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Damien R. Martin

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🧠 _S1 E023 Mindset Shifts and Agile Misconceptions: Insights from Damien Stark Podcast: The Agile Matrix PodcastEpisode: S1 E023 Mindset Shifts and Agile Misconceptions: Insights from Damien StarkPub date: 2024-08-02Get Podcast Transcript →powered by Listen411 - fast audio-to-text and summarizationWhat do you think about today's podcast?In this enlightening episode, we sit down with Damien Stark, a seasoned Agilist with over 14 years of experience, to explore the complex world of Agile transformations. Damien delves into the common challenges and misconceptions that organizations face when attempting to implement Agile methodologies, particularly in large, siloed environments.
2025-01-1937 minKRAFTRAUM
KRAFTRAUMTabata & Zone 2? Better think twice! - Martin Buchheit | NSCA GermanyToday’s guest is Martin Buchheit, who’s a researcher, strength and conditioning coach specialized in team sports and also an author, educator and host of the training science podcast. We talk about how he became interested in researching interval training, why it's such a good tool for training team sport athletes and what he thinks about Tabata and Zone 2 training. You can see Martin and lot's of other expert presenters at the NSCA Euro Conference Connect2025 which will be held in Munich Germany from the 14th to 16th of March 2025. Links: NSCA CONNECT2025: https://nsca.de/connect2025/ Martin on Inst...
2025-01-061h 03Simply Tax
Simply Tax2021 Year-End Tax AdvisorIt's been another year like no other amid tax law changes, a shifting economy, an ongoing global pandemic, and new regulations—and the BKD Year-End Tax Advisor is back with more than 20 articles to assist with crucial year-end planning decisions. Host Damien Martin caught up with five contributors to this year's Tax Advisor to discuss their articles in front of a live audience on November 4, 2021, in St. Louis, Missouri, as part of BKD's annual Leadership Conference. Here's what's covered: What is the Tax Advisor [02:16] 10 IRS LB&I Compliance Campaigns You Should Know About with Yelena Bosovik [03:14] What is LB...
2021-12-1050 minSimply Tax
Simply Tax2021 Year-End Tax AdvisorIt’s been another year like no other amid tax law changes, a shifting economy, an ongoing global pandemic, and new regulations—and the BKD Year-End Tax Advisor is back with more than 20 articles to assist with crucial year-end planning decisions. Host Damien Martin caught up with five contributors to this year’s Tax Advisor to discuss their articles in front of a live audience on November 4, 2021, in St. Louis, Missouri, as part of BKD’s annual Leadership Conference. Here’s what’s covered: What is the Tax Advisor [02:16] 10 IRS LB&I Compliance Campaigns You Should Know About with Yelena...
2021-12-1050 minSimply Tax
Simply TaxCybersecurity With Cy The Cyber GuyThe threat and impact of cybercrime have become an unwanted part of our daily lives. Cy “the Cyber Guy” Sturdivant joins host Damien Martin to break down the biggest cybersecurity threats and provide best practices to help businesses and their owners identify and deter cyberattacks. Here’s what they cover: What is cybersecurity? [01:27] Who should be concerned with it? [02:34] How does Cy characterize the current cybersecurity environment? [04:59] What are the key threats? [06:27] How has the pandemic affected the cybersecurity environment? [08:39] What industries and organizations have the highest threat level? [10:44] What can you do about risk and how do you ac...
2021-11-1530 minSimply Tax
Simply TaxWhere Things Stand With Build Back BetterA deal on budget reconciliation is proving elusive in Congress. Guest Travis Lucas is back with host Damien Martin to cut through the static of the headlines in Washington, D.C. Here’s what they cover: Impact of the 2022 elections Who’s against who Getting the requisite Democratic votes The new four tectonic plates Getting to a topline number Debt ceiling politics Timing of the bipartisan infrastructure and budget reconciliation bills What the final budget reconciliation bill might look like Learn more about Travis and get the additional resources mentioned in the episode here.  Have quest...
2021-10-2520 minSimply Tax
Simply TaxIs Section 1202 Through?Internal Revenue Code (IRC) Section 1202 provides a meaningful exclusion for the gains from the sale of qualified small business stock (QSBS). Guest Rick Klahsen returns to the podcast with host Damien Martin to revisit how the enactment of the Tax Cuts and Jobs Act (TCJA) impacted this powerful opportunity and explore what proposed changes might mean for its future. Here’s what they cover: How to describe IRC §1202 at a cocktail party [02:39] Challenges to overcome and hoops to jump through [03:40] Protecting your QSBS [06:11] Planning ideas and opportunities [07:43] What is IRC §1045 and why is it seemingly ignored? [13:48] QSBS after TCJA...
2021-10-2130 minSimply Tax
Simply TaxWealth Planning For Build Back BetterSeveral provisions included in proposed legislative text approved by the House Ways and Means Committee on September 15, 2021, would significantly change the estate planning world if enacted. Guest Justin Miller, J.D., LL.M., TEP, AEP¼, CFP¼, joins host Damien Martin to break these proposals down and explain what they might mean for you. Here’s what’s covered: The benefits of #TaxTwitter [01:47] Proposed income tax increases [04:28] Could they actually make a retroactive capital gains rate increase? [09:38] Proposed estate and gift tax changes [14:13] What’s scaring the world of estate planners? [16:11] Navigating and planning for uncertainty [22:58] Proposed changes to retireme...
2021-10-1134 minSimply Tax
Simply TaxSALT RenaissanceWhile the prospect of federal tax law changes has dominated the headlines and airwaves lately, there are several significant developments taking shape in the state and local tax (SALT) space that merit your attention as well. Guests Rick Najjar, J.D. and Ted Kontopoulos, J.D. join host Damien Martin to share and break down the developments you need to know for both your personal and business tax bills. Here’s what they cover: How has South Dakota v. Wayfair, Inc. (Wayfair) shaped the SALT world and what does its future impact look like? [01:19] Surprises on the implementation of...
2021-09-3045 minSimply Tax
Simply TaxReconciling Reconciliation & MoreGuest Travis Lucas returns to the podcast to join host Damien Martin in boiling down the thousands of pages of recently introduced proposed legislative text. Listen to find out what the proposals might mean for you, your business, and your family as the fast-moving tax reform train continues to pick up speed. Learn more about Travis and get the additional resources mentioned in the episode here! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A co...
2021-09-1530 minSimply Tax
Simply TaxWhat's It Like To Be A Tax Intern?An internship in public accounting can be one of the most rewarding yet nerve-racking experiences on the journey to a career in tax. Hear from four students who completed a summer internship with host Damien Martin as they share their advice, tips, and lessons learned. Here's what's covered: Meet our fantastic four tax interns [01:35] How the experience stacked up against expectations [04:00] Advice for those considering and embarking on an internship [11:52] AMA with Damien [25:38] How do you develop and foster client relationships? [25:54] What makes an intern successful and how can they successfully transition into an associate role? [28:17] How did...
