Credit Services team. He has 18 years of experience helping clients claim federal and state R&D tax credits. He helps taxpayers who do not claim credits identify, document and calculate available credits and implement strategies to efficiently capture qualified research expenses on a go-forward basis. Ashley has significant experience defending R&D tax credit claims for both public and private companies before the IRS, including representation at the appellate level. He has worked with companies ranging in size from small closely held businesses to large multinational conglomerates.
Connect with Ashley on LinkedIn
ADDITIONAL RESOURCES
Mentioned in the episode
- Craft Brewers Conference
- Oaken Barrel Brewing Company
Articles on R&D tax credits
- Research & Development Tax Credits After Tax Reform
- Substantiating Your R&D Tax Credit Claim
- R&D Tax Credit Extended for 2015 and Beyond
- Research & Development Credits for Inbound Companies
Webinars on R&D tax credits
- The Improved R&D Tax Credit
- R&D Tax Credit – Software Development
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Host Damien Martin delivered oral comments concerning the proposed regulations regarding the qualified business income (QBI) deduction under Internal Revenue Code Section 199A at the U.S. Department of the Treasury and IRS public hearing on October 16, 2018. Find out what clarifications and modifications Damien requested and get key takeaways from the hearing as BKD’s Kori Zey and Julia Dengel join Damien to discuss the experience.
BIO FOR GUESTS
Kori Zey serves as a national tax assistant director in BKD’s National Office Tax Department. She also is a member of BKD National Construction & Real Estate Group and a Private Client Services advisor.
Follow Kori on Twitter | Connect with Kori on LinkedIn
Julia Dengel serves as a national tax manager in BKD’s National Office Tax Department.
Follow Julia on Twitter | Connect with Julia on LinkedIn
MORE ON THE QUALIFIED BUSINESS INCOME DEDUCTION
Articles
- White Paper: The QBI Deduction under the Tax Cuts and Jobs Act
- IRS Releases Highly Anticipated Proposed Regulations Under §199A
- Omnibus Provides Fix for Grain Glitch
Summaries
- QBI Deduction Flowchart
- Specified Service Trades & Businesses
- Aggregation Rules
Podcast episodes
- Episode 8 (with guest Tony Nitti)
- Episode 16 (with guest Amy Wang)
- Episode 35 (with guest Tony Nitti)
- Episode 37 (with guests Andrea Carr, Glen Birnbaum, Blake Crow and Bill Sweet)
Webinars
- Insights & Planning Points of the Proposed §199A Regulations (August 22)
- Pass-Through Considerations of Tax Reform (January 23).
BKD Response & Advocacy
- BKD Comment Letter – September 28, 2018
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
It’s a busy time in the tax world! Listen as Ed Karl—vice president of taxation at the AICPA—returns to the podcast to help cut through the static and give you answers to these top tax-related questions:
- [01:21] What’s Tax Reform 2.0 again?
- [03:45] Were there lessons learned from the expiration of the Bush-era tax cuts?
- [05:34] Will Tax Reform 2.0 advance in the Senate?
- [07:41] How will the guidance on state and local tax cap workarounds affect year-end planning?
- [10:31] What’s the approach to year-end planning while we’re waiting for final guidance?
- [12:44] Who’s the new IRS commissioner?
- [14:02] What’s the top priority for the commissioner and IRS right now?
- [15:28] How will the Tax Cuts and Jobs Act affect filing season?
- [16:54] What else is going on in the tax world?
BIO FOR GUEST
Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
Follow Ed on Twitter
Connect with Ed on LinkedIn
ADDITIONAL RESOURCES
AICPA Tax Reform Resource Center
BKD Tax Reform Resource Center
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
Connect with Damien on social media!
LinkedIn | Twitter | Instagram
Created under the Tax Cuts and Jobs Act (TCJA) to spur economic development and job creation in distressed communities, qualified opportunity (QO) zones provide investors with the opportunity to defer and reduce the recognition of gains that are reinvested into a QO fund within 180-days. Additionally, gains related to the appreciation on a QO fund investment can be permanently excluded after a 10-year holding period. Guest Derek Smith sits down with host Damien Martin to break down how QO zones work and explain the tax planning opportunity.
TIME STAMPS OF WHAT’S COVERED
- [02:18] Overview of QO zones and QO funds
- [08:08] ”There’s a lot that we still don’t know”
- [11:01] The tax planning opportunity
- [14:40] Are we talking about deferral of more than just capital gains?
- [16:36] Investments must be qualified
- [20:02] Who’s investing in QO zones and why?
- [26:15] The opportunity can be flexible and broad
- [29:02] Common areas of confusion and traps for the unwary
- [32:29] Planning with uncertainty
- [34:40] Zones identified
- [37:00] Closing thoughts on existing property, effect on valuations and more
BIO FOR GUEST
Derek is a member of BKD National Construction and Real Estate Group. With technical expertise in partnerships, Derek is a firmwide resource on partnership-related issues and works with individuals and closely held businesses to develop and implement business structures and tax savings strategies.
Connect with Derek on LinkedIn
ADDITIONAL RESOURCES
Summary: Qualified Opportunity Zones under the TCJA
Map: Community Development Financial Institutions Fund
IRS FAQs: Qualified Opportunity Zones Frequently Asked Questions
QO zone designations: IRS Notice 2018-48
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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What does choosing to get some help with mowing your lawn have to do with succession and continuity planning? Find out as New York Times best-selling author Jon Acuff joins host Damien Martin to discuss his most recent Wall Street Journal number one best-seller “Finish: Give Yourself the Gift of Done.” Learn from the insights Jon gained from studying more than 850 participants in his 30 Days of Hustle goal-setting course as he shares practical and actionable tips for pursuing your goals.
TIME STAMPS OF WHAT’S COVERED
- [03:16] Every life has cycles
- [03:43] Perfectionism and raising kids
- [07:36] The concept of “finish”
- [09:46] Perfectionism in the workplace
- [12:07] Perfectionism in succession planning
- [14:09] Delegation is really about the fear of what you’ll lose
- [15:39] The greatest life hack in the world
- [18:11] Approach to getting feedback to change
- [21:31] Being realistic about approaching your legacy goals
- [23:09] Choose what to bomb
- [25:17] How to bomb
- [31:50] Why Jon loves his job
- [33:11] Change, innovation and standup comedy
- [38:05] Brush your teeth and do your taxes
BIO FOR GUEST
Jon is the New York Times best-selling author of six books. For more than 20 years he’s helped some of the biggest brands in the world tell their stories. He’s spoken to hundreds of thousands of people as a keynote speaker. Jon is also a big proponent of social media with blogs that have been read by 4 million people and almost 300,000 Twitter followers. Jon lives with his wife Jenny and two daughters in Franklin, Tennessee.
- Connect with Jon on social media:
- Subscribe to Jon's podcast
- Read Jon's blog
- Check out Jon's books
- Get the Finish Calendar
ADDITIONAL RESOURCES
More on succession and continuity planning:
- Article: Planning For a Successful Transition
- Podcast: Simply Tax episode 6 – The Intentional Family Business
- Additional resources: BKDnext®
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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The prevalence and pace of technological advances can make the future a moving target for businesses and their owners. Successfully adapting and keeping up with these changes is a challenge facing many industries and the tax profession is no exception. Host Damien Martin sits down with guest Dave Wyle to discuss advances affecting taxpayers and tax professionals, the skills needed to navigate the changes they bring about and ways to keep up with it all.
