Tackling Tax

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
• Closing thoughts from Dan @53:39

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

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

2019 was yet another busy year in the tax world! Tony Nitti returns to the podcast to share key takeaways from his top tax cases of the year with host Damien Martin, along with advice for reading and staying current with tax case law. Here's what's covered in our final episode of 2019:

Background, tips and tricks on studying tax case law:

• Why read tax cases? @01:56
• Tony's tips for reading tax case law @04:12
• How to fit reading tax cases into the busy day-to-day @09:14
• How Tony picked his top 10 cases @11:41

Top 10 tax cases:

• Gaylor v. Mnuchin, 919 F.3d 420 (7th Cir. 2019) @14:41
  • What's Internal Revenue Code (IRC) Section 107?
  • Why did the Freedom From Religion Foundation sue the IRS?
• Northern California Small Business Associates v. Commissioner, 153 T.C. 4 @34:44
  • What's IRC §280E?
  • What was the taxpayer's argument in the case?
  • Why did the court reject this argument?
• Langston v. Commissioner, T.C. Memo 2019-19 @47:48
  • Why was there even an issue here?
  • What's the significance of this case?
• Barbara v. Commissioner, T.C. Memo 2019-50 @54:24
  • Why is material participation so important yet challenging?
  • Why did the tax court disagree with the IRS in this case?
  • What's the key takeaway from this case?
• Eger v. U.S., 124 AFTR 2d 2019-5717 @1:07:19
  • What's IRC §469(c)(7)?
  • What did we learn from this case?
  • Three things to remember about real estate professionals
• Donoghue v. Commissioner, T.C. Memo 2019-71 @1:24:30
  • Is this just another bad-facts case about horses?
  • What are the hobby-loss rules and why are they so tricky?
• Ames D. Ray v. Commissioner, T.C. Memo 2019-36 @1:37:00
  • Why have we been talking so much about IRC §§162 and 212 lately?
  • Why did the taxpayer feel he could deduct his legal fees?
  • Why did the court ultimately disagree?
• Lipnick v. Commissioner, 153 T.C. 1 @1:45:57
  • What are the debt-financed distribution interest expense rules?
  • What was the issue of first impression here and how did the court rule?
• Mihelick v. U.S., 927 F.3d 1138 (11th Cir. 2019) @1:52:41
  • What's the claim-of-right doctrine?
  • What did we learn about this doctrine from this fact pattern?
• Brown v. Commissioner, T.C. Memo 2019-30 @2:03:22
  • Why does it matter where your tax home is?
  • What are the factors to determine where a taxpayer's regular and principal places of business are?

Bringing it all together:

• Shrinking the code @2:10:28

Learn about Tony 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.

We'd love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

Previous guests of the "Simply Tax" podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes:

Episode 49: Tax Planning Questions for Businesses

Episode 47: Tax Planning for High-Net-Worth Families After the TCJA

Episode 46: Do You Have 199A Confusionosis?

Episode 44: The R&D Tax Credit

Episode 42: Cutting Through the Tax Static with Ed Karl

Episode 39: Tax Technology of the Future

Episode 38: Bonus Depreciation Regs & More

Episode 36: Simply Small Business Taxpayer Accounting Methods

Episode 35: The Proposed 199A Regulations with Tony Nitti

Episode 27: The SALT Workarounds with Annette Nellen

Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law

Episode 19: Tax Reform for Insurance Companies

Episode 16: AICPA's 199A Task Force

Episode 15: Tax Reform for Health Care Providers

Episode 13: Tax Reform for Construction & Real Estate

Episode 12: Ed Karl's Tax Reform Carnival Update

Episode 11: The Twins on Tax Reform for Individuals

Episode 10: The International Side of Tax Reform

Episode 9: Tax Reform for Businesses

Bonus Episode: CPA to CPA with Tony Nitti

Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti

Bonus Episode: Tax Bill Whack-A-Mole

Bonus Episode: Latest from the Reform Roller Coaster

Bonus Episode: Tax Framework with Ed Karl

Episode 1: Talking Tax Reform with Ed Karl

THE STORY

'Twas the night before TCJA, when all through the House,

A tax reform framework was stirring, with momentum moving quicker than a mouse;