2021-08-3145 minSimply Tax
Simply TaxWhat's It Like To Be A Tax Intern?An internship in public accounting can be one of the most rewarding yet nerve-racking experiences on the journey to a career in tax. Hear from four students who completed a summer internship with host Damien Martin as they share their advice, tips, and lessons learned. Here’s what’s covered: Meet our fantastic four tax interns [01:35] How the experience stacked up against expectations [04:00] Advice for those considering and embarking on an internship [11:52] AMA with Damien [25:38] How do you develop and foster client relationships? [25:54] What makes an intern successful and how can they successfully transition into an associate role? [28:17] How...
2021-08-3145 minSimply Tax
Simply TaxThe Family Office: Why Have One?Join host Damien Martin in his ongoing quest for insights and best practices for affluent families and their advisors as he sits down with guest Jeff Davidson to unpack the often mystifying and sometimes daunting world of the family office.  Here’s what’s covered: Who is Jeff Davidson? [02:35] Developing a national family business succession planning practice [07:11] The definition of a family office [11:25] Running a family office [13:41] Common challenges for families [16:59] Cost considerations for family offices [18:40] Figuring out the focus of the family office [20:46] Family meetings and addressing the gorilla in the corner [21:09] Leading effective family meetings and learn...
2021-08-1637 minSimply Tax
Simply TaxTax Legislative Halftime ReportHeadlines are swirling in Washington D.C. on a bipartisan infrastructure deal in the U.S. Senate and a $3.5 trillion budget reconciliation deal between Senate Democrats.  Host Damien Martin cuts through the static of the latest tax-related developments with guest Travis Lucas, managing principal of The Lucas Law Firm, and also checks in with BKD partners Chris Doolittle and Randy Throener to hear how taxpayers are reacting and planning amid uncertainty.  Listen to get answers to these questions: How are taxpayers approaching planning with so much unknown at this point? [02:58] Is the upcoming 2022 election playing a role in th...
2021-07-3030 minSimply Tax
Simply TaxConstruction & Real Estate Industry UpdatesHow has the construction and real estate industry changed in the past year? What should executives in the hospitality industry be focused on? Is the possibility of tax change affecting decisions? Get answers to these questions and more as Jason Myers—the new national industry partner of BKD National Construction & Real Estate Group—joins host Damien Martin to share insights into top business, tax, and accounting issues for the industry. Here’s what’s covered: Who is Jason Myers? [01:56] What’s the BKD National Construction & Real Estate Group? [05:30] Construction Industry trends and impact of recent events [06:21] Employee stock ownership...
2021-07-0230 minSimply Tax
Simply TaxTax Associate To CEOHave you ever wondered what it would be like to be a CEO? Host Damien Martin caught up with Ted Dickman in his final days as BKD’s CEO to find out some of the lasting tips and memories from his career. In this episode, Ted reflects on his experience and shares tips to help anyone make the most of their career and enjoy the journey along the way. Here’s what’s covered: How Ted describes his role as CEO [02:52] Culture at BKD [04:34] Experiences as BKD’s CEO and the experiences that prepared Ted for the role [06:17] Developi...
2021-06-1129 minSimply Tax
Simply TaxPlanning For Individual Tax Change In 2021The tax and investment worlds are buzzing with headlines about possible significant tax changes this year as we continue to learn more about President Biden’s Build Back Better agenda and the tax-related proposed provisions to pay for the agenda over 15 years. BKD’s Holly Pantzer and Jeff Layman join host Damien Martin to help you better understand what’s being discussed, when we might see it, and how you can plan. Here’s what’s covered: Overview of the “American Families Plan” [01:05] Tax insights from Holly Pantzer The response so far [04:27] Surprises in the fact sheet...
2021-05-1333 minSimply Tax
Simply TaxPrivate Foundations & Charitable GivingThe opportunities and options available for charitable giving can seem a bit daunting. Guest Bernadette Zita joins host Damien Martin to give an overview of current trends in charitable giving, offer tips to simplify this complex area, and explain the role a private foundation can play in your philanthropic strategy. Here’s what’s covered: Current trends in charitable giving [02:21] Risks and strategies for managing state filing requirements with new revenue streams [04:09] What’s a private foundation and how do you know if it’s a right fit for your philanthropic goals? [06:37] Excise taxes and landmines for private foundati...
2021-04-2225 minSimply Tax
Simply TaxSimply The People Stuff“I’m 100 percent not you, and you’re 100 percent not me.” Find out why this powerful reminder from guest Cassie Atteberry is the key to making the “people stuff” easier for you, your family, and your organization. In this episode, Cassie joins host Damien Martin to share insights to help you to show up as the best version of yourself, build higher-performing teams, and deliberately create a healthy and successful organizational culture. Here are some of the questions covered: Why is the people stuff so hard? [02:09] What are the areas to focus on to make it easier? [06:49] What is coaching...
2021-04-0243 minSimply Tax
Simply TaxThe Aggregated AssaultStep back in time for the thrilling radio drama conclusion of the case of "The Missing Deduction." This follow-up to the short film brings you inside a day with—and the head of—host Damien Martin as he helps ace investigative reporter Annie Story boil down yet another complex aspect of Internal Revenue Code Section 199A following the shocking transformation of Mr. Quincy B. I. Donaldson, aka QBID. The Cast Emma Elliot as Annie Story Chris Greig as Carl P. Albright Ted Dickman as Doc Dickman Damien Martin as himself The Crew Written by Dami...
2021-03-0327 minSimply Tax
Simply TaxThe Aggregated AssaultStep back in time for the thrilling radio drama conclusion of the case of “The Missing Deduction.” This follow-up to the short film brings you inside a day with—and the head of—host Damien Martin as he helps ace investigative reporter Annie Story boil down yet another complex aspect of Internal Revenue Code Section 199A following the shocking transformation of Mr. Quincy B. I. Donaldson, aka QBID. The Cast Emma Elliot as Annie Story Chris Greig as Carl P. Albright Ted Dickman as Doc Dickman Damien Martin as himself The Crew Written by Damien M...
2021-03-0327 minSimply Tax
Simply TaxNew Year, New Tax ChangesTax headlines are swirling after several tax-related developments following the enactment of the 2021 Consolidated Appropriations Act on December 27, 2020. Tune in as host Damien Martin cuts through the static of these significant changes with returning guests Jesse Palmer and Yelena Bosovik. Here’s what’s covered: Expanded and extended employee retention credit (ERC) What is the ERC? [01:55] What changed? [05:17] How do you claim the ERC retroactively for 2020? [09:54] Extended credits under the Families First Coronavirus Relief Act [10:50] Paid sick leave vs expanded family leave [12:32] Importance of documentation [13:45] Important considerations for the ERC [15:45] Business meal deduction changes [22:00] Charitable provisions for individuals [25:52] Defe...
