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Simply Tax

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

Read more

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.

iTunes Ratings

139 Ratings
Average Ratings
128
2
4
1
4

Very informative.

By Hoss5954 - Nov 12 2019
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I’m a new listener and I enjoy this podcast. The episodes are detailed and to the point.

Great tax podcast for a tax professional

By TheresaF45 - Jun 17 2019
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Good balance of fun and tax information. Info is relevant and on topic.

iTunes Ratings

139 Ratings
Average Ratings
128
2
4
1
4

Very informative.

By Hoss5954 - Nov 12 2019
Read more
I’m a new listener and I enjoy this podcast. The episodes are detailed and to the point.

Great tax podcast for a tax professional

By TheresaF45 - Jun 17 2019
Read more
Good balance of fun and tax information. Info is relevant and on topic.
Cover image of Simply Tax

Simply Tax

Latest release on Sep 08, 2020

The Best Episodes Ranked Using User Listens

Updated by OwlTail 5 days ago

Rank #1: Simply Uncut: The Latest on PPP Loan Forgiveness

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The U.S. Small Business Administration (SBA) released two more interim final rules on the Paycheck Protection Program (PPP) on Friday, May 22. Host Damien Martin calls up BKD’s Tad Goodenbour, James Anderson and Robb Conner to unpack the latest guidance and what it means for borrowers.

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

BKD alert: PPP Loan Forgiveness: What We Know (May 26, 2020)

BKD article: SBA Releases PPP Loan Forgiveness Application (May 19, 2020)

BKD webinar archive: COVID-19 PPP Loan Forgiveness: What We Know (May 18, 2020)

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

May 27 2020

58mins

Play

Rank #2: The Nitty Gritty—of Section 199A—with Tony Nitti #008

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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?”

Jan 09 2018

39mins

Play

Rank #3: Top 10 Tax Cases of 2019 #083

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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

Dec 30 2019

2hr 15mins

Play

Rank #4: The Psychology Of Wealth In Taxing Times #099

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Adapting effectively to adjustments in economic culture and wealth is often difficult and requires families to balance past tradition with the need to move forward. Internationally-recognized family wealth psychologist Dr. James Grubman joins host Damien Martin to discuss the dilemmas, decisions and challenges that come with wealth and share real-world stories for those both new to and coming from wealth. Here’s what’s covered:

  • Immigrants and natives to wealth @02:48
  • “Adapting from one economic culture to another is harder than people think” @06:44
  • The three main questions of adaptation @08:34
  • Best practices for balancing the past with the future in adaptation @09:57
  • The importance of finding the right balance of leaning on past tradition and taking on new skills @13:39
  • How to communicate during a crisis @16:24
  • Tips and techniques for getting the communication ball rolling @22:18
  • The “white noise” factor @25:19
  • A resource for getting some help with family communication @27:18
  • “You are absolutely not alone” @28:24

BIO FOR GUEST

Dr. James Grubman has provided services to individuals, couples and families of wealth for more than 30 years. His work with clients at many levels of affluence—from the “millionaire next door” to the Forbes 400has earned him a reputation as a valued family advisor. Jim often is consulted in situations of complexity where psychology, law, finance, medicine and business all come into play to varying degrees. He draws on his experience as a psychologist, neuropsychologist and family business consultant with specialty interests in trusts and estate law, family governance and wealth psychology.

Jim brings his deep knowledge of the client's perspective to his work with single and multi-family offices, top 100 wealth management firms, attorneys and other advisors. He has coached hundreds of advisors on the core competencies needed to foster exceptional client relationships. His practical approach emphasizes collaboration, empathy and efficiency.

Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author (with Dennis Jaffe, PhD) of Cross Cultures: How Global Families Negotiate Change Across Generations, groundbreaking explanations of how individuals and families can adjust to wealth effectively. His work has been discussed in Malcolm Gladwell’s national bestseller, David and Goliath, as well as featured in the Wall Street Journal, Business Week, CNBC, The New York Times, The Boston Globe and Private Wealth. He has published widely in the Journal of Wealth Management, Journal of Financial Planning, Financial Advisor and many other media

Learn more about Dr. Grubman and get additional resources here.