TIME STAMPS OF WHAT’S COVERED
- [02:04] Dave’s story and how it led him to develop accounting-related technology solutions
- [04:40] How technology has advanced since Dave began working in the accounting industry
- [08:03] Tax professionals should be excited about advances in technology
- [10:52] Ways to keep up with changes in technology
- [13:02] Advice for taxpayers on working with tax professionals that use technology
- [16:18] The skills Dave has used to develop innovative solutions and manage change
- [20:44] Predictions on technological advances over the next five years
- [24:56] Dave’s advice to Damien on parenting
BIO FOR GUEST
David Wyle is the president and CEO of SurePrep, a provider of tax productivity solutions to U.S. public accounting firms. Prior to founding SurePrep, Mr. Wyle founded and was CEO of ePace! Software, creator of the industry-leading paperless engagement program that was rebranded as ProSystem fx Engagement after it was purchased by CCH Incorporated in 2001. Prior to founding ePace! Software, Mr. Wyle was a CPA with the accounting firm Coopers & Lybrand.
GET MORE SIMPLY TAX
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Returning guest Jesse Palmer sits down with host Damien Martin to review changes to the bonus depreciation rules under the Tax Cuts and Jobs Act (TCJA) and break down what’s addressed in recently released proposed regulations under Internal Revenue Code Section 168(k). Jesse also shares his insight on year-end planning after recent guidance to round out our week of TCJA-related guidance.
TIME STAMPS OF WHAT’S COVERED
- [02:51] History of bonus depreciation
- [05:16] Changes under the TCJA
- [09:05] What’s addressed in the guidance
- [18:03] Situations where you may want to elect out of bonus depreciation
- [22:27] What wasn’t addressed in the guidance
- [28:11] Where we are on TCJA-related guidance
- [32:29] Why you can’t look at planning after TCJA in a vacuum
- [34:25] Action items to consider now
- [36:02] How the choice of entity analysis has changed with the guidance we’ve seen
- [37:49] There’s much more TCJA-related guidance to come
BIO FOR GUEST
Jesse Palmer is a tax partner at BKD and serves as director of tax quality control at the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks.
Connect with Jesse on LinkedIn
ADDITIONAL RESOURCES
Webinar Archive: Insights & Planning Points from the Proposed §199A Regulations
Summary: Bonus Depreciation after the TCJA
Simply Tax: Episode 27: The SALT Workarounds with Annette Nellen
Simply Tax: Episode 10: The International Side of Tax Reform
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Host Damien Martin gets some help from #TaxTwitter—the informal tax community on Twitter—to take a closer look at questions that remain unanswered after the proposed regulations under §199A. Here’s what you’ll find in our latest installment on TCJA-related guidance:
- [01:34] @andreacpa0 on §1231
- [11:15] @GlenBirnbaum on farmers & landowners
- [18:35] @BankTaxBlake on S corp banks
- [24:44] @billsweet on specified service trades or businesses
MORE ON OUR GUESTS
Andrea Carr | Carr, Gouveia + Associates, CPAs, Inc.
- About Andrea
- Tax Season Therapy Tweets from Andrea by Peter Reilly
- 1231 gains/losses by Andrea Carr
- Follow Andrea on Twitter
Glen BirnBaum | Heinold Banward, Ltd.
- About Glen
- Connect with Glen on LinkedIn
- Follow Glen on Twitter
Blake Crow | Eide Bailly, LLP
- About Blake
- Economic Analysis: Regs Nix a Nightmare, Leave Others in Limbo by Martin Sullivan
- Connect with Blake on LinkedIn
- Follow Blake on Twitter
Bill Sweet | Ritholtz Wealth Management, LLC
- About Bill
- Bill Sweet Explains the New QBI Tax Deduction by Ben Carlson
- All About Your Benjamins Episode 22: Talkin Taxes With Bill Sweet
- Connect with Bill on LinkedIn
- Follow Bill on Twitter
ADDITIONAL RESOURCES
Simply Tax Episode 35: The Proposed 199A Regs with Tony Nitti
Webinar archive: Insights & Planning Points from the Proposed §199A Regulations
Section 199A flowchart: Pass-through business deduction
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Guest Nathan Clark joins host Damien Martin to review the recent recommendations made by the AICPA’s Tax Methods & Periods Technical Resource Panel on challenges associated with making accounting methods changes to adopt the favorable small business taxpayer provisions in the Tax Cuts and Jobs Act (TCJA). Nathan also reviews key takeaways from the recent guidance provided in Revenue Procedure 2018-40
TIME STAMPS OF WHAT’S COVERED
- [01:59] Overview of what changed under the TCJA
- [04:47] What’s an accounting method again?
- [06:10] The resource panel’s July 23 letter
- [07:51] Guidance under Revenue Procedure 2018-40
- [12:01] Key takeaways from the guidance received
- [15:16] Section 481(a) explained
- [18:47] The opportunity to plan for lower tax rates under the TCJA
- [20:40] Section 263A uniform capitalization calculations
- [21:28] Changes in methods to account for inventories under the TCJA
- [25:09] Challenges in implementing the changes
- [32:48] Section 460 and accounting for long-term contracts
- [34:28] Need for clarification on the interest deduction limitation
- [36:16] Qualified Improvement Property
- [42:13] Other items in the July 23 letter
- [43:08] Training for marathons while keeping up with the pace of tax change
BIO FOR GUEST
Nathan is a tax partner in Dixon Hughes Goodman’s firm headquarters in Charlotte, North Carolina—SouthPark. He has a deep focus on accounting method changes and specializes in capitalization, depreciation and revenue recognition. Nathan has spoken for AICPA conferences, state CPA societies, and other continuing education events. He has published Tax Alerts and articles for AICPA’s The Tax Adviser, CCH’s Corporate Business Taxation Monthly, CFO.com, AccountingWEB and has been cited by CFO.com and CCH.
Follow Nathan on Twitter
Connect with Nathan on LinkedIn
ADDITIONAL RESOURCES
AICPA Tax Methods & Periods Technical Resource Panel
AICPA Comments on Impact of Pub. L. No. 115-97 on Accounting Methods for Small Business Taxpayers
Revenue Procedure 2018-40
Simply Tax Episode 21: TRPs After Tax Reform
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com
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The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations.
TIME STAMPS OF WHAT’S COVERED
- [02:40] Initial reactions to the proposed regulations
- [05:48] Challenges in implementing the proposed guidance
- [11:09] What’s a trade or business and when does a rental activity raise to the level of one?
- [16:16] Increased penalty associated with being aggressive
- [18:21] Aggregation rules
- [22:00] The tax law confidence bell curve
- [25:15] How #TaxTwitter contributed to the proposed regulations
- [30:48] We need a roadmap for QBI
- [33:25] Absent action, the deduction sunsets after 2025
- [37:03] Tony’s take on the treatment of §1231 assets
- [38:39] My head hurts!
- [41:49] UBIA and other terms of art from the proposed regulations
- [44:36] Approach the TCJA-related guidance as a marathon not a sprint
- [48:27] Advice for a successful tax career in tax
BIO FOR GUEST
Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.