2021-01-2145 minSimply Tax
Simply TaxTop Ten Tax Cases of 2020 with Tony NittiThe twists and turns of 2020 made it difficult to keep up with tax court cases this year, but we’ve got you covered! Frequent guest Tony Nitti returns to the podcast again this year to boil down the key lessons from his top tax cases with host Damien Martin. Here’s what’s covered in our final episode of 2020: Bordelon v. Commissioner, T.C. Memo 2020-26 @08:59 Hakkak & v. Commissioner, T.C. Memo 2020-46 @27:08 Lucero v. Commissioner, T.C. Memo 2020-136 @41:52 Duffy v. Commissioner, T.C. Memo 2020-108 @56:48 Morning Star Packing v. Commissioner, T.C. Memo 2020-142 @1:22:52 Beckett v. Commis...
2020-12-312h 26Simply Tax
Simply TaxAICPA Advocacy Updates: Penalty Relief & MoreThe American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. In this episode, guest Melanie Lauridsen, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on penalty relief and the electronic signature program. Here’s what’s covered: Who is Melanie Lauridsen? @3:14 Penalty relief for late filing and late payment @05:32 AICPA recommendations for the IRS @10:34 How the IRS responded to AICPA recommendations @17:39 The la...
2020-12-0938 minSimply Tax
Simply TaxAICPA Advocacy Updates: PPP & BeyondThe American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on Paycheck Protection Program (PPP) loan forgiveness. Here’s what’s covered: Update on PPP loan forgiveness and related activity in Washington @01:16 The latest with AICPA tax policy and advocacy efforts @06:51 Ways the AICPA has made a difference in the guidan...
2020-11-1827 minSimply Tax
Simply TaxChange Of Residency and the Illinois "Fair Tax"Change of state residency is on the minds of many these days, as we navigate a pandemic that has increased the prevalence of remote working and led some individuals to reevaluate where they live and work. State and local tax (SALT) attorney David Hughes joins host Damien Martin for an in-depth discussion on the topic of residency and a constitutional amendment on the 2020 Illinois ballot that would allow graduated income tax rates. Here’s what’s covered: The Illinois “Fair Tax” @02:28 Some potential ramifications of a graduated income tax @14:34 Circumstances where changing residency may make sense and be a viable...
2020-10-2749 minSimply Tax
Simply TaxFinding And Sharing Your "And"Catalyst for corporate culture change and podcast host John Garrett joins host Damien Martin to discuss John’s latest book, What's Your "And"?: Unlock the Person Within the Professional, and the importance of having personal passions outside of the workplace. John shares some of the highlights of writing his book, how his message can help when adapting to the COVID-19 environment, and more. Here’s what’s covered: Foreword written by former Notre Dame football coach Lou Holtz @01:35 The experience of writing What's Your “And”? @07:56 The most difficult part of the writing process @12:10 Who’s the book written for? @14:43...
2020-10-1641 minSimply Tax
Simply TaxAudit & Analytics Amid COVID-19What should businesses and their advisors be considering when it comes to financial statement audits, given the recent disruptions caused by COVID-19? What role can analytics play in managing cash flow and forecasting? Guests Megan Stern and Greg Knight join host Damien Martin to offer their insights from working with businesses amid the pandemic in the last six months and share best practices and considerations for next year’s audit. Here’s what’s covered: The importance of cash flow management and the impact of the pandemic [01:46] How this year’s auditing compares to last year [05:09] Special considerations for CFOs...
2020-09-2338 minSimply Tax
Simply TaxWhy You Should Work In TaxWhy would anyone want to work in tax? Find out as guest Kent Klaus, a senior instructor at DePaul University, joins host Damien Martin to share insights from practicing and teaching in tax. Here’s what’s covered: How Kent Klaus came to teach @01:29 The opportunities of a career in tax @05:26 Becoming a subject matter expert and how to find your area @08:11 Damien’s path to a career in tax @17:55 Advice for those considering a career in accounting @20:55 How Damien came to host a podcast @26:33 Online courses can be a more rewarding experience than in-person classes @37:35 Tips for learni...
2020-09-0859 minSimply Tax
Simply TaxWhy You Should Work In TaxWhy would anyone want to work in tax? Find out as guest Kent Klaus, a senior instructor at DePaul University, joins host Damien Martin to share insights from practicing and teaching in tax. Here's what's covered: How Kent Klaus came to teach @01:29 The opportunities of a career in tax @05:26 Becoming a subject matter expert and how to find your area @08:11 Damien's path to a career in tax @17:55 Advice for those considering a career in accounting @20:55 How Damien came to host a podcast @26:33 Online courses can be a more rewarding experience than in-person classes @37:35 Tips for learning in a...
2020-09-0859 minSimply Tax
Simply TaxSimply Campus RecruitingBKD campus recruiters Jerica Newby and Michael Nuttle join host Damien Martin to offer advice for students making one of the most important life decisions: Where should you work? Who is Jerica Newby? @01:46 Who is Michael Nuttle? @03:03 The accounting recruiting cycle @05:35 How to use campus recruiters to your advantage @10:08 Why you should consider a career in public accounting and tax @15:17 Deciding between audit and tax @22:10 Tips for a successful internship @30:10 Recruiting and getting a job during crisis @37:43 Top student concerns @42:27 Ways to stand out in a virtual environment @48:44 The CPA exam @53:29 Learn more about our guests and...
2020-08-1957 minSimply Tax
Simply TaxLeading Change From The CFO's Desk - Part 2We're back with part two of our conversation on managing change and driving innovation. Join host Damien Martin and change and project management specialists John Gamble and Gary Farrar as they continue their discussion on leading change in any organization that was tapped in front of a live audience at a Financial Executives International event in Chicago, IL on February 27, 2020. This special two-part interview covers strategic perspectives on change management and an opportunity to hear about and learn from BKD’s internal innovation efforts. Here’s what’s covered in part two (give episode 104 a listen for part o...
2020-08-0647 minSimply Tax
Simply TaxLeading Change From The CFO's Desk - Part 1Managing change and driving innovation have rapidly become top priorities for financial executives; however, it’s often difficult to keep up with the fast pace of change and fit these challenging tasks into an already packed to-do list. Join host Damien Martin and change and project management specialists John Gamble and Gary Farrar for an informative discussion on leading change in any organization that was tapped in front of a live audience at a Financial Executives International event in Chicago, IL on February 27, 2020. This special two-part interview covers strategic perspectives on change management and an opportunity to hear about an...
2020-08-031h 02Simply Tax
Simply TaxCOVID-19 Business Interruption ClaimsGuests Bryan Callahan, Bob Sprague, Will Weltman, and Kevin Dreher join host Damien Martin to have a conversation surrounding business interruption claims, contingent business interruption claims, civil authority claims, and related considerations amid a global pandemic. Here’s what’s covered: Take stock and consult a professional [04:11] Industries impacted fall into two buckets [07:51] Timeline and what to expect [10:20] Arbitration [12:07] Assessing the magnitude and where to start [19:02] The time is now to start tracking [23:01] Trigger events under first party policies [27:56] Exclusions might apply [35:36] An important question to consider [40:03] Measuring the period of restoration [44:57] Claims against proceeds [51:44] Impact of possible legi...