A budget resolution had just passed in Congress with care,

In hopes that tax reform soon would be there;

The stage had been set to use reconciliation by those who led,

While visions of rate cuts danced in their heads;

And Republicans in the House and the Senate moving ASAP,

Remained committed to using the unified framework as a map,

When on November 2nd there arose such a clatter,

It was the Tax Cuts and Jobs Act that was the matter!

Away to the internet I flew like a flash,

To open the bill that made such a splash.

The text on freshly printed pages as white as snow

Gave the luster of new tax changes offering so much to know,

When, what to my wondering eyes should appear,

But new provisions to add and amend the tax code as I sat down to read it with a beer,

With the changes moving, so lively and quick,

I still was not certain if these provisions would stick.

More rapid than eagles the markups they came,

And they passed different versions of the bill in the House and the Senate under the TCJA name;

Now, Republicans! Now, Democrats! In a conference committee mixin'!

On compromises! On changes! On things that needed fixin'!

Back to the House and the Senate with time running small

Now three last-minute changes that were then voted on by all,

Including a name change that's made the bill somewhat hard to identify,

But around the Tax Cuts and Jobs Act name most seem to still unify.

So after enactment on December 22nd tax advisors they flew,

To their copies of the bill with highlighters and even hole punch reinforcers, too.

And then, in a twinkling, I heard tax advisors raise the roof

The excitement of new code sections that arrived in a poof.

Now after reading the TCJA, I knew that choice of entity was bound,

To be a big deal with many significant changes now around.

It was presented as simplification with reduced rates at its root,

But is often complex when combined with the tax law that stayed put;

A bundle of questions arose when tax advisors started to unpack

The provisions of the newly enacted tax law with areas of uncertainty starting to stack.

And the many significant international changes that can seem quite frankly scary!

Actually, Chris Clifton of episode 10, would you explain while I refill my sherry?

Now one thing that clearly began to show,

Was each taxpayer's situation is unique and tax planning for the TCJA could not be put on auto;

A decision like charitable giving now has much more to consider,

Like will you itemize, what are you giving and even what and how much do you plan to bequeath;

And the new 20 percent deduction has led to many calls on the telly,

With the definition of trade or business under §162 that can seem as fluid as a bowlful of jelly.

Whether you get the deduction and what industry are important questions to ask yourself,

For example, Brian Todd of episode 15, for health care would say it depends on the organization itself?

And though the TCJA-related guidance so far has given much to put in our head,

More from Treasury and the IRS is still needed and expected to come ahead;

And though enhanced capital expensing is quite a perk,

A technical correction for qualified improvement property would address issues that still lurk,

And keep in mind under the TCJA some saw overall tax increases as their effective tax rate rose,

Netting the effect of new limits on deductions with the beneficial changes is something you must juxtapose;

To many tax advisors the TCJA can seem like a thistle,

So I'd like frequent podcast guest Tony Nitti to offer some advice to those starting to bristle.

So with that I'd like you to celebrate the one year of the TCJA with spirits that are bright,

Happy TCJA to all, and to all a good night!

GET MORE "SIMPLY TAX"

We're excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

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 October 9, 2019, the IRS released the first guidance in five years for taxpayers who engage in transactions involving virtual currency. Cut through the static of this rapidly changing area with guests Nik Fahrer, Sean Stein Smith and Tyrone Ross and host Damien Martin as they share observations from the recent guidance and provide insights on working with and investing in cryptocurrency. Here's a look at what's inside our latest episode:

Tax update with Nik Fahrer

• Impressions and takeaways from the first cryptocurrency guidance in five years @01:14
• Affirming any acquired financial interest in virtual currency on your 2019 tax return @07:58
• What to do if you haven't reported your cryptocurrency transactions @09:42
• What's the effective date of the latest guidance? @11:45
• Did you get a letter from the IRS? @13:25
• This stuff isn't going away @16:20

