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Rank #182 in Business category

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Education

Simply Tax

Updated 8 days ago

Rank #182 in Business category

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

120 Ratings
Average Ratings
114
2
3
0
1

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

120 Ratings
Average Ratings
114
2
3
0
1

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.

Listen to:

Cover image of Simply Tax

Simply Tax

Updated 8 days ago

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.

Rank #1: 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

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Rank #2: Tax Reform with Ed Karl #001

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Tax reform is proving to be elusive. Host Damien Martin cuts through the headlines swirling around this fast moving tax topic with special guest Ed Karl, VP of taxation at the American Institute of CPAs (AICPA). Listen to get answers to these questions:

  • I’m feeling lost. Can you catch me up on what’s happened on tax reform so far? @ 2:26
  • What’s budget reconciliation? @ 7:30
  • Who’s the “Gang of Six?” @ 8:40
  • How should I approach year-end tax planning this year with so much uncertainty? @15:39
  • What are the odds of seeing tax reform? @18:08

Sep 21 2017

21mins

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Rank #3: 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

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Rank #4: 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 #5: 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 #6: 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 #7: Simply Small Business Taxpayer Methods #036

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Guest Nathan Clark joins host Damien Martin to review the recent recommendations made by the AICPA’s Tax Methods & Periods Technical Resource Panel on challenges associated with making accounting methods changes to adopt the favorable small business taxpayer provisions in the Tax Cuts and Jobs Act (TCJA). Nathan also reviews key takeaways from the recent guidance provided in Revenue Procedure 2018-40

TIME STAMPS OF WHAT’S COVERED

  • [01:59] Overview of what changed under the TCJA
  • [04:47] What’s an accounting method again?
  • [06:10] The resource panel’s July 23 letter
  • [07:51] Guidance under Revenue Procedure 2018-40
  • [12:01] Key takeaways from the guidance received
  • [15:16] Section 481(a) explained
  • [18:47] The opportunity to plan for lower tax rates under the TCJA
  • [20:40] Section 263A uniform capitalization calculations
  • [21:28] Changes in methods to account for inventories under the TCJA
  • [25:09] Challenges in implementing the changes
  • [32:48] Section 460 and accounting for long-term contracts
  • [34:28] Need for clarification on the interest deduction limitation
  • [36:16] Qualified Improvement Property
  • [42:13] Other items in the July 23 letter
  • [43:08] Training for marathons while keeping up with the pace of tax change

BIO FOR GUEST

Nathan is a tax partner in Dixon Hughes Goodman’s firm headquarters in Charlotte, North Carolina—SouthPark. He has a deep focus on accounting method changes and specializes in capitalization, depreciation and revenue recognition. Nathan has spoken for AICPA conferences, state CPA societies, and other continuing education events. He has published Tax Alerts and articles for AICPA’s The Tax Adviser, CCH’s Corporate Business Taxation Monthly, CFO.com, AccountingWEB and has been cited by CFO.com and CCH.

Follow Nathan on Twitter

Connect with Nathan on LinkedIn

ADDITIONAL RESOURCES

AICPA Tax Methods & Periods Technical Resource Panel

AICPA Comments on Impact of Pub. L. No. 115-97 on Accounting Methods for Small Business Taxpayers

Revenue Procedure 2018-40

Simply Tax Episode 21: TRPs After 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 22 2018

46mins

Play

Rank #8: 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

Play

Rank #9: #TaxTwitter Answers to 199A Questions #037

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Host Damien Martin gets some help from #TaxTwitter—the informal tax community on Twitter—to take a closer look at questions that remain unanswered after the proposed regulations under §199A. Here’s what you’ll find in our latest installment on TCJA-related guidance:

MORE ON OUR GUESTS

Andrea Carr | Carr, Gouveia + Associates, CPAs, Inc.

Glen BirnBaum | Heinold Banward, Ltd.

Blake Crow | Eide Bailly, LLP

Bill Sweet | Ritholtz Wealth Management, LLC

ADDITIONAL RESOURCES

Simply Tax Episode 35: The Proposed 199A Regs with Tony Nitti

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

Section 199A flowchart: Pass-through business deduction

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 22 2018

35mins

Play

Rank #10: Raise Your Hand if You’re Confused — A Tax Reform Q&A #018

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Now that the Tax Cuts and Jobs Act is law, the significant changes made to the tax code have created questions for taxpayers and CPAs alike. Host Damien Martin cuts through the static for listeners in our first ever Q&A episode. Here’s a look at what’s included:

  • Meals and entertainment changes @ 2:15
  • Itemized vs. the standard deduction @ 6:50
  • The home mortgage interest deduction after tax reform @ 8:53
  • Excise tax on excess executive compensation @ 10:52
  • Changes to tax forms with Ed Karl @ 13:26
  • Cryptocurrency with Sean Stein Smith @ 16:32

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 Treasury Department 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

Sean Stein Smith is an assistant professor at Lehman College (CUNY), a member of the AICPA Leadership Academy Class of 2017 and a columnist at Inc. His work and analysis of accounting, blockchain and the evolution of the accounting profession has been featured in numerous practitioner and academic publications.

Follow Sean on Twitter

Connect with Sean on LinkedIn

ADDITIONAL RESOURCES

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

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

Article: “What You Need to Know If Your Business Accepted Cryptocurrencies for Payment This Year

Mar 15 2018

24mins

Play

Rank #11: Tax Reform for Construction & Real Estate #013

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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 & 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

Feb 13 2018

35mins

Play

Rank #12: The Future of Tax Accounting with Danetha Doe #033

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What does swimming with sharks have to do with the future of tax accounting? Find out as guest Danetha Doe—host of the Future of Accounting podcast—shares her insights on the tax trends beyond tax reform that businesses and their advisors should focus on.