2020-07-171h 06Simply Tax
Simply TaxAccounting For Diversity & Inclusion - Part 2BKD partners Rachel Dwiggins and JoAnna Simek join host Damien Martin to continue a conversation on diversity, equity, and inclusion and share their experiences as women in the accounting profession. Here’s what’s covered: Experiencing the 2019 AICPA Women's Global Leadership Summit (Summit) [01:14] Being the only woman in the room [03:24] Creating a more inclusive conversation [06:03] Key takeaways from the Summit [07:42] BKD’s SKY initiative [12:41] Unconscious bias [14:04] Mentorship and sponsorship [17:01] Are you participating in the right meetings? [23:28] Gender and parenting [31:26] Learn more about our guests here and listen to part one here. GET MORE “SIMPLY TAX” We’r...
2020-07-0836 minSimply Tax
Simply TaxAccounting For Diversity & Inclusion - Part 1Guest Trisha Daho joins host Damien Martin to discuss why and how to create an inclusive culture to help give everyone in your organization the path and tools to reach their highest aspirations and fullest potential. Here’s what they cover: Who is Trisha Daho? @01:39 What is diversity, equity and inclusion @03:33 You need solve an inclusion problem first @04:54 The business case for diversity @07:12 Where to start @08:45 What to do after you assess where you are? @12:44 A sense of belonging is the tip of the iceberg @17:29: “You are never going to fully understand the experience of someone that’s gone t...
2020-06-3053 minSimply Tax
Simply TaxSimply Uncut: The Latest on PPP Loan ForgivenessThe 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...
2020-05-2758 minSimply Tax
Simply TaxThe Psychology Of Wealth In Taxing TimesAdapting 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 adaptati...
2020-05-2032 minSimply Tax
Simply TaxTax Season Not Normal With The AICPAHost Damien Martin wraps up a multi-episode look at the tax season with American Institute of CPAs (AICPA) Director of Tax Practice & Ethics Cari Weston. Here’s what’s covered: Who is Cari Weston? [01:29] “You can absolutely not go wrong with a degree in accounting” [07:54] How was tax season? [11:21] What members experienced this season [20:30] The importance of being future ready [26:36] The case for being nimble [31:48] How accountants can be more consultative [37:50] Tips for those starting out in the profession [41:42] The AICPA is there for you [45:17] How you can volunteer with the AICPA [48:22] Learn more about Cari and get addi...
2020-05-1153 minSimply Tax
Simply TaxTax Season Not Normal with TaxgirlHost Damien Martin continues a multi-episode look at the tax season with Kelly Phillips Erb, popularly known as Taxgirl. Here’s what’s covered: Who is Taxgirl? @ 1:16 Why tax? @ 2:51 Challenges and changes @ 5:20 Watch out for scammers! @ 12:49 The experience of writing and reporting on the tax season @ 16:44 The most important and overlooked provisions @ 19:32 Tips for the current environment @ 21:56 Tips for a career in tax and writing about tax @ 27:09 How Taxgirl started writing @ 32:39 Closing thoughts on the tax season and a career in tax @ 37:51 Parenting advice @ 43:39 Learn more about Kelly and get additional resources here. GET MORE “SIMPLY...
2020-05-0449 minSimply Tax
Simply TaxTax Season Not Normal With BKDThis time of year, tax practitioners are normally greeted with the question, "How was tax season?" With the disruption caused by the SARS-CoV-2 virus and the incidence of COVID-19, however, it clearly isn't business as usual. Host Damien Martin kicks off a multi-episode look at the tax season with BKD's Jesse Palmer and Gene Morgenthaler to get their insights on approaching challenges and tax planning opportunities. Here's what's covered: "Just trying to keep on top of everything" [01:36] Areas to focus on [05:09] Qualified improvement property fix [12:34] Surprises from relief provisions [14:48] Tips for going forward and opportunities to look for [20:06...
2020-04-291h 06Simply Tax
Simply TaxTax Season Not Normal With BKDThis time of year, tax practitioners are normally greeted with the question, “How was tax season?” With the disruption caused by the SARS-CoV-2 virus and the incidence of COVID-19, however, it clearly isn’t business as usual. Host Damien Martin kicks off a multi-episode look at the tax season with BKD’s Jesse Palmer and Gene Morgenthaler to get their insights on approaching challenges and tax planning opportunities. Here’s what’s covered: “Just trying to keep on top of everything” [01:36] Areas to focus on [05:09] Qualified improvement property fix [12:34] Surprises from relief provisions [14:48] Tips for going forward and opportunities to...
2020-04-291h 06Simply Tax
Simply TaxManaging Risk Amid a PandemicOrganizations large and small continue to confront challenges related to the systematic disruption caused by the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). Guest Kim Hirsch of Fusion Risk Management joins host Damien Martin to explain how risk management and business continuity strategies can help organizations and their leaders respond to a pandemic and create a plan to return to “normal” when the pandemic subsides. Here’s what’s covered: Who is Kim Hirsch? @ 01:36 The way to get ahead of risks @ 02:47 Business impact analysis and all hazards planning @ 04:29 A manageable approach @ 08:53 Pandemic planning @ 11:21 Best practice to drive your dec...
2020-04-1034 minSimply Tax
Simply TaxTax Considerations of COVID-19 ReliefTax headlines are swirling after several tax-related developments passed in Washington in response to the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). These significant changes have created questions for taxpayers and CPAs alike. Tune in as host Damien Martin cuts through the static of the tax deadline postponement with frequent guest Ed Karl and tackles common listener questions with returning guests Julia Dengel and Yelena Bosovik. Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind...
2020-04-041h 00Simply Tax
Simply TaxResponding to the UnexpectedThe novel coronavirus disease 2019 (COVID-19) and the response to this pandemic have created an unprecedented, fast-moving and challenging environment. Join guest Chris Schumann and host Damien Martin for the first episode of a three-part series focused on helping you respond responsibly to COVID-19. We’ll share practical advice and key action steps businesses and their owners can take to confront the unexpected business challenges of the current situation. Here’s what’s covered: This situation is different @03:24 Cash is king @05:33 Don’t overcomplicate it @08:08 Mistakes from the past @10:31 The people perspective @22:45 A lesson from 2008 on transparency @25:26 Inventory @28:03 Constant communic...
2020-03-2742 minSimply Tax
Simply TaxSALTY CPARWe’ve been working with the centralized partnership audit regime (CPAR) for more than a year, but key challenges remain regarding the application of federal rules at the state level. In this episode, you’ll find out why it matters and how the American Institute of CPAs (AICPA) and other organizations are advocating for taxpayers and tax practitioners. AICPA Senior Manager Eileen Sherr sits down with host Damien Martin to discuss the Multistate Tax Commission’s (MTC) Model Uniform Statute and Regulation for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments (model statute) aimed at unifying state...