Follow Tony on Twitter
Connect with Tony on LinkedIn
ADDITIONAL RESOURCES
Mentioned in the episode
- Qualified business income deduction flowchart
- Simply Tax Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti
- Simply Tax Bonus Episode: CPA to CPA with Tony Nitti
- Proposed regulations: Qualified business income deduction
More on §199A from Tony
- IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes)
- 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required)
- Understanding the New Sec. 199A Business Income Deduction (The Tax Adviser)
- The New 'Qualified Business Income Deduction Varies Based on your Business Type - Or Does It? (Forbes)
- Making Sense of the New '20% Qualified Business Income Deduction' (Forbes)
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com
Connect with Damien on social media!
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After months of waiting, the IRS and U.S. Department of the Treasury began releasing the highly anticipated guidance on implementing the Tax Cuts and Jobs Act (TCJA) earlier this month. With a little help from Ed Karl, Tony Nitti, Glen Birnbaum, Nathan Clark and Jesse Palmer, host Damien Martin gives an overview of the guidance we’ve seen so far and previews what’s ahead on TCJA-related guidance week!
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com
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What does swimming with sharks have to do with the future of tax accounting? Find out as guest Danetha Doe—host of the Future of Accounting podcast—shares her insights on the tax trends beyond tax reform that businesses and their advisors should focus on.
TIME STAMPS OF WHAT’S COVERED
- [ 00:36 ] Who is Danetha Doe
- [ 05:25 ] Trends in the accounting profession
- [ 10:38 ] If you don’t manage changing technology, it can get in the way
- [ 15:56 ] The focus is becoming more on managing people and organizations
- [ 18:47 ] Challenging yourself outside the office helps you be more open-minded in your work
- [ 21:57 ] Developing a personal brand is important for accountants and business owners alike
- [ 25:42 ] Creativity is especially important
- [ 27:04 ] Put the moose on the table
- [ 28:20 ] Women in the workplace
- [ 31:33 ] Danetha’s advice for Damien on mentoring women on his team
- [ 37:19 ] Creativity, communication and empathy are key
- [ 39:21 ] We can all learn from each other’s perspectives
- [ 41:03 ] Focus on motivation
BIO FOR GUEST
Danetha Doe is CEO and president of The Doe Collective. Based in the San Francisco Bay Area, she manages a collection of brands that share the mission of promoting creativity, collaboration and economic empowerment. As a blogger and influencer, she and the team collaborate with financial institutions and lifestyle brands to produce unique content and live events catering to women’s empowerment.
Connect with Danetha on LinkedIn
Follow Danetha on Twitter
ADDITIONAL RESOURCES
More from Danetha: The Doe Collective | Money & Mimosas | Future of Accounting
McKinsey & Company study: Women in the Workplace 2017
BKD’s SKY 2017 Impact Report
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com
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Confusion has been swirling after the recent U.S. Supreme Court ruling on South Dakota v. Wayfair, Inc. (Wayfair). Guest Ken Taylor joins host Damien Martin to break down this landmark decision, clear up misconceptions and explain the potential effects on businesses large and small.
TIME STAMPS OF WHAT’S COVERED
- [1:26] The significance of the U.S. Supreme Court decision in Wayfair
- [8:44] Nexus?
- [12:14] A lot has changed since Quill Corp. v. North Dakota, 504 U.S. 298 (1992)
- [15:07] The difficult business decision
- [18:30] You need good information to comply with sales and use tax rules
- [21:15] What Wayfair means for purchasers
- [23:32] Now is the time make changes to your systems and processes
- [26:00] Failing to properly address sales and use taxes can affect mergers and acquisitions
- [29:54] Advice for businesses and their owners in responding to Wayfair
- [34:51] What happens if you wait to comply?
- [38:21] That's a lot to consider, and you need perspective
BIO FOR GUEST
Ken Taylor is a senior managing consultant in BKD’s State & Local Tax Services (SALT) division. He provides indirect tax consulting services to both public and private companies, including facilitation of automating sales/use tax compliance, technical assistance and research, audit defense, opinion memos, due diligence reviews for purchasers, identification and recovery of overpayments and sales/use tax function effectiveness reviews.
Connect with Ken on LinkedIn
ADDITIONAL RESOURCES
Background article: U.S. Supreme Court to Review Nexus for Sales Tax
Article: Quill Is Overturned – A New Era in Economic Nexus for Sales Tax
Webinar: What Does the Wayfair Ruling Mean for Your Organization?
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com
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Chad Moutray—chief economist for the National Association of Manufacturers (NAM)—joins host Damien Martin to discuss what he’s seeing in the data and hearing from members about the Tax Cuts and Jobs Act’s (TCJA) effect on manufacturers.
TIME STAMPS OF WHAT’S COVERED
- [1:56] Why understanding the economy is important right now
- [3:06] How tax reform is affecting manufacturers
- [5:27] The TCJA provisions Chad sees as driving economic growth
- [8:53] How to approach areas of uncertainty in the economy and the TCJA
- [11:12] Key economic indicators Chad’s watching
- [13:25] It’s your bottom line that really matters
- [14:58] The number one challenge for manufacturers right now
- [17:02] What NAM is hearing from members about hiring and capital spending after tax reform
- [18:09] Making productivity-enhancing technology investments
- [20:02] Ways to cut through the economic noise
- [20:53] Why Chad’s bullish on manufacturing over the long term
- [21:53] Advice for manufacturers that are waiting to take action after tax reform
BIO FOR GUEST
Chad Moutray is chief economist for the National Association of Manufacturers, where he serves as the NAM’s economic forecaster and spokesperson on economic issues. He frequently comments on current economic conditions for manufacturers through professional presentations and media interviews. He has appeared on Bloomberg, CNBC, C-SPAN, Fox Business and Fox News, among other news outlets.
Follow Chad on Twitter
Connect with Chad on LinkedIn
Read more from Chad on NAM’s Shopfloor Blog
ADDITIONAL RESOURCES
2018 Second Quarter Manufacturers Outlook Survey
NAM’s Center for Manufacturing Research
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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Like tax, leadership is complicated and plays a crucial role in the long-term success and value of a business. Host Damien Martin sits down with guest Amy Franko to discuss the role leadership plays in an organization, the importance of creating employee loyalty and ways to cultivate leaders of influence.
TIME STAMPS OF WHAT’S COVERED
- [3:09] Amy’s definition of leadership
- [4:59] The importance of a leadership pipeline
- [6:28] Ways to cultivate frontline leaders
- [7:59] Why someone that’s not fit to be a leader might end up in a leadership role
- [10:11] Making the switch from individual contributor to leader
- [12;27] Should business owners be concerned with creating employee loyalty?
- [14:19] The role of a leadership ambassador
- [17:02] Building leadership success through a learning culture
- [19:11] Moving people out of leadership roles that don’t “fit”
- [23:25] Get help from a coach
- [25:53] Developing organizational flexibility that creates an environment of employee loyalty
- [28:51] How to move the needle on leadership when you’re in growth mode
- [30:44] Amy’s recommendations on leadership for executives and business owners
BIO FOR GUEST
Amy Franko is founder and president of Impact Instruction Group. She drives results for organizations by elevating their most important asset—their people—and helps companies create high-value growth by improving sales performance and sales leadership. Amy’s experience within large global organizations, such as IBM and Lenovo, has shaped her skills as a futuristic thinker and leader. She brings new perspectives to her clients with a sharp focus on achieving strategic goals.