GET MORE “SIMPLY TAX”

We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

May 20 2020

32mins

Play

Rank #5: Tax Planning for Individuals #081

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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

Dec 05 2019

41mins

Play

Rank #6: Putting the Final §199A Pieces Together #054

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Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway.

TIME STAMPS OF WHAT’S COVERED

  • A big announcement from Tony @2:04
  • Hats off to Treasury and the IRS @3:59
  • Headlines from the final regs @5:00
  • How to digest 247 pages of final guidance @8:24
  • More extended tax returns this year? @10:01
  • The problem for rental real estate and the triple net lease under the final regs @11:43
  • Safe harbor for treating a rental real estate enterprise as a trade or business @13:01
  • Multiple trades or businesses within the same entity @18:51
  • Putting it all together @20:51
  • The incidental rule is gone @23:51
  • Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51
  • They narrowed down the SSTB definitions @26:08
  • Big clarification for consulting @27:18
  • Relying on the proposed regulations @33:00
  • What’s ahead for Tony’s Forbes articles @37:07
  • What’s ahead for §199A @38:24

BIO FOR GUEST

Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.

More about Tony:

Connect with Tony on Social Media:

RESOURCES MENTIONED IN THE EPISODE

Previous episodes of the “Simply Tax” podcast covering §199A:

More on §199A from Tony:

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

Jan 29 2019

40mins

Play

Rank #7: The Proposed 199A Regs with Tony Nitti #035

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The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations.

TIME STAMPS OF WHAT’S COVERED

  • [02:40] Initial reactions to the proposed regulations
  • [05:48] Challenges in implementing the proposed guidance
  • [11:09] What’s a trade or business and when does a rental activity raise to the level of one?
  • [16:16] Increased penalty associated with being aggressive
  • [18:21] Aggregation rules
  • [22:00] The tax law confidence bell curve
  • [25:15] How #TaxTwitter contributed to the proposed regulations
  • [30:48] We need a roadmap for QBI
  • [33:25] Absent action, the deduction sunsets after 2025
  • [37:03] Tony’s take on the treatment of §1231 assets
  • [38:39] My head hurts!
  • [41:49] UBIA and other terms of art from the proposed regulations
  • [44:36] Approach the TCJA-related guidance as a marathon not a sprint
  • [48:27] Advice for a successful tax career in tax

BIO FOR GUEST

Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.

Follow Tony on Twitter

Connect with Tony on LinkedIn

ADDITIONAL RESOURCES

Mentioned in the episode

More on §199A from Tony

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

Aug 21 2018

52mins

Play

Rank #8: How to be a Tax Geek #076

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Tax manager recently topped the list of jobs with the best career opportunities in the U.S. in a recent Glassdoor survey. Host Damien Martin sits down with guest Chris Hesse—current chair of the AICPA Tax Executive Committee—to cover Chris’ advice for a successful and happy career in tax, insights on the important role the committee plays in advocating for taxpayers and tax practitioners, key takeaways from tax reform and more.

TIME STAMPS

  • Who is Chris Hesse and why is he involved with the AICPA? @3:21
  • What does the AICPA tax executive committee do? @7:12
  • The role of the Tax Executive Committee in requesting TCJA guidance @8:31
  • The AICPA’s role in advocating for taxpayers on §199A @10:25
  • Comment letters are a treasure trove of information @16:04
  • Are draft tax forms considered guidance? @18:21
  • Nuances of the trade or business determination and consistent application @20:18
  • How Chris became a tax geek (and how you can too) @25:42
  • Nothing beats 40 years of experience @33:22
  • Chris’ advice for starting out in the profession @38:25
  • Be happy with what you’re doing! @43:31

BIO FOR GUEST

Chris Hesse has more than 35 years of tax experience in public accounting with more than 30 years of speaking and training experience before tax professionals. His career has included tax leadership of a 200-person practice and extensive tax writing and analysis services. Chris has spoken at numerous conferences throughout the country on taxation, agricultural and estate tax topics and is the chair of the AICPA Tax Executive Committee. He has testified before legislative committees on tax policy matters and has been instrumental in federal and state tax law changes.

