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.

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: <ul> <li>Who are Nik and Tom? @01:15</li> <li>What’s the significance of digital assets and where are we going with all of this? @04:48</li> <li>Core NFT concepts and a real-world example from Beepol @14:32</li> <li>Use cases for NFTs @29:09</li> <li>Tax considerations of holding NFTs for appreciation @42:27</li> <li>Estate and planning considerations @47:32</li> <li>Buyer beware @49:22</li> <li>Closing thoughts from Nik and Tom @53:02</li> <li>An update on the digital asset space @54:16</li> </ul> Learn more about Nik and Tom and get additional resources with the show notes to this episode comming soon <a href="https://www.forvis.com/simplytax" rel="nofollow" target="_blank">here.</a> GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank">YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank">YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>.

What's An NFT? #153

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 &amp; 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.

<a href="https://www.forvis.com/industries/private-client" rel="nofollow" target="_blank">FORVIS Private Client</a>™ 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: <ul> <li>Who are Carlee and Zach and how did they get into the finance industry? [00:57]</li> <li>Who and what are the Wealth Accumulation Team? [04:54]</li> <li>It takes a multidisciplinary team [08:15]</li> <li>A real-world example with serving physicians [10:26]</li> <li>How to know if you need a financial advisor [12:42]</li> <li>Jargon and other common challenges [16:35]</li> <li>Planning for phases of life and competing goals [19:40]</li> <li>What if I feel uncomfortable talking about finances? [24:20]</li> <li>Three top tips from Carlee and Zach [26:58]</li> <li>What Carlee and Zach enjoy most about what they do [32:01]</li> <li>Closing thoughts [33:36]</li> </ul> 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 &amp; Carlee and get additional resources with the show notes to this episode comming soon <a href="https://www.forvis.com/simplytax" rel="nofollow" target="_blank">here.</a> GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank">YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank">YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>.

Wealth Accumulation Nation #152

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  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: <ul> <li>Who is Wes Ernst? [01:19]</li> <li>What’s the NMTC and how does it work? [05:28]</li> <li>What industries are good candidates for the NMTC? [16:11]</li> <li>Are there compliance considerations? [24:18]</li> <li>What’s the future of the NMTC? [26:40]</li> <li>How did Wes come to work with the NMTC? [32:47]</li> <li>Closing thoughts from Wes [36:59]</li> </ul> Learn more about Wes and get additional resources with the show notes to this episode <a href="https://www.forvis.com/podcast/2022/10/simply-tax-episode-151-new-markets-tax-credit" rel="nofollow" target="_blank"> here</a>! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank">YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank">YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>.

New Market Tax Credit #151

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.

Five years ago today we released our very first episode of the “Simply Tax” podcast, <a href="https://www.forvis.com/podcast/2017/10/simply-tax-episode-1-talking-tax-reform-ed-karl" rel="nofollow" target="_blank"> Talking Tax Reform with Ed Karl</a>. 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: <ul> <li>A look back at five years and 150 episodes [0:00]</li> <li>The budget reconciliation roller coaster [05:48]</li> <li>Additional IRS funding and inaccurate information [10:27]</li> <li>IRS backlog and penalty relief [14:26]</li> <li>Extenders and the legislative outlook [25:07]</li> <li>The outlook for much needed guidance [37:46]</li> <li>What else Ed thinks you should watch for [39:40] <ul> <li>New Schedules K-2 and K-3</li> <li>Form 1040 virtual currency checkbox question</li> <li>Taxability of student loan forgiveness</li> <li>Aggressive Employee Retention Credit companies</li> <li>Tax practitioner resiliency</li> <li>Statement of Standards for Tax Services exposure draft</li> </ul> </li> <li>Simply Thanks! @50:47</li> </ul> Learn more about Ed and get additional resources with the show notes to this episode comming soon  <a href="https://www.forvis.com/simplytax" rel="nofollow" target="_blank">here</a>! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank">YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank">YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>.

Simply Five #150

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 &amp; traps for the unwary @12:16 Advice for adopting &amp; 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 &amp; ways to learn more @25:13  ADDITIONAL RESOURCES  Webinar:  Implementing Leases: A Practical Approach, Challenges &amp; 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.

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: <ul> <li>Get to know John and Phil @01:17</li> <li>The new lease accounting standard @03:40</li> <li>Adopting the standard @06:14</li> <li>Tax considerations @08:51</li> <li>Tax planning &amp; traps for the unwary @12:16</li> <li>Advice for adopting &amp; discussing the standard with stakeholders @16:01</li> <li>How to get some help @20:25</li> <li>Lessons learned from those who have already adopted the standard @23:53</li> <li>Closing thoughts &amp; ways to learn more @25:13</li> </ul> ADDITIONAL RESOURCES <ul> <li>Webinar: <a href="https://www.forvis.com/webinar/2022/10/implementing-leases-practical-approach-challenges-opportunities" rel="nofollow" target="_blank"> Implementing Leases: A Practical Approach, Challenges &amp; Opportunities</a> (October 6, 2022)</li> <li>Resource center: <a href="https://www.forvis.com/resource/2018/08/lease-accounting-resource-center" rel="nofollow" target="_blank"> FORVIS Lease Accounting Resource Center</a></li> <li>Podcast: <a href="https://www.forvis.com/podcast/2020/02/simply-tax-episode-86-three-things-consider-tackle-new-lease-standard" rel="nofollow" target="_blank"> Simply Tax Episode 86: Tackle the New Lease Standard</a> (February 3, 2020)</li> </ul> Learn more about our guests and get additional resources <a href="https://www.forvis.com/simplytax" rel="nofollow" target="_blank">here</a>! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank">YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank">YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>.

Lease Accounting Implementation #149

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&amp;D) expenditures, which include software development costs. Host Damien Martin sits down with guest Mike Boenzi, the national leader of FORVIS’ R&amp;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&amp;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 &amp; Development Costs: A Practical Perspective (August 31, 2022) Articles:   The R&amp;D Tax Credit: Lowering the Cost of Innovation for Food &amp; Agriculture Businesses (August 16, 2022)  Missouri to Reinstate the Research &amp; Development Tax Credit (June 17, 2022)  Mandatory Capitalization of R&amp;E Costs - Are you Ready? (February 22, 2022)   Simply Tax:  Simply Tax Talks | February 1, 2022 | A Big R&amp;D Change (February 1, 2022)  Episode 44: The R&amp;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.

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&amp;D) expenditures, which include software development costs. Host Damien Martin sits down with guest Mike Boenzi, the national leader of FORVIS’ R&amp;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: <ul> <li>Who is Mike Boenzi? @00:53</li> <li>What is IRC Sec. 174 and how did it change effective January 1, 2022? @05:00</li> <li>How might this change impact taxpayers? @07:06</li> <li>Are there practical tips for documentation? @15:44</li> <li>What is the history of the R&amp;D tax credit and who should consider it? @21:05</li> <li>What’s the significance of recent developments in IRS examinations and guidance? @34:53</li> <li>What are takeaways and action items? @43:21</li> </ul> ADDITIONAL RESOURCES <ul> <li>Archived webinar: <a href="https://www.forvis.com/webinar/2022/08/preparing-required-capitalization-research-development-costs-practical-perspective" rel="nofollow" target="_blank"> Preparing for the Required Capitalization of Research &amp; Development Costs: A Practical Perspective</a> (August 31, 2022)</li> <li>Articles: <ul> <li><a href="https://www.forvis.com/article/2022/08/rd-tax-credit-lowering-cost-innovation-food-agriculture-businesses" rel="nofollow" target="_blank"> The R&amp;D Tax Credit: Lowering the Cost of Innovation for Food &amp; Agriculture Businesses</a> (August 16, 2022)</li> <li><a href="https://www.forvis.com/alert-article/2022/06/missouri-reinstate-research-development-tax-credit" rel="nofollow" target="_blank"> Missouri to Reinstate the Research &amp; Development Tax Credit</a> (June 17, 2022)</li> <li><a href="https://www.forvis.com/alert-article/2022/02/mandatory-capitalization-re-costs-are-you-ready" rel="nofollow" target="_blank"> Mandatory Capitalization of R&amp;E Costs - Are you Ready?</a> (February 22, 2022)</li> </ul> </li> <li>Simply Tax: <ul> <li><a href="https://www.youtube.com/watch?v=lWnSOAySgbI&amp;t=1841s" rel="nofollow" target="_blank">Simply Tax Talks | February 1, 2022 | A Big R&amp;D Change</a> (February 1, 2022)</li> <li><a href="https://www.forvis.com/podcast/2018/11/simply-tax-episode-44-rd-tax-credit" rel="nofollow" target="_blank"> Episode 44: The R&amp;D Tax Credit</a> (September 26, 2018)</li> </ul> </li> </ul> Learn more about Mike and get additional resources <a href="https://www.forvis.com/podcast/2022/09/simply-tax-episode-148-mandatory-capitalization-rd" rel="nofollow" target="_blank"> here</a>! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank">YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank">YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>.

Mandatory Capitalization Of R&D #148

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

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: <ul> <li>Why Sam loves Mondays and why it’s important [01:21]</li> <li>Play to your strengths—and get a clear understanding of where your strengths lie [07:03]</li> <li>Navigating the integration of work and personal life when evaluating your Mondays [14:14]</li> <li>Making changes when you feel your love for Mondays is declining [16:52]</li> <li>Closing thoughts and recommendations [25:11]</li> </ul> Learn more about Sam and get additional resources <a href="https://bit.ly/Episode147" rel="nofollow" target="_blank">here</a>! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

A Case For The Mondays #147

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 &amp; 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

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 &amp; Tom <ul> <li>What they set out to study when they entered college—and how that changed [01:59]</li> <li>Favorite ways to recharge [05:26]</li> <li>Book recommendations [07:51]</li> </ul> The Forward Vision that Led to FORVIS <ul> <li>Background on BKD and DHG leading up to June 1, 2022 [10:21]</li> <li>Why BKD and DHG agreed to merge [14:37]</li> <li>The most important things to get right in a merger [19:31]</li> <li>Surprises so far [22:51]</li> <li>What’s in a name? [27:22]</li> <li>The vision for the first 100 days of FORVIS and beyond [29:53]</li> <li>Why Tom and Matt are excited about FORVIS [33:50]</li> </ul> Learn more about Matt and Tom <a href="https://bit.ly/3akjVYP" rel="nofollow" target="_blank">here</a>! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

Forward Vision #146

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

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: <ul> <li>Where are we right now?</li> <li>What’s the timeline and what’s possible in 2022?</li> <li>What rises to the top of the list of possibilities?</li> <li>How has the focus changed between the end of 2021 and now?</li> <li>How might a divided Congress impact the outlook for 2023 and 2024?</li> <li>Will we see SECURE 2.0?</li> <li>What’s Travis’ takeaway for listeners?</li> </ul> Learn more about Troy and find the links to the resources mentioned in the episode <a href="https://www.forvis.com/podcast/2022/06/simply-tax-episode-145-2022-legislative-check-in" rel="nofollow" target="_blank"> here</a>. GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

Legislative Check In #145

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

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: <ul> <li>Who is Troy Farmer? [01:48]</li> <li>What is a wealth strategist and why work with one? [04:00]</li> <li>How does estate planning play a role in wealth strategy? [07:28]</li> <li>What are the key decisions you need to make and when? [09:02]</li> <li>How do I know if a planning technique makes sense for my family? [11:55]</li> <li>What’s a Grantor Retained Annuity Trust? [15:14]</li> <li>What’s a Spousal Lifetime Access Trust? [17:54]</li> <li>Should I be concerned about outliving my wealth? [20:12]</li> <li>Are there risks to consider when implementing a wealth strategy? [21:41]</li> <li>What are some frequent questions you answer? [22:30]</li> <li>How do you educate the next generation and get them ready to inherit wealth? [27:55]</li> <li>What are some actual stories of those who have implemented a wealth strategy? [31:37]</li> <li>What should I expect in terms of timing and involvement? [38:13]</li> </ul> Learn more about Troy  <a href="https://bit.ly/3vOi8BN" rel="nofollow" target="_blank">here</a> and check out the <a href="https://youtu.be/wR8b6h5wLLQ" rel="nofollow" target="_blank">Beyond the Numbers with Troy Farmer</a> 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 <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.forvis.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to <a href="mailto:SimplyTax@FORVIS.com">SimplyTax@FORVIS.com</a>. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

Strategies For Your Wealth #144

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

I’m a new listener and I enjoy this podcast. The episodes are detailed and to the point.

