Simply Tax

Simply Tax Podcast with Damien Martin

We know what you’re thinking—who really wants to listen to someone talk about taxes? You may not want to listen to a podcast about taxes, but we think you should.

Simply Tax cuts through the static of the tax world and doesn’t waste your time by needlessly tossing around 10-dollar 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.

Listen in for more about Simply Tax and host Damien Martin:

Wait.. Another tax podcast?
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Click the episode title to listen to individual Simply Tax episodes.

Episode 28 – Just Add SALT

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The 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.

  • State conformity to the TCJA @ 1:35
  • Rolling conformity @ 2:04
  • Fixed state conformity @ 3:04
  • Selective conformity @ 5:08
  • The effect of the international provisions on states @ 7:06
  • State and local considerations play an important role when analyzing choice of entity @ 9:15
  • Pass-through business deduction at the state and local level @ 12:59
  • What Mary is watching for in SCOTUS’s decision in South Dakota v. Wayfair, Inc. @ 13:39
  • Mary’s advice to businesses and business owners on approaching SALTed uncertainty @ 20:13

BIO FOR GUEST
Mary Reiser is a member of BKD’s State and Local Tax (SALT) Services division. She focuses on compliance and consulting for various SALT issues involving multistate entities, including audit defense, nexus analysis, voluntary disclosure and buy- and sell-side due diligence. Her primary experience is in the areas of income and franchise tax and sales and use tax.

Connect with Mary on LinkedIn

Episode 27 – The SALT Workarounds with Annette Nellen

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Parts of the Tax Cuts and Jobs Act (TCJA) limit many taxpayers’ ability to deduct their state and local taxes (SALT) for the next seven tax years. Tax professor Annette Nellen provides some background on this temporary limitation and breaks down the efforts several states are undertaking to help provide relief to their residents. Here’s what is covered:

  • Annette’s overview of the objectives and process of enacting the TCJA @ 4:16
  • Some local and state officials talk of dire consequences @ 8:41
  • How to tell if you’re a net winner or loser under the TCJA @ 9:30
  • The cap on the SALT deduction explained @ 12:23
  • The state reaction to the cap @ 13:21
  • What’s important to know if you itemize @ 15:11
  • Are the SALT workarounds too good to be true? @ 17:54
  • What does previously issued informal guidance from the IRS say? @ 21:26
  • Recent IRS notice 2018-84 and the substance-over-form principle @ 24:35
  • Risks and what to look at when evaluating your options @ 26:58
  • What other types of workarounds have been introduced? @ 30:01
  • The importance of understanding what’s on your tax return and your full tax picture @ 36:19
  • Sense of bewilderment on how to approach the federal and state changes @ 38:15
  • What else Annette is looking for @ 39:39

BIO FOR GUEST
Annette Nellen is a professor of accounting and finance and director of the San José State University (SJSU) Graduate Tax Program. Prior to joining SJSU, she was with a tax manager with Ernst & Young and an IRS revenue agent and lead instructor. Annette has testified before the U.S. House Ways and Means Committee, U.S. Senate Finance Committee, California Assembly Revenue and Taxation Committee and tax reform commissions and committees on various aspects of federal and state tax reform.

Visit Annette's blog: 21st Century Taxation

Connect with Annette on LinkedIn

Follow Annette on Twitter

Episode 26 – Is Section 1202 for You?

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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

Episode 25 – Ed Updates – IRS Reform & Guidance on the New Tax Law

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The tax filing season may be over, but 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 @ 13:18
  • Making the individual provisions permanent @ 13:43
  • Areas of focus for the AICPA Tax Policy and Advocacy Group @ 14:42
  • Advice for those looking to catch up on the TCJA @ 16:13

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.

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Episode 24 – No Such Thing as a Deductible Lunch?