ADDITIONAL RESOURCES

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

Sep 26 2019

47mins

Play

Rank #9: No Such Thing as a Deductible Lunch? #024

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Guidance is needed to clarify the rules regarding the deductibility of certain meals, entertainment, qualified transportation and other expenses after the Tax Cuts and Jobs Act (TCJA). The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS on April 2, 2018, requesting immediate guidance in this area. Guest Kristin Esposito joins host Damien Martin to take a closer look. Here’s some of the questions they cover:

  • Why did the AICPA form a task force to request guidance under Section 274? @ 3:24
  • How were the areas from the recent request for guidance identified? @ 5:50
  • What changed under TCJA? @ 8:23
  • Are there still areas where entertainment can be deductible? @ 13:22
  • How should you approach the open areas while we await guidance? @ 15:53
  • What changed with the rules for employer provided business meals? @ 16:48
  • Can meals and entertainment be advertising? @ 20:09
  • How did the deduction for qualified transportation fringe benefits change? @ 22:21
  • What was the process for issuing the letter requesting guidance in this area? @ 24:19
  • What’s next for the task force? @ 27:49
  • How should tax practitioners approach areas of uncertainty @ 30:01
  • Are business meals deductible after tax reform? @ 32:33

BIO FOR GUEST

Kristin Esposito is a senior manager for the American Institute of CPA’s (AICPA) Tax Policy & Advocacy Team. In this role, she manages the Employee Benefits Tax Technical Resource Panel and the Corporations and Shareholders Tax Technical Resource Panel. She also is responsible for the development, review and submission of comments to Congress, the Department of Treasury and the Internal Revenue Service and policy recommendations.

Connect with Kristin on LinkedIn

ADDITIONAL RESOURCES

Request for Immediate Guidance Regarding IRC Section 274 – Disallowance of Certain Entertainment, Etc. Expenses (Pub. L. No. 115-97, Sec. 13304)

Flowchart: Meals & Entertainment Deduction After the Tax Cuts and Jobs Act

Article: Tax Reform Modifications to the Deduction for Business Meals & Entertainment

Apr 25 2018

34mins

Play

Rank #10: The Latest Tax Developments #084

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Headlines are swirling after several tax-related developments in Washington at the end of 2019. Join guests Ed Karl, vice president of taxation at the American Institute of CPAs (AICPA), Dan Smith, Lynn Mayabb and host Damien Martin, as they discuss the tax-related provisions of the Further Consolidated Appropriations Act, 2020 (Act), share what these modifications could mean for individuals and businesses and provide an inside look at what Ed and the AICPA are focusing on in the year ahead. Here’s what’s covered in our first episode of 2020:

The latest in tax legislation with Ed Karl

  • Ed’s reaction to the Act, its contents and how the Act came to be @2:22
  • Are changes needed to the disaster relief provisions? @4:12
  • It’s hard to justify the use of temporary provisions @8:13

Changes for Qualified Plans with Dan Smith

  • Dan’s experience with qualified plans and the history of 401(k)s @12:28
  • The genesis of the SECURE Act’s provisions within the Act @16:15
  • Modifications to pooled employer plans and what they mean for smaller companies @19:50
  • “There’s a lot in there!” @26:59
  • The remedial amendment period @28:38
  • Other changes in the Act for qualified plans @31:58
  • The most common error with qualified plans and things to watch for @49:23
  • Closing thoughts from Dan @53:39

Individual Considerations After the Act with Lynn Mayabb

  • How to approach the updates for individuals @56:36
  • The two biggest changes and potential action needed by individuals @58:06
  • Roth IRAs after the latest developments under the Act @1:04:57
  • There’s no one-size-fits-all answer @1:05:57
  • Taking a collaborative and holistic approach @1:11:14
  • Other changes for individuals in the Act @1:12:21
  • Key considerations and actions to take now @1:16:00

Other Developments & the Year Ahead with Ed Karl

  • Recent guidance—and the need for it @1:17:37
  • What are Ed and the AICPA watching and working on in 2020? @1:20:39
  • The latest developments with the taxation of the digitalized economy @1:24:26
  • Tax proposals and the AICPA’s response @1:29:27
  • Amending returns after the Act @1:31:39

Learn more about our guests and get additional resources here.

GET MORE “SIMPLY TAX”

We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.