TIME STAMPS OF WHAT’S COVERED

  • [ 00:36 ] Who is Danetha Doe
  • [ 05:25 ] Trends in the accounting profession
  • [ 10:38 ] If you don’t manage changing technology, it can get in the way
  • [ 15:56 ] The focus is becoming more on managing people and organizations
  • [ 18:47 ] Challenging yourself outside the office helps you be more open-minded in your work
  • [ 21:57 ] Developing a personal brand is important for accountants and business owners alike
  • [ 25:42 ] Creativity is especially important
  • [ 27:04 ] Put the moose on the table
  • [ 28:20 ] Women in the workplace
  • [ 31:33 ] Danetha’s advice for Damien on mentoring women on his team
  • [ 37:19 ] Creativity, communication and empathy are key
  • [ 39:21 ] We can all learn from each other’s perspectives
  • [ 41:03 ] Focus on motivation

BIO FOR GUEST

Danetha Doe is CEO and president of The Doe Collective. Based in the San Francisco Bay Area, she manages a collection of brands that share the mission of promoting creativity, collaboration and economic empowerment. As a blogger and influencer, she and the team collaborate with financial institutions and lifestyle brands to produce unique content and live events catering to women’s empowerment.

Connect with Danetha on LinkedIn

Follow Danetha on Twitter

ADDITIONAL RESOURCES

More from Danetha: The Doe Collective | Money & Mimosas | Future of Accounting

McKinsey & Company study: Women in the Workplace 2017

BKD’s SKY 2017 Impact Report

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 14 2018

44mins

Play

Rank #13: Tax Reform for Middle Market Businesses #023

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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 & 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

Apr 19 2018

33mins

Play

Rank #14: 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

Play

Rank #15: 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 #16: Ed Updates – IRS Reform & Guidance on the New Tax Law #025

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The tax filing season may be over, but it the topic of taxes is still buzzing in Washington. This time it’s regarding reforming the IRS and providing guidance on aspects of the Tax Cuts and Jobs Act (TCJA). Frequent guest Ed Karl—VP of taxation at the AICPA—returns to provide updates on the following areas:

  • Legislation to reform the IRS @ 0:43
  • A path forward and the likelihood of enacting IRS reform @ 3:36
  • Guidance on TCJA @ 8:26
  • Tax extenders @ 13:17
  • Making the individual provisions permanent @ 13:41
  • Areas of focus for the AICAP Tax Policy and Advocacy Group @ 14:40
  • Advice for those looking to catch up on the TCJA @ 16:11

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 Treasury Department 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

May 02 2018

19mins

Play

Rank #17: Tax Framework with Ed Karl

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The tax framework released on September 27, 2017 provides an outline of what the Big Six envision for tax reform. The proposals call for the simplification of the tax code and a reduction in tax rates for businesses and many individuals.

OK, but what’s this framework mean in terms of the big picture on tax reform and for me personally? Host Damien Martin delivers a special bonus episode as Ed Karl, VP of taxation at the American Institute of CPAs (AICPA), returns to the podcast to break down the following:

  • It’s what we were expecting @ 1:40
  • There’s some things we learned with the framework @ 3:32
  • But there’s some things we’ll have to wait and learn about @ 8:29
  • The word “unified” has a limited definition @ 14:38
  • Overall odds on tax reform remain unchanged @21:28

Sep 28 2017

33mins

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Rank #18: Tax Reform Insights for Construction & Real Estate #073

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Cut through the static of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned from applying the provisions of the TCJA during the first tax filing season for construction and real estate. Guest Jason Grosh joins host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered:

  • Key TCJA changes for contractors [01:17]
  • Are contractors actually making accounting method changes after the TCJA? [05:48]
  • Challenges with the lack of guidance [10:39]
  • Planning considerations for contractors after the TCJA [13:31]
  • Record keeping considerations after tax reform [20:00]
  • Enhanced depreciation deductions [23:21]
  • Credits and incentives [25:25]
  • C versus S corporation after the TCJA [27:23]

BIO FOR GUEST

Director Jason Grosh is a member of BKD National Construction & Real Estate Group. Jason provides tax services for contractors, real estate developers, hospitality companies, manufacturers and telecommunications companies. He focuses on tax planning for multistate partnerships, LLCs and corporations and on business succession planning, including buy-sell agreements, deferred compensation plans and merger and acquisition agreements.

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

Aug 26 2019

30mins

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Rank #19: 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 #20: Blocking & Tackling Blockchain & Cryptocurrency #075

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A lot has been said and written about blockchain and cryptocurrency, but what do you really need to know—and why does it matter? Guests Nik Fahrer, Caleb Shough and Katie Harrison join host Damien Martin for a discussion on the tax, financial reporting and regulatory aspects of this evolving area.

HERE'S WHAT'S COVERED:

  • Background on Bitcoin @03:12
  • Goal of cryptocurrency’s creators @04:12
  • What is cryptocurrency? @05:41
  • Evolution of cryptocurrency since its inception @09:14
  • Tax treatment and implications @11:26
  • Financial reporting treatment and implications @13:39
  • Misconceptions and misunderstandings @15:40
  • Compliance and regulatory considerations @21:05
  • It’s more than having a great cryptocurrency-related idea @24:48
  • Mining @26:57
  • Hardforks @32:13
  • Wash sales @35:41
  • Other blockchain applications @37:31
  • Partnering with FinTech companies @39:39
  • Best practices for partnering @44:21
  • Cryptocurrency and the gig economy @46:00
  • Anonymity and cryptocurrency @47:10
  • Advice for keeping up with the developments @49:05
  • A few ways to learn more @50:11

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 12 2019

52mins

Play