Follow Amy on Twitter
Connect with Amy on LinkedIn
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A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com
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The centralized partnership audit regime (CPAR) changes the way the IRS conducts partnership audits for tax years beginning after December 31, 2017. The AICPA’s Jonathan Horn joins host Damien Martin to share what we know (and don’t know) about this significant change and explain how it will impact partners and partnerships.
TIME STAMPS OF WHAT’S COVERED
- [0:21] What were the TFRA rules?
- [2:12] How did we get CPAR?
- [4:45] What changed under CPAR?
- [6:48] What’s a partnership representative?
- [8:32] Who should and shouldn’t be a partnership representative?
- [13:42] What are the requirements to elect out?
- [15:08] How do you count S corporation shareholders for purposes of the election out of CPAR, and why is it important?
- [17:15] Why is there a need to amend partnership agreements?
- [19:29] What’s the status of guidance on CPAR?
- [23:43] What are the key areas the AICPA is requesting guidance on?
- [32:18] Will we see a delay in CPAR?
- [35:28] What should partners, partnerships and tax practitioners be doing now?
- [37:51] Why isn’t CPAR being discussed very much right now, despite its significance?
- [38:21] How does CPAR affect states?
- [41:16] What’s Jonathan’s key takeaway on CPAR?
BIO FOR GUEST
Jonathan Horn is a senior manager on the AICPA’s Tax Policy & Advocacy Team, based in Washington, D.C. He is responsible for the development and submission of comments to Congress, Treasury and the IRS and developing alerts for members. Prior to joining the AICPA, he was a sole practitioner for over 20 years, providing tax services to clients of all sizes from around the globe. In 2015, Jonathan received the AICPA Tax Division Distinguished Service Award for his extraordinary contributions to the work of the AICPA Tax Division.
Connect with Jonathan on LinkedIn
Follow Jonathan on Twitter
ADDITIONAL RESOURCES
AICPA Resource Center: Partnership Audit & Adjustment Rules
AICPA comment letter dated May 16, 2018: Proposed Regulations Regarding the Centralized Partnership Audit Regime: Adjusting Tax Attributes
BKD Thoughtware article: IRS Partnership Audits Will Likely Increase Under New Rules
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com
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The Tax Cuts and Jobs Act (TCJA) has been around for several months now, but state efforts to respond and adopt state-level reform is just getting started in many jurisdictions. Host Damien Martin cuts through the static of the SALT world with guest Mary Reiser by discussing the differences in state conformity and what the highly anticipated Supreme Court decision in South Dakota v. Wayfair, Inc. could mean for you and your business.
TIME STAMPS OF WHAT’S COVERED
- [01:35] State conformity to the TCJA
- [02:04] Rolling conformity
- [03:04] Fixed state conformity
- [05:08] Selective conformity
- [07:06] The effect of the international provisions on states
- [09:15] State and local considerations play an important role when analyzing choice of entity
- [12:59] Pass-through business deduction at the state and local level
- [13:39] What Mary is watching for in SCOTUS’s decision in South Dakota v. Wayfair, Inc.
- [20:13] Mary’s advice to businesses and business owners on approaching SALTed uncertainty
BIO FOR GUEST
Mary Reiser is a member of BKD’s State and Local Tax (SALT) Services division. She focuses on compliance and consulting for various SALT issues involving multistate entities, including audit defense, nexus analysis, voluntary disclosure and buy- and sell-side due diligence. Her primary experience is in the areas of income and franchise tax and sales and use tax.
Connect with Mary on LinkedIn
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
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Parts of the Tax Cuts and Jobs Act (TCJA) limit some taxpayers’ ability to deduct their state and local taxes (SALT) for the next seven tax years. Tax professor Annette Nellen provides some background on this temporary limitation and breaks down the efforts several states are undertaking to provide relief to their residents.
TIME STAMPS OF WHAT’S COVERED
- [4:16] Annette’s overview of the objectives and process of enacting the TCJA
- [8:41] Some local and state officials talk of dire consequences
- [9:30] How to tell if you’re a net winner or loser under the TCJA
- [12:23] The cap on the SALT deduction explained
- [13:21] The state reaction to the cap
- [15:11] What’s important to know if you itemize
- [17:54] Are the SALT workarounds too good to be true?
- [21:26] What does previously issued informal guidance from the IRS say?
- [24:35] Recent IRS notice 2018-84 and the substance-over-form principle
- [26:58] Risks and what to look at when evaluating your options
- [30:01] What other types of workarounds have been introduced?
- [36:19] The importance of understanding what’s on your tax return and your full tax picture
- [38:15] Sense of bewilderment on how to approach the federal and state changes
- [39:39] What else Annette’s looking for
BIO FOR GUEST
Annette Nellen is a professor of accounting and finance and director of the SJSU Graduate Tax Program. Prior to joining SJSU, she was with a tax manager with Ernst & Young and an IRS revenue agent and lead instructor. Annette has testified before the U.S. House Ways and Means Committee, U.S. Senate Finance Committee, California Assembly Revenue and Taxation Committee and tax reform commissions and committees on various aspects of federal and state tax reform.
Connect with Annette on LinkedIn
Follow Annette on Twitter
Annette’s blog: 21st Century Taxation
GET MORE SIMPLY TAX
A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions we can help answer to SimplyTax@BKD.com
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When certain requirements are met, IRC Section 1202 provides a meaningful exclusion for the gains made on certain small business stock. Our Tax Cuts and Jobs Act (TCJA) series concludes as guest Rick Klahsen breaks down the exclusion with host Damien Martin and discusses what it means after tax reform. Here’s what they cover:
- What’s Section 1202? @ 1:44
- Why are there areas of uncertainty? @ 5:40
- What’s a qualified small business for Section 1202 purposes? @ 9:53
- How can you determine if a company meets the $50 million asset threshold? @ 11:25
- Can the gain exclusion ever exceed $10 million? @ 13:48
- Why is Section 1202 more complex than it appears? @ 14:54
- What are some common areas of misunderstanding? @ 19:08
- Why there’s been so much discussion around choice of entity after tax reform and how Section 1202 might increase interest in this discussion @ 21:38
- What has factored into the historic popularity of Section 1202? @ 27:44
- Has there been more interest in Section 1202 after tax reform? @ 30:58
- Is Section 1202 for you? @ 33:55
BIO FOR GUEST
Rick Klahsen has more than 25 years of experience advising clients in various industries, including several investor-owned public utilities, food manufacturers and distributors, automobile original equipment manufacturers and telecommunications service providers. He also has significant experience with federal tax due diligence and matters related to structuring transactions. He serves as regional tax director of BKD’s South Region and tax director of BKD’s Dallas-Waco practice unit.