2020-03-0526 minSimply Tax
Simply TaxTalking With Tax Notes TalkHave you ever wondered what would happen if you put the hosts of two tax podcasts together in a studio to talk tax? We thought so! “Simply Tax” host Damien Martin sits down with “Tax Notes Talk” host David D. Stewart to discuss his career reporting on international tax, where things stand with the Organisation for Economic Co-operation and Development’s (OECD) base erosion and profit shifting (BEPS) project and the experience of hosting a podcast about taxes. Here’s what’s covered: How David Stewart came to write about, analyze and report on taxes @2:16 How David knew he was a tax g...
2020-02-2136 minSimply Tax
Simply TaxTalking With Tax Notes TalkHave you ever wondered what would happen if you put the hosts of two tax podcasts together in a studio to talk tax? We thought so! "Simply Tax" host Damien Martin sits down with "Tax Notes Talk" host David D. Stewart to discuss his career reporting on international tax, where things stand with the Organisation for Economic Co-operation and Development's (OECD) base erosion and profit shifting (BEPS) project and the experience of hosting a podcast about taxes. Here's what's covered: How David Stewart came to write about, analyze and report on taxes @2:16 How David knew he was a...
2020-02-2136 minSimply Tax
Simply Tax3 Things To Consider - Be A Great Board MemberCan you describe the characteristics of a great board member or the critical role boards play in the success of all types and sizes of organizations? Find out from guest Dan Prater, as he joins host Damien Martin to discuss the qualities and activities of a strong board and share best practices for any board member. Take a look at what’s covered: Why are boards important? @01:59 Roles and purposes of board members @03:00 Considerations for new board members @04:15 Identifying a strong board @06:01 What kind of board member does my organization need me to be? @08:04 The most important question fo...
2020-02-0530 minSimply Tax
Simply Tax3 Things To Consider - Tackle the New Lease StandardMuch like the changes under the Tax Cuts and Jobs Act, the new lease standard is complex and likely will require significant hours to implement correctly. Join guests Chris Telli and Jessica Richter as they help educate host Damien Martin on the change and discuss what measures organizations should take to comply with the new standard. Here’s what’s covered: Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, and Financial Accounting Standards Board (FASB) Accounting Standards Codification [01:35] The big shift under the new standard [04:03] Implementation example [07:20] Awareness of the change [11:05] Private companies are underestimating what it will take...
2020-02-0327 minSimply Tax
Simply TaxManage CybersecurityCybersecurity has become an important part of everyday life. Join guest Rex Johnson and host Damien Martin to learn more about the risks and consequences of a cyberattack and the actions you can take to help protect your business. Here’s what’s covered: What’s cybersecurity? [02:25] Risks and rewards of ease of access to data [05:33] How the headlines are changing mindsets in management [10:07] Where do you start [12:42] Why you need an incident response plan [15:02] Things to focus on [18:05] The tone at the top is vital [20:39] What you can learn from a penetration test [22:12] It all comes down to wha...
2020-01-3031 minSimply Tax
Simply TaxThe Latest Tax DevelopmentsHeadlines 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 reac...
2020-01-161h 35Simply Tax
Simply TaxTop 10 Tax Cases of 20192019 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. Mnu...
2019-12-302h 15Simply Tax
Simply TaxCryptocurrency UpdateOn October 9, 2019, the IRS released the first guidance in five years for taxpayers who engage in transactions involving virtual currency. Cut through the static of this rapidly changing area with guests Nik Fahrer, Sean Stein Smith and Tyrone Ross and host Damien Martin as they share observations from the recent guidance and provide insights on working with and investing in cryptocurrency. Here’s a look at what’s inside our latest episode: Tax update with Nik Fahrer Impressions and takeaways from the first cryptocurrency guidance in five years @01:14 Affirming any acquired financial interest in virtual currency on y...
2019-12-191h 10Simply Tax
Simply TaxTax Planning for IndividualsHow 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 change...
2019-12-0541 minSimply Tax
Simply TaxThe Modern SellerThe modern business world is often described as crazy busy with constant change and shifting priorities. Learn how to cut through the static of this tumultuous new normal as guest Amy Franko returns to the podcast. She and host Damien Martin explore the skills necessary to help you better execute on the tactical aspects of selling in this modern environment. Here’s what’s covered: Who is Amy Franko, and how did she become an educator on sales and leadership @ 1:59 How to spot an entrepreneurial inflection point @ 6:11 The experience of writing and publishing a book @ 6:49 Who should read Amy’...
2019-11-2140 minSimply Tax
Simply TaxManaging the Accounting Method MadnessAccounting 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 recent...
2019-10-2543 minSimply Tax
Simply TaxLiving the CPA LifeGuest 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 musi...
2019-10-101h 11Simply Tax
Simply TaxLiving the CPA LifeGuest 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...
2019-10-101h 11Simply Tax
Simply TaxBlocking & Tackling Blockchain & CryptocurrencyA 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...
2019-09-1252 minSimply Tax
Simply TaxTax Reform Insights for Financial InstitutionsGuest Gary Genenbacher joins host Damien Martin to reflect on the first tax filing season for financial institutions under the Tax Cuts and Jobs Act (TCJA). Here's what's covered: Gary's perspective on applying the provisions of the TCJA [04:10] Key TCJA changes for financial institutions [06:09] How financial institutions have reacted to the TCJA changes [10:21] The most surprising TCJA provisions [11:16] Areas we need guidance [14:08] Being off-balance on purpose [16:47] Planning considerations for financial institutions after tax reform [19:10] Increased conformity between book and tax [23:14] The important role tax advisors play [25:54] Tax simplification [26:42] BIO FOR GUEST Gary Genenbacher is a...
2019-08-2931 minSimply Tax
Simply TaxTax Reform Insights for Financial InstitutionsGuest Gary Genenbacher joins host Damien Martin to reflect on the first tax filing season for financial institutions under the Tax Cuts and Jobs Act (TCJA). Here’s what’s covered: Gary’s perspective on applying the provisions of the TCJA [04:10] Key TCJA changes for financial institutions [06:09] How financial institutions have reacted to the TCJA changes [10:21] The most surprising TCJA provisions [11:16] Areas we need guidance [14:08] Being off-balance on purpose [16:47] Planning considerations for financial institutions after tax reform [19:10] Increased conformity between book and tax [23:14] The important role tax advisors play [25:54] Tax simplification [26:42] BIO FOR GUEST Gary Genenb...
2019-08-2931 minSimply Tax
Simply TaxTax Reform Insights for Construction & Real EstateCut 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...
2019-08-2630 minSimply Tax
Simply TaxTax Reform Insights for Construction & Real EstateCut 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 in...