Very informative.

Good balance of fun and tax information.  Info is relevant and on topic.

Great tax podcast for a tax professional

Simply Tax

Tony Nitti

The Tax Cuts and Jobs Act is one of the most significant changes to tax law in 31 years. Guest Tony Nitti joins host Damien Martin to discuss the nitty gritty details of one of the most intimidating provisions of the new legislation—the newly created IRC Section 199A. Here are some of the key questions about this new 20 percent qualified business income deduction:  Is it just a pass-through deduction? @ 3:19 What’s the starting point for the deduction? @ 5:43 How will be get guidance on this new provision? @ 8:26 Does it apply to rental activities? @ 10:29 What’s a specified service trade or business? @ 16:23 Are self-rentals included in qualified business income? @ 23:05 Should an S corporation convert to a C corporation? @ 26:16  BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn ADDITIONAL RESOURCES Forbes:  “Tax Geek Tuesday: Making Sense Of The New ‘20% Qualified Business Income Deduction’” Forbes:  “The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type - Or Does It?”

The Tax Cuts and Jobs Act is one of the most significant changes to tax law in 31 years. Guest Tony Nitti joins host Damien Martin to discuss the nitty gritty details of one of the most intimidating provisions of the new legislation—the newly created IRC Section 199A. Here are some of the key questions about this new 20 percent qualified business income deduction: <ul> <li>Is it just a pass-through deduction? @ 3:19</li> <li>What’s the starting point for the deduction? @ 5:43</li> <li>How will be get guidance on this new provision? @ 8:26</li> <li>Does it apply to rental activities? @ 10:29</li> <li>What’s a specified service trade or business? @ 16:23</li> <li>Are self-rentals included in qualified business income? @ 23:05</li> <li>Should an S corporation convert to a C corporation? @ 26:16</li> </ul> BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. <a href="https://twitter.com/nittiaj" rel="nofollow" target="_blank">Follow Tony on Twitter</a> <a href="https://www.linkedin.com/in/tony-nitti-ab64532a/" rel="nofollow" target="_blank">Connect with Tony on LinkedIn</a> ADDITIONAL RESOURCES Forbes: <a href="https://www.forbes.com/sites/anthonynitti/2017/12/26/tax-geek-tuesday-making-sense-of-the-new-20-qualified-business-income-deduction/#3aeae5e044fd" rel="nofollow" target="_blank"> “Tax Geek Tuesday: Making Sense Of The New ‘20% Qualified Business Income Deduction’”</a> Forbes: <a href="https://www.forbes.com/sites/anthonynitti/2018/01/04/the-new-qualified-business-income-deduction-varies-based-on-your-business-type-or-does-it/#3f4c142a2076" rel="nofollow" target="_blank"> “The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type - Or Does It?”</a>

The Nitty Gritty—of Section 199A—with Tony Nitti #008

2019 was yet another busy year in the tax world! Tony Nitti returns to the podcast to share key takeaways from his top tax cases of the year with host Damien Martin, along with advice for reading and staying current with tax case law. Here’s what’s covered in our final episode of 2019: Background, tips and tricks on studying tax case law:  Why read tax cases? @01:56 Tony’s tips for reading tax case law @04:12 How to fit reading tax cases into the busy day-to-day @09:14 How Tony picked his top 10 cases @11:41  Top 10 tax cases:  Gaylor v. Mnuchin, 919 F.3d 420 (7th Cir. 2019) @14:41  What’s Internal Revenue Code (IRC) Section 107? Why did the Freedom From Religion Foundation sue the IRS?   Northern California Small Business Associates v. Commissioner, 153 T.C. 4 @34:44  What’s IRC §280E? What was the taxpayer’s argument in the case? Why did the court reject this argument?   Langston v. Commissioner, T.C. Memo 2019-19 @47:48  Why was there even an issue here? What’s the significance of this case?   Barbara v. Commissioner, T.C. Memo 2019-50 @54:24  Why is material participation so important yet challenging? Why did the tax court disagree with the IRS in this case? What’s the key takeaway from this case?   Eger v. U.S., 124 AFTR 2d 2019-5717 @1:07:19  What’s IRC §469(c)(7)? What did we learn from this case? Three things to remember about real estate professionals   Donoghue v. Commissioner, T.C. Memo 2019-71 @1:24:30  Is this just another bad-facts case about horses? What are the hobby-loss rules and why are they so tricky?   Ames D. Ray v. Commissioner, T.C. Memo 2019-36 @1:37:00  Why have we been talking so much about IRC §§162 and 212 lately? Why did the taxpayer feel he could deduct his legal fees? Why did the court ultimately disagree?   Lipnick v. Commissioner, 153 T.C. 1 @1:45:57  What are the debt-financed distribution interest expense rules? What was the issue of first impression here and how did the court rule?   Mihelick v. U.S., 927 F.3d 1138 (11th Cir. 2019) @1:52:41  What’s the claim-of-right doctrine? What did we learn about this doctrine from this fact pattern?   Brown v. Commissioner, T.C. Memo 2019-30 @2:03:22  Why does it matter where your tax home is? What are the factors to determine where a taxpayer’s regular and principal places of business are?    Bringing it all together:  Shrinking the code @2:10:28  Learn about Tony and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our  YouTube channel. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

2019 was yet another busy year in the tax world! Tony Nitti returns to the podcast to share key takeaways from his top tax cases of the year with host Damien Martin, along with advice for reading and staying current with tax case law. Here’s what’s covered in our final episode of 2019: Background, tips and tricks on studying tax case law: <ul> <li>Why read tax cases? @01:56</li> <li>Tony’s tips for reading tax case law @04:12</li> <li>How to fit reading tax cases into the busy day-to-day @09:14</li> <li>How Tony picked his top 10 cases @11:41</li> </ul> Top 10 tax cases: <ul> <li>Gaylor v. Mnuchin, 919 F.3d 420 (7th Cir. 2019) @14:41 <ul> <li>What’s Internal Revenue Code (IRC) Section 107?</li> <li>Why did the Freedom From Religion Foundation sue the IRS?</li> </ul> </li> <li>Northern California Small Business Associates v. Commissioner, 153 T.C. 4 @34:44 <ul> <li>What’s IRC §280E?</li> <li>What was the taxpayer’s argument in the case?</li> <li>Why did the court reject this argument?</li> </ul> </li> <li>Langston v. Commissioner, T.C. Memo 2019-19 @47:48 <ul> <li>Why was there even an issue here?</li> <li>What’s the significance of this case?</li> </ul> </li> <li>Barbara v. Commissioner, T.C. Memo 2019-50 @54:24 <ul> <li>Why is material participation so important yet challenging?</li> <li>Why did the tax court disagree with the IRS in this case?</li> <li>What’s the key takeaway from this case?</li> </ul> </li> <li>Eger v. U.S., 124 AFTR 2d 2019-5717 @1:07:19 <ul> <li>What’s IRC §469(c)(7)?</li> <li>What did we learn from this case?</li> <li>Three things to remember about real estate professionals</li> </ul> </li> <li>Donoghue v. Commissioner, T.C. Memo 2019-71 @1:24:30 <ul> <li>Is this just another bad-facts case about horses?</li> <li>What are the hobby-loss rules and why are they so tricky?</li> </ul> </li> <li>Ames D. Ray v. Commissioner, T.C. Memo 2019-36 @1:37:00 <ul> <li>Why have we been talking so much about IRC §§162 and 212 lately?</li> <li>Why did the taxpayer feel he could deduct his legal fees?</li> <li>Why did the court ultimately disagree?</li> </ul> </li> <li>Lipnick v. Commissioner, 153 T.C. 1 @1:45:57 <ul> <li>What are the debt-financed distribution interest expense rules?</li> <li>What was the issue of first impression here and how did the court rule?</li> </ul> </li> <li>Mihelick v. U.S., 927 F.3d 1138 (11th Cir. 2019) @1:52:41 <ul> <li>What’s the claim-of-right doctrine?</li> <li>What did we learn about this doctrine from this fact pattern?</li> </ul> </li> <li>Brown v. Commissioner, T.C. Memo 2019-30 @2:03:22 <ul> <li>Why does it matter where your tax home is?</li> <li>What are the factors to determine where a taxpayer’s regular and principal places of business are?</li> </ul> </li> </ul> Bringing it all together: <ul> <li>Shrinking the code @2:10:28</li> </ul> Learn about Tony and get additional resources <a href="http://bit.ly/2tgZPZk" rel="nofollow" target="_blank">here</a><a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">.</a> GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

Top 10 Tax Cases of 2019 #083

How did tax reform change year-end planning for individuals? Returning guests Holly Pantzer and Susan Jones join host Damien Martin for a closer look at key considerations for individuals following the recent tax law changes as they share their firsthand experiences from recent year-end planning discussions. Here’s a look at what’s inside our latest episode:  Why year-end tax planning is important and best practices for planning meetings @ 2:45 Biggest challenges in implementing the tax reform changes in year-end planning @ 8:27 Things Holly and Susan aren’t doing in planning this year @ 14:24 How charitable giving and philanthropic plans have changed after tax reform @ 17:59 Estate planning trends in year-end discussions @ 23:26 “We might be in the lowest income tax environment we’ll see for quite some time” @ 30:11 Closing thoughts on year-end planning @ 32:07 The biggest questions Holly and Susan are addressing @ 37:15  Learn about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our  YouTube channel. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

How did tax reform change year-end planning for individuals? Returning guests Holly Pantzer and Susan Jones join host Damien Martin for a closer look at key considerations for individuals following the recent tax law changes as they share their firsthand experiences from recent year-end planning discussions. Here’s a look at what’s inside our latest episode: <ul> <li>Why year-end tax planning is important and best practices for planning meetings @ 2:45</li> <li>Biggest challenges in implementing the tax reform changes in year-end planning @ 8:27</li> <li>Things Holly and Susan aren’t doing in planning this year @ 14:24</li> <li>How charitable giving and philanthropic plans have changed after tax reform @ 17:59</li> <li>Estate planning trends in year-end discussions @ 23:26</li> <li>“We might be in the lowest income tax environment we’ll see for quite some time” @ 30:11</li> <li>Closing thoughts on year-end planning @ 32:07</li> <li>The biggest questions Holly and Susan are addressing @ 37:15</li> </ul> Learn about our guests and get additional resources <a href="http://bit.ly/2sGToP0" rel="nofollow" target="_blank">here</a>. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