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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

Episode 23 – Tax Reform for Middle Market Businesses

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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

Episode 22 – Tax Reform for Exempt Organizations

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Guest Rebekuh Eley explains key provisions of the Tax Cuts and Jobs Act (TCJA) for exempt organizations in the latest installment of our TCJA series. After a brief overview of the changes affecting exempt organizations—starting at 1:04—Rebekuh addresses the following questions:

  • What’s the new excise tax on executive compensation? @ 4:31
  • Are organizations changing their approaches to compensation agreements? @ 7:43
  • Does this new excise tax apply to state colleges and universities? @ 9:16
  • How does the new excise tax on executive compensation work with related parties? @ 11:07
  • What do exempt organizations need to know about the changes to fringe benefits? @ 13:41
  • How might the changes under the TCJA for individuals affect exempt organizations? @ 19:36
  • How are organizations reacting to the changes of the new tax law? @ 23:51
  • Did the Bipartisan Budget Act of 2018 include changes for exempt organizations? @ 25:38
  • What’s the top question Rebekuh’s been getting? @ 27:54
  • What are the key takeaways for exempt organizations after tax reform? @ 30:48

BIO FOR GUEST
Rebekuh Eley is a leader in the not-for-profit practice of BKD's Chicago office and part of the tax exempt team. She has focused her career as a consultant on tax exempt organizations, and has a broad tax background encompassing corporate, partnership and individual tax technical knowledge and experience.

Connect with Rebekuh on LinkedIn
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ADDITIONAL RESOURCES
Impact of Tax Reform on Not-for-Profits
Annual Tax Update & 2017 Form 990 Changes

Episode 21 – TRPs After Tax Reform

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Two of the AICPA’s technical resource panels (TRP)—Tax Methods & Periods and Exempt Organizations—are hard at work after the Tax Cuts and Jobs Act (TCJA). Learn what they’re up to with guest Ogo Eke-Okoro, AICPA lead manager and staff liaison to the TRPs. We cover:

  • Definition of an accounting method and period @ 0:45
  • What’s an AICPA TRP? @ 4:26
  • Projects the Tax Methods & Periods TRP is working on now and in the future @ 6:35
  • Request for technical corrections on qualified improvement property @7:43
  • Guidance on accounting method changes @ 9:49
  • Areas the Exempt Organizations TRP is working on under the new tax law @ 17:02
  • Next steps and timing for the TRPs @ 20:46
  • What the TRPs working on outside of tax reform-related topics @ 23:12

BIO FOR GUEST
Ogo Eke-Okoro is a lead manager for the American Institute of CPA's (AICPA) Tax Policy & Advocacy Team. In this role, she manages the Exempt Organizations and Tax Methods & Periods TRPs and related task forces. She is also 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 Ogo on LinkedIn

ADDITIONAL RESOURCES
IRS Publication 538: Accounting Periods and Methods
AICPA Tax Methods & Periods Technical Resource Panel
AICPA Exempt Organizations Technical Resource Panel

Episode 20 – Tax Reform for Private Equity

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Tax considerations can play a significant role in private equity deals and structures. Find out how the Tax Cuts and Jobs Act (TCJA) could affect private equity with host Damien Martin and BKD’s Don Rawe. Here’s a look at what’s in this episode:

  • Greatest effect the new tax law has on private equity @ 1:35
  • How basis and structure considerations have changed @ 2:37
  • What the changes mean for modeling @ 7:06
  • New pass-through business deduction for private equity @ 10:24
  • Effects of the net interest expense limitation @ 16:15
  • Carried interest changes @ 21:28
  • The top question Don’s been getting about TCJA @ 25:05
  • Effect of the international provisions @29:28

BIO FOR GUEST
Don Rawe is a member of BKD National Manufacturing & Distribution Group BKD National Manufacturing & Distribution Group and provides tax and consulting services to corporations, S corporations and partnerships with local, multistate and multinational activity. Don is also a member of BKD’s tax mergers and acquisitions team and provides tax diligence and structuring to both buyers and sellers.

Connect with Don on LinkedIn

Bonus Episode – Omnibus & the Grain Glitch

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A fix for the so-called “grain glitch” could be included in the omnibus spending bill that’s being negotiated to avoid another government shutdown on March 23, 2018. Ed Karl, vice president of taxation at the AICPA, explains what the glitch is and offers his perspective on this developing area.

