Tackling Tax

Tax headlines are swirling after several tax-related developments passed in Washington in response to the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). These significant changes have created questions for taxpayers and CPAs alike. Tune in as host Damien Martin cuts through the static of the tax deadline postponement with frequent guest Ed Karl and tackles common listener questions with returning guests Julia Dengel and Yelena Bosovik.

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) has worked to provide Economic Injury Disaster Loan assistance to eligible organizations to help ease the effects of the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19) on small businesses, nonprofits and other entities. These organizations are experiencing unexpected decreases in cash flow due to the "shelter-in-place" orders enacted by many municipalities. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and SBA intend to provide loans with decreased interest rates and forgiveness plans to assist organizations as they continue operating during this challenging time. Join us for the third installment of our COVID-19 Response Series, where host Damien Martin talks with guests Jim Ashley, Corey Stone and Greg Knight to review these complicated but crucial changes under the CARES Act. Here's what's covered:

• The SBA Economic Injury Disaster Loan (EIDL) before CARES @01:45
• Get some trusted education on the programs @08:59
• Paycheck Protection Program (PPP) under the CARES Act @11:42
• Common questions on the PPP loan program @17:10
• The analysis to be done here @23:26
• Business responses to the SBA loan programs so far @28:19
• The need for real-time decisions @32:46
• The specifics of the PPP loan forgiveness @34:05
• Get ready and prepare for the next eight weeks @36:55
• Making cuts and difficult decisions @38:58
• How your data can help right now @41:24
• Practical considerations for making the most informed decision @43:58
• A lot of times the data is already there @47:42
• Closing thoughts
  • Greg Knight @50:37
  • Corey Stone @53:18
  • Jim Ashley @ 54:48

Learn about our guests and get additional resources here.

Due to the SARS-CoV-2 virus (COVID-19), Washington recently enacted legislation providing various relief measures. In episode two of our COVID-19 Response Series, guest Ryan Peterson and host Damien Martin discuss the payroll-related provisions provided under this new relief. We'll cover items of common confusion, identify areas needing additional guidance and explain what these newly enacted provisions may mean for you and your business. We'll also hear from Yelena Bosovik and Julia Dengel on the expansion of emergency family and medical leave and employer tax credits. Here's what's covered:

• Payroll-specific relief under the Families First Coronavirus Relief Act (FFCRA) @02:39
• FAQ on the specifics of the relief provided under the FFCRA @06:46
• Employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) @15:03
• A few things should be doing now @20:44
• Common misconceptions @24:49
• Delay of payment of employer payroll and self-employment taxes @27:48
• Ryan's recommended approach to the relief provisions @29:50
• Closing thoughts @31:05

Learn more about our guests and get additional resources here

The novel coronavirus disease 2019 (COVID-19) and the response to this pandemic have created an unprecedented, fast-moving and challenging environment. Join guest Chris Schumann and host Damien Martin for the first episode of a three-part series focused on helping you respond responsibly to COVID-19. We'll share practical advice and key action steps businesses and their owners can take to confront the unexpected business challenges of the current situation. Here's what's covered:

• This situation is different @03:24
• Cash is king @05:33
• Don't overcomplicate it @08:08
• Mistakes from the past @10:31
• The people perspective @22:45
• A lesson from 2008 on transparency @25:26
• Inventory @28:03
• Constant communication and reassurances @32:16
• Impact on transactions and deals @36:40
• Closing thoughts @39:01

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

In these uncertain times related to the coronavirus 2019 (COVID-19) pandemic, tax professionals and businesses alike face a multitude of challenges. Among them is conquering the learning curve of working remotely, as many tax and business professionals will be working from home (WFH) in the weeks ahead. Host Damien Martin called up frequent guest Tony Nitti to discuss what he's learned from 15 years of WFH, tips for being effective and advice for everyone including those who are starting out and those who are established in their careers.

Learn more about our guest and get additional resources here.

We've been working with the centralized partnership audit regime (CPAR) for more than a year, but key challenges remain regarding the application of federal rules at the state level. In this episode, you'll find out why it matters and how the American Institute of CPAs (AICPA) and other organizations are advocating for taxpayers and tax practitioners. AICPA Senior Manager Eileen Sherr sits down with host Damien Martin to discuss the Multistate Tax Commission's (MTC) Model Uniform Statute and Regulation for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments (model statute) aimed at unifying state approaches to the centralized partnership audit procedures. Learn which states are considering and enacting legislation that addresses the significant changes under the CPAR. Take a look at what's covered:

• Meet Eileen Sherr @01:06
• Overview of the CPAR @02:14
• State considerations @04:34
  • Key players and contributions @05:59
  • Description of the MTC's model statute @08:46
  • The desire for flexibility @13:34
  • Why a model statute is important @15:02
  • How the AICPA is advocating for taxpayers and tax practitioners @15:49
• Eileen's experience creating the model and expectations for the future @18:13
• How listeners can get involved @21:34
• What we've seen so far in 2020 @24:48

Learn more about Eileen 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

Have you ever wondered what would happen if you put the hosts of two tax podcasts together in a studio to talk tax? We thought so! "Simply Tax" host Damien Martin sits down with "Tax Notes Talk" host David D. Stewart to discuss his career reporting on international tax, where things stand with the Organisation for Economic Co-operation and Development's (OECD) base erosion and profit shifting (BEPS) project and the experience of hosting a podcast about taxes. Here's what's covered:

• How David Stewart came to write about, analyze and report on taxes @2:16
• How David knew he was a tax geek @4:18
• A day in the life of an international tax reporter @5:18
• The latest on the OECD's BEPS project and the experience of following it @11:16
• A prediction on the 2020 target completion for the project @17:29
• The biggest challenge for completing the BEPS project @18:41
• Reactions to telling people you host a podcast about taxes @21:29
• How "Tax Notes Talk" was born @23:53
• Why you should listen and how it's grown in more than 100 episodes @25:45
• Advice for a successful career reporting on tax @32:16

Resources mentioned in the episode

• "Tax Notes Talk" episode: Simply Tax Season crossover episode with David Stewart and Damien Martin
• "Tax Notes Talk" episode: Drunk Tax History with David Stewart and Joseph Thorndike
• "Tax History: Drunk Tax History: Alcohol and American Public Finance" by Joseph Thorndike

Learn more about David 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

Can you describe the characteristics of a great board member or the critical role boards play in the success of all types and sizes of organizations? Find out from guest Dan Prater, as he joins host Damien Martin to discuss the qualities and activities of a strong board and share best practices for any board member. Take a look at what's covered:

• Why are boards important? @01:59
• Roles and purposes of board members @03:00
• Considerations for new board members @04:15
• Identifying a strong board @06:01
• What kind of board member does my organization need me to be? @08:04
• The most important question for a board to ask @09:20
• How to stay relevant as an organization @10:55
• Considerations for finding the right board members @13:32
• Diversity of thought is critical @16:28
• Social return on investment @20:26
• Best practices of the best organizations @22:25
• Founders who won't move forward and let go @25:46

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

Much like the changes under the Tax Cuts and Jobs Act, the new lease standard is complex and likely will require significant hours to implement correctly. Join guests Chris Telli and Jessica Richter as they help educate host Damien Martin on the change and discuss what measures organizations should take to comply with the new standard. Here's what's covered:

• Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, and Financial Accounting Standards Board (FASB) Accounting Standards Codification [01:35]
• The big shift under the new standard [04:03]
• Implementation example [07:20]
• Awareness of the change [11:05]
• Private companies are underestimating what it will take to implement [15:38]
• So what does this mean for lessors? [18:33]
• How it's going so far and additional considerations [20:08]
• The biggest challenge [24:42]

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

Cybersecurity has become an important part of everyday life. Join guest Rex Johnson and host Damien Martin to learn more about the risks and consequences of a cyberattack and the actions you can take to help protect your business. Here's what's covered:

• What's cybersecurity? [02:25]
• Risks and rewards of ease of access to data [05:33]
• How the headlines are changing mindsets in management [10:07]
• Where do you start [12:42]
• Why you need an incident response plan [15:02]
• Things to focus on [18:05]
• The tone at the top is vital [20:39]
• What you can learn from a penetration test [22:12]
• It all comes down to what you want to protect [26:13]

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