Connect with Rick on LinkedIn
The tax filing season may be over, but it the topic of taxes is still buzzing in Washington. This time it’s regarding reforming the IRS and providing guidance on aspects of the Tax Cuts and Jobs Act (TCJA). Frequent guest Ed Karl—VP of taxation at the AICPA—returns to provide updates on the following areas:
- Legislation to reform the IRS @ 0:43
- A path forward and the likelihood of enacting IRS reform @ 3:36
- Guidance on TCJA @ 8:26
- Tax extenders @ 13:17
- Making the individual provisions permanent @ 13:41
- Areas of focus for the AICAP Tax Policy and Advocacy Group @ 14:40
- Advice for those looking to catch up on the TCJA @ 16:11
BIO FOR GUEST
Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation, and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the Treasury Department and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
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Guidance is needed to clarify the rules regarding the deductibility of certain meals, entertainment, qualified transportation and other expenses after the Tax Cuts and Jobs Act (TCJA). The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS on April 2, 2018, requesting immediate guidance in this area. Guest Kristin Esposito joins host Damien Martin to take a closer look. Here’s some of the questions they cover:
- Why did the AICPA form a task force to request guidance under Section 274? @ 3:24
- How were the areas from the recent request for guidance identified? @ 5:50
- What changed under TCJA? @ 8:23
- Are there still areas where entertainment can be deductible? @ 13:22
- How should you approach the open areas while we await guidance? @ 15:53
- What changed with the rules for employer provided business meals? @ 16:48
- Can meals and entertainment be advertising? @ 20:09
- How did the deduction for qualified transportation fringe benefits change? @ 22:21
- What was the process for issuing the letter requesting guidance in this area? @ 24:19
- What’s next for the task force? @ 27:49
- How should tax practitioners approach areas of uncertainty @ 30:01
- Are business meals deductible after tax reform? @ 32:33
BIO FOR GUEST
Kristin Esposito is a senior manager for the American Institute of CPA’s (AICPA) Tax Policy & Advocacy Team. In this role, she manages the Employee Benefits Tax Technical Resource Panel and the Corporations and Shareholders Tax Technical Resource Panel. She also is responsible for the development, review and submission of comments to Congress, the Department of Treasury and the Internal Revenue Service and policy recommendations.
Connect with Kristin on LinkedIn
ADDITIONAL RESOURCES
Request for Immediate Guidance Regarding IRC Section 274 – Disallowance of Certain Entertainment, Etc. Expenses (Pub. L. No. 115-97, Sec. 13304)
Flowchart: Meals & Entertainment Deduction After the Tax Cuts and Jobs Act
Article: Tax Reform Modifications to the Deduction for Business Meals & Entertainment
The confluence of tax and market change can be overwhelming for middle-market businesses and their owners. Guest Chris Kramer helps boil down the complex to help those in the middle market understand how the Tax Cuts and Jobs Act might affect them. Here’s a look at what this episode covers:
- Update on the middle market in general @ 1:56
- What the TCJA means for middle-market businesses @ 4:17
- How to approach tax and market change @ 7:24
- Choice of entity for the middle-market business after the TCJA @12:06
- What the depreciation changes mean for deals @ 15:59
- Chris’ insight on how these changes might affect purchasing decisions @ 18:18
- The most common question related to tax reform that Chris is getting @ 19:15
- Loss of the Domestic Production Activities Deduction @ 21:41
- Effect of the business interest deduction limitation @23:23
- How middle-market businesses are responding @ 24:59
- Thoughts on approaching areas where guidance is expected @ 26:32
- What surprised Chris about the new tax law @ 28:43
- Key takeaways for business owners @ 30:59
BIO FOR GUEST
Chris Kramer is the East Region tax leader for BKD National Manufacturing & Distribution Group and also works with clients in health care, construction, real estate development, professional services and retail. He provides leadership for BKD’s tax merger and acquisition team, tax diligence for both buyers and sellers, structuring and transaction consulting.
Connect with Chris on LinkedIn
Guest Rebekuh Eley explains key provisions of the Tax Cuts and Jobs Act (TCJA) for exempt organizations in the latest installment of our TCJA series. After a brief overview of the changes affecting exempt organizations—starting at 1:04—Rebekuh addresses the following questions:
- What’s the new excise tax on executive compensation? @ 4:31
- Are organizations changing their approaches to compensation agreements? @ 7:43
- Does this new excise tax apply to state colleges and universities? @ 9:16
- How does the new excise tax on executive compensation work with related parties? @ 11:07
- What do exempt organizations need to know about the changes to fringe benefits? @ 13:41
- How might the changes under the TCJA for individuals affect exempt organizations? @ 19:36
- How are organizations reacting to the changes of the new tax law? @ 23:51
- Did the Bipartisan Budget Act of 2018 include changes for exempt organizations? @ 25:38
- What’s the top question Rebekuh’s been receiving? @ 27:54
- What are the key takeaways for exempt organizations after tax reform? @ 30:48
BIO FOR GUEST
Rebekuh Eley is a leader in the not-for-profit practice of BKD's Chicago office and part of the tax-exempt team. She has focused her career as a consultant on tax-exempt organizations, and has a broad tax background encompassing corporate, partnership and individual tax technical knowledge and experience.
Connect with Rebekuh on LinkedIn
Follow Rebekuh on Twitter
ADDITIONAL RESOURCES
Impact of Tax Reform on Not-for-Profits
Webinar: Annual Tax Update & 2017 Form 990 Changes
Two of the AICPA’s technical resource panels (TRP)—Tax Methods & Periods and Exempt Organizations—are hard at work after the Tax Cuts and Jobs Act (TCJA). Learn what they’re up to with guest Ogo Eke-Okoro, AICPA lead manager and staff liaison to the TRPs. We cover:
- Definition of an accounting method and period @ 0:45
- What’s an AICPA TRP? @ 4:26
- Projects the Tax Methods & Periods TRP is working on now and in the future @ 6:35
- Request for technical corrections on qualified improvement property @7:43
- Guidance on accounting method changes @ 9:49
- Areas the Exempt Organizations TRP is working on under the new tax law @ 17:02
- Next steps and timing for the TRPs @ 20:46
- What the TRPs working on outside of tax reform-related topics @ 23:12
BIO FOR GUEST
Ogo Eke-Okoro is a lead manager for the American Institute of CPA's (AICPA) Tax Policy & Advocacy Team. In this role, she manages the Exempt Organizations and Tax Methods & Periods TRPs and related task forces. She is also responsible for the development, review and submission of comments to Congress, the Department of Treasury and the Internal Revenue Service and policy recommendations.
Connect with Ogo on LinkedIn
ADDITIONAL RESOURCES
IRS Publication 538: Accounting Periods and Methods
AICPA Tax Methods & Periods Technical Resource Panel
AICPA Exempt Organizations Technical Resource Panel
Tax considerations can play a significant role in private equity deals and structures. Find out how the Tax Cuts and Jobs Act (TCJA) could affect private equity with host Damien Martin and BKD’s Don Rawe. Here’s a look at what’s in this episode:
- Greatest effect the new tax law has on private equity @ 1:35
- How basis and structure considerations have changed @ 2:37
- What the changes mean for modeling @ 7:06
- New pass-through business deduction for private equity @ 10:24
- Effects of the net interest expense limitation @ 16:15
- Carried interest changes @ 21:28
- The top question Don’s been getting about TCJA @ 25:05
- Effect of the international provisions @29:28
BIO FOR GUEST
Don Rawe is a member of BKD National Manufacturing & Distribution Group and provides tax and consulting services to corporations, S corporations and partnerships with local, multistate and multinational activity. Don is also a member of BKD’s tax mergers and acquisitions team and provides tax diligence and structuring to both buyers and sellers.