Tax Planning for Individuals #081

Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway. TIME STAMPS OF WHAT’S COVERED  A big announcement from Tony @2:04 Hats off to Treasury and the IRS @3:59 Headlines from the final regs @5:00 How to digest 247 pages of final guidance @8:24 More extended tax returns this year? @10:01 The problem for rental real estate and the triple net lease under the final regs @11:43 Safe harbor for treating a rental real estate enterprise as a trade or business @13:01 Multiple trades or businesses within the same entity @18:51 Putting it all together @20:51 The incidental rule is gone @23:51 Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51 They narrowed down the SSTB definitions @26:08 Big clarification for consulting @27:18 Relying on the proposed regulations @33:00 What’s ahead for Tony’s Forbes articles @37:07 What’s ahead for §199A @38:24  BIO FOR GUEST Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. More about Tony:   Tax Section Member Spotlight on Anthony (Tony) Nitti, CPA  Bonus episode – CPA to CPA with Tony Nitti  Connect with Tony on Social Media:  Follow Tony on Twitter Connect with Tony on LinkedIn  RESOURCES MENTIONED IN THE EPISODE Previous episodes of the “Simply Tax” podcast covering §199A:   Episode 8: The Nitty Gritty—of Section §199A—with Tony Nitti Episode 16: AICPA's 199A Task Force   Episode 35: The Proposed 199A Regulations with Tony Nitti  Episode 37: #TaxTwitter Answers to 199A Questions   Episode 43: The Hearing on the Proposed 199A Regs  Episode 46: Do You Have 199A Confusionosis?  More on §199A from Tony:   IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together (Forbes)  The new QBI deduction is finally clearer (Journal of Accountancy) INSIGHT: Proposed Section 199A Rules Fill in Framework of Statute (BNA Daily Tax Report)  Proposed 199A Regulations: Three Big Questions Remain (Tax Notes, subscription required)  IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes)  5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required)  Understanding the new Sec. 199A business income deduction (The Tax Adviser)  The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type – Or Does It? (Forbes)  Making Sense of the New '20% Qualified Business Income Deduction' (Forbes)  BKD webinar on §199A:  The QBI Deduction: Insights on the Latest Guidance  GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway. TIME STAMPS OF WHAT’S COVERED <ul> <li>A big announcement from Tony @2:04</li> <li>Hats off to Treasury and the IRS @3:59</li> <li>Headlines from the final regs @5:00</li> <li>How to digest 247 pages of final guidance @8:24</li> <li>More extended tax returns this year? @10:01</li> <li>The problem for rental real estate and the triple net lease under the final regs @11:43</li> <li>Safe harbor for treating a rental real estate enterprise as a trade or business @13:01</li> <li>Multiple trades or businesses within the same entity @18:51</li> <li>Putting it all together @20:51</li> <li>The incidental rule is gone @23:51</li> <li>Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51</li> <li>They narrowed down the SSTB definitions @26:08</li> <li>Big clarification for consulting @27:18</li> <li>Relying on the proposed regulations @33:00</li> <li>What’s ahead for Tony’s Forbes articles @37:07</li> <li>What’s ahead for §199A @38:24</li> </ul> BIO FOR GUEST Tony Nitti is a tax partner at <a href="https://rubinbrown.com/" rel="nofollow" target="_blank">RubinBrown</a>. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. More about Tony: <ul> <li><a href="https://www.aicpa.org/interestareas/tax/newsandpublications/taxsectionnews/2018/20181221-tax-section-member-spotlight-tony-nitti.html" rel="nofollow" target="_blank"> Tax Section Member Spotlight on Anthony (Tony) Nitti, CPA</a></li> <li><a href="https://www.bkd.com/podcast/2018/01/bonus-episode-cpa-cpa-tony-nitti" rel="nofollow" target="_blank"> Bonus episode – CPA to CPA with Tony Nitti</a></li> </ul> Connect with Tony on Social Media: <ul> <li><a href="https://twitter.com/nittiaj" rel="nofollow" target="_blank">Follow Tony on Twitter</a></li> <li><a href="https://www.linkedin.com/in/tony-nitti-ab64532a/" rel="nofollow" target="_blank">Connect with Tony on LinkedIn</a></li> </ul> RESOURCES MENTIONED IN THE EPISODE Previous episodes of the “Simply Tax” podcast covering §199A: <ul> <li><a href="https://www.bkd.com/services/tax/simply-tax-podcast/episode-8-nitty-gritty-section-199a-tony-nitti" rel="nofollow" target="_blank"> Episode 8: The Nitty Gritty—of Section §199A—with Tony Nitti</a></li> <li><a href="https://www.bkd.com/episode-16-aicpas-199a-task-force" rel="nofollow" target="_blank">Episode 16: AICPA's 199A Task Force</a> </li> <li><a href="https://www.bkd.com/services/tax/simply-tax-podcast/episode-35-proposed-199a-regulations-tony-nitti" rel="nofollow" target="_blank"> Episode 35: The Proposed 199A Regulations with Tony Nitti</a></li> <li><a href="https://www.bkd.com/services/tax/simply-tax-podcast/episode-37-taxtwitter-answers-199a-questions" rel="nofollow" target="_blank"> Episode 37: #TaxTwitter Answers to 199A Questions</a> </li> <li><a href="https://www.bkd.com/services/tax/simply-tax-podcast/episode-43-hearing-proposed-199a-regs" rel="nofollow" target="_blank"> Episode 43: The Hearing on the Proposed 199A Regs</a></li> <li><a href="https://www.bkd.com/podcast/2018/11/episode-46-do-you-have-199a-confusionosis" rel="nofollow" target="_blank"> Episode 46: Do You Have 199A Confusionosis?</a></li> </ul> More on §199A from Tony: <ul> <li><a href="https://www.forbes.com/sites/anthonynitti/2019/01/19/irs-publishes-final-guidance-on-the-20-pass-through-deduction-putting-it-all-together/#5d8a66add9f0" rel="nofollow" target="_blank"> IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together</a> (Forbes)</li> <li><a href="https://www.journalofaccountancy.com/issues/2018/nov/irs-sec-199a-business-deduction.html" rel="nofollow" target="_blank"> The new QBI deduction is finally clearer</a> (Journal of Accountancy)</li> <li><a href="https://www.bna.com/insight-proposed-section-n73014482751/" rel="nofollow" target="_blank">INSIGHT: Proposed Section 199A Rules Fill in Framework of Statute</a> (BNA Daily Tax Report)</li> <li><a href="https://www.taxnotes.com/tax-notes-today/partnerships-and-other-passthrough-entities/proposed-199a-regulations-three-big-questions-remain/2018/09/10/28crp?highlight=tony%20nitti" rel="nofollow" target="_blank"> Proposed 199A Regulations: Three Big Questions Remain</a> (Tax Notes, subscription required)</li> <li><a href="https://www.forbes.com/sites/anthonynitti/2018/08/09/irs-provides-guidance-on-20-pass-through-deduction-but-questions-remain/#7188644b2ff8" rel="nofollow" target="_blank"> IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain</a> (Forbes)</li> <li><a href="https://www.taxnotes.com/tax-notes-today/tax-cuts-and-jobs-act/5-passthrough-deduction-questions-irs-must-answer/2018/06/25/283rz?highlight=tony%20nitti" rel="nofollow" target="_blank"> 5 Passthrough Deduction Questions the IRS Must Answer</a> (Tax Notes, subscription required)</li> <li><a href="https://www.thetaxadviser.com/issues/2018/apr/understanding-sec-199A-business-income-deduction.html" rel="nofollow" target="_blank"> Understanding the new Sec. 199A business income deduction</a> (The Tax Adviser)</li> <li><a href="https://www.forbes.com/sites/anthonynitti/2018/01/04/the-new-qualified-business-income-deduction-varies-based-on-your-business-type-or-does-it/#7ed674ab2076" rel="nofollow" target="_blank"> The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type – Or Does It?</a> (Forbes)</li> <li><a href="https://www.forbes.com/sites/anthonynitti/2017/12/26/tax-geek-tuesday-making-sense-of-the-new-20-qualified-business-income-deduction/#20f3871244fd" rel="nofollow" target="_blank"> Making Sense of the New '20% Qualified Business Income Deduction'</a> (Forbes)</li> </ul> BKD webinar on §199A: <a href="https://www.bkd.com/webinar/2019/01/qbi-deduction-insights-latest-guidance" rel="nofollow" target="_blank"> The QBI Deduction: Insights on the Latest Guidance</a>  GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a>

Putting the Final §199A Pieces Together #054

The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations. TIME STAMPS OF WHAT’S COVERED  [02:40] Initial reactions to the proposed regulations [05:48] Challenges in implementing the proposed guidance [11:09] What’s a trade or business and when does a rental activity raise to the level of one? [16:16] Increased penalty associated with being aggressive [18:21] Aggregation rules [22:00] The tax law confidence bell curve [25:15] How #TaxTwitter contributed to the proposed regulations [30:48] We need a roadmap for QBI [33:25] Absent action, the deduction sunsets after 2025 [37:03] Tony’s take on the treatment of §1231 assets [38:39] My head hurts! [41:49] UBIA and other terms of art from the proposed regulations [44:36] Approach the TCJA-related guidance as a marathon not a sprint [48:27] Advice for a successful tax career in tax  BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn ADDITIONAL RESOURCES Mentioned in the episode   Qualified business income deduction flowchart  Simply Tax Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti  Simply Tax Bonus Episode: CPA to CPA with Tony Nitti Proposed regulations: Qualified business income deduction  More on §199A from Tony   IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes)  5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required)  Understanding the New Sec. 199A Business Income Deduction (The Tax Adviser)  The New 'Qualified Business Income Deduction Varies Based on your Business Type - Or Does It? (Forbes)  Making Sense of the New '20% Qualified Business Income Deduction' (Forbes)  GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com Connect with Damien on social media! LinkedIn | Twitter | Instagram

The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations. TIME STAMPS OF WHAT’S COVERED <ul> <li>[02:40] Initial reactions to the proposed regulations</li> <li>[05:48] Challenges in implementing the proposed guidance</li> <li>[11:09] What’s a trade or business and when does a rental activity raise to the level of one?</li> <li>[16:16] Increased penalty associated with being aggressive</li> <li>[18:21] Aggregation rules</li> <li>[22:00] The tax law confidence bell curve</li> <li>[25:15] How #TaxTwitter contributed to the proposed regulations</li> <li>[30:48] We need a roadmap for QBI</li> <li>[33:25] Absent action, the deduction sunsets after 2025</li> <li>[37:03] Tony’s take on the treatment of §1231 assets</li> <li>[38:39] My head hurts!</li> <li>[41:49] UBIA and other terms of art from the proposed regulations</li> <li>[44:36] Approach the TCJA-related guidance as a marathon not a sprint</li> <li>[48:27] Advice for a successful tax career in tax</li> </ul> BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. <a href="https://twitter.com/nittiaj" rel="nofollow" target="_blank">Follow Tony on Twitter</a> <a href="https://www.linkedin.com/in/tony-nitti-ab64532a/" rel="nofollow" target="_blank">Connect with Tony on LinkedIn</a> ADDITIONAL RESOURCES Mentioned in the episode <ul> <li><a href="https://www.bkd.com/sites/default/files/2018-08/Pass-Through-Business-Deduction.pdf" rel="nofollow" target="_blank"> Qualified business income deduction flowchart</a></li> <li><a href="http://www.bkd.com/services/tax/simply-tax-podcast/episode-8-nitty-gritty-section-199a-tony-nitti" rel="nofollow" target="_blank"> Simply Tax Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti</a></li> <li><a href="https://www.bkd.com/services/tax/simply-tax-podcast/bonus-episode-cpa-cpa-tony-nitti" rel="nofollow" target="_blank"> Simply Tax Bonus Episode: CPA to CPA with Tony Nitti</a></li> <li><a href="https://www.irs.gov/pub/irs-drop/reg-107892-18.pdf" rel="nofollow" target="_blank">Proposed regulations: Qualified business income deduction</a></li> </ul> More on §199A from Tony <ul> <li><a href="https://www.forbes.com/sites/anthonynitti/2018/08/09/irs-provides-guidance-on-20-pass-through-deduction-but-questions-remain/#7188644b2ff8" rel="nofollow" target="_blank"> IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain</a> (Forbes)</li> <li><a href="https://www.taxnotes.com/tax-notes-today/tax-cuts-and-jobs-act/5-passthrough-deduction-questions-irs-must-answer/2018/06/25/283rz?highlight=tony%20nitti" rel="nofollow" target="_blank"> 5 Passthrough Deduction Questions the IRS Must Answer</a> (Tax Notes, subscription required)</li> <li><a href="https://www.thetaxadviser.com/issues/2018/apr/understanding-sec-199A-business-income-deduction.html" rel="nofollow" target="_blank"> Understanding the New Sec. 199A Business Income Deduction</a> (The Tax Adviser)</li> <li><a href="https://www.forbes.com/sites/anthonynitti/2018/01/04/the-new-qualified-business-income-deduction-varies-based-on-your-business-type-or-does-it/#7ed674ab2076" rel="nofollow" target="_blank"> The New 'Qualified Business Income Deduction Varies Based on your Business Type - Or Does It?</a> (Forbes)</li> <li><a href="https://www.forbes.com/sites/anthonynitti/2017/12/26/tax-geek-tuesday-making-sense-of-the-new-20-qualified-business-income-deduction/#20f3871244fd" rel="nofollow" target="_blank"> Making Sense of the New '20% Qualified Business Income Deduction'</a> (Forbes)</li> </ul> GET MORE SIMPLY TAX A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a>