2019-08-2630 minSimply Tax
Simply TaxState and Local Tax insights on the TCJACut through the static of applying the provisions of the Tax Cuts and Jobs Act (TCJA) at the state and local tax (SALT) level as guest Jim Pierzchalski joins host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered: How the TCJA’s changes are affecting the SALT landscape @1:42 A framework for approaching the challenges of applying the TCJA changes at the SALT level @6:00 Applying Global Intangible Low-Taxed Income (GILTI) at the SALT level @7:43 Applying Section 163(j) at the SALT level @10:45 Approaching uncertainty around TCJA-related provisions and changes @14:14 Repatriation tax unde...
2019-08-2240 minSimply Tax
Simply TaxInsights on the International Provisions of the TJCACut through the static of the international provisions of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned during the first tax filing season, including Global Intangible Low-Taxed Income (GILTI) and more. Guest Chris Clifton joins host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered: The added complexity of the TCJA [01:25] The most surprising things about applying the international provisions [06:27] Section 956 [07:03] The new GILTI high-tax exception [09:26] Overpayments with §965 [12:27] Hybrid GILTI rule for partnerships and S corporations [14:34] Challenges with guidance on the 50 percent GILTI deducti...
2019-08-1938 minSimply Tax
Simply TaxTax Reform Insights for Tax Exempt OrganizationsCut 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 tax-exempt organizations. Guests Lauren Denton and Mike Engle join host Damien Martin to reflect on key takeaways and look to what’s ahead. Here’s what’s covered: The most surprising aspects of tax reform for tax-exempt organizations @1:37 Challenges with the new qualified transportation fringe benefit provision @3:01 Applying the new unrelated business taxable income “siloing” rules @7:11 The new excise tax on executive compensation @10:48 Planning ideas tax-exempt...
2019-08-1535 minSimply Tax
Simply TaxTaxes & Your Economy for ManufacturersWas tax reform good for manufacturers and manufacturing? Find out as guest Chris Netram of the National Association of Manufacturers (NAM) joins host Damien Martin to break it down and provide his insights on this key sector of the economy. TIME STAMPS OF WHAT’S COVERED Who is Chris Netram and what is the NAM @1:22 Why manufacturing is a key sector of the economy @2:47 How manufacturers have responded to tax reform @4:47 Tax-related factors contributing to growth in the economy @7:39 Conflicting headlines and politics about tax reform @11:35 Guidance on the modified business interest expense limitation @13:43 Other areas wh...
2019-08-0128 minSimply Tax
Simply TaxAn Insider's View: The IRS & Public Accounting with David KirkGuest David Kirk joins host Damien Martin to share his experience working at the Office of the Chief Counsel of the IRS. Listen to find out what it’s like to be the principal author on a significant guidance project, observations on the first tax season under the Tax Cuts and Jobs Act (TCJA) and advice for a successful career in tax. TIME STAMPS OF WHAT’S COVERED How Dave Kirk came to work for the IRS [01:47] What it’s like to work at Chief Counsel [04:50] Dave’s experience working on the NIIT regulations [10:41] Unintended consequences in Rev...
2019-07-1854 minSimply Tax
Simply TaxWhat's a Family Office?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 offi...
2019-06-2051 minSimply Tax
Simply TaxInside Lender ManagementMany have been buzzing about Lender Management, LLC v. Commissioner (T.C. Memo 2017-246) since it was decided in December 2017, only days before the enactment of the Tax Cuts and Jobs Act (TCJA), which we’ve talked so much about. Guest John Hackney—one of three attorneys representing Lender Management, LLC in the case before the United States Tax Court—joins host Damien Martin for an insightful discussion on key aspects of the case and possible planning strategies now that we’re about 18 months in. TIME STAMPS OF WHAT’S COVERED About John Hackney [1:30] Why the Lender Man...
2019-06-0625 minSimply Tax
Simply TaxWhere Should I Work?Deciding between working in tax in public accounting versus private industry can be challenging! Guest Amie Kuntz joins host Damien Martin on the podcast to help cut through the static of this often-difficult decision, offer perspectives on finding your why and share ways to better serve your top clients and customers. Here's a look at what's inside this episode: Amie's path [3:02] Finding the intersection of your strengths and passions [4:20] Navigating the public accounting vs. industry decision [8:42] Pros and cons of working in public accounting [11:17] Damien's perspective on working in public accounting [14:49] Pros and cons of working...
2019-05-2436 minSimply Tax
Simply TaxWhere Should I Work?Deciding between working in tax in public accounting versus private industry can be challenging! Guest Amie Kuntz joins host Damien Martin on the podcast to help cut through the static of this often-difficult decision, offer perspectives on finding your why and share ways to better serve your top clients and customers. Here’s a look at what’s inside this episode: Amie’s path [3:02] Finding the intersection of your strengths and passions [4:20] Navigating the public accounting vs. industry decision [8:42] Pros and cons of working in public accounting [11:17] Damien’s perspective on working in public accounting [14:49] Pros and cons...
2019-05-2436 minSimply Tax
Simply TaxLoving What You DoCPA-turned-corporate-comedian and host of the "Green Apple Podcast" John Garrett joins host Damien Martin to explore the importance of bringing your outside-of-work passions and interests to work. Tune in to hear how you can use your passions to be more memorable, build genuine relationships and even create stronger client relationships. Here's a look at what's inside our latest episode: About John Garrett [01:49] 92 percent of professionals have this outside of work [03:28] Why John started the "Green Apple Podcast" [06:20] The power of being memorable [10:30] Be genuinely interested in who you work with [13:40] How to start building genuine relationships [17:10...
2019-05-0945 minSimply Tax
Simply TaxLoving What You DoCPA-turned-corporate-comedian and host of the “Green Apple Podcast” John Garrett joins host Damien Martin to explore the importance of bringing your outside-of-work passions and interests to work. Tune in to hear how you can use your passions to be more memorable, build genuine relationships and even create stronger client relationships. Here’s a look at what’s inside our latest episode: About John Garrett [01:49] 92 percent of professionals have this outside of work [03:28] Why John started the “Green Apple Podcast” [06:20] The power of being memorable [10:30] Be genuinely interested in who you work with [13:40] How to start building genuine rela...
2019-05-0945 minSimply Tax
Simply TaxThe State of the Profession with Eric HansenWill robots replace accountants? Listen and learn the changes in store for the accounting profession as host Damien Martin sits down with guest Eric Hansen—chair of the AICPA Board of Directors and chief operating officer at BKD—to discuss the profession, leadership and integrating life inside and outside the office. TIME STAMPS OF WHAT’S COVERED Giving Back to the Profession & Growing in Leadership [ 02:31 ] How Eric came to give back to the profession and serve as chair of the AICPA Board of Directors [ 04:12 ] What it’s like to serve as chair [ 05:24 ] Eric’s mindset fo...