Connect with Don on LinkedIn
A fix for the so-called “grain glitch” could be included in the omnibus spending bill that’s being negotiated to avoid another government shutdown on March 23, 2018. Ed Karl, vice president of taxation at the AICPA, explains what the glitch is and offers his perspective on this developing area.
BIO FOR GUEST
Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the Treasury Department and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
Follow Ed on Twitter
In the 10th episode of our Tax Cuts and Jobs Act (TCJA) series, host Damien Martin sits down with BKD’s Tom Wheeland to cover the major provisions of the new tax law means affecting insurance companies. Here’s what you’ll find in this episode:
- Effects of the new tax law on the insurance industry @ 1:41
- Reaction to the new tax law @ 5:53
- Areas of confusion @ 7:05
- Tax planning after the TCJA @ 13:16
- Changes for life insurance companies @ 15:17
- Frequently asked questions @ 16:32
- Knee-jerk reactions to avoid @ 21:52
- Areas where we need guidance @ 24:06
BIO FOR GUEST
Tom Wheeland, who leads BKD National Insurance Services Practice, has almost 30 years of experience providing insurance tax services to property and casualty, life and health companies of all sizes. He co-authored BKD’s SSAP 101 Resource Guide and is a leading authority on income tax accounting for insurance companies.
Connect with Tom on LinkedIn
Now that the Tax Cuts and Jobs Act is law, the significant changes made to the tax code have created questions for taxpayers and CPAs alike. Host Damien Martin cuts through the static for listeners in our first ever Q&A episode. Here’s a look at what’s included:
- Meals and entertainment changes @ 2:15
- Itemized vs. the standard deduction @ 6:50
- The home mortgage interest deduction after tax reform @ 8:53
- Excise tax on excess executive compensation @ 10:52
- Changes to tax forms with Ed Karl @ 13:26
- Cryptocurrency with Sean Stein Smith @ 16:32
BIO FOR GUESTS
Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the Treasury Department and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
Follow Ed on Twitter
Sean Stein Smith is an assistant professor at Lehman College (CUNY), a member of the AICPA Leadership Academy Class of 2017 and a columnist at Inc. His work and analysis of accounting, blockchain and the evolution of the accounting profession has been featured in numerous practitioner and academic publications.
Follow Sean on Twitter
Connect with Sean on LinkedIn
ADDITIONAL RESOURCES
Flowchart: Meals & Entertainment Deduction After the Tax Cuts & Jobs Act
Article: “Tax Reform Modifications to the Deduction for Business Meals & Entertainment”
Article: “What You Need to Know If Your Business Accepted Cryptocurrencies for Payment This Year”
Guests Jennifer Sanders and Lance Davis join host Damien Martin to break down what the Tax Cuts and Jobs Act (TCJA) means for financial institutions. Here’s some of what’s covered in the eighth episode of our TCJA series:
- Rate reduction for C corporation banks @ 2:01
- Financial reporting of deferred tax assets and liabilities @ 3:20
- Financial reporting process after TCJA @ 5:37
- Three significant changes for C corporations banks @ 7:14
- Areas where additional guidance is needed @ 13:16
- Qualified business income deduction for S corporation banks @ 15:55
- Observations on choice of entity after TCJA 20:12
- Jenn’s top tax reform questions and other areas to consider @21:32
BIO FOR GUESTS
Jennifer Sanders is a member of BKD National Financial Services Group and has more than 15 years of experience providing tax services to public and closely held financial institutions. She previously worked as the tax director for a Louisville community bank and has extensive knowledge on investment in projects that generate tax credits and has served community banks ranging in size from $100 million to $3.5 billion in total assets.
Connect with Jenn on LinkedIn
Lance Davis is a member of BKD National Financial Services Group and has more than 20 years of experience in public accounting. He has extensive experience in the financial services industry and has specifically focused on taxation and consulting services for financial institutions and bank holding companies. He currently oversees the income tax consulting and compliance for more than 50 financial institutions and bank holding companies ranging in asset size from $50 million to greater than $7 billion.
The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS in February requesting immediate guidance on new Internal Revenue Code Section 199A. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to talk about this request and the AICPA’s Qualified Business Income Task Force. Here’s some of what’s covered:
- Why was the task force formed? @ 4:57
- How were the areas and recommendations from the letter identified? @ 7:20
- What was the process for developing the letter? @ 12:06
- What’s next for the task force? @ 13:46
- When do we expect a response from the Treasury and IRS? @ 15:38
- What are some of the pressing challenges taxpayers face? @ 16:32
- What area is Amy most hoping for Treasury and IRS guidance on? @ 19:29
BIO FOR GUEST
Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members to be the most trusted professional providers of tax services while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings.
Follow Amy on Twitter
Connect with Amy on LinkedIn
ADDITIONAL RESOURCES
Request for Immediate Guidance Regarding IRC Section 199A – Deduction for Qualified Business Income of Pass-Through Entities (Pub. L. No. 115-97, Sec. 11011)
AICPA's Tax Reform Resource Center
Our Tax Cuts and Jobs Act (TCJA) series continues as guest Brian Todd sits down with host Damien Martin to discuss what the new tax law means for health care providers. Here’s what they cover:
- Changes with unrelated trade or business activities @ 1:41
- What the fringe benefit changes mean for taxable and tax-exempt organizations @ 4:25
- New excise tax on excess tax-exempt organization executive compensation @ 8:38
- A look at how various TCJA provisions will affect health care organizations
- Tax rate changes @ 12:34
- New pass-through business deduction @ 13:50
- Loss limitations @ 15:13
- Cost recovery provisions @ 16:53
- Limitation on deduction for net business interest expense @ 18:12
- Use of the cash method of accounting @ 20:06
- Use of a wholly owned C corporation in response to changes to the siloing rules @ 22:03
BIO FOR GUEST
Brian Todd is a tax specialist in BKD’s National Health Care Group and serves as the tax representative on the firm’s six-member health care committee. He has experience providing tax services to both for-profit and not-for-profit health care organizations and regularly assists not-for-profit agencies with navigating complex tax issues.
Connect with Brian on LinkedIn
ADDITIONAL RESOURCE
Article: Top Five Tax Reform Provisions Affecting Tax-Exempt Health Care Providers
With the prevalence of tax-related identity theft, following good cybersecurity practices is more important than ever. Guests Cindy Boyle and Jan Hertzberg—along with host Damien Martin—discuss the high-security risks businesses face and ways companies can keep their vital tax information safe. Listen to learn:
- What’s ransomware? @6:41
- Ways to reduce the risk of a data breach @ 12:03
- What’s a data breach? @14:19
- Lessons from Equifax @ 15:40
- Ways to identify email scams @ 19:15
- What to do when you’ve had a data breach @ 24:33
- Tips for keeping your tax information safe during tax season @ 29:35
- The difference between passcodes vs. passwords @ 31:49
- How to find if someone you work with has had a reported breach @ 33:43
- Things that affect someone’s cyber risk profile @ 36:13
BIO FOR GUESTS
Cindy Boyle leads BKD’s IT Risk Services division, which comprises professionals in multiple offices across the firm. Her team assists companies with data privacy and security compliance relevant to HIPAA/HITECH/EHR, Gramm-Leach-Bliley Act, Federal Financial Institutions Examination Council, Federal Trade Commission Red Flag Rules, Health Breach Notification Rules and PCI Data Security Standard.