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

Jan 16 2020

1hr 35mins

Play

Rank #11: What's a Family Office? #065

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A family office can help build and preserve a family’s legacy. Guest Jack Thurman joins Damien Martin to explain how, while also breaking down the ways a family office can benefit a family.

TIME STAMPS OF WHAT’S COVERED

  • How Jack defines a family office [01:54]
  • Benefits of a family office [06:01]
  • Is a family office is a good fit for you? [07:38]
  • Common roles a family office can play [12:07]
  • What to look for in a family office advisor [15:16]
  • Evaluating the cost [22:03]
  • Common issues that keep generation one up at night [25:56]
  • Best practices for family offices [29:37]
  • A family office advisor is like a running buddy [31:31]
  • How Jack came to work with affluent families [36:05]
  • How Jack manages his goals and aspirations [39:05]
  • Ways Jack focuses on what he does best while outsourcing the rest [42:46]
  • Closing thoughts [48:45]

BIO FOR GUEST

Jack Thurman is president of BKD Wealth Advisors, LLC, a subsidiary of BKD, LLP, which provides investment oversight, wealth management and family office services to high-net-worth families and corporations. He has provided wealth management services since 1986 and is regularly contacted by national media for interviews and commentary on the market and economic events. Jack has been quoted in publications such as Forbes, The Wall Street Journal, Businessweek, SmartMoney and CNBC.

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

Mentioned on the podcast:

Additional family office resources:

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

Jun 20 2019

51mins

Play

Rank #12: Choice of Entity for Family Businesses - Part I #051

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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

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 

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

Jan 11 2019

36mins

Play

Rank #13: Bonus Depreciation Regs & More #038

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Returning guest Jesse Palmer sits down with host Damien Martin to review changes to the bonus depreciation rules under the Tax Cuts and Jobs Act (TCJA) and break down what’s addressed in recently released proposed regulations under Internal Revenue Code Section 168(k). Jesse also shares his insight on year-end planning after recent guidance to round out our week of TCJA-related guidance.

TIME STAMPS OF WHAT’S COVERED

  • [02:51] History of bonus depreciation
  • [05:16] Changes under the TCJA
  • [09:05] What’s addressed in the guidance
  • [18:03] Situations where you may want to elect out of bonus depreciation
  • [22:27] What wasn’t addressed in the guidance
  • [28:11] Where we are on TCJA-related guidance
  • [32:29] Why you can’t look at planning after TCJA in a vacuum
  • [34:25] Action items to consider now
  • [36:02] How the choice of entity analysis has changed with the guidance we’ve seen
  • [37:49] There’s much more TCJA-related guidance to come

BIO FOR GUEST

Jesse Palmer is a tax partner at BKD and serves as director of tax quality control at the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks.

Connect with Jesse on LinkedIn

ADDITIONAL RESOURCES

Webinar Archive: Insights & Planning Points from the Proposed §199A Regulations

Summary: Bonus Depreciation after the TCJA

Simply Tax: Episode 27: The SALT Workarounds with Annette Nellen

Simply Tax: Episode 10: The International Side of Tax Reform

GET MORE SIMPLY TAX

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

Aug 24 2018

40mins

Play

Rank #14: What's New in Tax Legislation #066

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Take a “drive” with frequent guest Ed Karl to hear the latest on tax-related legislation in Washington, D.C. In addition, listen in for updates on cryptocurrency guidance, the taxation of the digitized economy and Ed’s advice for the fall tax season.

TIME STAMPS OF WHAT’S COVERED

  • ”It looks like everything is headed towards a September fiscal cliff” @1:35
  • Ed’s outlook on extenders and Tax Cuts and Jobs Act (TCJA)-related corrections legislation @7:55
  • The Setting Every Community Up For Retirement Enhancement Act of 2019 @11:26
  • The Taxpayer First Act @12:22
  • Observations on the first tax season under the TCJA @14:12
  • Guidance on virtual currency @18:31
  • Update on the taxation of the digitized economy @20:58
  • Possible preparer regulation @25:18
  • “You have to have a lot patience to work in Washington” @27:11
  • Closing thoughts @29:54

BIO FOR GUEST

Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA’s Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

Mentioned on the podcast:

Additional tax reform resources:

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

Jul 04 2019

32mins

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Rank #15: Tax Reform for Businesses #009