2019-04-2536 minSimply Tax
Simply TaxAre You Taxing the Trust Bank Account?Trust and team dynamics can be complex, yet are a part of everyday life—just like tax. BKD Audit Partner Debbie Scanlon helps host Damien Martin cut through the static of one of the most essential yet sometimes fleeting dynamics on a team by sharing her concept of a "trust bank account." Listen for ideas for making "deposits" to build great teams and to hear invaluable insights on strengthening gender diversity and enhancing collaboration between men and women. TIME STAMPS OF WHAT'S COVERED Why team dynamics are so fascinating @2:03 Debbie's definition of "team" @4:08 The trust bank ac...
2019-02-2847 minSimply Tax
Simply TaxAre You Taxing the Trust Bank Account?Trust and team dynamics can be complex, yet are a part of everyday life—just like tax. BKD Audit Partner Debbie Scanlon helps host Damien Martin cut through the static of one of the most essential yet sometimes fleeting dynamics on a team by sharing her concept of a “trust bank account.” Listen for ideas for making “deposits” to build great teams and to hear invaluable insights on strengthening gender diversity and enhancing collaboration between men and women. TIME STAMPS OF WHAT’S COVERED Why team dynamics are so fascinating @2:03 Debbie’s definition of “team” @4:08 The trust bank account...
2019-02-2847 minSimply Tax
Simply TaxI ♄ ESOPsAn employee stock ownership plan (ESOP) is a tax-advantaged succession-planning vehicle and retirement plan that’s sometimes overlooked. Guest Cara Benningfield joins host Damien Martin to explain how ESOPs can help preserve the culture and legacy of a business and discuss the pros, cons and risks of an ESOP transaction. TIME STAMPS OF WHAT’S COVERED Leveraged ESOPs @1:48 Contributory ESOPs @3:41 How ESOPs work @5:28 Where to start when evaluating an ESOP transaction @10:56 Situations where an ESOP isn’t a good fit @12:36 Benefits of an ESOP @15:46 Gain deferral under §1042 @22:15 Situations where ESOPs are particularly effective @29:24 ESOPs after tax reform...
2019-02-1455 minSimply Tax
Simply TaxEstate Planning in the New YearGuests Emily Kembell and Gretchen Cliburn recently met host Damien Martin for lunch where they got to talking about the often intimidating subject of estate planning. Listen to their follow up conversation to get practical tips on approaching the complex world of estate planning within the context of the complex emotional realities of life. TIME STAMPS OF WHAT’S COVERED Estate planning? @3:32 Common estate planning myths @4:34 Key definitions @5:41 Why does your financial planner need to know about your estate plan? @8:17 Working with an estate planning attorney vs. using an online service @11:05 No one wants to talk ab...
2019-01-251h 02Simply Tax
Simply TaxTax Planning with LossesHost Damien Martin sits down with BKD’s James Anderson to cut through the complexities of the loss limitation rules to demonstrate why you need an understanding of both new and existing tax law to apply these rules after the Tax Cuts and Jobs Act (TCJA). Join Damien and James as they break down the hobby and passive activity loss rules, explain how these rules applied in a recent United States Tax Court case and discuss changes under the TCJA. TIMESTAMPS OF WHAT’S COVERED [01:06] Overview of the hobby loss rules [02:22] How hobby losses changed under the Tax...
2018-12-0740 minSimply Tax
Simply TaxTax Planning with LossesHost Damien Martin sits down with BKD's James Anderson to cut through the complexities of the loss limitation rules to demonstrate why you need an understanding of both new and existing tax law to apply these rules after the Tax Cuts and Jobs Act (TCJA). Join Damien and James as they break down the hobby and passive activity loss rules, explain how these rules applied in a recent United States Tax Court case and discuss changes under the TCJA. TIMESTAMPS OF WHAT'S COVERED [01:06] Overview of the hobby loss rules [02:22] How hobby losses changed under the Tax Cut...
2018-12-0740 minSimply Tax
Simply TaxThe R&D Tax CreditThe research and development (R&D) tax credit, originally enacted as part of the Economic Recovery Tax Act of 1981 to encourage companies to invest in R&D in the U.S., was modified and temporarily extended 16 times before being made permanent with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). Learn how the R&D tax credit can possibly reduce your tax liability on a dollar-for-dollar basis as guest Ashley Thompson joins host Damien Martin to discuss the tax opportunity and share insights on how it applies to the craft beer industry. TIMESTAMPS OF WHAT’S...
2018-11-0543 minSimply Tax
Simply TaxThe Hearing on the Proposed 199A RegsHost Damien Martin delivered oral comments concerning the proposed regulations regarding the qualified business income (QBI) deduction under Internal Revenue Code Section 199A at the U.S. Department of the Treasury and IRS public hearing on October 16, 2018. Find out what clarifications and modifications Damien requested and get key takeaways from the hearing as BKD’s Kori Zey and Julia Dengel join Damien to discuss the experience. BIO FOR GUESTS Kori Zey serves as a national tax assistant director in BKD’s National Office Tax Department. She also is a member of BKD National Construction & Real Estat...
2018-10-1933 minSimply Tax
Simply TaxThe Hearing on the Proposed 199A RegsHost Damien Martin delivered oral comments concerning the proposed regulations regarding the qualified business income (QBI) deduction under Internal Revenue Code Section 199A at the U.S. Department of the Treasury and IRS public hearing on October 16, 2018. Find out what clarifications and modifications Damien requested and get key takeaways from the hearing as BKD's Kori Zey and Julia Dengel join Damien to discuss the experience. BIO FOR GUESTS Kori Zey serves as a national tax assistant director in BKD's National Office Tax Department. She also is a member of BKD National Construction & Real Estate Group...
2018-10-1933 minSimply Tax
Simply TaxWhat's a Qualified Opportunity Zone?  Created under the Tax Cuts and Jobs Act (TCJA) to spur economic development and job creation in distressed communities, qualified opportunity (QO) zones provide investors with the opportunity to defer and reduce the recognition of gains that are reinvested into a QO fund within 180-days. Additionally, gains related to the appreciation on a QO fund investment can be permanently excluded after a 10-year holding period. Guest Derek Smith sits down with host Damien Martin to break down how QO zones work and explain the tax planning opportunity. TIME STAMPS OF WHAT’S COVERED [02:18] Overview of...
2018-09-2540 minSimply Tax
Simply TaxPlanning to FinishWhat does choosing to get some help with mowing your lawn have to do with succession and continuity planning? Find out as New York Times best-selling author Jon Acuff joins host Damien Martin to discuss his most recent Wall Street Journal number one best-seller “Finish: Give Yourself the Gift of Done.” Learn from the insights Jon gained from studying more than 850 participants in his 30 Days of Hustle goal-setting course as he shares practical and actionable tips for pursuing your goals. TIME STAMPS OF WHAT’S COVERED [03:16] Every life has cycles [03:43] Perfectionism and raising kids [07:36] The concept of “fi...