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

Episode 19 – Tax Reform for Insurance Companies

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In the 10th episode of our Tax Cuts and Jobs Act (TCJA) series, host Damien Martin sits down with BKD’s Tom Wheeland to cover the major provisions of the new tax law means affecting insurance companies. Here’s what you’ll find in this episode:

  • Impact of the new tax law on the insurance industry @ 1:39
  • Reaction to the new tax law @ 5:52
  • Areas of confusion @ 7:04
  • Tax planning after the TCJA @ 13:15
  • Changes for life insurance companies @ 15:15
  • Frequently asked questions @ 16:30
  • Knee-jerk reactions to avoid @ 21:51
  • Areas where we need guidance @24:05

BIO FOR GUEST
Tom Wheeland leads BKD National Insurance Services Practice and has almost 30 years of experience providing insurance tax services to property and casualty, life and health companies of all sizes. He co-authored BKD’s SSAP 101 Resource Guide and is a leading authority on income tax accounting for insurance companies. He is a frequent speaker at insurance tax forums, including the Insurance Tax Conference and Insurance Accounting & Systems Association’s national, regional and local conferences.

Connect with Tom on LinkedIn

Episode 18 – Raise Your Hand if You’re Confused — A Tax Reform Q&A

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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

BIOS 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.

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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”

Episode 17 – Tax Reform for Financial Institutions

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Guests Jennifer Sanders and Lance Davis join host Damien Martin to break down what the Tax Cuts and Jobs Act (TCJA) means for financial institutions. Here’s some of what’s covered in the eighth episode of our TCJA series:

  • Rate reduction for C corporation banks @ 2:01
  • Financial reporting of deferred tax assets and liabilities @ 3:20
  • Financial reporting process after TCJA @ 5:37
  • Three significant changes for C corporations banks @ 7:14
  • Areas where additional guidance is needed @ 13:16
  • Qualified business income deduction for S corporation banks @ 15:55
  • Observations on choice of entity after TCJA @ 20:12
  • Jenn’s top tax reform questions and other areas to consider @ 21:32

BIOS FOR GUESTS
Jennifer Sanders is a member of BKD National Financial Services Group and has more than 15 years of experience providing tax services to public and closely held financial institutions. She previously worked as the tax director for a Louisville community bank and has extensive knowledge on investment in projects that generate tax credits and has served community banks ranging in size from $100 million to $3.5 billion in total assets.

Connect with Jenn on LinkedIn

Lance Davis is a member of BKD National Financial Services Group and has more than 20 years of experience in public accounting. He has extensive experience in the financial services industry and has specifically focused on taxation and consulting services for financial institutions and bank holding companies. He currently oversees the income tax consulting and compliance for more than 50 financial institutions and bank holding companies ranging in asset size from $50 million to greater than $7 billion.

Episode 16 – AICPA’s 199A Task Force

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The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS in February requesting immediate guidance on new Internal Revenue Code Section 199A. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to talk about this request and the AICPA’s Qualified Business Income Task Force. Here’s some of what’s covered:

  • Why was the task force formed? @ 4:57
  • How were the areas and recommendations from the letter identified? @ 7:20
  • What was the process for developing the letter? @ 12:06
  • What’s next for the task force? @ 13:46
  • When do we expect a response from the Treasury and IRS? @ 15:38
  • What are some of the pressing challenges taxpayers face? @ 16:32
  • What area is Amy most hoping for Treasury and IRS guidance on? @ 19:29

BIO FOR GUEST
Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members to be the most trusted professional providers of tax services while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings.

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ADDITIONAL RESOURCES
Request for Immediate Guidance Regarding IRC Section 199A – Deduction for Qualified Business Income of Pass-Through Entities (Pub. L. No. 115-97, Sec. 11011)
AICPA's Tax Reform Resource Center

Episode 15 – Tax Reform for Health Care Providers

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Our Tax Cuts and Jobs Act (TCJA) series continues as guest Brian Todd sits down with host Damien Martin to discuss what the new tax law means for health care providers. Here’s what they cover:

  • Changes with unrelated trade or business activities @ 1:41
  • What the fringe benefit changes mean for taxable and tax-exempt organizations @ 4:25
  • New excise tax on excess tax-exempt organization executive compensation @ 8:38
  • A look at how various TCJA provisions will affect health care organizations
    • Tax rate changes @ 12:34
    • New pass-through business deduction @ 13:50
    • Loss limitations @ 15:13
    • Cost recovery provisions @ 16:53
    • Limitation on deduction for net business interest expense @ 18:12
    • Use of the cash method of accounting @ 20:06
  • Use of a wholly owned C corporation in response to changes to the siloing rules @ 22:03

BIO FOR GUEST
Brian Todd is a tax specialist in BKD’s National Health Care Group and serves as the tax representative on the firm’s six-member health care committee. He has experience providing tax services to both for-profit and not-for-profit health care organizations and regularly assists not-for-profit agencies with navigating complex tax issues.

Connect with Brian on LinkedIn

ADDITIONAL RESOURCE
Article:  Top Five Tax Reform Provisions Affecting Tax-Exempt Health Care Providers

Episode 14 – Cybersecurity “Life Hacks”

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With the prevalence of tax-related identity theft, following good cybersecurity practices is more important than ever. Guests Cindy Boyle and Jan Hertzberg—along with host Damien Martin—discuss the high-security risks businesses face and ways companies can keep their vital tax information safe. Listen to learn:

  • What’s ransomware? @ 6:41
  • Ways to reduce the risk of a data breach @ 12:03
  • What’s a data breach? @ 14:19
  • Lessons from Equifax @ 15:40
  • Ways to identify email scams @ 19:15
  • What to do when you’ve had a data breach @ 24:33
  • Tips for keeping your tax information safe during tax season @ 29:35
  • The difference between passcodes vs. passwords @ 31:49
  • How to find out if someone you work with has had a reported breach @ 33:43
  • Things that affect someone’s cyber risk profile @ 36:13

BIOS FOR GUESTS
Cindy Boyle leads BKD’s IT Risk Services division, which comprises professionals in multiple offices across the firm. Her team assists companies with data privacy and security compliance relevant to HIPAA/HITECH/EHR, Gramm-Leach-Bliley Act, Federal Financial Institutions Examination Council, Federal Trade Commission Red Flag Rules, Health Breach Notification Rules and PCI Data Security Standard.

Connect with Cindy on LinkedIn

Jan Hertzberg has more than 30 years of experience providing IT audit, risk, cybersecurity and privacy compliance services. Prior to joining BKD, Jan held positions with Fortune 100 companies and, most recently, led the cybersecurity/privacy practice for an international public accounting firm, providing services to clients that included national and international companies in the health care, financial services, professional services, not-for-profit, higher education, retail and manufacturing industries.

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Connect with Jan on LinkedIn

ADDITIONAL RESOURCES
Learn more about how Cindy and Jan can help develop a plan to protect against unforeseen attacks.
IRS Taxpayer Guide to Identity Theft
Article:  Identity Theft – A Victimless Crime?

Episode 13 – Tax Reform for Construction & Real Estate

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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 the fifth episode of our TCJA series:

Here’s what you’ll find in our latest episode:

  • Nuances in the new tax law for CRE @ 2:41
  • Effects of new business interest expense deduction limitation on CRE @ 3:41
  • Real property trade or business defined @ 8:20
  • Factors to consider for electing out of the business interest expense deduction limitation @ 9:21
  • How qualified improvement property changed @ 11:57
  • Beneficial changes to bonus depreciation @ 13:27
  • Cost segregation study explained @ 14:38
  • Why it’s an important time to consider a cost segregation study @ 18:04
  • Net operating loss and excess loss limitation for CRE @ 22:10
  • Real Estate Investment Trust in light of the new 20 percent deduction @ 26:53
  • Changes to the carried interest and like-kind exchange rules @ 29:00

BIOS 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.

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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.

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Episode 12 – Ed Karl’s Tax Reform Carnival Update

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Guest Ed Karl—VP of taxation at the AICPA—has joined Simply Tax for several episodes, sharing his highly sought-after insight during the enactment of the Tax Cuts and Jobs Act (TCJA). Now Ed’s back in the fourth episode of our TCJA series, covering what’s next for the new tax law, the expected timeline and process for guidance and more..

Here’s what you’ll find in our latest episode:

  • Top areas where guidance is needed @ 1:14
  • Technical correction explained @ 3:09
  • Expected timeline and process for guidance @ 8:24
  • Advice on how to approach tax change @ 12:59
  • How the AICPA is managing its response @ 15:16
  • Resources at the IRS @ 17:35
  • IRS reform @ 19:42
  • Key takeaways @ 21:29
  • Guidance on Form W-4 and withholding on supplemental wages @ 22:41

GUEST BIO: 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

ADDITIONAL RESOURCES
Request for Immediate Guidance Regarding Pub. L. No. 115-97 – A letter from AICPA to the U.S. Treasury and IRS, dated January 29, 2018
IRS Notice 2018-14 – Guidance on withholding rules

Episode 11 – The Twins on Tax Reform for Individuals

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Cut through the static of the tax changes for individuals under the Tax Cuts and Jobs Act (TCJA) with the third in a series of episodes that break down the new tax law. Guest hosts Lily and Miles—host Damien Martin’s three year-old twins—join their dad on the podcast as he breaks down the significant tax changes for individual taxpayers, identifies six steps to help determine what these changes might mean for your personal tax situation and gives three examples of how the TCJA might affect individuals and families.

Here’s a look at what’s included in this episode:

  • Individual tax rates @ 1:30
  • Changes to itemized deductions @ 3:43
  • How to determine what the tax changes mean for you @ 8:39
  • How three individuals/families might fare under the TCJA @ 10:23
  • Other significant individual changes @ 11:53
  • Transfer tax changes @ 13:11
  • Key takeaways @ 14:22

Episode 10 – The International Side of Tax Reform

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We’re back to help you cut through the static of the Tax Cuts and Jobs Act with the second in a series of episodes that breaks down what the new tax law means for you and your business. BKD’s Chris Clifton covers the international provisions of the new tax law and explains how they fit into the larger world of international taxation.

Some of the important areas covered in this episode include:

  • Shift to a territorial system @ 2:28
  • Deemed repatriation @ 4:17
  • Global intangible low-taxed income (GILTI) @ 10:27
  • Base erosion anti-abuse tax (BEAT) @ 14:08
  • Limitation on deduction for interest expense @ 18:50
  • Areas where additional guidance is needed @ 22:25
  • Foreign derived intangible income (FDII) @ 29:27
  • International considerations for converting an S corp to a C corp @ 36:42
  • Key takeaways @ 40:25

GUEST BIO: Chris Clifton is a managing director in BKD’s International Tax Services division. His focus is on international tax planning and compliance for domestic, foreign and multinational corporations in areas such as foreign tax credits, subpart F, withholding taxes and income tax treaties.

Episode 9 – Tax Reform for Businesses

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Cut through the static of the Tax Cuts and Jobs Act (TCJA) with the first in a series of episodes focused on breaking down what the new tax law means for you and your business. Jesse Palmer—BKD’s director of tax quality control—reviews key provisions of the TCJA for businesses, filing 2017 tax returns and choice of entity considerations.

Here’s a look at what’s in this episode:

  • Business tax rates @ 3:40
  • Cost recovery provisions @ 6:09
  • Accounting methods @ 9:21
  • Other significant business provisions @ 12:58
  • Things to think about and strategies to consider @ 17:20
  • Choice of entity considerations @ 20:10
  • Deferred tax and financial reporting considerations @ 30:07
  • Key takeaways for businesses @ 32:50

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

ADDITIONAL RESOURCES
Upcoming Webinar: Pass-Through Considerations of Tax Reform
Upcoming Webinar: Corporate Effect of Tax Reform

Bonus episode – 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.

GUEST BIO: 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

Episode 8 – The Nitty Gritty—of Section 199A—with Tony Nitti

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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 Internal Revenue Code 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? @ 16:27
  • Are self-rentals included in qualified business income? @ 23:12
  • Should an S corporation convert to a C corporation? @ 26:22

GUEST BIO: 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?”

