Simply Tax

On this episode, we'll talk with our Tax Transformation team to understand what makes tax functions successful and efficient. We welcome Kelly Necessary, the leader of the group, and Jenna Stutz, a managing director with the team.

On this episode, we'll explore today's clean energy landscape, with a specific focus on what it takes to sell credits and what to consider when buying them. We welcome David Burton, partner with the law firm Norton Rose Fulbright, and Richard Dovere, founder and chief executive officer of Dispatch Energy.  

On this episode, we'll explore topics ranging from bonus depreciation to the timing of methods during a transaction with Nathan Clark and Brittany Cummings on our Tax Methods team.

On this episode, we'll explore tariffs and global trade with Michael Cornett, managing director with our Washington National Tax Office. Note: This episode was recorded prior to the Supreme Court issuing their decision that struck down tariff issued under IEEPA. For more information and discussion about the tariff decision and related next steps, listen to our short “Breaking Update” episode found on our website and other podcast platforms.  

In this special breaking news edition of Tackling Tax, we cover the major Supreme Court decision issued on February 20, 2026, regarding the International Emergency Economic Powers Act (IEEPA). The Court has overturned President Trump's IEEPA tariffs, ruling that the act does not authorize the president to impose such tariffs. Director Iris Laws and Managing Director Michael Cornett briefly break down the 170-page decision to explain what this means for the future of trade, the validity of current international agreements, and the complex path ahead for importers seeking refunds.

On this episode, we'll explore what's going on at the IRS, what taxpayers may be facing when it comes to exams, and more. We welcome Kristin Gutting, Caitlyn Meehan, and Karen Fleming with the Tax Controversy Group at Forvis Mazars.

On this episode, we'll examine what the American Institute of CPAs (AICPA) is doing to influence tax policy and guidance, as well as look ahead to tax issues that will likely take center stage in 2026. We welcome Kristin Esposito, director of tax policy and advocacy at the AICPA.

On this episode, we'll look at opportunities and potential traps regarding compensation and benefit plans, which play a critical role in a company's culture. We welcome co-host Devin Tenney, a director in the Washington National Tax Office and leader of the Executive Compensation and Employee Benefits Practice at Forvis Mazars.

On this episode, we'll delve into the world of aviation with items you'll want to know if you lease, own, charter, or are just interested in airplanes. We welcome Katie Simmons and John Buchanan, two leaders of the firm's aviation consulting practice.

On this episode, we'll talk through an opportunity to exclude gain on the sale of qualified small business stock. We welcome Howard Wagner and Nick Zoyhofski, two leaders of the firm's 1202 practice.

On this episode, we'll dive into year-end planning and the strategies you could consider heading into 2026. We welcome Spencer Heywood and Michael Cornett to highlight planning topics to be aware of for the new year.

This week on Tackling Tax, we'll explore opportunity zones, which aim to stimulate new investment in economically distressed communities, and how they could benefit you.

On this episode, we'll look at the New Markets Tax Credit (NMTC) and the opportunities it could offer you. We'll discuss changes to the credit due to the One Big Beautiful Bill Act (OB3) and some practical considerations for businesses. We welcome Wes Ernst and Mike Roney with the NMTC team at Forvis Mazars for a unique perspective on the incentive.

This week on Tackling Tax, we'll explore the OB3's impact on estate planning and wealth strategy.

In this week's episode of Tackling Tax, we break down how OB3 affects nonprofits—focusing on endowment and executive compensation taxes.

On this episode, we'll look at ways that the One Big Beautiful Bill Act affects mergers and acquisitions (M&A) and cover our top five considerations for those contemplating a transaction. We welcome Howard Wagner from our Washington National Tax Office and Todd Reinstein, a partner in our firm who focuses on structuring and M&A Planning. 

On this episode, we'll look into some of the biggest changes in the world of compensation and benefits including those from the One Big Beautiful Bill Act (OBBBA), as well as some of those from the first and second SECURE Acts. We welcome Dave Graf, a leader in the Private Client practice at Forvis Mazars who specializes in qualified retirement plans. 

Eric Flueckiger, a partner with our international tax specialty practice, and Michael Cornett, the international tax leader in in our Washington National Tax Office, will look at how the One Big Beautiful Bill Act affects international tax concepts.

In this week's episode of Tackling Tax, we'll explore renewables and clean energy tax credits.

In this week's episode of Tackling Tax, we'll delve into the Tax Act and more.

We bring you our “top ten” provisions that may impact you most.

In this week's Tackling Tax, we'll delve into digital assets and stablecoin.

In this week's Tackling Tax, we'll delve into state and local tax issues.

In this week's Tackling Tax, we'll take an in-depth look at the reconciliation tax package.

In this week's Tackling Tax, we examine the changing landscape of tariffs and how we've gotten here.

Introducing Tackling Tax—a Forvis Mazars podcast. We'll bring you the latest on tax policy and strategies—but in a way that you can actually use and understand. Whether you're looking for intel into tax bills, global tax implications, or planning insights for your business, you're in the right place. Listen every other week for more from our guests, which include everyone from university scholars to industry experts to the firm's experienced leaders.

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