Connect with Cindy on LinkedIn
Jan Hertzberg has more than 30 years of experience providing IT audit, risk, cybersecurity and privacy compliance services. Prior to joining BKD, Jan held positions with Fortune 100 companies and, most recently, led the cybersecurity/privacy practice for an international public accounting firm, providing services to clients that included national and international companies in the health care, financial services, professional services, not-for-profit, higher education, retail and manufacturing industries.
Follow Jan on Twitter | Connect with Jan on LinkedIn
ADDITIONAL RESOURCES
Learn more about how Cindy and Jan can help develop a plan to protect against unforeseen attacks and connect with BKD Cybersecurity on Twitter.
IRS Taxpayer Guide to Identity Theft
Article: Identity Theft - A Victimless Crime?
Guests Scott Humphrey and Jason Jobgen join host Damien Martin to share their insights on what the Tax Cuts and Jobs Act (TCJA) means for the construction and real estate (CRE) industry. Here’s a look at what you’ll find in fifth episode of our TCJA series:
- Nuances in the new tax law for CRE @ 2:40
- Effects of new business interest expense deduction limitation on CRE @ 3:41
- Real property trade or business defined @ 8:18
- Factors to consider for electing out of the business interest expense deduction limitation @ 9:30
- How qualified improvement property changed @ 11:53
- Beneficial changes to bonus depreciation @ 13:24
- Cost segregation study explained @ 14:36
- Why it’s an important time to consider a cost segregation study @ 17:59
- Net operating loss and excess loss limitation for CRE @ 22:18
- Real Estate Investment Trust in light of the new 20 percent deduction @ 26:54
- Changes to the carried interest and like-kind exchange rules @ 29:00
BIO FOR GUESTS
Scott Humphrey is a member of BKD’s National Construction & Real Estate Group. His technical knowledge includes tax planning and compliance, including multistate compliance and accounting method strategies.
Follow Scott on Twitter | Connect with Scott on LinkedIn
Jason Jobgen leads BKD’s Cost Segregation division and oversees BKD’s strategic alliance program, which includes working with more than 150 CPA firms to provide specialty services.
Connect with Jason on LinkedIn
Guest Ed Karl—VP of taxation at the AICPA—has joined Simply Tax for several episodes, sharing his highly sought insight during the enactment of the Tax Cuts and Jobs Act (TCJA). Now Ed’s back in the fourth episode of our TCJA series, covering what’s next for the new tax law, the expected timeline and process for guidance and more.
Here’s what you’ll find in our latest episode:
- Top areas where guidance is needed @ 1:14
- Technical correction explained @ 3:09
- Expected timeline and process for guidance @ 8:24
- Advice on how to approach tax change @ 12:59
- How the AICPA is managing its response @ 15:16
- Resources at the IRS @ 17:35
- IRS reform @ 19:42
- Key takeaways @ 21:29
- Guidance on Form W-4 and withholding on supplemental wages @ 22:41
BIO FOR GUEST
Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation, and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the Treasury Department and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.
Follow Ed on Twitter
ADDITIONAL RESOURCES
Request for Immediate Guidance Regarding Pub. L. No. 115-97 – A letter from AICPA to the U.S. Treasury and IRS, dated January 29, 2018
IRS Notice 2018-14 – Guidance on withholding rules
Cut through the static of the tax changes for individuals under the Tax Cuts and Jobs Act (TCJA) with the third in a series of episodes that break down the new tax law. Guest hosts Lily and Miles—host Damien Martin’s three year-old twins—join their dad on the podcast as he breaks down the significant tax changes for individual taxpayers, identifies six steps to help determine what these changes might mean for your personal tax situation and gives three examples of how the TCJA might affect individuals and families.
Here’s a look at what’s included in this episode:
- Individual tax rates @ 1:30
- Changes to itemized deductions @ 3:43
- How to determine what the tax changes mean for you @ 8:39
- How three individuals/families might fare under the TCJA @ 10:23
- Other significant individual changes @ 11:53
- Transfer tax changes @ 13:11
- Key takeaways @ 14:22
We’re back to help you cut through the static of the Tax Cuts and Jobs Act with the second in a series of episodes that breaks down what the new tax law means for you and your business. BKD’s Chris Clifton covers the international provisions of the new tax law and explains how they fit into the larger world of international taxation.
Some of the important areas covered in this episode include:
- Shift to a territorial system @ 2:28
- Deemed repatriation @ 4:17
- Global intangible low-taxed income (GILTI) @ 10:27
- Base erosion anti-abuse tax (BEAT) @ 14:08
- Limitation on deduction for interest expense @ 18:50
- Areas where additional guidance is needed @ 22:25
- Foreign derived intangible income (FDII) @ 29:27
- International considerations for converting an S corp to a C corp @ 36:42
- Key takeaways @ 40:25
BIO FOR GUEST
Chris Clifton is a managing director in BKD’s International Tax Services division. His focus is on international tax planning and compliance for domestic, foreign and multinational corporations in areas such as foreign tax credits, subpart F, withholding taxes and income tax treaties.
Cut through the static of the Tax Cuts and Jobs Act (TCJA) with the first in a series of episodes focused on breaking down what the new tax law means for you and your business. Jesse Palmer—BKD’s director of tax quality control—reviews key provisions of the TCJA for businesses, filing 2017 tax returns and choice of entity considerations.
Here’s a look at what’s in this episode:
- Business tax rates @ 3:40
- Cost recovery provisions @ 6:09
- Accounting methods @ 9:21
- Other significant business provisions @ 12:58
- Things to think about and strategies to consider @ 17:20
- Choice of entity considerations @ 20:10
- Deferred tax and financial reporting considerations @ 30:07
- Key takeaways for businesses @ 32:50
BIO FOR GUEST
Jesse Palmer is a tax partner at BKD and serves as director of tax quality control at the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks.
Connect with Jesse on LinkedIn
ADDITIONAL RESOURCES
Upcoming Webinar: Pass-Through Considerations of Tax Reform
Upcoming Webinar: Corporate Effect of Tax Reform
When Damien and Tony sat down to talk IRC Section 199A, they got to talking about life outside the four corners of the Internal Revenue Code. Get the inside scoop and answers to questions you might have for Tony Nitti in this special bonus episode of the podcast.
BIO FOR GUEST
Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.
Follow Tony on Twitter
Connect with Tony on LinkedIn
The Tax Cuts and Jobs Act is one of the most significant changes to tax law in 31 years. Guest Tony Nitti joins host Damien Martin to discuss the nitty gritty details of one of the most intimidating provisions of the new legislation—the newly created IRC Section 199A.
Here are some of the key questions about this new 20 percent qualified business income deduction:
- Is it just a pass-through deduction? @ 3:19
- What’s the starting point for the deduction? @ 5:43
- How will be get guidance on this new provision? @ 8:26
- Does it apply to rental activities? @ 10:29
- What’s a specified service trade or business? @ 16:23
- Are self-rentals included in qualified business income? @ 23:05
- Should an S corporation convert to a C corporation? @ 26:16
BIO FOR GUEST
Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.
