Simply Tax

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 [email protected].

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 [email protected].

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 [email protected].

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 [email protected].

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 [email protected].

For tax years beginning after December 31, 2021, the legislation informally known as the Tax Cuts and Jobs Act eliminated the option to deduct research and development (R&D) expenditures, which include software development costs. Host Damien Martin sits down with guest Mike Boenzi, the national leader of FORVIS’ R&D tax credit services, to break down the new mandatory treatment and help you prepare for the immediate and long-term potential impacts of this change. Here’s what they cover:

• Who is Mike Boenzi? @00:53
• What is IRC Sec. 174 and how did it change effective January 1, 2022? @05:00
• How might this change impact taxpayers? @07:06
• Are there practical tips for documentation? @15:44
• What is the history of the R&D tax credit and who should consider it? @21:05
• What’s the significance of recent developments in IRS examinations and guidance? @34:53
• What are takeaways and action items? @43:21

ADDITIONAL RESOURCES

• Archived webinar: Preparing for the Required Capitalization of Research & Development Costs: A Practical Perspective (August 31, 2022)
• Articles:
  • The R&D Tax Credit: Lowering the Cost of Innovation for Food & Agriculture Businesses (August 16, 2022)
  • Missouri to Reinstate the Research & Development Tax Credit (June 17, 2022)
  • Mandatory Capitalization of R&E Costs - Are you Ready? (February 22, 2022)
• Simply Tax:
  • Simply Tax Talks | February 1, 2022 | A Big R&D Change (February 1, 2022)
  • Episode 44: The R&D Tax Credit (September 26, 2018)

Learn more about Mike 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 [email protected].

What word comes to mind when you think about your Mondays? Host Damien Martin talks with returning guest Sam Allred about why he loves Mondays and uses them as his litmus test for navigating his career. Here’s what they cover:

• Why Sam loves Mondays and why it’s important [01:21]
• Play to your strengths—and get a clear understanding of where your strengths lie [07:03]
• Navigating the integration of work and personal life when evaluating your Mondays [14:14]
• Making changes when you feel your love for Mondays is declining [16:52]
• Closing thoughts and recommendations [25:11]

Learn more about Sam 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 [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

On June 1, 2022, FORVIS was created by the merger of equals of BKD, LLP and Dixon Hughes Goodman, LLP (DHG). Host Damien Martin sits down with FORVIS CEO Tom Watson and FORVIS Governing Board Chair Matt Snow to discuss why and what it means for those inside and outside of the newly created firm, which ranks among the nation’s top 10 professional services firms. Here’s what they cover:

Get to Know Matt & Tom

• What they set out to study when they entered college—and how that changed [01:59]
• Favorite ways to recharge [05:26]
• Book recommendations [07:51]

The Forward Vision that Led to FORVIS

• Background on BKD and DHG leading up to June 1, 2022 [10:21]
• Why BKD and DHG agreed to merge [14:37]
• The most important things to get right in a merger [19:31]
• Surprises so far [22:51]
• What’s in a name? [27:22]
• The vision for the first 100 days of FORVIS and beyond [29:53]
• Why Tom and Matt are excited about FORVIS [33:50]

Learn more about Matt and Tom 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 [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

What tax changes are possible in 2022? Will we see any of the proposals included in Build Back Better incorporated into other legislation? Guest Travis Lucas returns to the podcast with host Damien Martin to cut through the static of the headlines in Washington, D.C. Here’s what they cover:

• Where are we right now?
• What’s the timeline and what’s possible in 2022?
• What rises to the top of the list of possibilities?
• How has the focus changed between the end of 2021 and now?
• How might a divided Congress impact the outlook for 2023 and 2024?
• Will we see SECURE 2.0?
• What’s Travis’ takeaway for listeners?

Learn more about Troy and find the links to the 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 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 [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

An optimal family wealth strategy is holistic and combines both investment and estate planning strategies. Do you know when and where to start? Host Damien Martin unpacks the important but often daunting task of planning for your wealth with BKD’s Troy Farmer. Here are the questions they cover:

• Who is Troy Farmer? [01:48]
• What is a wealth strategist and why work with one? [04:00]
• How does estate planning play a role in wealth strategy? [07:28]
• What are the key decisions you need to make and when? [09:02]
• How do I know if a planning technique makes sense for my family? [11:55]
• What’s a Grantor Retained Annuity Trust? [15:14]
• What’s a Spousal Lifetime Access Trust? [17:54]
• Should I be concerned about outliving my wealth? [20:12]
• Are there risks to consider when implementing a wealth strategy? [21:41]
• What are some frequent questions you answer? [22:30]
• How do you educate the next generation and get them ready to inherit wealth? [27:55]
• What are some actual stories of those who have implemented a wealth strategy? [31:37]
• What should I expect in terms of timing and involvement? [38:13]

Learn more about Troy  here and check out the Beyond the Numbers with Troy Farmer video on our YouTube channel mentioned in the episode.

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 [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube