Simply Tax Episode 84: The Latest Tax Developments

Simply Tax Episode 84

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

The latest in tax legislation with Ed Karl

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

Changes for Qualified Plans with Dan Smith

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

Individual Considerations After the Act with Lynn Mayabb

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

Other Developments & the Year Ahead with Ed Karl

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

BIO FOR GUESTS

Edward Karl, CPA, is the vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, including the management of the AICPA’s Statements on Standards for Tax Services. Finally, 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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Dan Smith is a member of BKD’s Benefit Plan Consulting division and has provided consulting, administrative and compliance services for qualified benefit plans in various industries since 1991.  He assists businesses and their owners with IRS and U.S. Department of Labor reporting requirements and offers solutions for plan design, compliance testing and Form 5500 preparation for 401(k), profit-sharing, employee stock ownership and 403(b) plans. Dan specializes in plan design, and his experience includes integrating a variety of retirement plans. He’s currently working with retirement programs that feature defined benefit and defined contribution plans. Dan’s goal is to improve the benefits received by plan sponsors and participants and “make his client’s life simpler,” he says. 

Connect with Dan on LinkedIn

Lynn Mayabb is the office director for BKD's Wealth Advisors practices in Kansas City and St. Louis and has been part of the wealth management industry since 1983, providing financial and estate planning services to high-net-worth families. She coordinates investment management with tax, retirement, financial education and estate planning. 

Connect with Lynn on LinkedIn

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

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