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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

Jan 16 2018

34mins

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Rank #16: Is Section 1202 for You? #026

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When certain requirements are met, IRC Section 1202 provides a meaningful exclusion for the gains made on certain small business stock. Our Tax Cuts and Jobs Act (TCJA) series concludes as guest Rick Klahsen breaks down the exclusion with host Damien Martin and discusses what it means after tax reform. Here’s what they cover:

  • What’s Section 1202? @ 1:44
  • Why are there areas of uncertainty? @ 5:40
  • What’s a qualified small business for Section 1202 purposes? @ 9:53
  • How can you determine if a company meets the $50 million asset threshold? @ 11:25
  • Can the gain exclusion ever exceed $10 million? @ 13:48
  • Why is Section 1202 more complex than it appears? @ 14:54
  • What are some common areas of misunderstanding? @ 19:08
  • Why there’s been so much discussion around choice of entity after tax reform and how Section 1202 might increase interest in this discussion @ 21:38
  • What has factored into the historic popularity of Section 1202? @ 27:44
  • Has there been more interest in Section 1202 after tax reform? @ 30:58
  • Is Section 1202 for you? @ 33:55

BIO FOR GUEST

Rick Klahsen has more than 25 years of experience advising clients in various industries, including several investor-owned public utilities, food manufacturers and distributors, automobile original equipment manufacturers and telecommunications service providers. He also has significant experience with federal tax due diligence and matters related to structuring transactions. He serves as regional tax director of BKD’s South Region and tax director of BKD’s Dallas-Waco practice unit.

Connect with Rick on LinkedIn

May 09 2018

38mins

Play

Rank #17: Managing the Accounting Method Madness #078

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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.

Brittany Cummings serves as a national assistant tax director in BKD’s National Tax Department.

ADDITIONAL RESOURCES

Mentioned in the podcast:

Additional resources:

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

Oct 25 2019

43mins

Play

Rank #18: Tax Return Positions #060

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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.

“Reporters” from the tax intern group of BKD Chicago in order of appearance:

  • Mark Christman | University of North Carolina | Graduating June 2019
  • Yosue Perez | Northern Illinois University | Graduating May 2019
  • Olivia Salach | Loyola University Chicago | Graduating May 2020
  • Letty Valles | Dominican University (River Forest) | Graduating May 2019
  • Emily Szmania | Loyola University Chicago | Graduated November 2018
  • Kamile Petraityte | Saint Xavier University | Graduating May 2020

 ADDITIONAL RESOURCES

Statements on Standards for Tax Services

Tax Ethics & Professional Standards

GET MORE “SIMPLY TAX”

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

Apr 04 2019

20mins

Play

Rank #19: CPA to CPA with Tony Nitti

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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

Jan 11 2018

27mins

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Rank #20: Living the CPA Life #077

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Guest Tim Jipping—host of the “Journey View” podcast—joins “Simply Tax” host Damien Martin on an exploration of their careers in the CPA profession. The two share their personal experiences from working in the CPA profession and discuss the profound effect the AICPA Leadership Academy has had on both their careers and personal lives.

TIME STAMPS

  • Who is Tim Jipping? [02:45]
  • The experience of starting a podcast [07:34]
  • Creating and being creative [09:18]
  • Simply creativity and innovation [13:51]
  • How the AICPA Leadership Academy can change you [21:56]
  • Tim’s journey and the role of fear and vulnerability [28:37]
  • Wait, Damien majored in music? [35:27]
  • Creating space to grow and running a marathon [41:51]
  • How to say YES! [45:36]
  • Perspectives and insights gained from moving across the country [50:16]
  • Advice to 20-year-old Damien and Tim [59:13]
  • Slow down, people! [1:06:56]

BIO FOR GUEST

Tim Jipping, CPA, CGMA is the founder and owner at Journey Advisors & CPAs. Named as a 2018 40 Under 40 Honoree in accounting and audit, Tim has more has more than 13 years in the accounting profession, with time spent in public accounting and a stint as a controller. He also hosts "Journey View,” a podcast created specifically as an outlet for his creativity and to share conversations with fascinating people about their journey in life.

ADDITIONAL RESOURCES

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

Oct 10 2019

1hr 11mins

Play