Episode 7 – The 12 Differences of TCJA

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The conference committee reconciled differences between the House- and Senate-passed tax bills to arrive at a final version of the Tax Cuts and Jobs Act of 2017 (TCJA). What made it into the final bill? Host Damien Martin breaks it down in a holiday-inspired list of 12 significant differences between the House and Senate bills. Listen to find out how the Conference Agreement reconciles the following provisions:

  1. Corporate tax rate
  2. Corporate Alternative Minimum Tax (AMT)
  3. Pass-through business deduction
  4. Treatment of private activity bond interest
  5. Repatriation of foreign earnings
  6. Limitation on nonpassive losses
  7. Individual tax rates
  8. Individual AMT
  9. Child tax credit
  10. Affordable Care Act individual mandate
  11. Home mortgage interest expense
  12. State & local, sales, real estate & personal property tax expense

*Music provided by Musical Drewby.

Bonus Episode – Tax Bill Whack-A-Mole

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A bicameral conference committee is now working to reconcile the differences between the House- and Senate-passed versions of the Tax Cuts and Jobs Act of 2017 (TCJA). Get the latest from Ed Karl—VP of taxation at the AICPA—as he tells Simply Tax, “Something has to give if they’re going to make some of these changes.”

GUEST BIO: 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.

Episode 6 – The Intentional Family Business

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A family business is often the largest source of wealth for business owners, yet a recent study1 found only 36 percent have a formal succession and continuity plan. Listen in on Damien’s must-hear conversation with guest Courtney Pullen—president of The Pullen Consulting Group—to find out why being intentional is important for your family, your business and your future.

Here are just a few of the important areas covered:

  • “Shirtsleeves to shirtsleeves in three generations” @ 4:37
  • Financial transparency and talking money values early in life @ 7:03
  • Three areas to work intentionally toward: stewardship, values and balance @ 10:24
  • Best practices on being intentional about wealth @ 15:17
  • The rising generation @ 18:02
  • “If left unattended, what would you predict is going to happen?” @ 19:39

GUEST BIO: Courtney Pullen has more than 25 years of experience in individual and family coaching, business and management consulting, leadership development, communication and team building. Courtney’s primary focus is as a consultant to financial services firms and affluent families.

Follow Courtney on Twitter

Connect with Courtney on LinkedIn

Learn more about succession planning solutions for privately held businesses with BKDnext®, an intentional and thoughtful process to help you customize a detailed succession and continuity plan designed to create financial security for your family, your business and your future.

1BKDnext 2015 Succession Planning Survey

Episode 5 – Turkey Tax Talk

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On November 16, the U.S. House voted in favor of the Tax Cuts and Jobs Act of 2017, and the Senate Finance Committee approved its version the same day. Find out what it means for businesses, exempt organizations and individual taxpayers as our guests—AICPA Taxation VP Ed Karl, BKD Managing Director Becky Eley and BKD Partner Holly Pantzer—join host Damien Martin for a thoughtful discussion you won’t want to miss. Here’s a look at what’s inside our latest episode:

Here’s a look at what’s inside our latest episode:

  • Tax reform developments from the past 30 days @ 1:16
  • Corporate and pass-through tax rate explained @ 3:56
  • Tax reform for tax-exempt @ 14:36
  • Year-end planning for individuals @ 23:00
  • Putting it all together@ 29:14

GUEST BIO: Becky Eley helps lead the not-for-profit practice in BKD’s Chicago office and is part of the tax-exempt team. She has focused her career as a consultant on tax-exempt organizations, specializing in private foundations, public charities, hospitals, higher ed institutions, trade associations, membership organizations and retirement plans.

Email Becky at reley@bkd.com

Follow @RebekuhE on Twitter

GUEST BIO: Holly Pantzer is a partner in BKD’s Indianapolis office. She provides tax compliance, consulting and planning services to individuals, families, businesses, fiduciaries, private foundations and more as leader of the firm’s East Region Private Client Services (PCS) team.

Email Holly at hpantzer@bkd.com

Follow @PantzerHolly on Twitter

Additional Resources: “Are We There Yet? An Update on Tax Reform Efforts – 8/2017”

Bonus Episode – Back in 1986

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We turn back the clock 31 years in a special bonus episode that looks at the last time tax reform revamped the Internal Revenue Code. Tune in as Bryan Slone—a tax attorney with Omaha-based firm Koley Jessen—shares valuable insight based on his time as Tax Counsel to a member of the U.S. House Ways and Means Committee in 1986.

