Tackling Tax

Guests 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 legislation [55:25]
• Recoveries from relief and other sources [56:57]
• Closing thoughts and considerations [58:28]

Learn more about our guests 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!

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BKD 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'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!

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Guest 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 through something that you would never comprehend" @21:08
• You must be authentic and real @27:56
• Resources and how to get help @29:37
• A way to win the war on talent in the accounting industry @32:36
• Advice for organizations looking to make a change in light of recent events @36:20
• Tips for having challenging conversations and what to avoid @ 37:32
• How to avoid falling victim to your bias and blinds spots @40:26
• Leading and sustaining change @44:58
• Virtual considerations for difficult conversations @47:42
• Now is the time! @49:05

BIO FOR GUEST

Trisha Daho is the founder and owner of Empowered, where she partners with C-suites and managing partners to think, plan, and execute strategically for the purpose of accelerated and sustainable growth, primarily in professional service firms. She also partners with larger firms to create success for women and diverse people who are entering leadership positions through a diversity and inclusion peer advisory experience focused on strategy, high performing teams, and advocacy in leadership.

With a law degree from Case Western Reserve University and a business degree from Miami University, Trisha brings practical results-driven insights as well as leadership acumen. She regularly writes and speaks on a variety of topics, including authenticity in leadership, high impact teams, creating growth cultures, diversity and inclusion, and many more.

• Connect with Trisha on LinkedIn

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

"Simply Tax" turns 100 by looking back and looking forward with Sam Allred, Jeremy Clopton and Heath Alloway of Upstream Academy on how accounting firms are responding to the coronavirus pandemic and preparing for future success. Here's what's covered:

• Looking back to the beginning of 2020 [02:43]
• Top four goals of managing partners, even during crisis [05:03]
• Areas of focus amid a pandemic [12:01]
• Lessons firms have learned so far [17:49]
• The do's and don'ts of leadership in the present crisis [22:25]
• Advice for working and training in a remote environment [33:11]
• "Leadership in a time of crisis is going to leave a more lasting memory than anything else a leader does" [39:41]
• "Nothing says I care more than being proactive" [42:19]
• Preparing for future success [45:34]
• Innovation as a way to improve [54:34]
• The danger of reverting to normal [59:56]
• Forward-looking book recommendations from Jeremy and Heath [01:04:38]
• Closing thoughts [01:09:01]

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].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

The 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 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

Adapting 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 adaptation @09:57
• The importance of finding the right balance of leaning on past tradition and taking on new skills @13:39
• How to communicate during a crisis @16:24
• Tips and techniques for getting the communication ball rolling @22:18
• The "white noise" factor @25:19
• A resource for getting some help with family communication @27:18
• "You are absolutely not alone" @28:24

BIO FOR GUEST

Dr. James Grubman has provided services to individuals, couples and families of wealth for more than 30 years. His work with clients at many levels of affluence—from the "millionaire next door" to the Forbes 400—has earned him a reputation as a valued family advisor. Jim often is consulted in situations of complexity where psychology, law, finance, medicine and business all come into play to varying degrees. He draws on his experience as a psychologist, neuropsychologist and family business consultant with specialty interests in trusts and estate law, family governance and wealth psychology.

Jim brings his deep knowledge of the client's perspective to his work with single and multi-family offices, top 100 wealth management firms, attorneys and other advisors. He has coached hundreds of advisors on the core competencies needed to foster exceptional client relationships. His practical approach emphasizes collaboration, empathy and efficiency.

Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author (with Dennis Jaffe, PhD) of Cross Cultures: How Global Families Negotiate Change Across Generations, groundbreaking explanations of how individuals and families can adjust to wealth effectively. His work has been discussed in Malcolm Gladwell's national bestseller, David and Goliath, as well as featured in the Wall Street Journal, Business Week, CNBC, The New York Times, The Boston Globe and Private Wealth. He has published widely in the Journal of Wealth Management, Journal of Financial Planning, Financial Advisor and many other media.

Learn more about Dr. Grubman 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

Host 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 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

Host 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 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

This 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]
• Wealth transfer considerations [23:13]
• State, local and other considerations [26:27]
• Jesse's recommended approach [29:20]
• Damien's advice to businesses and owners [32:14]
• Gene's background and experience [39:00]
• "Like no other tax season in the last 39 years" [48:02]
• The bottom line for tax professionals to tackle the months ahead [51:40]
• Step back and consider the big picture [56:43]
• Lessons from Gene and tips for a successful tax career [59:54]

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].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

Organizations 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 decision making @ 17:02
• Pandemics are hard to contemplate @ 19:55
• Great data is the foundation @ 27:48
• Ways to learn more 30:14
• Plan for the worst but hope for the best @ 31:50

Learn more about Kim 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