The Proposed 199A Regs with Tony Nitti #035

 Tax manager recently topped the list of jobs with the best career opportunities in the U.S. in a recent  Glassdoor survey. Host Damien Martin sits down with guest Chris Hesse—current chair of the AICPA Tax Executive Committee—to cover Chris’ advice for a successful and happy career in tax, insights on the important role the committee plays in advocating for taxpayers and tax practitioners, key takeaways from tax reform and more. TIME STAMPS  Who is Chris Hesse and why is he involved with the AICPA? @3:21 What does the AICPA tax executive committee do? @7:12 The role of the Tax Executive Committee in requesting TCJA guidance @8:31 The AICPA’s role in advocating for taxpayers on §199A @10:25 Comment letters are a treasure trove of information @16:04 Are draft tax forms considered guidance? @18:21 Nuances of the trade or business determination and consistent application @20:18 How Chris became a tax geek (and how you can too) @25:42 Nothing beats 40 years of experience @33:22 Chris’ advice for starting out in the profession @38:25 Be happy with what you’re doing! @43:31  BIO FOR GUEST Chris Hesse has more than 35 years of tax experience in public accounting with more than 30 years of speaking and training experience before tax professionals. His career has included tax leadership of a 200-person practice and extensive tax writing and analysis services. Chris has spoken at numerous conferences throughout the country on taxation, agricultural and estate tax topics and is the chair of the AICPA Tax Executive Committee. He has testified before legislative committees on tax policy matters and has been instrumental in federal and state tax law changes.  Connect with Chris on LinkedIn  ADDITIONAL RESOURCES  Mentioned in the podcast:   Tax Manager Tops Best Jobs List in New Survey by Jonathan Curry (Tax Notes subscription required)  Episode 47: Tax Planning for High-Net-Worth Families After the TCJA   More episodes from the “Working in Tax” series:   Episode 62: Loving What You Do with John Garrett  Episode 63: Where Should You Work? with Amie Kuntz  Episode 67: An Insider's View: The IRS &amp; Public Accounting with David Kirk   More from the AICPA  Learn about the Tax Executive Committee: AICPA Senior &amp; Executive Committees AICPA TV: Updates from the New Tax Executive Committee Chair, Chris Hesse    GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our new  YouTube channel. A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

<a href="https://www.taxnotes.com/tax-notes-federal/personnel-people-biographies/tax-manager-tops-best-jobs-list-new-survey/2019/08/19/29v9g?highlight=damien%20martin" rel="nofollow" target="_blank"> Tax manager recently topped the list</a> of jobs with the best career opportunities in the U.S. in a recent <a href="https://www.glassdoor.com/research/studies/best-career-opportunities/" rel="nofollow" target="_blank"> Glassdoor survey</a>. Host Damien Martin sits down with guest Chris Hesse—current chair of the AICPA Tax Executive Committee—to cover Chris’ advice for a successful and happy career in tax, insights on the important role the committee plays in advocating for taxpayers and tax practitioners, key takeaways from tax reform and more. TIME STAMPS <ul> <li>Who is Chris Hesse and why is he involved with the AICPA? @3:21</li> <li>What does the AICPA tax executive committee do? @7:12</li> <li>The role of the Tax Executive Committee in requesting TCJA guidance @8:31</li> <li>The AICPA’s role in advocating for taxpayers on §199A @10:25</li> <li>Comment letters are a treasure trove of information @16:04</li> <li>Are draft tax forms considered guidance? @18:21</li> <li>Nuances of the trade or business determination and consistent application @20:18</li> <li>How Chris became a tax geek (and how you can too) @25:42</li> <li>Nothing beats 40 years of experience @33:22</li> <li>Chris’ advice for starting out in the profession @38:25</li> <li>Be happy with what you’re doing! @43:31</li> </ul> BIO FOR GUEST Chris Hesse has more than 35 years of tax experience in public accounting with more than 30 years of speaking and training experience before tax professionals. His career has included tax leadership of a 200-person practice and extensive tax writing and analysis services. Chris has spoken at numerous conferences throughout the country on taxation, agricultural and estate tax topics and is the chair of the AICPA Tax Executive Committee. He has testified before legislative committees on tax policy matters and has been instrumental in federal and state tax law changes. <ul> <li><a href="https://www.linkedin.com/in/chris-hesse-6545b63/" rel="nofollow" target="_blank">Connect with Chris on LinkedIn</a></li> </ul> ADDITIONAL RESOURCES <ul> <li>Mentioned in the podcast: <ul> <li><a href="https://www.taxnotes.com/tax-notes-federal/personnel-people-biographies/tax-manager-tops-best-jobs-list-new-survey/2019/08/19/29v9g?highlight=damien%20martin" rel="nofollow" target="_blank"> Tax Manager Tops Best Jobs List in New Survey</a> by Jonathan Curry (Tax Notes subscription required)</li> <li><a href="https://www.bkd.com/podcast/2018/11/simply-tax-episode-47-tax-planning-high-net-worth-families-after-tcja" rel="nofollow" target="_blank"> Episode 47: Tax Planning for High-Net-Worth Families After the TCJA</a></li> </ul> </li> <li>More episodes from the “Working in Tax” series: <ul> <li><a href="https://www.bkd.com/podcast/2019/05/simply-tax-episode-62-loving-what-you-do" rel="nofollow" target="_blank"> Episode 62: Loving What You Do</a> with John Garrett</li> <li><a href="https://www.bkd.com/podcast/2019/05/simply-tax-episode-63-where-should-you-work" rel="nofollow" target="_blank"> Episode 63: Where Should You Work?</a> with Amie Kuntz</li> <li><a href="https://www.bkd.com/podcast/2019/07/simply-tax-episode-67-insiders-view-irs-public-accounting-david-kirk" rel="nofollow" target="_blank"> Episode 67: An Insider's View: The IRS &amp; Public Accounting</a> with David Kirk</li> </ul> </li> <li>More from the AICPA <ul> <li>Learn about the Tax Executive Committee: <a href="https://www.aicpa.org/about/governance/executivecommittees.html" rel="nofollow" target="_blank">AICPA Senior &amp; Executive Committees</a></li> <li>AICPA TV: <a href="https://www.aicpa.org/advocacy/tax.html" rel="nofollow" target="_blank">Updates from the New Tax Executive Committee Chair, Chris Hesse</a></li> </ul> </li> </ul> GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our new <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

How to be a Tax Geek #076

Guidance is needed to clarify the rules regarding the deductibility of certain meals, entertainment, qualified transportation and other expenses after the Tax Cuts and Jobs Act (TCJA). The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS on April 2, 2018, requesting immediate guidance in this area. Guest Kristin Esposito joins host Damien Martin to take a closer look. Here’s some of the questions they cover:  Why did the AICPA form a task force to request guidance under Section 274? @ 3:24 How were the areas from the recent request for guidance identified? @ 5:50 What changed under TCJA? @ 8:23 Are there still areas where entertainment can be deductible? @ 13:22 How should you approach the open areas while we await guidance? @ 15:53 What changed with the rules for employer provided business meals? @ 16:48 Can meals and entertainment be advertising? @ 20:09 How did the deduction for qualified transportation fringe benefits change? @ 22:21 What was the process for issuing the letter requesting guidance in this area? @ 24:19 What’s next for the task force? @ 27:49 How should tax practitioners approach areas of uncertainty @ 30:01 Are business meals deductible after tax reform? @ 32:33  BIO FOR GUEST Kristin Esposito is a senior manager for the American Institute of CPA’s (AICPA) Tax Policy &amp; Advocacy Team. In this role, she manages the Employee Benefits Tax Technical Resource Panel and the Corporations and Shareholders Tax Technical Resource Panel. She also is responsible for the development, review and submission of comments to Congress, the Department of Treasury and the Internal Revenue Service and policy recommendations. Connect with Kristin on LinkedIn  ADDITIONAL RESOURCES  Request for Immediate Guidance Regarding IRC Section 274 – Disallowance of Certain Entertainment, Etc. Expenses (Pub. L. No. 115-97, Sec. 13304) Flowchart: Meals &amp; Entertainment Deduction After the Tax Cuts and Jobs Act Article:  Tax Reform Modifications to the Deduction for Business Meals &amp; Entertainment

Guidance is needed to clarify the rules regarding the deductibility of certain meals, entertainment, qualified transportation and other expenses after the Tax Cuts and Jobs Act (TCJA). The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS on April 2, 2018, requesting immediate guidance in this area. Guest Kristin Esposito joins host Damien Martin to take a closer look. Here’s some of the questions they cover: <ul> <li>Why did the AICPA form a task force to request guidance under Section 274? @ 3:24</li> <li>How were the areas from the recent request for guidance identified? @ 5:50</li> <li>What changed under TCJA? @ 8:23</li> <li>Are there still areas where entertainment can be deductible? @ 13:22</li> <li>How should you approach the open areas while we await guidance? @ 15:53</li> <li>What changed with the rules for employer provided business meals? @ 16:48</li> <li>Can meals and entertainment be advertising? @ 20:09</li> <li>How did the deduction for qualified transportation fringe benefits change? @ 22:21</li> <li>What was the process for issuing the letter requesting guidance in this area? @ 24:19</li> <li>What’s next for the task force? @ 27:49</li> <li>How should tax practitioners approach areas of uncertainty @ 30:01</li> <li>Are business meals deductible after tax reform? @ 32:33</li> </ul> BIO FOR GUEST Kristin Esposito is a senior manager for the American Institute of CPA’s (AICPA) Tax Policy &amp; Advocacy Team. In this role, she manages the Employee Benefits Tax Technical Resource Panel and the Corporations and Shareholders Tax Technical Resource Panel. She also is responsible for the development, review and submission of comments to Congress, the Department of Treasury and the Internal Revenue Service and policy recommendations. <a href="https://www.linkedin.com/in/kristin-esposito-cpa-mst-8a783842/" rel="nofollow" target="_blank">Connect with Kristin on LinkedIn</a> ADDITIONAL RESOURCES <a href="https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180402-aicpa-comments-sec274-meals-ent-transp-fringe.pdf" rel="nofollow" target="_blank"> Request for Immediate Guidance Regarding IRC Section 274 – Disallowance of Certain Entertainment, Etc. Expenses (Pub. L. No. 115-97, Sec. 13304)</a> Flowchart: <a href="http://www.bkd.com/docs/pdf/Meals-Entertainment-chart.pdf" rel="nofollow" target="_blank">Meals &amp; Entertainment Deduction After the Tax Cuts and Jobs Act</a> Article: <a href="http://www.bkd.com/articles/2018/tax-reform-modifications-to-the-deduction-for-business-meals-and-entertainment.htm" rel="nofollow" target="_blank"> Tax Reform Modifications to the Deduction for Business Meals &amp; Entertainment</a>

No Such Thing as a Deductible Lunch? #024

Headlines are swirling after several tax-related developments in Washington at the end of 2019. Join guests Ed Karl, vice president of taxation at the American Institute of CPAs (AICPA), Dan Smith, Lynn Mayabb and host Damien Martin, as they discuss the tax-related provisions of the Further Consolidated Appropriations Act, 2020 (Act), share what these modifications could mean for individuals and businesses and provide an inside look at what Ed and the AICPA are focusing on in the year ahead. Here’s what’s covered in our first episode of 2020: The latest in tax legislation with Ed Karl  Ed’s reaction to the Act, its contents and how the Act came to be @2:22 Are changes needed to the disaster relief provisions? @4:12 It’s hard to justify the use of temporary provisions @8:13  Changes for Qualified Plans with Dan Smith  Dan’s experience with qualified plans and the history of 401(k)s @12:28 The genesis of the SECURE Act’s provisions within the Act @16:15 Modifications to pooled employer plans and what they mean for smaller companies @19:50 “There’s a lot in there!” @26:59 The remedial amendment period @28:38 Other changes in the Act for qualified plans @31:58 The most common error with qualified plans and things to watch for @49:23 Closing thoughts from Dan @53:39  Individual Considerations After the Act with Lynn Mayabb  How to approach the updates for individuals @56:36 The two biggest changes and potential action needed by individuals @58:06 Roth IRAs after the latest developments under the Act @1:04:57 There’s no one-size-fits-all answer @1:05:57 Taking a collaborative and holistic approach @1:11:14 Other changes for individuals in the Act @1:12:21 Key considerations and actions to take now @1:16:00  Other Developments &amp; the Year Ahead with Ed Karl  Recent guidance—and the need for it @1:17:37 What are Ed and the AICPA watching and working on in 2020? @1:20:39 The latest developments with the taxation of the digitalized economy @1:24:26 Tax proposals and the AICPA’s response @1:29:27 Amending returns after the Act @1:31:39  Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our  YouTube channel. A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

Headlines are swirling after several tax-related developments in Washington at the end of 2019. Join guests Ed Karl, vice president of taxation at the American Institute of CPAs (AICPA), Dan Smith, Lynn Mayabb and host Damien Martin, as they discuss the tax-related provisions of the Further Consolidated Appropriations Act, 2020 (Act), share what these modifications could mean for individuals and businesses and provide an inside look at what Ed and the AICPA are focusing on in the year ahead. Here’s what’s covered in our first episode of 2020: The latest in tax legislation with Ed Karl <ul> <li>Ed’s reaction to the Act, its contents and how the Act came to be @2:22</li> <li>Are changes needed to the disaster relief provisions? @4:12</li> <li>It’s hard to justify the use of temporary provisions @8:13</li> </ul> Changes for Qualified Plans with Dan Smith <ul> <li>Dan’s experience with qualified plans and the history of 401(k)s @12:28</li> <li>The genesis of the SECURE Act’s provisions within the Act @16:15</li> <li>Modifications to pooled employer plans and what they mean for smaller companies @19:50</li> <li>“There’s a lot in there!” @26:59</li> <li>The remedial amendment period @28:38</li> <li>Other changes in the Act for qualified plans @31:58</li> <li>The most common error with qualified plans and things to watch for @49:23</li> <li>Closing thoughts from Dan @53:39</li> </ul> Individual Considerations After the Act with Lynn Mayabb <ul> <li>How to approach the updates for individuals @56:36</li> <li>The two biggest changes and potential action needed by individuals @58:06</li> <li>Roth IRAs after the latest developments under the Act @1:04:57</li> <li>There’s no one-size-fits-all answer @1:05:57</li> <li>Taking a collaborative and holistic approach @1:11:14</li> <li>Other changes for individuals in the Act @1:12:21</li> <li>Key considerations and actions to take now @1:16:00</li> </ul> Other Developments &amp; the Year Ahead with Ed Karl <ul> <li>Recent guidance—and the need for it @1:17:37</li> <li>What are Ed and the AICPA watching and working on in 2020? @1:20:39</li> <li>The latest developments with the taxation of the digitalized economy @1:24:26</li> <li>Tax proposals and the AICPA’s response @1:29:27</li> <li>Amending returns after the Act @1:31:39</li> </ul> Learn more about our guests and get additional resources <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">here.</a> GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

The Latest Tax Developments #084

A family office can help build and preserve a family’s legacy. Guest Jack Thurman joins Damien Martin to explain how, while also breaking down the ways a family office can benefit a family. TIME STAMPS OF WHAT’S COVERED  How Jack defines a family office [01:54] Benefits of a family office [06:01] Is a family office is a good fit for you? [07:38] Common roles a family office can play [12:07] What to look for in a family office advisor [15:16] Evaluating the cost [22:03] Common issues that keep generation one up at night [25:56] Best practices for family offices [29:37] A family office advisor is like a running buddy [31:31] How Jack came to work with affluent families [36:05] How Jack manages his goals and aspirations [39:05] Ways Jack focuses on what he does best while outsourcing the rest [42:46] Closing thoughts [48:45]  BIO FOR GUEST Jack Thurman is president of BKD Wealth Advisors, LLC, a subsidiary of BKD, LLP, which provides investment oversight, wealth management and family office services to high-net-worth families and corporations. He has provided wealth management services since 1986 and is regularly contacted by national media for interviews and commentary on the market and economic events. Jack has been quoted in publications such as Forbes, The Wall Street Journal, Businessweek, SmartMoney and CNBC.    Email Jack Connect with Jack on LinkedIn  ADDITIONAL RESOURCES MENTIONED IN THE EPISODE Mentioned on the podcast:   Strangers in Paradise by James Grubman, Ph.D.  The 7 Habits of Highly Effective People by Stephen R. Covey  Additional family office resources:  Webinar:  Want a Family Office That Thrives? Common Mistakes to Avoid presented by Jim Coutre and Jack Thurman on November 13, 2018 Learn more about BKD Family Office Services  GET MORE “SIMPLY TAX” We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new  YouTube channel. A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

A family office can help build and preserve a family’s legacy. Guest Jack Thurman joins Damien Martin to explain how, while also breaking down the ways a family office can benefit a family. TIME STAMPS OF WHAT’S COVERED <ul> <li>How Jack defines a family office [01:54]</li> <li>Benefits of a family office [06:01]</li> <li>Is a family office is a good fit for you? [07:38]</li> <li>Common roles a family office can play [12:07]</li> <li>What to look for in a family office advisor [15:16]</li> <li>Evaluating the cost [22:03]</li> <li>Common issues that keep generation one up at night [25:56]</li> <li>Best practices for family offices [29:37]</li> <li>A family office advisor is like a running buddy [31:31]</li> <li>How Jack came to work with affluent families [36:05]</li> <li>How Jack manages his goals and aspirations [39:05]</li> <li>Ways Jack focuses on what he does best while outsourcing the rest [42:46]</li> <li>Closing thoughts [48:45]</li> </ul> BIO FOR GUEST Jack Thurman is president of BKD Wealth Advisors, LLC, a subsidiary of BKD, LLP, which provides investment oversight, wealth management and family office services to high-net-worth families and corporations. He has provided wealth management services since 1986 and is regularly contacted by national media for interviews and commentary on the market and economic events. Jack has been quoted in publications such as Forbes, The Wall Street Journal, Businessweek, SmartMoney and CNBC. <ul> <li>Email Jack</li> <li><a href="https://www.linkedin.com/in/jack-thurman-69351a9/" rel="nofollow" target="_blank">Connect with Jack on LinkedIn</a></li> </ul> ADDITIONAL RESOURCES MENTIONED IN THE EPISODE Mentioned on the podcast: <ul> <li><a href="https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356/ref=sr_1_2?ie=UTF8&amp;qid=1456346010&amp;sr=8-2&amp;keywords=james+grubman" rel="nofollow" target="_blank"> Strangers in Paradise</a> by James Grubman, Ph.D.</li> <li><a href="https://www.amazon.com/Habits-Highly-Effective-People/dp/147112939X/ref=asc_df_147112939X/?tag=bingshoppinga-20&amp;linkCode=df0&amp;hvadid=%7bcreative%7d&amp;hvpos=%7badposition%7d&amp;hvnetw=o&amp;hvrand=%7brandom%7d&amp;hvpone=&amp;hvptwo=&amp;hvqmt=e&amp;hvdev=c&amp;hvdvcmdl=%7bdevicemodel%7d&amp;hvlocint=&amp;hvlocphy=&amp;hvtargid=pla-4583795263702713&amp;psc=1" rel="nofollow" target="_blank"> The 7 Habits of Highly Effective People</a> by Stephen R. Covey</li> </ul> Additional family office resources: <ul> <li>Webinar: <a href="https://www.bkd.com/webinar/2018/11/want-family-office-thrives-common-mistakes-avoid" rel="nofollow" target="_blank"> Want a Family Office That Thrives? Common Mistakes to Avoid</a> presented by Jim Coutre and Jack Thurman on November 13, 2018</li> <li>Learn more about <a href="https://www.bkd.com/services/family-office" rel="nofollow" target="_blank">BKD Family Office Services</a></li> </ul> GET MORE “SIMPLY TAX” We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/about?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

What's a Family Office? #065

Businesses, owners and their advisors have been carefully evaluating their choice of entity and wrestling with converting S corporations to C corporations after tax reform. Listen in on an insightful two-part discussion as guests Steve Gorin and Susan Jones join host Damien Martin to take a closer look at this perplexing and complicated topic. TIME STAMPS OF WHAT’S COVERED  Who’s Steve Gorin? @ 02:45 Who’s Susan Jones? @ 04:53 Overview of the taxation of entities @ 06:18 Navigating the menu of choices of entity @ 13:26 Calculating the effective annual tax rate @ 16:40 Exceptions to “47.3 percent pay me now or pay me later”  Qualified small business stock @ 20:40 “Step up” in basis at death @ 22:01   Self-employment tax considerations @ 24:37 Pressures to pay dividends  Personal holding company tax @ 29:41 Accumulated earnings tax @ 30:57   A trap for professional service corporations after tax reform @ 32:38  BIO FOR GUESTS Steve Gorin is a partner in Thompson Coburn's St. Louis, Missouri office and a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes. Learn more about Steve Connect with Steve on LinkedIn Susan Jones is the St. Louis leader for  BKD's Private Client Services (PCS) tax team and a leader of BKD Family Office. She provides sophisticated income, gift and estate tax compliance, consulting and planning services to individuals, families, fiduciaries, private foundations and their related entities. She also provides proactive executive compensation planning and succession planning for high-net-worth individuals and their family owned businesses. Connect with Susan on LinkedIn RESOURCES MENTIONED IN THE EPSIODE View Steve’s webinar:  Effective Business Income Tax Rates in Light of 2017 Tax Law Changes  Subscribe to Steve’s blog:  Business Succession Solutions Listen to previous episodes of the Simply Tax Podcast mentioned during the episode  Episode 50: 'Twas the Night before TCJA Episode 26: Is Section 1202 for You?  ADDITIONAL RESOURCES  Wealth Transfer Strategies for Families presented by Susan Jones and Holly Pantzer Episodes of the Simply Tax Podcast included in the introduction to Part I   Episode 26: Is Section 1202 for You?  Episode 23: Tax Reform for Middle Market Businesses  Episode 48: Tax Planning with Losses  Episode 49 Tax Planning Questions for Businesses  GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

Businesses, owners and their advisors have been carefully evaluating their choice of entity and wrestling with converting S corporations to C corporations after tax reform. Listen in on an insightful two-part discussion as guests Steve Gorin and Susan Jones join host Damien Martin to take a closer look at this perplexing and complicated topic. TIME STAMPS OF WHAT’S COVERED <ul> <li>Who’s Steve Gorin? @ 02:45</li> <li>Who’s Susan Jones? @ 04:53</li> <li>Overview of the taxation of entities @ 06:18</li> <li>Navigating the menu of choices of entity @ 13:26</li> <li>Calculating the effective annual tax rate @ 16:40</li> <li>Exceptions to “47.3 percent pay me now or pay me later” <ul> <li>Qualified small business stock @ 20:40</li> <li>“Step up” in basis at death @ 22:01</li> </ul> </li> <li>Self-employment tax considerations @ 24:37</li> <li>Pressures to pay dividends <ul> <li>Personal holding company tax @ 29:41</li> <li>Accumulated earnings tax @ 30:57</li> </ul> </li> <li>A trap for professional service corporations after tax reform @ 32:38</li> </ul> BIO FOR GUESTS <a href="https://www.thompsoncoburn.com/people/steve-gorin" rel="nofollow" target="_blank">Steve Gorin</a> is a partner in <a href="https://www.thompsoncoburn.com/" rel="nofollow" target="_blank">Thompson Coburn's</a> St. Louis, Missouri office and a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes. <a href="https://www.thompsoncoburn.com/people/steve-gorin" rel="nofollow" target="_blank">Learn more about Steve</a> <a href="https://www.linkedin.com/in/steve-gorin-7389958/" rel="nofollow" target="_blank">Connect with Steve on LinkedIn</a> Susan Jones is the St. Louis leader for <a href="https://www.bkd.com/services/individual-estate-trust-tax-services" rel="nofollow" target="_blank"> BKD's Private Client Services</a> (PCS) tax team and a leader of <a href="https://www.bkd.com/services/family-office" rel="nofollow" target="_blank">BKD Family Office</a>. She provides sophisticated income, gift and estate tax compliance, consulting and planning services to individuals, families, fiduciaries, private foundations and their related entities. She also provides proactive executive compensation planning and succession planning for high-net-worth individuals and their family owned businesses. <a href="https://www.linkedin.com/in/susan-wofford-jones-j-d-73942688/" rel="nofollow" target="_blank">Connect with Susan on LinkedIn</a> RESOURCES MENTIONED IN THE EPSIODE View Steve’s webinar: <a href="https://event.on24.com/wcc/r/1897008/F397FBAB5A83FA599FF8B87307FC522A" rel="nofollow" target="_blank"> Effective Business Income Tax Rates in Light of 2017 Tax Law Changes </a> Subscribe to Steve’s blog: <a href="https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about" rel="nofollow" target="_blank"> Business Succession Solutions</a> Listen to previous episodes of the Simply Tax Podcast mentioned during the episode <ul> <li><a href="https://www.bkd.com/podcast/2018/12/episode-50-twas-night-tcja" rel="nofollow" target="_blank">Episode 50: 'Twas the Night before TCJA</a></li> <li><a href="https://www.bkd.com/podcast/2018/05/episode-26-section-1202-you" rel="nofollow" target="_blank">Episode 26: Is Section 1202 for You?</a></li> </ul> ADDITIONAL RESOURCES <a href="https://www.bkd.com/webinar/2018/12/wealth-transfer-strategies-families" rel="nofollow" target="_blank"> Wealth Transfer Strategies for Families</a> presented by Susan Jones and Holly Pantzer Episodes of the Simply Tax Podcast included in the introduction to Part I  <ul> <li><a href="https://www.bkd.com/podcast/2018/05/episode-26-section-1202-you" rel="nofollow" target="_blank">Episode 26: Is Section 1202 for You?</a></li> <li><a href="https://www.bkd.com/podcast/2018/04/episode-23-tax-reform-middle-market-businesses" rel="nofollow" target="_blank"> Episode 23: Tax Reform for Middle Market Businesses</a></li> <li><a href="https://www.bkd.com/podcast/2018/12/episode-48-tax-planning-losses" rel="nofollow" target="_blank"> Episode 48: Tax Planning with Losses</a></li> <li><a href="https://www.bkd.com/podcast/2018/12/episode-49-tax-planning-questions-businesses" rel="nofollow" target="_blank"> Episode 49 Tax Planning Questions for Businesses</a></li> </ul> GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a>

Choice of Entity for Family Businesses - Part I #051

Returning guest Jesse Palmer sits down with host Damien Martin to review changes to the bonus depreciation rules under the Tax Cuts and Jobs Act (TCJA) and break down what’s addressed in recently released proposed regulations under Internal Revenue Code Section 168(k). Jesse also shares his insight on year-end planning after recent guidance to round out our week of TCJA-related guidance. TIME STAMPS OF WHAT’S COVERED  [02:51] History of bonus depreciation [05:16] Changes under the TCJA [09:05] What’s addressed in the guidance [18:03] Situations where you may want to elect out of bonus depreciation [22:27] What wasn’t addressed in the guidance [28:11] Where we are on TCJA-related guidance [32:29] Why you can’t look at planning after TCJA in a vacuum [34:25] Action items to consider now [36:02] How the choice of entity analysis has changed with the guidance we’ve seen [37:49] There’s much more TCJA-related guidance to come  BIO FOR GUEST Jesse Palmer is a tax partner at BKD and serves as director of tax quality control at the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks. Connect with Jesse on LinkedIn  ADDITIONAL RESOURCES Webinar Archive:  Insights &amp; Planning Points from the Proposed §199A Regulations Summary:  Bonus Depreciation after the TCJA Simply Tax:  Episode 27: The SALT Workarounds with Annette Nellen Simply Tax:  Episode 10: The International Side of Tax Reform GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

Returning guest Jesse Palmer sits down with host Damien Martin to review changes to the bonus depreciation rules under the Tax Cuts and Jobs Act (TCJA) and break down what’s addressed in recently released proposed regulations under Internal Revenue Code Section 168(k). Jesse also shares his insight on year-end planning after recent guidance to round out our week of TCJA-related guidance. TIME STAMPS OF WHAT’S COVERED <ul> <li>[02:51] History of bonus depreciation</li> <li>[05:16] Changes under the TCJA</li> <li>[09:05] What’s addressed in the guidance</li> <li>[18:03] Situations where you may want to elect out of bonus depreciation</li> <li>[22:27] What wasn’t addressed in the guidance</li> <li>[28:11] Where we are on TCJA-related guidance</li> <li>[32:29] Why you can’t look at planning after TCJA in a vacuum</li> <li>[34:25] Action items to consider now</li> <li>[36:02] How the choice of entity analysis has changed with the guidance we’ve seen</li> <li>[37:49] There’s much more TCJA-related guidance to come</li> </ul> BIO FOR GUEST Jesse Palmer is a tax partner at BKD and serves as director of tax quality control at the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks. <a href="https://www.linkedin.com/in/jesse-palmer-b1b3085/" rel="nofollow" target="_blank">Connect with Jesse on LinkedIn</a> ADDITIONAL RESOURCES Webinar Archive: <a href="https://www.bkd.com/webinar/2018/08/insights-planning-points-proposed-ss199a-regulations" rel="nofollow" target="_blank"> Insights &amp; Planning Points from the Proposed §199A Regulations</a> Summary: <a href="https://www.bkd.com/sites/default/files/2018-08/bonus-depreciation-tax.pdf" rel="nofollow" target="_blank"> Bonus Depreciation after the TCJA</a> Simply Tax: <a href="https://bkd.com/services/tax/simply-tax-podcast/episode-27-salt-workarounds-annette-nellen" rel="nofollow" target="_blank"> Episode 27: The SALT Workarounds with Annette Nellen</a> Simply Tax: <a href="https://bkd.com/services/tax/simply-tax-podcast/episode-10-international-side-tax-reform" rel="nofollow" target="_blank"> Episode 10: The International Side of Tax Reform</a> GET MORE SIMPLY TAX A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a>

Bonus Depreciation Regs & More #038

Take a “drive” with frequent guest Ed Karl to hear the latest on tax-related legislation in Washington, D.C. In addition, listen in for updates on cryptocurrency guidance, the taxation of the digitized economy and Ed’s advice for the fall tax season. TIME STAMPS OF WHAT’S COVERED  ”It looks like everything is headed towards a September fiscal cliff” @1:35 Ed’s outlook on extenders and Tax Cuts and Jobs Act (TCJA)-related corrections legislation @7:55 The Setting Every Community Up For Retirement Enhancement Act of 2019 @11:26 The Taxpayer First Act @12:22 Observations on the first tax season under the TCJA @14:12 Guidance on virtual currency @18:31 Update on the taxation of the digitized economy @20:58 Possible preparer regulation @25:18 “You have to have a lot patience to work in Washington” @27:11 Closing thoughts @29:54  BIO FOR GUEST Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.  Follow Ed on Twitter Connect with Ed on LinkedIn  ADDITIONAL RESOURCES MENTIONED IN THE EPISODE Mentioned on the podcast:  "Death &amp; Taxes" YouTube playlist  Episode 60: Tax Return Positions with Ed Karl  Episode 46: Do You Have 199A Confusionosis? with Amy Wang and Glen Birnbaum  Episode 29: What's the CPAR? with Jonathan Horn  Episode 16: AICPA's 199A Task Force with Amy Wang  Additional tax reform resources:   AICPA Tax Reform Resource Center BKD Tax Reform Resource Center  GET MORE “SIMPLY TAX” We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new  YouTube channel. A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

Take a “drive” with frequent guest Ed Karl to hear the latest on tax-related legislation in Washington, D.C. In addition, listen in for updates on cryptocurrency guidance, the taxation of the digitized economy and Ed’s advice for the fall tax season. TIME STAMPS OF WHAT’S COVERED <ul> <li>”It looks like everything is headed towards a September fiscal cliff” @1:35</li> <li>Ed’s outlook on extenders and Tax Cuts and Jobs Act (TCJA)-related corrections legislation @7:55</li> <li>The Setting Every Community Up For Retirement Enhancement Act of 2019 @11:26</li> <li>The Taxpayer First Act @12:22</li> <li>Observations on the first tax season under the TCJA @14:12</li> <li>Guidance on virtual currency @18:31</li> <li>Update on the taxation of the digitized economy @20:58</li> <li>Possible preparer regulation @25:18</li> <li>“You have to have a lot patience to work in Washington” @27:11</li> <li>Closing thoughts @29:54</li> </ul> BIO FOR GUEST Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services. <ul> <li><a href="https://twitter.com/EdwardKarlTax" rel="nofollow" target="_blank">Follow Ed on Twitter</a></li> <li><a href="https://www.linkedin.com/in/edward-s-karl-cpa-027a7442/" rel="nofollow" target="_blank">Connect with Ed on LinkedIn</a></li> </ul> ADDITIONAL RESOURCES MENTIONED IN THE EPISODE Mentioned on the podcast: <ul> <li><a href="http://bit.ly/2F6jrT8" rel="nofollow" target="_blank">"Death &amp; Taxes"</a> YouTube playlist</li> <li><a href="https://www.bkd.com/podcast/2019/04/simply-tax-episode-60-tax-return-positions-ed-karl" rel="nofollow" target="_blank"> Episode 60: Tax Return Positions with Ed Karl</a></li> <li><a href="https://www.bkd.com/podcast/2018/11/simply-tax-episode-46-do-you-have-199a-confusionosis" rel="nofollow" target="_blank"> Episode 46: Do You Have 199A Confusionosis?</a> with Amy Wang and Glen Birnbaum</li> <li><a href="https://www.bkd.com/podcast/2018/06/simply-tax-episode-29-whats-cpar" rel="nofollow" target="_blank"> Episode 29: What's the CPAR?</a> with Jonathan Horn</li> <li><a href="https://www.bkd.com/podcast/2018/03/simply-tax-episode-16-aicpas-199a-task-force" rel="nofollow" target="_blank"> Episode 16: AICPA's 199A Task Force</a> with Amy Wang</li> </ul> Additional tax reform resources: <ul> <li><a href="https://www.aicpa.org/interestareas/tax/resources/specializedguidance/taxreform.html" rel="nofollow" target="_blank"> AICPA Tax Reform Resource Center</a></li> <li><a href="https://www.bkd.com/services/tax/tax-reform-resource-center" rel="nofollow" target="_blank">BKD Tax Reform Resource Center</a></li> </ul> GET MORE “SIMPLY TAX” We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/about?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

What's New in Tax Legislation #066

Cut through the static of the Tax Cuts and Jobs Act (TCJA) with the first in a series of episodes focused on breaking down what the new tax law means for you and your business. Jesse Palmer—BKD’s director of tax quality control—reviews key provisions of the TCJA for businesses, filing 2017 tax returns and choice of entity considerations. Here’s a look at what’s in this episode:  Business tax rates @ 3:40 Cost recovery provisions @ 6:09 Accounting methods @ 9:21 Other significant business provisions @ 12:58 Things to think about and strategies to consider @ 17:20 Choice of entity considerations @ 20:10 Deferred tax and financial reporting considerations @ 30:07 Key takeaways for businesses @ 32:50  BIO FOR GUEST Jesse Palmer is a tax partner at BKD and serves as director of tax quality control at the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks. Connect with Jesse on LinkedIn  ADDITIONAL RESOURCES Upcoming Webinar:  Pass-Through Considerations of Tax Reform Upcoming Webinar:  Corporate Effect of Tax Reform

Cut through the static of the Tax Cuts and Jobs Act (TCJA) with the first in a series of episodes focused on breaking down what the new tax law means for you and your business. Jesse Palmer—BKD’s director of tax quality control—reviews key provisions of the TCJA for businesses, filing 2017 tax returns and choice of entity considerations. Here’s a look at what’s in this episode: <ul> <li>Business tax rates @ 3:40</li> <li>Cost recovery provisions @ 6:09</li> <li>Accounting methods @ 9:21</li> <li>Other significant business provisions @ 12:58</li> <li>Things to think about and strategies to consider @ 17:20</li> <li>Choice of entity considerations @ 20:10</li> <li>Deferred tax and financial reporting considerations @ 30:07</li> <li>Key takeaways for businesses @ 32:50</li> </ul> BIO FOR GUEST Jesse Palmer is a tax partner at BKD and serves as director of tax quality control at the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks. <a href="https://www.linkedin.com/in/jesse-palmer-b1b3085/" rel="nofollow" target="_blank">Connect with Jesse on LinkedIn</a> ADDITIONAL RESOURCES Upcoming Webinar: <a href="http://www.bkd.com/webinars/2018/pass-through-considerations-of-tax-reform.htm" rel="nofollow" target="_blank"> Pass-Through Considerations of Tax Reform</a> Upcoming Webinar: <a href="http://www.bkd.com/webinars/2018/corporate-effect-of-tax-reform.htm" rel="nofollow" target="_blank"> Corporate Effect of Tax Reform</a>

Tax Reform for Businesses #009

When certain requirements are met, IRC Section 1202 provides a meaningful exclusion for the gains made on certain small business stock. Our Tax Cuts and Jobs Act (TCJA) series concludes as guest Rick Klahsen breaks down the exclusion with host Damien Martin and discusses what it means after tax reform. Here’s what they cover:  What’s Section 1202? @ 1:44 Why are there areas of uncertainty? @ 5:40 What’s a qualified small business for Section 1202 purposes? @ 9:53 How can you determine if a company meets the $50 million asset threshold? @ 11:25 Can the gain exclusion ever exceed $10 million? @ 13:48 Why is Section 1202 more complex than it appears? @ 14:54 What are some common areas of misunderstanding? @ 19:08 Why there’s been so much discussion around choice of entity after tax reform and how Section 1202 might increase interest in this discussion @ 21:38 What has factored into the historic popularity of Section 1202? @ 27:44 Has there been more interest in Section 1202 after tax reform? @ 30:58 Is Section 1202 for you? @ 33:55  BIO FOR GUEST Rick Klahsen has more than 25 years of experience advising clients in various industries, including several investor-owned public utilities, food manufacturers and distributors, automobile original equipment manufacturers and telecommunications service providers. He also has significant experience with federal tax due diligence and matters related to structuring transactions. He serves as regional tax director of BKD’s South Region and tax director of BKD’s Dallas-Waco practice unit. Connect with Rick on LinkedIn

When certain requirements are met, IRC Section 1202 provides a meaningful exclusion for the gains made on certain small business stock. Our Tax Cuts and Jobs Act (TCJA) series concludes as guest Rick Klahsen breaks down the exclusion with host Damien Martin and discusses what it means after tax reform. Here’s what they cover: <ul> <li>What’s Section 1202? @ 1:44</li> <li>Why are there areas of uncertainty? @ 5:40</li> <li>What’s a qualified small business for Section 1202 purposes? @ 9:53</li> <li>How can you determine if a company meets the $50 million asset threshold? @ 11:25</li> <li>Can the gain exclusion ever exceed $10 million? @ 13:48</li> <li>Why is Section 1202 more complex than it appears? @ 14:54</li> <li>What are some common areas of misunderstanding? @ 19:08</li> <li>Why there’s been so much discussion around choice of entity after tax reform and how Section 1202 might increase interest in this discussion @ 21:38</li> <li>What has factored into the historic popularity of Section 1202? @ 27:44</li> <li>Has there been more interest in Section 1202 after tax reform? @ 30:58</li> <li>Is Section 1202 for you? @ 33:55</li> </ul> BIO FOR GUEST Rick Klahsen has more than 25 years of experience advising clients in various industries, including several investor-owned public utilities, food manufacturers and distributors, automobile original equipment manufacturers and telecommunications service providers. He also has significant experience with federal tax due diligence and matters related to structuring transactions. He serves as regional tax director of BKD’s South Region and tax director of BKD’s Dallas-Waco practice unit. <a href="https://www.linkedin.com/in/rick-klahsen-02b8813/" rel="nofollow" target="_blank">Connect with Rick on LinkedIn</a>

Is Section 1202 for You? #026

Accounting methods are a complex and intimidating corner of the tax world. Guests Brittany Cummings and Travis Butler join host Damien Martin to cut through the static of recent accounting method developments and break down what you need to know as we head into year-end planning. Listen for answers to these questions:  What’s an accounting method? @00:28 What’s in the recently released final and proposed bonus depreciation guidance? @04:06 Can taxpayers take bonus depreciation on qualified improvement property? @06:35 What else is going on in the accounting method world as it relates to fixed assets? @10:03 What’s in the recently released proposed revenue recognition guidance under Section 451? @13:58 How did this guidance address cost of goods sold and variable consideration? @22:30 Are there best practices for implementing this guidance? @26:04 What’s negative §263A and what was in the guidance released last November? @27:40 What other accounting methods should you be thinking about right now? @33:46 What are Brittany and Travis’ favorite accounting method changes? @38:26 Are there any international or state and local tax issues to consider with accounting methods? @40:34  BIO FOR GUESTS Travis Butler serves as a director in BKD’s National Tax Department and Chicago office.  Connect with Travis on LinkedIn  Brittany Cummings serves as a national assistant tax director in BKD’s National Tax Department.  Connect with Brittany on LinkedIn Follow Brittany on Twitter  ADDITIONAL RESOURCES Mentioned in the podcast:   Episode 36: Simply Small Business Taxpayer Accounting Methods with Nathan Clark  Episode 38: Bonus Depreciations Regs &amp; More with Jesse Palmer  Additional resources:  Summary:  https://www.bkd.com/chart/2018/08/tax-cuts-and-jobs-act-ss168k-bonus-depreciation Article:  New Depreciation Rules Create Tax Planning Opportunities by Jason Jobgen Resource centers:  Revenue Recognition  Lease Accounting    GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our new  YouTube channel. A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

Accounting methods are a complex and intimidating corner of the tax world. Guests Brittany Cummings and Travis Butler join host Damien Martin to cut through the static of recent accounting method developments and break down what you need to know as we head into year-end planning. Listen for answers to these questions: <ul> <li>What’s an accounting method? @00:28</li> <li>What’s in the recently released final and proposed bonus depreciation guidance? @04:06</li> <li>Can taxpayers take bonus depreciation on qualified improvement property? @06:35</li> <li>What else is going on in the accounting method world as it relates to fixed assets? @10:03</li> <li>What’s in the recently released proposed revenue recognition guidance under Section 451? @13:58</li> <li>How did this guidance address cost of goods sold and variable consideration? @22:30</li> <li>Are there best practices for implementing this guidance? @26:04</li> <li>What’s negative §263A and what was in the guidance released last November? @27:40</li> <li>What other accounting methods should you be thinking about right now? @33:46</li> <li>What are Brittany and Travis’ favorite accounting method changes? @38:26</li> <li>Are there any international or state and local tax issues to consider with accounting methods? @40:34</li> </ul> BIO FOR GUESTS Travis Butler serves as a director in BKD’s National Tax Department and Chicago office. <ul> <li><a href="https://www.linkedin.com/in/travis-butler-07b47b2/" rel="nofollow" target="_blank">Connect with Travis on LinkedIn</a></li> </ul> Brittany Cummings serves as a national assistant tax director in BKD’s National Tax Department. <ul> <li><a href="https://www.linkedin.com/in/brittanycummingscpa/" rel="nofollow" target="_blank">Connect with Brittany on LinkedIn</a></li> <li><a href="https://twitter.com/1BZCPA" rel="nofollow" target="_blank">Follow Brittany on Twitter</a></li> </ul> ADDITIONAL RESOURCES Mentioned in the podcast: <ul> <li><a href="https://www.bkd.com/podcast/2018/08/simply-tax-episode-36-simply-small-business-taxpayer-accounting-methods" rel="nofollow" target="_blank"> Episode 36: Simply Small Business Taxpayer Accounting Methods</a> with Nathan Clark</li> <li><a href="https://www.bkd.com/podcast/2018/08/simply-tax-episode-38-bonus-depreciation-regs-more" rel="nofollow" target="_blank"> Episode 38: Bonus Depreciations Regs &amp; More</a> with Jesse Palmer</li> </ul> Additional resources: <ul> <li>Summary: <a href="https://www.bkd.com/chart/2018/08/tax-cuts-and-jobs-act-ss168k-bonus-depreciation" rel="nofollow" target="_blank"> https://www.bkd.com/chart/2018/08/tax-cuts-and-jobs-act-ss168k-bonus-depreciation</a></li> <li>Article: <a href="https://www.bkd.com/article/2019/01/new-depreciation-rules-create-tax-planning-opportunities" rel="nofollow" target="_blank"> New Depreciation Rules Create Tax Planning Opportunities</a> by Jason Jobgen</li> <li>Resource centers: <ul> <li><a href="https://www.bkd.com/resource/2018/08/revenue-recognition" rel="nofollow" target="_blank">Revenue Recognition</a></li> <li><a href="https://www.bkd.com/resource/2018/08/lease-accounting-resource-center" rel="nofollow" target="_blank"> Lease Accounting</a></li> </ul> </li> </ul> GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our new <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

Managing the Accounting Method Madness #078

Applying tax law to real life situations can seem gray at times in spite of the black and white words on the law’s pages. In a mock interview, Guest Ed Karl—vice president of taxation at the American Institute of CPAs (AICPA)—breaks down the AICPA’s Statements on Standards for Tax Services (SSTS) and shares key insights on taking tax return positions on gray areas of the tax law after tax reform. TIME STAMPS OF WHAT’S COVERED  What are the SSTSs and who do they apply to? @0:25 The value proposition of the SSTSs to the CPA profession @1:12 An example of areas covered by the SSTSs @2:55 Standards for tax return positions @3:39 Required disclosure for positions of less than substantial authority @6:49 Can you just rely on an article from the internet to support a conclusion? @9:06 Tips for approaching gray areas @10:05 Does putting a tax return on extension increase the chances of an IRS exam? @12:51 Is answering a quick client question considered giving tax advice? @14:01 Ed’s advice for CPAs and CPA firms on working with and learning more about the SSTSs @17:05 “Just put it in writing!” @18:51  BIO FOR GUESTS Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s SSTSs. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.  Follow Ed on Twitter Connect with Ed on LinkedIn  “Reporters” from the tax intern group of BKD Chicago in order of appearance:  Mark Christman | University of North Carolina | Graduating June 2019 Yosue Perez | Northern Illinois University | Graduating May 2019 Olivia Salach | Loyola University Chicago | Graduating May 2020 Letty Valles | Dominican University (River Forest) | Graduating May 2019 Emily Szmania | Loyola University Chicago | Graduated November 2018 Kamile Petraityte | Saint Xavier University | Graduating May 2020   ADDITIONAL RESOURCES  Statements on Standards for Tax Services  Tax Ethics &amp; Professional Standards GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

Applying tax law to real life situations can seem gray at times in spite of the black and white words on the law’s pages. In a mock interview, Guest Ed Karl—vice president of taxation at the American Institute of CPAs (AICPA)—breaks down the AICPA’s Statements on Standards for Tax Services (SSTS) and shares key insights on taking tax return positions on gray areas of the tax law after tax reform. TIME STAMPS OF WHAT’S COVERED <ul> <li>What are the SSTSs and who do they apply to? @0:25</li> <li>The value proposition of the SSTSs to the CPA profession @1:12</li> <li>An example of areas covered by the SSTSs @2:55</li> <li>Standards for tax return positions @3:39</li> <li>Required disclosure for positions of less than substantial authority @6:49</li> <li>Can you just rely on an article from the internet to support a conclusion? @9:06</li> <li>Tips for approaching gray areas @10:05</li> <li>Does putting a tax return on extension increase the chances of an IRS exam? @12:51</li> <li>Is answering a quick client question considered giving tax advice? @14:01</li> <li>Ed’s advice for CPAs and CPA firms on working with and learning more about the SSTSs @17:05</li> <li>“Just put it in writing!” @18:51</li> </ul> BIO FOR GUESTS Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s SSTSs. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services. <ul> <li><a href="https://twitter.com/EdwardKarlTax" rel="nofollow" target="_blank">Follow Ed on Twitter</a></li> <li><a href="https://www.linkedin.com/in/edward-s-karl-cpa-027a7442/" rel="nofollow" target="_blank">Connect with Ed on LinkedIn</a></li> </ul> “Reporters” from the tax intern group of <a href="https://www.bkd.com/about-us/locations/chicago-il" rel="nofollow" target="_blank">BKD Chicago</a> in order of appearance: <ul> <li>Mark Christman | University of North Carolina | Graduating June 2019</li> <li>Yosue Perez | Northern Illinois University | Graduating May 2019</li> <li>Olivia Salach | Loyola University Chicago | Graduating May 2020</li> <li>Letty Valles | Dominican University (River Forest) | Graduating May 2019</li> <li>Emily Szmania | Loyola University Chicago | Graduated November 2018</li> <li>Kamile Petraityte | Saint Xavier University | Graduating May 2020</li> </ul>  ADDITIONAL RESOURCES <a href="https://www.aicpa.org/interestareas/tax/resources/standardsethics/statementsonstandardsfortaxservices.html" rel="nofollow" target="_blank"> Statements on Standards for Tax Services</a> <a href="https://www.aicpa.org/interestareas/tax/resources/standardsethics.html" rel="nofollow" target="_blank"> Tax Ethics &amp; Professional Standards</a> GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLDMk69YEkRIlG8Is_O6BfsWm-rmKElOrI" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a>

Tax Return Positions #060

When Damien and Tony sat down to talk IRC Section 199A, they got to talking about life outside the four corners of the Internal Revenue Code. Get the inside scoop and answers to questions you might have for Tony Nitti in this special bonus episode of the podcast. BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn

When Damien and Tony sat down to talk IRC Section 199A, they got to talking about life outside the four corners of the Internal Revenue Code. Get the inside scoop and answers to questions you might have for Tony Nitti in this special bonus episode of the podcast. BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. <a href="https://twitter.com/nittiaj" rel="nofollow" target="_blank">Follow Tony on Twitter</a> <a href="https://www.linkedin.com/in/tony-nitti-ab64532a/" rel="nofollow" target="_blank">Connect with Tony on LinkedIn</a>

CPA to CPA with Tony Nitti

Guest Tim Jipping—host of the “Journey View” podcast—joins “Simply Tax” host Damien Martin on an exploration of their careers in the CPA profession. The two share their personal experiences from working in the CPA profession and discuss the profound effect the AICPA Leadership Academy has had on both their careers and personal lives. TIME STAMPS  Who is Tim Jipping? [02:45] The experience of starting a podcast [07:34] Creating and being creative [09:18] Simply creativity and innovation [13:51] How the AICPA Leadership Academy can change you [21:56] Tim’s journey and the role of fear and vulnerability [28:37] Wait, Damien majored in music? [35:27] Creating space to grow and running a marathon [41:51] How to say YES! [45:36] Perspectives and insights gained from moving across the country [50:16] Advice to 20-year-old Damien and Tim [59:13] Slow down, people! [1:06:56]  BIO FOR GUEST Tim Jipping, CPA, CGMA is the founder and owner at Journey Advisors &amp; CPAs. Named as a  2018 40 Under 40 Honoree in accounting and audit, Tim has more has more than 13 years in the accounting profession, with time spent in public accounting and a stint as a controller. He also hosts "Journey View,” a podcast created specifically as an outlet for his creativity and to share conversations with fascinating people about their journey in life.  Connect with Tim on LinkedIn Follow Tim on Twitter Follow Tim on Instagram  ADDITIONAL RESOURCES  Mentioned in the podcast:  "Journey View" podcast  AICPA Leadership Academy Behind the Scenes with Tim Jipping     More episodes from the “Working in Tax” series:   Episode 62: Loving What You Do with John Garrett  Episode 63: Where Should You Work? with Amie Kuntz  Episode 67: An Insider's View: The IRS &amp; Public Accounting with David Kirk  Episode 76: How to Become a Tax Geek with Chris Hesse    GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our new  YouTube channel. A complete archive of our episodes is available on our website and  YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

Guest Tim Jipping—host of the “Journey View” podcast—joins “Simply Tax” host Damien Martin on an exploration of their careers in the CPA profession. The two share their personal experiences from working in the CPA profession and discuss the profound effect the AICPA Leadership Academy has had on both their careers and personal lives. TIME STAMPS <ul> <li>Who is Tim Jipping? [02:45]</li> <li>The experience of starting a podcast [07:34]</li> <li>Creating and being creative [09:18]</li> <li>Simply creativity and innovation [13:51]</li> <li>How the AICPA Leadership Academy can change you [21:56]</li> <li>Tim’s journey and the role of fear and vulnerability [28:37]</li> <li>Wait, Damien majored in music? [35:27]</li> <li>Creating space to grow and running a marathon [41:51]</li> <li>How to say YES! [45:36]</li> <li>Perspectives and insights gained from moving across the country [50:16]</li> <li>Advice to 20-year-old Damien and Tim [59:13]</li> <li>Slow down, people! [1:06:56]</li> </ul> BIO FOR GUEST Tim Jipping, CPA, CGMA is the founder and owner at Journey Advisors &amp; CPAs. Named as a <a href="https://www.cpapracticeadvisor.com/accounting-audit/promotion/12427009/tim-jipping-cpa-cgma-2018-40-under-40-honoree" rel="nofollow" target="_blank"> 2018 40 Under 40 Honoree in accounting and audit</a>, Tim has more has more than 13 years in the accounting profession, with time spent in public accounting and a stint as a controller. He also hosts "Journey View,” a podcast created specifically as an outlet for his creativity and to share conversations with fascinating people about their journey in life. <ul> <li><a href="https://www.linkedin.com/in/timjipping/" rel="nofollow" target="_blank">Connect with Tim on LinkedIn</a></li> <li><a href="https://twitter.com/timjipping" rel="nofollow" target="_blank">Follow Tim on Twitter</a></li> <li><a href="https://www.instagram.com/timjipping/" rel="nofollow" target="_blank">Follow Tim on Instagram</a></li> </ul> ADDITIONAL RESOURCES <ul> <li>Mentioned in the podcast: <ul> <li><a href="https://www.journeycpas.com/podcast" rel="nofollow" target="_blank">"Journey View" podcast</a></li> <li><a href="https://www.aicpa.org/interestareas/youngcpanetwork/cpeandevents/aicpaleadershipacademy.html" rel="nofollow" target="_blank"> AICPA Leadership Academy</a></li> <li><a href="https://www.youtube.com/watch?v=bi86Msg9odY" rel="nofollow" target="_blank">Behind the Scenes with Tim Jipping</a></li> </ul> </li> </ul> <ul> <li>More episodes from the “Working in Tax” series: <ul> <li><a href="https://www.bkd.com/podcast/2019/05/simply-tax-episode-62-loving-what-you-do" rel="nofollow" target="_blank"> Episode 62: Loving What You Do</a> with John Garrett</li> <li><a href="https://www.bkd.com/podcast/2019/05/simply-tax-episode-63-where-should-you-work" rel="nofollow" target="_blank"> Episode 63: Where Should You Work?</a> with Amie Kuntz</li> <li><a href="https://www.bkd.com/podcast/2019/07/simply-tax-episode-67-insiders-view-irs-public-accounting-david-kirk" rel="nofollow" target="_blank"> Episode 67: An Insider's View: The IRS &amp; Public Accounting</a> with David Kirk</li> <li><a href="https://www.bkd.com/podcast/2019/09/simply-tax-episode-76-how-become-tax-geek" rel="nofollow" target="_blank"> Episode 76: How to Become a Tax Geek</a> with Chris Hesse</li> </ul> </li> </ul> GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our new <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube channel</a>. A complete archive of our episodes is available on our <a href="http://www.bkd.com/simplytax" rel="nofollow" target="_blank">website</a> and <a href="https://www.youtube.com/playlist?list=PLv_FXYLmhFnmFwbHtJaoHPTBCHMjt150Y" rel="nofollow" target="_blank"> YouTube playlist</a>. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! <a href="https://www.linkedin.com/in/damienmartincpa/" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/DamienMartinCPA" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.instagram.com/taxdad/" rel="nofollow" target="_blank">Instagram</a> | <a href="https://www.youtube.com/channel/UCtqhU-qXQyv7eggouffyQ_Q/featured?disable_polymer=1" rel="nofollow" target="_blank"> YouTube</a>

Living the CPA Life #077

The confluence of tax and market change can be overwhelming for middle-market businesses and their owners. Guest Chris Kramer helps boil down the complex to help those in the middle market understand how the Tax Cuts and Jobs Act might affect them. Here’s a look at what this episode covers:  Update on the middle market in general @ 1:56 What the TCJA means for middle-market businesses @ 4:17 How to approach tax and market change @ 7:24 Choice of entity for the middle-market business after the TCJA @12:06 What the depreciation changes mean for deals @ 15:59 Chris’ insight on how these changes might affect purchasing decisions @ 18:18 The most common question related to tax reform that Chris is getting @ 19:15 Loss of the Domestic Production Activities Deduction @ 21:41 Effect of the business interest deduction limitation @23:23 How middle-market businesses are responding @ 24:59 Thoughts on approaching areas where guidance is expected @ 26:32 What surprised Chris about the new tax law @ 28:43 Key takeaways for business owners @ 30:59  BIO FOR GUEST Chris Kramer is the East Region tax leader for BKD National Manufacturing &amp; Distribution Group and also works with clients in health care, construction, real estate development, professional services and retail. He provides leadership for BKD’s tax merger and acquisition team, tax diligence for both buyers and sellers, structuring and transaction consulting. Connect with Chris on LinkedIn

The confluence of tax and market change can be overwhelming for middle-market businesses and their owners. Guest Chris Kramer helps boil down the complex to help those in the middle market understand how the Tax Cuts and Jobs Act might affect them. Here’s a look at what this episode covers: <ul> <li>Update on the middle market in general @ 1:56</li> <li>What the TCJA means for middle-market businesses @ 4:17</li> <li>How to approach tax and market change @ 7:24</li> <li>Choice of entity for the middle-market business after the TCJA @12:06</li> <li>What the depreciation changes mean for deals @ 15:59</li> <li>Chris’ insight on how these changes might affect purchasing decisions @ 18:18</li> <li>The most common question related to tax reform that Chris is getting @ 19:15</li> <li>Loss of the Domestic Production Activities Deduction @ 21:41</li> <li>Effect of the business interest deduction limitation @23:23</li> <li>How middle-market businesses are responding @ 24:59</li> <li>Thoughts on approaching areas where guidance is expected @ 26:32</li> <li>What surprised Chris about the new tax law @ 28:43</li> <li>Key takeaways for business owners @ 30:59</li> </ul> BIO FOR GUEST Chris Kramer is the East Region tax leader for <a href="http://www.bkd.com/industries/manufacturing-distribution/" rel="nofollow" target="_blank">BKD National Manufacturing &amp; Distribution Group</a> and also works with clients in health care, construction, real estate development, professional services and retail. He provides leadership for BKD’s tax merger and acquisition team, tax diligence for both buyers and sellers, structuring and transaction consulting. <a href="https://www.linkedin.com/in/chris-kramer-b552075/" rel="nofollow" target="_blank">Connect with Chris on LinkedIn</a>

Tax Reform for Middle Market Businesses #023

Guests Scott Humphrey and Jason Jobgen join host Damien Martin to share their insights on what the Tax Cuts and Jobs Act (TCJA) means for the construction and real estate (CRE) industry. Here’s a look at what you’ll find in fifth episode of our TCJA series:  Nuances in the new tax law for CRE @ 2:40 Effects of new business interest expense deduction limitation on CRE @ 3:41 Real property trade or business defined @ 8:18 Factors to consider for electing out of the business interest expense deduction limitation @ 9:30 How qualified improvement property changed @ 11:53 Beneficial changes to bonus depreciation @ 13:24 Cost segregation study explained @ 14:36 Why it’s an important time to consider a cost segregation study @ 17:59 Net operating loss and excess loss limitation for CRE @ 22:18 Real Estate Investment Trust in light of the new 20 percent deduction @ 26:54 Changes to the carried interest and like-kind exchange rules @ 29:00  BIO FOR GUESTS Scott Humphrey is a member of BKD’s National Construction &amp; Real Estate Group. His technical knowledge includes tax planning and compliance, including multistate compliance and accounting method strategies. Follow Scott on Twitter | Connect with Scott on LinkedIn Jason Jobgen leads BKD’s Cost Segregation division and oversees BKD’s strategic alliance program, which includes working with more than 150 CPA firms to provide specialty services. Connect with Jason on LinkedIn

Guests Scott Humphrey and Jason Jobgen join host Damien Martin to share their insights on what the Tax Cuts and Jobs Act (TCJA) means for the construction and real estate (CRE) industry. Here’s a look at what you’ll find in fifth episode of our TCJA series: <ul> <li>Nuances in the new tax law for CRE @ 2:40</li> <li>Effects of new business interest expense deduction limitation on CRE @ 3:41</li> <li>Real property trade or business defined @ 8:18</li> <li>Factors to consider for electing out of the business interest expense deduction limitation @ 9:30</li> <li>How qualified improvement property changed @ 11:53</li> <li>Beneficial changes to bonus depreciation @ 13:24</li> <li>Cost segregation study explained @ 14:36</li> <li>Why it’s an important time to consider a cost segregation study @ 17:59</li> <li>Net operating loss and excess loss limitation for CRE @ 22:18</li> <li>Real Estate Investment Trust in light of the new 20 percent deduction @ 26:54</li> <li>Changes to the carried interest and like-kind exchange rules @ 29:00</li> </ul> BIO FOR GUESTS Scott Humphrey is a member of BKD’s <a href="http://www.bkd.com/industries/construction-real-estate" rel="nofollow" target="_blank">National Construction &amp; Real Estate Group</a>. His technical knowledge includes tax planning and compliance, including multistate compliance and accounting method strategies. <a href="https://twitter.com/ScottAHumphrey" rel="nofollow" target="_blank">Follow Scott on Twitter</a> | <a href="https://www.linkedin.com/in/shumphreycpa/" rel="nofollow" target="_blank">Connect with Scott on LinkedIn</a> Jason Jobgen leads BKD’s <a href="http://www.bkd.com/services/real-estate-cost-segregation.htm" rel="nofollow" target="_blank">Cost Segregation</a> division and oversees BKD’s <a href="http://www.bkd.com/services/strategic-alliance-program.htm" rel="nofollow" target="_blank">strategic alliance program</a>, which includes working with more than 150 CPA firms to provide specialty services. <a href="https://www.linkedin.com/in/jason-jobgen-292a59b/" rel="nofollow" target="_blank">Connect with Jason on LinkedIn</a>

Tax Reform for Construction & Real Estate #013

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