The 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 [05:31] Top questions and concerns [09:11] Effective date [10:23] Steps to plan now amid uncertainty [13:26] Closing thoughts [16:57]  Investment insights from Jeff Layman  Market reaction so far [19:46] What to watch [21:08] Investment strategies to consider amid uncertainty [23:24] Market and economic outlook [26:15] Closing thoughts [30:02]  Learn more about our guests and get additional resources here! GET MORE SIMPLY TAX® A complete archive of our episodes is available on our website and  YouTube playlist. We also provide video content to strengthen your tax mind! Check it out on our  YouTube channel. We’d simply love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram |  YouTube

Planning For Individual Tax Change In 2021 #123

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

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Guests Nik Fahrer and Tom Haldiman return to the podcast to follow up on and take a deeper dive into nonfungible tokens (NFTs) with host Damien Martin. Here’s what they discuss:  Who are Nik and Tom? @01:15 What’s the significance of digital assets and where are we going with all of this? @04:48 Core NFT concepts and a real-world example from Beepol @14:32 Use cases for NFTs @29:09 Tax considerations of holding NFTs for appreciation @42:27 Estate and planning considerations @47:32 Buyer beware @49:22 Closing thoughts from Nik and Tom @53:02 An update on the digital asset space @54:16  Learn more about Nik and Tom and get additional resources with the show notes to this episode comming soon here. GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.

What's An NFT? #153

FORVIS Private Client™ advisors Carlee Lynn, CFP® and Zach Swartz, CFA® join host Damien Martin to demystify the world of accumulating wealth and share real-world examples of the benefits of working with a financial planner. Here’s what they discuss:  Who are Carlee and Zach and how did they get into the finance industry? [00:57] Who and what are the Wealth Accumulation Team? [04:54] It takes a multidisciplinary team [08:15] A real-world example with serving physicians [10:26] How to know if you need a financial advisor [12:42] Jargon and other common challenges [16:35] Planning for phases of life and competing goals [19:40] What if I feel uncomfortable talking about finances? [24:20] Three top tips from Carlee and Zach [26:58] What Carlee and Zach enjoy most about what they do [32:01] Closing thoughts [33:36]  The services discussed in the episode may include investment advisory services provided by FORVIS Wealth Advisors, LLC, an SEC-registered investment advisor, and/or accounting, tax and related solutions provided by FORVIS, LLP. Learn more about Zach & Carlee and get additional resources with the show notes to this episode comming soon here. GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.

Wealth Accumulation Nation #152

The New Markets Tax Credit (NMTC) Program is a federally funded program designed to attract private investment into distressed communities. Investors are incentivized to provide outside capital in exchange for credits against their federal income tax liability. Host Damien Martin sits down with guest Wes Ernst to discuss this sometimes-overlooked incentive and a new tool he helped to develop that improves speed, increases accuracy, and drives value through the entire NMTC process. Here’s what they discuss:  Who is Wes Ernst? [01:19] What’s the NMTC and how does it work? [05:28] What industries are good candidates for the NMTC? [16:11] Are there compliance considerations? [24:18] What’s the future of the NMTC? [26:40] How did Wes come to work with the NMTC? [32:47] Closing thoughts from Wes [36:59]  Learn more about Wes and get additional resources with the show notes to this 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 complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.

New Market Tax Credit #151

Five years ago today we released our very first episode of the “Simply Tax” podcast,  Talking Tax Reform with Ed Karl. Host Damien Martin takes a look at a range of current tax topics as special guest Ed Karl—VP of taxation at the American Institute of CPAs (AICPA)—returns to the podcast to cut through the static of the headlines swirling in the tax world. Here’s what they discuss:  A look back at five years and 150 episodes [0:00] The budget reconciliation roller coaster [05:48] Additional IRS funding and inaccurate information [10:27] IRS backlog and penalty relief [14:26] Extenders and the legislative outlook [25:07] The outlook for much needed guidance [37:46] What else Ed thinks you should watch for [39:40]  New Schedules K-2 and K-3 Form 1040 virtual currency checkbox question Taxability of student loan forgiveness Aggressive Employee Retention Credit companies Tax practitioner resiliency Statement of Standards for Tax Services exposure draft   Simply Thanks! @50:47  Learn more about Ed and get additional resources with the show notes to this episode comming soon  here! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.

Simply Five #150

FASB’s new lease standard requires lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. After deferrals, this new standard is effective for fiscal years ending on or after December 31, 2022 for all private companies and private nonprofits. Host Damien Martin caught up with FORVIS’ John Kmetz and Phil Laminack to discuss the new standard and share tools and guidance for both the accounting and tax considerations for companies starting the implementation process. Here’s what they cover:  Get to know John and Phil @01:17 The new lease accounting standard @03:40 Adopting the standard @06:14 Tax considerations @08:51 Tax planning & traps for the unwary @12:16 Advice for adopting & discussing the standard with stakeholders @16:01 How to get some help @20:25 Lessons learned from those who have already adopted the standard @23:53 Closing thoughts & ways to learn more @25:13  ADDITIONAL RESOURCES  Webinar:  Implementing Leases: A Practical Approach, Challenges & Opportunities (October 6, 2022) Resource center:  FORVIS Lease Accounting Resource Center Podcast:  Simply Tax Episode 86: Tackle the New Lease Standard (February 3, 2020)  Learn more about our guests and get additional resources here! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@FORVIS.com.

Planning For Individual Tax Change In 2021 #123

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