Follow Tony on Twitter
Connect with Tony on LinkedIn
ADDITIONAL RESOURCES
Forbes: “Tax Geek Tuesday: Making Sense Of The New ‘20% Qualified Business Income Deduction’”
Forbes: “The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type - Or Does It?”
The conference committee reconciled differences between the House- and Senate-passed tax bills to arrive at a final version of the Tax Cuts and Jobs Act of 2017 (TCJA). What made it into the final bill? Host Damien Martin breaks it down in a holiday-inspired list of 12 significant differences between the House and Senate bills. Listen to find out how the Conference Agreement reconciles the following provisions:
- Corporate tax rate
- Corporate Alternative Minimum Tax (AMT)
- Pass-through business deduction
- Treatment of private activity bond interest
- Repatriation of foreign earnings
- Limitation on nonpassive losses
- Individual tax rates
- Individual AMT
- Child tax credit
- Affordable Care Act individual mandate
- Home mortgage interest expense
- State & local, sales, real estate & personal property tax expense
The Twelve Days of Christmas provided by Musical Drewby.
A bicameral conference committee is now working to reconcile the differences between the House- and Senate-passed versions of the Tax Cuts and Jobs Act of 2017 (TCJA). Get the latest from Ed Karl—VP of taxation at the AICPA—as he tells Simply Tax, ““Something has to give if they’re going to make some of these changes”
A family business is often the largest source of wealth for business owners, yet a recent study(1) found only 36 percent have a formal succession and continuity plan. Listen in on Damien’s must-hear conversation with guest Courtney Pullen—president of The Pullen Consulting Group—to find out why being intentional is important for your family, your business and your future.
Here are just a few of the important areas covered:
- “Shirtsleeves to shirtsleeves in three generations” @ 4:37
- Financial transparency and talking money values early in life @ 7:03
- Three areas to work intentionally toward: stewardship, values and balance @ 10:24
- Best practices on being intentional about wealth @ 15:17
- The rising generation @ 18:02
- “If left unattended, what would you predict is going to happen?” @ 19:39
Courtney Pullen has more than 25 years of experience in individual and family coaching, business and management consulting, leadership development, communication and team building. Courtney’s primary focus is as a consultant to financial services firms and affluent families.
Follow Courtney on Twitter
Connect with Courtney on LinkedIn
Learn more about succession planning solutions for privately held businesses with BKDnext®, an intentional and thoughtful process to help you customize a detailed succession and continuity plan designed to create financial security for your family, your business and your future.
(1) BKDnext 2015 Succession Planning Survey
On November 16, the U.S. House voted in favor of The Tax Cuts and Jobs Act of 2017, and the Senate Finance Committee approved its version the same day. Find out what it means for businesses, exempt organizations and individual taxpayers as our guests—AICPA Taxation VP Ed Karl, BKD Managing Director Becky Eley and BKD Partner Holly Pantzer—join host Damien Martin for a thoughtful discussion you won’t want to miss.
Here’s a look at what’s inside our latest episode:
- Tax reform developments from the past 30 days @ 1:16
- Corporate and pass-through tax rate explained @ 3:56
- Tax reform for tax-exempt @ 14:36
- Year-end planning for individuals @ 23:00
- Putting it all together@ 29:14
We turn back the clock 31 years in a special bonus episode that looks at the last time tax reform revamped the Internal Revenue Code. Tune in as Bryan Slone—a tax attorney with Omaha-based firm Koley Jessen—shares valuable insight based on his time as Tax Counsel to a member of the U.S. House Ways and Means Committee in 1986.
Here’s a look at what’s inside our latest episode:
- There are winners and losers in tax reform, and it’s really hard politically @ 3:34
- Last time, it was bipartisan and took two years @ 6:03
- It was a different time in 1986 @ 11:20
- Last time was about a 28 percent individual rate; this time around, it’s a 20 percent corporate rate @ 16:11
- The economic impact of tax reform @20:56
The term “big data and analytics” seems to pop up more and more, but what is it? Host Damien Martin cuts through the static of the big data world with guest Jeremy Clopton, leader of BKD’s Big Data & Analytics practice. Tune in to hear how data can help enhance marketing strategies, develop competitive advantages, open up new revenue opportunities, reduce risk and improve overall efficiency.
As a bonus, Damien and Jeremy cover another hot topic—millennials.
Here’s a look at what’s inside our latest episode:
- “The question should be, ‘How can we accomplish this and use data to get there better?’” @ 3:50
- Do I have big data? @ 6:01
- Six simple steps to approach big data and analytics @ 13:16
- Effectiveness before efficiency @ 18:45
- “Millennials have always been a passion of mine. Full disclosure, I am one.” @26:16
“Strap in and put the seat belt on in the roller coaster.” Find out what Ed Karl, VP of taxation at the AICPA, is talking about as he returns to Simply Tax and provides his insider’s perspective on tax reform efforts heating up.
With Halloween approaching, we’re covering a frightening topic for business owners: an IRS examination! Eric Fox and Jamie Brown—two tax attorneys with highly respected firm Ivins, Phillips & Barker—join host Damien Martin to break down tax controversy and explain why IRS exams don’t have to turn into a horror story.
Here’s what you’ll find in our latest episode:
- Tax controversy explained @ 1:46
- What business owners should do if they receive a notice from the IRS @ 6:09
- It’s critical that you get someone involved early @ 8:57
- Are there audit red flags with the IRS? @ 16:34
- Considerations & action items for the new centralized partnership audit regime @19:38
Last week Ed Karl—VP of taxation at the American Institute of CPAs—told us the outlook for tax reform remains unchanged following the newly proposed tax framework. With so much uncertainty, what should you do about your year-end tax planning? Is there a possibility we could learn more before year-end? And what’s next for tax reform efforts? Listen to find out.
- What is a tax framework? @ 2:18
- Why do we need a budget? @ 4:21
- What’s the process look like for advancing tax reform legislation? @ 6:37
- Is there an overall tax planning strategy we should keep in mind? @ 10:35
- What are three year-end tax planning strategies we might consider? @12:19
The tax framework released on September 27, 2017 provides an outline of what the Big Six envision for tax reform. The proposals call for the simplification of the tax code and a reduction in tax rates for businesses and many individuals.
OK, but what’s this framework mean in terms of the big picture on tax reform and for me personally? Host Damien Martin delivers a special bonus episode as Ed Karl, VP of taxation at the American Institute of CPAs (AICPA), returns to the podcast to break down the following:
- It’s what we were expecting @ 1:40
- There’s some things we learned with the framework @ 3:32
- But there’s some things we’ll have to wait and learn about @ 8:29
- The word “unified” has a limited definition @ 14:38
- Overall odds on tax reform remain unchanged @21:28
Tax reform is proving to be elusive. Host Damien Martin cuts through the headlines swirling around this fast moving tax topic with special guest Ed Karl, VP of taxation at the American Institute of CPAs (AICPA). Listen to get answers to these questions:
- I’m feeling lost. Can you catch me up on what’s happened on tax reform so far? @ 2:26
- What’s budget reconciliation? @ 7:30
- Who’s the “Gang of Six?” @ 8:40
- How should I approach year-end tax planning this year with so much uncertainty? @15:39
- What are the odds of seeing tax reform? @18:08
Why should you listen to a podcast about taxes? Find out with Simply Tax, brought to you by BKD CPAs and Advisors.