2018-09-1841 minSimply Tax
Simply TaxThe Tax Technology of the FutureThe prevalence and pace of technological advances can make the future a moving target for businesses and their owners. Successfully adapting and keeping up with these changes is a challenge facing many industries and the tax profession is no exception. Host Damien Martin sits down with guest Dave Wyle to discuss advances affecting taxpayers and tax professionals, the skills needed to navigate the changes they bring about and ways to keep up with it all. TIME STAMPS OF WHAT’S COVERED [02:04] Dave’s story and how it led him to develop accounting-related technology solutions [04:40] How technology has...
2018-09-0427 minSimply Tax
Simply TaxThe Tax Technology of the FutureThe prevalence and pace of technological advances can make the future a moving target for businesses and their owners. Successfully adapting and keeping up with these changes is a challenge facing many industries and the tax profession is no exception. Host Damien Martin sits down with guest Dave Wyle to discuss advances affecting taxpayers and tax professionals, the skills needed to navigate the changes they bring about and ways to keep up with it all. TIME STAMPS OF WHAT'S COVERED [02:04] Dave's story and how it led him to develop accounting-related technology solutions [04:40] How technology has advanced...
2018-09-0427 minSimply Tax
Simply TaxBonus Depreciation Regs & MoreReturning 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 addresse...
2018-08-2440 minSimply Tax
Simply Tax#TaxTwitter Answers to 199A QuestionsHost 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: [01:34] @andreacpa0 on §1231 [11:15] @GlenBirnbaum on farmers & landowners [18:35] @BankTaxBlake on S corp banks [24:44] @billsweet on specified service trades or businesses MORE ON OUR GUESTS Andrea Carr | Carr, Gouveia + Associates, CPAs, Inc. About Andrea Tax Season Therapy Tweets from Andrea by Peter Reilly 1231 gains/losses by Andrea Carr Follow Andrea on Twitter Glen BirnBaum | Heinold Banward...
2018-08-2335 minSimply Tax
Simply Tax#TaxTwitter Answers to 199A QuestionsHost 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: [01:34] @andreacpa0 on §1231 [11:15] @GlenBirnbaum on farmers & landowners [18:35] @BankTaxBlake on S corp banks [24:44] @billsweet on specified service trades or businesses MORE ON OUR GUESTS Andrea Carr | Carr, Gouveia + Associates, CPAs, Inc. About Andrea Tax Season Therapy Tweets from Andrea by Peter Reilly 1231 gains/losses by Andrea Carr Follow Andrea on Twitter Glen BirnBaum...
2018-08-2335 minSimply Tax
Simply TaxSimply Small Business Taxpayer MethodsGuest 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...
2018-08-2246 minSimply Tax
Simply TaxThe Guidance Is Here!After months of waiting, the IRS and U.S. Department of the Treasury began releasing the highly anticipated guidance on implementing the Tax Cuts and Jobs Act (TCJA) earlier this month. With a little help from Ed Karl, Tony Nitti, Glen Birnbaum, Nathan Clark and Jesse Palmer, host Damien Martin gives an overview of the guidance we’ve seen so far and previews what’s ahead on TCJA-related guidance week! GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from y...
2018-08-2004 minSimply Tax
Simply TaxWhat Now After Wayfair?Confusion has been swirling after the recent U.S. Supreme Court ruling on South Dakota v. Wayfair, Inc. (Wayfair). Guest Ken Taylor joins host Damien Martin to break down this landmark decision, clear up misconceptions and explain the potential effects on businesses large and small. TIME STAMPS OF WHAT’S COVERED [1:26] The significance of the U.S. Supreme Court decision in Wayfair [8:44] Nexus? [12:14] A lot has changed since Quill Corp. v. North Dakota, 504 U.S. 298 (1992) [15:07] The difficult business decision [18:30] You need good information to comply with sales and use tax rules [21:15] What Wayfair means for purchasers [23:32] No...
2018-08-0743 minSimply Tax
Simply TaxThe Economy for Manufacturers After Tax ReformChad Moutray—chief economist for the National Association of Manufacturers (NAM)—joins host Damien Martin to discuss what he’s seeing in the data and hearing from members about the Tax Cuts and Jobs Act’s (TCJA) effect on manufacturers. TIME STAMPS OF WHAT’S COVERED [1:56] Why understanding the economy is important right now [3:06] How tax reform is affecting manufacturers [5:27] The TCJA provisions Chad sees as driving economic growth [8:53] How to approach areas of uncertainty in the economy and the TCJA [11:12] Key economic indicators Chad’s watching [13:25] It’s your bottom line that really matters [14:58] The number one cha...
2018-07-2523 minSimply Tax
Simply TaxA Leadership PipelineLike tax, leadership is complicated and plays a crucial role in the long-term success and value of a business. Host Damien Martin sits down with guest Amy Franko to discuss the role leadership plays in an organization, the importance of creating employee loyalty and ways to cultivate leaders of influence. TIME STAMPS OF WHAT’S COVERED [3:09] Amy’s definition of leadership [4:59] The importance of a leadership pipeline [6:28] Ways to cultivate frontline leaders [7:59] Why someone that’s not fit to be a leader might end up in a leadership role [10:11] Making the switch from individual contributor to leader...
2018-07-1033 minSimply Tax
Simply TaxWhat's the CPAR?The centralized partnership audit regime (CPAR) changes the way the IRS conducts partnership audits for tax years beginning after December 31, 2017. The AICPA’s Jonathan Horn joins host Damien Martin to share what we know (and don’t know) about this significant change and explain how it will impact partners and partnerships. TIME STAMPS OF WHAT’S COVERED [0:21] What were the TFRA rules? [2:12] How did we get CPAR? [4:45] What changed under CPAR? [6:48] What’s a partnership representative? [8:32] Who should and shouldn’t be a partnership representative? [13:42] What are the requirements to elect out? [15:08] How do you count S corporat...
2018-06-2144 minSimply Tax
Simply TaxJust Add SALTThe Tax Cuts and Jobs Act (TCJA) has been around for several months now, but state efforts to respond and adopt state-level reform is just getting started in many jurisdictions. Host Damien Martin cuts through the static of the SALT world with guest Mary Reiser by discussing the differences in state conformity and what the highly anticipated Supreme Court decision in South Dakota v. Wayfair, Inc. could mean for you and your business. TIME STAMPS OF WHAT’S COVERED [01:35] State conformity to the TCJA [02:04] Rolling conformity [03:04] Fixed state conformity [05:08] Selective conformity [07:06] The effect of the international pr...
2018-06-1423 minSimply Tax
Simply TaxBig Tax Data #004The term “big data and analytics” seems to pop up more and more, but what is it? Host Damien Martin cuts through the static of the big data world with guest Jeremy Clopton, leader of BKD’s Big Data & Analytics practice. Tune in to hear how data can help enhance marketing strategies, develop competitive advantages, open up new revenue opportunities, reduce risk and improve overall efficiency. As a bonus, Damien and Jeremy cover another hot topic—millennials. Here’s a look at what’s inside our latest episode: “The question should be, ‘How can we accomplish th...
2017-11-0636 min