Simply Tax

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 Mike 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? Learn more about Troy and find the links to the 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@FORVIS.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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@FORVIS.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.  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

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. 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

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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!  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

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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! 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 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! 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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

“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! 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

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! 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

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. 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 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. 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

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. 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 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. 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 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. 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 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. 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 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. 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 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. 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

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. 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

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube