Simply Tax

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Simply Tax cuts through the static of the tax world and doesn’t waste your time by needlessly tossing around technical terms and citing code sections. Host Damien Martin has a knack for boiling down complex issues for business professionals who need a trusted advisor to help strengthen their tax min…

Damien R. Martin, CPA


    • Nov 24, 2021 LATEST EPISODE
    • every other week NEW EPISODES
    • 38m AVG DURATION
    • 146 EPISODES

    Listeners of Simply Tax that love the show mention: tax law, great tax, damien, quality content, complex, well produced, simply, understand, nice, easy, learn, information, informative, excellent, work, topics, recommend, time, always, new.



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    Latest episodes from Simply Tax

    Turkey Time Tax Talks with Ed Karl #135

    Play Episode Listen Later Nov 24, 2021 42:33

    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

    Cybersecurity With Cy The Cyber Guy #134

    Play Episode Listen Later Nov 15, 2021 30:53

    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

    Where Things Stand With Build Back Better #133

    Play Episode Listen Later Oct 25, 2021 20:49

    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

    Is Section 1202 Through? #132

    Play Episode Listen Later Oct 21, 2021 30:14

    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

    Wealth Planning For Build Back Better #131

    Play Episode Listen Later Oct 11, 2021 34:36

    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

    SALT Renaissance #130

    Play Episode Listen Later Sep 30, 2021 45:24

    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 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

    Reconciling Reconciliation & More #129

    Play Episode Listen Later Sep 15, 2021 30:24

    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

    What's It Like To Be A Tax Intern? #128

    Play Episode Listen Later Aug 31, 2021 45:43

    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

    The Family Office: Why Have One? #127

    Play Episode Listen Later Aug 16, 2021 37:07

    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

    Tax Legislative Halftime Report #126

    Play Episode Listen Later Jul 30, 2021 30:15

    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

    Construction & Real Estate Industry Updates #125

    Play Episode Listen Later Jul 2, 2021 30:12

    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

    Tax Associate To CEO #124

    Play Episode Listen Later Jun 11, 2021 29:14

    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

    Planning For Individual Tax Change In 2021 #123

    Play Episode Listen Later May 13, 2021 33:16

    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

    Private Foundations & Charitable Giving #122

    Play Episode Listen Later Apr 22, 2021 25:17

    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

    Simply The People Stuff #121

    Play Episode Listen Later Apr 2, 2021 43:19

    “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] BIO FOR GUEST Cassie Atteberry is the founder and principal of Talent Outside the Lines. She is an HR leader with more than 20 years of experience helping make the people stuff easier. Cassie spent 21 years in HR at Hallmark Cards, Inc., where she specialized in helping achieve its business strategy by getting the right structures, processes, cultures, talent, and talent processes in place. As a member of the HR executive team, she influenced strategy, policy, and the employee experience, and became known as a champion for diversity, equity, and inclusion. A significant portion of her time was spent coaching employees and managers and working with executive leadership teams. Cassie recently left Hallmark to start her own consultancy, which helps family offices maximize the value of their people portfolio via coaching, building culture, strategic HR and organizational planning, and team and talent development. 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 Eye Of The Tax Storm #120

    Play Episode Listen Later Mar 11, 2021 34:24

    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 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 Aggregated Assault #119

    Play Episode Listen Later Mar 3, 2021 27:49

    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

    2021 Tax Filing Season Begins! #118

    Play Episode Listen Later Feb 12, 2021 42:47

    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

    New Year, New Tax Changes #117

    Play Episode Listen Later Jan 21, 2021 45:00

    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 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

    New Year, New PPP Changes #116

    Play Episode Listen Later Jan 11, 2021 48:35


    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


    Top Ten Tax Cases of 2020 with Tony Nitti #115

    Play Episode Listen Later Dec 31, 2020 146:01

    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

    AICPA Advocacy Updates: Penalty Relief & More #114

    Play Episode Listen Later Dec 9, 2020 38:19

    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

    AICPA Advocacy Updates: PPP & Beyond #113

    Play Episode Listen Later Nov 18, 2020 27:06

    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 @06:11 Ways the AICPA has made a difference in the guidance implementation process @17:24 Key areas of focus going forward @20:32 Closing thoughts @24:04 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

    Election Results & Year-End Tax Advisor #112

    Play Episode Listen Later Nov 10, 2020 22:43

    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 Residency and the Illinois "Fair Tax" #111

    Play Episode Listen Later Oct 27, 2020 49:48

    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

    Finding And Sharing Your "And" #110

    Play Episode Listen Later Oct 16, 2020 41:19


    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


    Audit & Analytics Amid COVID-19 #109

    Play Episode Listen Later Sep 23, 2020 38:25

    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 You Should Work In Tax #108

    Play Episode Listen Later Sep 8, 2020 59:54

    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

    The Latest SALT Developments #107

    Play Episode Listen Later Aug 26, 2020 55:39

    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.

    Simply Campus Recruiting #106

    Play Episode Listen Later Aug 19, 2020 57:49

    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

    Leading Change From The CFO's Desk - Part 2 #105

    Play Episode Listen Later Aug 6, 2020 47:32

    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

    Leading Change From The CFO's Desk - Part 1 #104

    Play Episode Listen Later Aug 3, 2020 62:00

    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

    COVID-19 Business Interruption Claims #103

    Play Episode Listen Later Jul 17, 2020 66:20

    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

    Accounting For Diversity & Inclusion - Part 2 #102

    Play Episode Listen Later Jul 8, 2020 36:51

    BKD partners Rachel Dwiggins and JoAnna Simek join host Damien Martin to continue a conversation on diversity, equity, and inclusion and share their experiences as women in the accounting profession. Here’s what’s covered: Experiencing the 2019 AICPA Women's Global Leadership Summit (Summit) [01:14] Being the only woman in the room [03:24] Creating a more inclusive conversation [06:03] Key takeaways from the Summit [07:42] BKD’s SKY initiative [12:41] Unconscious bias [14:04] Mentorship and sponsorship [17:01] Are you participating in the right meetings? [23:28] Gender and parenting [31:26] Learn more about our guests here and listen to part one here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    Accounting For Diversity & Inclusion - Part 1 #101

    Play Episode Listen Later Jun 30, 2020 53:41

    Guest Trisha Daho joins host Damien Martin to discuss why and how to create an inclusive culture to help give everyone in your organization the path and tools to reach their highest aspirations and fullest potential. Here’s what they cover: Who is Trisha Daho? @01:39 What is diversity, equity and inclusion @03:33 You need solve an inclusion problem first @04:54 The business case for diversity @07:12 Where to start @08:45 What to do after you assess where you are? @12:44 A sense of belonging is the tip of the iceberg @17:29: “You are never going to fully understand the experience of someone that’s gone through something that you would never comprehend” @21:08 You must be authentic and real @27:56 Resources and how to get help @29:37 A way to win the war on talent in the accounting industry @32:36 Advice for organizations looking to make a change in light of recent events @36:20 Tips for having challenging conversations and what to avoid @ 37:32 How to avoid falling victim to your bias and blinds spots @40:26 Leading and sustaining change @44:58 Virtual considerations for difficult conversations @47:42 Now is the time! @49:05 BIO FOR GUEST Trisha Daho is the founder and owner of Empowered, where she partners with C-suites and managing partners to think, plan, and execute strategically for the purpose of accelerated and sustainable growth, primarily in professional service firms. She also partners with larger firms to create success for women and diverse people who are entering leadership positions through a diversity and inclusion peer advisory experience focused on strategy, high performing teams, and advocacy in leadership. With a law degree from Case Western Reserve University and a business degree from Miami University, Trisha brings practical results-driven insights as well as leadership acumen. She regularly writes and speaks on a variety of topics, including authenticity in leadership, high impact teams, creating growth cultures, diversity and inclusion, and many more. Connect with Trisha on LinkedIn GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    Looking Forward & Looking Back #100

    Play Episode Listen Later Jun 12, 2020 74:32

    “Simply Tax” turns 100 by looking back and looking forward with Sam Allred, Jeremy Clopton and Heath Alloway of Upstream Academy on how accounting firms are responding to the coronavirus pandemic and preparing for future success. Here’s what’s covered: Looking back to the beginning of 2020 [02:43] Top four goals of managing partners, even during crisis [05:03] Areas of focus amid a pandemic [12:01] Lessons firms have learned so far [17:49] The do’s and don’ts of leadership in the present crisis [22:25] Advice for working and training in a remote environment [33:11] “Leadership in a time of crisis is going to leave a more lasting memory than anything else a leader does” [39:41] “Nothing says I care more than being proactive” [42:19] Preparing for future success [45:34] Innovation as a way to improve [54:34] The danger of reverting to normal [59:56] Forward-looking book recommendations from Jeremy and Heath [01:04:38] Closing thoughts [01:09:01] Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    Simply Uncut: The Latest on PPP Loan Forgiveness

    Play Episode Listen Later May 27, 2020 58:49


    The U.S. Small Business Administration (SBA) released two more interim final rules on the Paycheck Protection Program (PPP) on Friday, May 22. Host Damien Martin calls up BKD’s Tad Goodenbour, James Anderson and Robb Conner to unpack the latest guidance and what it means for borrowers. ADDITIONAL RESOURCES MENTIONED IN THE EPISODE BKD alert: PPP Loan Forgiveness: What We Know (May 26, 2020) BKD article: SBA Releases PPP Loan Forgiveness Application (May 19, 2020) BKD webinar archive: COVID-19 PPP Loan Forgiveness: What We Know (May 18, 2020)   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 Psychology Of Wealth In Taxing Times #099

    Play Episode Listen Later May 20, 2020 32:15


    Adapting effectively to adjustments in economic culture and wealth is often difficult and requires families to balance past tradition with the need to move forward. Internationally-recognized family wealth psychologist Dr. James Grubman joins host Damien Martin to discuss the dilemmas, decisions and challenges that come with wealth and share real-world stories for those both new to and coming from wealth. Here’s what’s covered: Immigrants and natives to wealth @02:48 “Adapting from one economic culture to another is harder than people think” @06:44 The three main questions of adaptation @08:34 Best practices for balancing the past with the future in adaptation @09:57 The importance of finding the right balance of leaning on past tradition and taking on new skills @13:39 How to communicate during a crisis @16:24 Tips and techniques for getting the communication ball rolling @22:18 The “white noise” factor @25:19 A resource for getting some help with family communication @27:18 “You are absolutely not alone” @28:24 BIO FOR GUEST Dr. James Grubman has provided services to individuals, couples and families of wealth for more than 30 years. His work with clients at many levels of affluence—from the “millionaire next door” to the Forbes 400—has earned him a reputation as a valued family advisor. Jim often is consulted in situations of complexity where psychology, law, finance, medicine and business all come into play to varying degrees. He draws on his experience as a psychologist, neuropsychologist and family business consultant with specialty interests in trusts and estate law, family governance and wealth psychology. Jim brings his deep knowledge of the client's perspective to his work with single and multi-family offices, top 100 wealth management firms, attorneys and other advisors. He has coached hundreds of advisors on the core competencies needed to foster exceptional client relationships. His practical approach emphasizes collaboration, empathy and efficiency. Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author (with Dennis Jaffe, PhD) of Cross Cultures: How Global Families Negotiate Change Across Generations, groundbreaking explanations of how individuals and families can adjust to wealth effectively. His work has been discussed in Malcolm Gladwell’s national bestseller, David and Goliath, as well as featured in the Wall Street Journal, Business Week, CNBC, The New York Times, The Boston Globe and Private Wealth. He has published widely in the Journal of Wealth Management, Journal of Financial Planning, Financial Advisor and many other media.  Learn more about Dr. Grubman and get additional resources here. 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 Season Not Normal With The AICPA #098

    Play Episode Listen Later May 11, 2020 53:15

    Host Damien Martin wraps up a multi-episode look at the tax season with American Institute of CPAs (AICPA) Director of Tax Practice & Ethics Cari Weston. Here’s what’s covered: Who is Cari Weston? [01:29] “You can absolutely not go wrong with a degree in accounting” [07:54] How was tax season? [11:21] What members experienced this season [20:30] The importance of being future ready [26:36] The case for being nimble [31:48] How accountants can be more consultative [37:50] Tips for those starting out in the profession [41:42] The AICPA is there for you [45:17] How you can volunteer with the AICPA [48:22] Learn more about Cari and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    Tax Season Not Normal with Taxgirl #097

    Play Episode Listen Later May 4, 2020 49:45

    Host Damien Martin continues a multi-episode look at the tax season with Kelly Phillips Erb, popularly known as Taxgirl. Here’s what’s covered: Who is Taxgirl? @ 1:16 Why tax? @ 2:51 Challenges and changes @ 5:20 Watch out for scammers! @ 12:49 The experience of writing and reporting on the tax season @ 16:44 The most important and overlooked provisions @ 19:32 Tips for the current environment @ 21:56 Tips for a career in tax and writing about tax @ 27:09 How Taxgirl started writing @ 32:39 Closing thoughts on the tax season and a career in tax @ 37:51 Parenting advice @ 43:39 Learn more about Kelly and get additional resources here. 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 Season Not Normal With BKD #096

    Play Episode Listen Later Apr 29, 2020 66:19

    This time of year, tax practitioners are normally greeted with the question, “How was tax season?” With the disruption caused by the SARS-CoV-2 virus and the incidence of COVID-19, however, it clearly isn’t business as usual. Host Damien Martin kicks off a multi-episode look at the tax season with BKD’s Jesse Palmer and Gene Morgenthaler to get their insights on approaching challenges and tax planning opportunities. Here’s what’s covered: “Just trying to keep on top of everything” [01:36] Areas to focus on [05:09] Qualified improvement property fix [12:34] Surprises from relief provisions [14:48] Tips for going forward and opportunities to look for [20:06] Wealth transfer considerations [23:13] State, local and other considerations [26:27] Jesse’s recommended approach [29:20] Damien’s advice to businesses and owners [32:14] Gene’s background and experience [39:00] “Like no other tax season in the last 39 years” [48:02] The bottom line for tax professionals to tackle the months ahead [51:40] Step back and consider the big picture [56:43] Lessons from Gene and tips for a successful tax career [59:54] Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    Managing Risk Amid a Pandemic #095

    Play Episode Listen Later Apr 10, 2020 34:57

    Organizations large and small continue to confront challenges related to the systematic disruption caused by the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). Guest Kim Hirsch of Fusion Risk Management joins host Damien Martin to explain how risk management and business continuity strategies can help organizations and their leaders respond to a pandemic and create a plan to return to “normal” when the pandemic subsides. Here’s what’s covered: Who is Kim Hirsch? @ 01:36 The way to get ahead of risks @ 02:47 Business impact analysis and all hazards planning @ 04:29 A manageable approach @ 08:53 Pandemic planning @ 11:21 Best practice to drive your decision making @ 17:02 Pandemics are hard to contemplate @ 19:55 Great data is the foundation @ 27:48 Ways to learn more 30:14 Plan for the worst but hope for the best @ 31:50 Learn more about Kim and get additional resources here. 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 Considerations of COVID-19 Relief #094

    Play Episode Listen Later Apr 3, 2020 60:50

    Tax headlines are swirling after several tax-related developments passed in Washington in response to the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). These significant changes have created questions for taxpayers and CPAs alike. Tune in as host Damien Martin cuts through the static of the tax deadline postponement with frequent guest Ed Karl and tackles common listener questions with returning guests Julia Dengel and Yelena Bosovik. Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    SBA Loans After the CARES Act #093

    Play Episode Listen Later Apr 1, 2020 60:05

    The U.S. Small Business Administration (SBA) has worked to provide Economic Injury Disaster Loan assistance to eligible organizations to help ease the effects of the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19) on small businesses, nonprofits and other entities. These organizations are experiencing unexpected decreases in cash flow due to the “shelter-in-place” orders enacted by many municipalities. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and SBA intend to provide loans with decreased interest rates and forgiveness plans to assist organizations as they continue operating during this challenging time. Join us for the third installment of our COVID-19 Response Series, where host Damien Martin talks with guests Jim Ashley, Corey Stone and Greg Knight to review these complicated but crucial changes under the CARES Act. Here’s what’s covered: The SBA Economic Injury Disaster Loan (EIDL) before CARES @01:45 Get some trusted education on the programs @08:59 Paycheck Protection Program (PPP) under the CARES Act @11:42 Common questions on the PPP loan program @17:10 The analysis to be done here @23:26 Business responses to the SBA loan programs so far @28:19 The need for real-time decisions @32:46 The specifics of the PPP loan forgiveness @34:05 Get ready and prepare for the next eight weeks @36:55 Making cuts and difficult decisions @38:58 How your data can help right now @41:24 Practical considerations for making the most informed decision @43:58 A lot of times the data is already there @47:42 Closing thoughts Greg Knight @50:37 Corey Stone @53:18 Jim Ashley @ 54:48 Learn about our guests and get additional resources here.

    Payroll-Related Relief #092

    Play Episode Listen Later Mar 30, 2020 33:36

    Due to the SARS-CoV-2 virus (COVID-19), Washington recently enacted legislation providing various relief measures. In episode two of our COVID-19 Response Series, guest Ryan Peterson and host Damien Martin discuss the payroll-related provisions provided under this new relief. We’ll cover items of common confusion, identify areas needing additional guidance and explain what these newly enacted provisions may mean for you and your business. We’ll also hear from Yelena Bosovik and Julia Dengel on the expansion of emergency family and medical leave and employer tax credits. Here’s what’s covered: Payroll-specific relief under the Families First Coronavirus Relief Act (FFCRA) @02:39 FAQ on the specifics of the relief provided under the FFCRA @06:46 Employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) @15:03 A few things should be doing now @20:44 Common misconceptions @24:49 Delay of payment of employer payroll and self-employment taxes @27:48 Ryan’s recommended approach to the relief provisions @29:50 Closing thoughts @31:05 Learn more about our guests and get additional resources here

    Responding to the Unexpected #091

    Play Episode Listen Later Mar 27, 2020 42:11

    The novel coronavirus disease 2019 (COVID-19) and the response to this pandemic have created an unprecedented, fast-moving and challenging environment. Join guest Chris Schumann and host Damien Martin for the first episode of a three-part series focused on helping you respond responsibly to COVID-19. We’ll share practical advice and key action steps businesses and their owners can take to confront the unexpected business challenges of the current situation. Here’s what’s covered: This situation is different @03:24 Cash is king @05:33 Don’t overcomplicate it @08:08 Mistakes from the past @10:31 The people perspective @22:45 A lesson from 2008 on transparency @25:26 Inventory @28:03 Constant communication and reassurances @32:16 Impact on transactions and deals @36:40 Closing thoughts @39:01 GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    Make WFH Less Taxing #090

    Play Episode Listen Later Mar 17, 2020 58:15

    In these uncertain times related to the coronavirus 2019 (COVID-19) pandemic, tax professionals and businesses alike face a multitude of challenges. Among them is conquering the learning curve of working remotely, as many tax and business professionals will be working from home (WFH) in the weeks ahead. Host Damien Martin called up frequent guest Tony Nitti to discuss what he’s learned from 15 years of WFH, tips for being effective and advice for everyone including those who are starting out and those who are established in their careers. Learn more about our guest and get additional resources here.

    SALTY CPAR #089

    Play Episode Listen Later Mar 5, 2020 26:46

    We’ve been working with the centralized partnership audit regime (CPAR) for more than a year, but key challenges remain regarding the application of federal rules at the state level. In this episode, you’ll find out why it matters and how the American Institute of CPAs (AICPA) and other organizations are advocating for taxpayers and tax practitioners. AICPA Senior Manager Eileen Sherr sits down with host Damien Martin to discuss the Multistate Tax Commission’s (MTC) Model Uniform Statute and Regulation for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments (model statute) aimed at unifying state approaches to the centralized partnership audit procedures. Learn which states are considering and enacting legislation that addresses the significant changes under the CPAR. Take a look at what’s covered: Meet Eileen Sherr @01:06 Overview of the CPAR @02:14 State considerations @04:34 Key players and contributions @05:59 Description of the MTC’s model statute @08:46 The desire for flexibility @13:34 Why a model statute is important @15:02 How the AICPA is advocating for taxpayers and tax practitioners @15:49 Eileen’s experience creating the model and expectations for the future @18:13 How listeners can get involved @21:34 What we’ve seen so far in 2020 @24:48 Learn more about Eileen and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    Talking With Tax Notes Talk #088

    Play Episode Listen Later Feb 20, 2020 36:15

    Have you ever wondered what would happen if you put the hosts of two tax podcasts together in a studio to talk tax? We thought so! “Simply Tax” host Damien Martin sits down with “Tax Notes Talk” host David D. Stewart to discuss his career reporting on international tax, where things stand with the Organisation for Economic Co-operation and Development’s (OECD) base erosion and profit shifting (BEPS) project and the experience of hosting a podcast about taxes. Here’s what’s covered: How David Stewart came to write about, analyze and report on taxes @2:16 How David knew he was a tax geek @4:18 A day in the life of an international tax reporter @5:18 The latest on the OECD’s BEPS project and the experience of following it @11:16 A prediction on the 2020 target completion for the project @17:29 The biggest challenge for completing the BEPS project @18:41 Reactions to telling people you host a podcast about taxes @21:29 How “Tax Notes Talk” was born @23:53 Why you should listen and how it’s grown in more than 100 episodes @25:45 Advice for a successful career reporting on tax @32:16 Resources mentioned in the episode "Tax Notes Talk" episode: Simply Tax Season crossover episode with David Stewart and Damien Martin "Tax Notes Talk" episode: Drunk Tax History with David Stewart and Joseph Thorndike “Tax History: Drunk Tax History: Alcohol and American Public Finance” by Joseph Thorndike Learn more about David and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    3 Things To Consider - Be A Great Board Member #087

    Play Episode Listen Later Feb 5, 2020 30:12

    Can you describe the characteristics of a great board member or the critical role boards play in the success of all types and sizes of organizations? Find out from guest Dan Prater, as he joins host Damien Martin to discuss the qualities and activities of a strong board and share best practices for any board member. Take a look at what’s covered: Why are boards important? @01:59 Roles and purposes of board members @03:00 Considerations for new board members @04:15 Identifying a strong board @06:01 What kind of board member does my organization need me to be? @08:04 The most important question for a board to ask @09:20 How to stay relevant as an organization @10:55 Considerations for finding the right board members @13:32 Diversity of thought is critical @16:28 Social return on investment @20:26 Best practices of the best organizations @22:25 Founders who won’t move forward and let go @25:46 Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

    3 Things To Consider - Tackle the New Lease Standard #086

    Play Episode Listen Later Feb 3, 2020 27:03

    Much like the changes under the Tax Cuts and Jobs Act, the new lease standard is complex and likely will require significant hours to implement correctly. Join guests Chris Telli and Jessica Richter as they help educate host Damien Martin on the change and discuss what measures organizations should take to comply with the new standard. Here’s what’s covered: Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, and Financial Accounting Standards Board (FASB) Accounting Standards Codification [01:35] The big shift under the new standard [04:03] Implementation example [07:20] Awareness of the change [11:05] Private companies are underestimating what it will take to implement [15:38] So what does this mean for lessors? [18:33] How it’s going so far and additional considerations [20:08] The biggest challenge [24:42] Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

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