Here’s a look at what’s inside our latest episode:

  • There are winners and losers in tax reform, and it’s really hard politically @ 3:34
  • Last time, it was bipartisan and took two years @ 6:03
  • It was a different time in 1986 @ 11:20
  • Last time was about a 28 percent individual rate; this time around, it’s a 20 percent corporate rate @ 16:11
  • The economic impact of tax reform @20:56

GUEST BIO: Bryan Slone has more than 30 years of governmental and private practice tax experience. Bryan previously served as Tax Counsel to a member of the U.S. House Ways and Means Committee during consideration of the 1986 Tax Reform Act, Assistant to the Commissioner (Legislative Liaison) of the IRS, co-founding partner of a Berlin-based law firm and tax partner and office managing partner in Nebraska at Deloitte. He also is a former Nebraska gubernatorial candidate.

Bryan Slone on koleyjessen.com

Follow @KoleyJessen on Twitter

Additional Resources

Episode 4 – Big Tax Data

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The 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 this and use data to get there better?’” @ 3:50
  • Do I have big data? @ 6:01
  • Six simple steps to approach big data and analytics @ 13:16
  • Effectiveness before efficiency @ 18:45
  • “Millennials have always been a passion of mine. Full disclosure:  I am one.” @26:16

GUEST BIO: Jeremy is the BKD Big Data & Analytics practice leader. He has more than 10 years of experience applying data analytics in fraud prevention and detection, risk assessment and business intelligence. He’s a frequent speaker on data analytics, continuous auditing, forensic accounting and visualization, data analytics program design and the value of organizational data.

Follow Jeremy on Twitter

Connect with Jeremy on Linkedin

Bonus Episode – Latest From the Reform Roller Coaster

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“Strap in and put the seat belt on in the roller coaster.” Find out what Ed Karl, VP of taxation at the AICPA, is talking about as he returns to Simply Tax and provides his insider’s perspective on tax reform efforts heating up.

GUEST BIO: 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.

Episode 3 – Controversial Tax

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With Halloween approaching, we’re covering a frightening topic for business owners: an IRS examination! Eric Fox and Jamie Brown—two tax attorneys with highly respected firm Ivins, Phillips & Barker—join host Damien Martin to break down tax controversy and explain why IRS exams don’t have to turn into a horror story.

Here’s what you’ll find in our latest episode:

  • Tax controversy explained @ 1:46
  • What business owners should do if they receive a notice from the IRS @ 6:09
  • It’s critical that you get someone involved early @ 8:57
  • Are there audit red flags with the IRS? @ 16:34
  • Considerations & action items for the new centralized partnership audit regime @ 19:38

Episode 2 – A Framework for Year-End Planning

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Last week Ed Karl—VP of taxation at the American Institute of CPAs—told us the outlook for tax reform remains unchanged following the newly proposed tax framework. With so much uncertainty, what should you do about your year-end tax planning? Is there a possibility we could learn more before year-end? And what’s next for tax reform efforts? Listen to find out.

  • What is a tax framework? @ 2:18
  • Why do we need a budget? @ 4:21
  • What’s the process look like for advancing tax reform legislation? @ 6:37
  • Is there an overall tax planning strategy we should keep in mind? @ 10:35
  • What are three year-end tax planning strategies we might consider? @12:19

Bonus Episode – 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 envisions 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, vice president 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

GUEST BIO: 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.

Episode 1 – Talking Tax Reform with Ed Karl  

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Tax reform is proving 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

GUEST BIO: 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.

Damien is passionate about providing tax consulting and compliance services to privately held businesses and their owners. Born and raised in Northern California, he studied music as an undergrad before taking a hard turn toward a career in public accounting. It stuck, and he’s been helping clients resolve tax matters big and small for more than a decade. He and his wife, Charise, stay busy raising their twins, Miles and Lily, and training for marathons. You can follow Damien on Twitter @DamienMartinCPA or on LinkedIn.

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