Common questions and misconceptions with Sean Stein Smith

• Why you should care about cryptocurrency in the first place @20:51
• How Sean covers this topic when teaching and writing @23:49
• What's a "hard fork" and what's an "air drop"? @25:31
• Top issues and outlook for 2020 @31:43
• Living lessons from the American Institute of CPAs (AICPA) Leadership Academy @37:54

Investment considerations with Tyrone Ross

• The importance of an abundance of crypto-specific education @40:56
• Greatest points of misinformation and confusion @45:55
• Considerations for owning cryptocurrency @53:04
• Estate planning considerations with cryptocurrency @59:37
• It's not going away! @1:04:01

Learn 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.

We'd love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

How did tax reform change year-end planning for individuals? Returning guests Holly Pantzer and Susan Jones join host Damien Martin for a closer look at key considerations for individuals following the recent tax law changes as they share their firsthand experiences from recent year-end planning discussions. Here's a look at what's inside our latest episode:

• Why year-end tax planning is important and best practices for planning meetings @ 2:45
• Biggest challenges in implementing the tax reform changes in year-end planning @ 8:27
• Things Holly and Susan aren't doing in planning this year @ 14:24
• How charitable giving and philanthropic plans have changed after tax reform @ 17:59
• Estate planning trends in year-end discussions @ 23:26
• "We might be in the lowest income tax environment we'll see for quite some time" @ 30:11
• Closing thoughts on year-end planning @ 32:07
• The biggest questions Holly and Susan are addressing @ 37:15

Learn 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.

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 modern business world is often described as crazy busy with constant change and shifting priorities. Learn how to cut through the static of this tumultuous new normal as guest Amy Franko returns to the podcast. She and host Damien Martin explore the skills necessary to help you better execute on the tactical aspects of selling in this modern environment. Here's what's covered:

• Who is Amy Franko, and how did she become an educator on sales and leadership @ 1:59
• How to spot an entrepreneurial inflection point @ 6:11
• The experience of writing and publishing a book @ 6:49
• Who should read Amy's book? @ 14:01
• The definition of the modern seller @ 18:34
• The five dimensions of a modern seller @ 25:10
  • Agile @ 26:24
  • Entrepreneurial @ 27:32
  • Holistic @ 30:58
  • Social @ 33:27
  • Ambassador @ 35:13
• Putting it all together @ 37:29

BIO FOR GUESTS

Amy Franko is founder and president of Impact Instruction Group. She is a keynote speaker, sales strategist and author specializing in B2B sales and sales leadership development. With more than 20 years of client-facing sales experience, Amy began her career with global companies IBM and Lenovo before pivoting into entrepreneurship. Her book of business includes some of the world's most recognizable brands. Her book The Modern Seller is an Amazon bestseller and was named a 2019 top sales book by Top Sales World. She is recognized by Top Sales World as one of the top 50 sales bloggers in the world.

• Connect with Amy on LinkedIn
• Follow Amy on Twitter

ADDITIONAL RESOURCES

• "Simply Tax" episode 30: A Leadership Pipeline with Amy Franko
• Amy's website: Impact Instruction Group
• Amy's book: The Modern Seller

GET MORE "SIMPLY TAX"

We're excited to also provide video content to strengthen your tax mind! Check it out on our new 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

Tax planning is complex and particularly challenging this year after yet another busy year in the tax world. Julia Dengel joins Damien Martin to co-host a mashup of interviews on key topics to help you navigate year-end tax planning. Here's what's covered:

• Behind the scenes of the Year-End Tax Advisor @01:59
• Private Foundations: Beware the Hidden Issues with Stephanie Bostick @05:49
• Opportunity Zones with Derek Smith @18:28
• Year-End Planning for Businesses: Accounting Methods with Dodge Docheff @30:44
• Mitigating the Penalty Exposure Through Proper Use of Forms 8275 & 8275-R with Yelena Bosovik @39:43
• 2019 Charitable Tax Planning Reminders with Luke Guttermann @50:47
• Section 199A Doesn't Stand Alone with Karen Fleming @1:01:56
• Student Loan Repayment Programs: What Are They & How Will the IRS Respond? by Jessica Cox with Julia Dengel @1:09:26

BIO FOR GUESTS

• Stephanie Bostick is a tax senior manager and member of BKD Private Client Service Group in San Antonio, TX. Connect with Stephanie on LinkedIn.
• Derek Smith is a tax partner and member of BKD National Construction & Real Estate Group in Springfield, MO. Follow Derek on Twitter and connect with him on LinkedIn.
• Dodge Docheff is a tax manager and member of BKD Financial Services in Kansas City, MO.
• Yelena Bosovik serves as a national senior associate in BKD's National Office Tax Department. Connect with Yelana on LinkedIn.
• Luke Guettermann is a tax senior manager in Kansas City, MO. Connect with Luke on LinkedIn.
• Karen Fleming is a tax senior manager and member of BKD Private Client Service Group in Chicago, IL. Follow Karen on Twitter and connect with her on LinkedIn.
• Julia Dengel serves as a national tax manager in BKD's National Office Tax Department. Follow Julia on Twitter and connect with her on LinkedIn.

ADDITIONAL RESOURCES

• Episodes of "Simply Tax" mentioned in the episode
  • Episode 41: What's a Qualified Opportunity Zone? with Derek Smith
  • Episode 45: The Opportunity Zone with Derek Smith
  • Episode 78: Manage the Accounting Method Madness with Travis Butler and Brittany Cummings
• What We Learned from Tax Reform for Individuals with Jeff Bodkin, Susan Jones, Damien Martin and Derek Smith (August 8, 2019)

• What We Learned from Tax Reform for Businesses with Rick Klahsen, Damien Martin, Jesse Palmer and Melissa Pozniak (August 9, 2019)
• Last year's year-end tax planning series on "Simply Tax"
  • Episode 47: Tax Planning for High-Net-Worth Families after TCJA with Steve Bigge, Chris Hesse and Marv Hills
  • Episode 48: Tax Planning with Losses with James Anderson
  • Episode 49: Tax Planning Questions for Businesses with Ed Karl, Jesse Palmer and Justin StenbergGET MORE "SIMPLY TAX"

We're excited to also provide video content to strengthen your tax mind! Check it out on our new 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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Accounting methods are a complex and intimidating corner of the tax world. Guests Brittany Cummings and Travis Butler join host Damien Martin to cut through the static of recent accounting method developments and break down what you need to know as we head into year-end planning. Listen for answers to these questions:

• What's an accounting method? @00:28
• What's in the recently released final and proposed bonus depreciation guidance? @04:06
• Can taxpayers take bonus depreciation on qualified improvement property? @06:35
• What else is going on in the accounting method world as it relates to fixed assets? @10:03
• What's in the recently released proposed revenue recognition guidance under Section 451? @13:58
• How did this guidance address cost of goods sold and variable consideration? @22:30
• Are there best practices for implementing this guidance? @26:04
• What's negative §263A and what was in the guidance released last November? @27:40
• What other accounting methods should you be thinking about right now? @33:46
• What are Brittany and Travis' favorite accounting method changes? @38:26
• Are there any international or state and local tax issues to consider with accounting methods? @40:34

BIO FOR GUESTS

Travis Butler serves as a director in BKD's National Tax Department and Chicago office.

• Connect with Travis on LinkedIn

Brittany Cummings serves as a national assistant tax director in BKD's National Tax Department.

• Connect with Brittany on LinkedIn
• Follow Brittany on Twitter

ADDITIONAL RESOURCES

Mentioned in the podcast:

• Episode 36: Simply Small Business Taxpayer Accounting Methods with Nathan Clark
• Episode 38: Bonus Depreciations Regs & More with Jesse Palmer

Additional resources:

• Summary: https://www.bkd.com/chart/2018/08/tax-cuts-and-jobs-act-ss168k-bonus-depreciation
• Article: New Depreciation Rules Create Tax Planning Opportunities by Jason Jobgen
• Resource centers:
  • Revenue Recognition
  • Lease Accounting

GET MORE "SIMPLY TAX"

We're excited to also provide video content to strengthen your tax mind! Check it out on our new 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

Guest Tim Jipping—host of the "Journey View" podcast—joins "Simply Tax" host Damien Martin on an exploration of their careers in the CPA profession. The two share their personal experiences from working in the CPA profession and discuss the profound effect the AICPA Leadership Academy has had on both their careers and personal lives.

TIME STAMPS

• Who is Tim Jipping? [02:45]
• The experience of starting a podcast [07:34]
• Creating and being creative [09:18]
• Simply creativity and innovation [13:51]
• How the AICPA Leadership Academy can change you [21:56]
• Tim's journey and the role of fear and vulnerability [28:37]
• Wait, Damien majored in music? [35:27]
• Creating space to grow and running a marathon [41:51]
• How to say YES! [45:36]
• Perspectives and insights gained from moving across the country [50:16]
• Advice to 20-year-old Damien and Tim [59:13]
• Slow down, people! [1:06:56]

BIO FOR GUEST

Tim Jipping, CPA, CGMA is the founder and owner at Journey Advisors & CPAs. Named as a 2018 40 Under 40 Honoree in accounting and audit, Tim has more has more than 13 years in the accounting profession, with time spent in public accounting and a stint as a controller. He also hosts "Journey View," a podcast created specifically as an outlet for his creativity and to share conversations with fascinating people about their journey in life.

• Connect with Tim on LinkedIn
• Follow Tim on Twitter
• Follow Tim on Instagram

ADDITIONAL RESOURCES

• Mentioned in the podcast:
  • "Journey View" podcast
  • AICPA Leadership Academy
  • Behind the Scenes with Tim Jipping

• More episodes from the "Working in Tax" series:
  • Episode 62: Loving What You Do with John Garrett
  • Episode 63: Where Should You Work? with Amie Kuntz
  • Episode 67: An Insider's View: The IRS & Public Accounting with David Kirk
  • Episode 76: How to Become a Tax Geek with Chris Hesse

GET MORE "SIMPLY TAX"

We're excited to also provide video content to strengthen your tax mind! Check it out on our new 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

Tax manager recently topped the list of jobs with the best career opportunities in the U.S. in a recent Glassdoor survey. Host Damien Martin sits down with guest Chris Hesse—current chair of the AICPA Tax Executive Committee—to cover Chris' advice for a successful and happy career in tax, insights on the important role the committee plays in advocating for taxpayers and tax practitioners, key takeaways from tax reform and more.

TIME STAMPS

• Who is Chris Hesse and why is he involved with the AICPA? @3:21
• What does the AICPA tax executive committee do? @7:12
• The role of the Tax Executive Committee in requesting TCJA guidance @8:31
• The AICPA's role in advocating for taxpayers on §199A @10:25
• Comment letters are a treasure trove of information @16:04
• Are draft tax forms considered guidance? @18:21
• Nuances of the trade or business determination and consistent application @20:18
• How Chris became a tax geek (and how you can too) @25:42
• Nothing beats 40 years of experience @33:22
• Chris' advice for starting out in the profession @38:25
• Be happy with what you're doing! @43:31

BIO FOR GUEST

Chris Hesse has more than 35 years of tax experience in public accounting with more than 30 years of speaking and training experience before tax professionals. His career has included tax leadership of a 200-person practice and extensive tax writing and analysis services. Chris has spoken at numerous conferences throughout the country on taxation, agricultural and estate tax topics and is the chair of the AICPA Tax Executive Committee. He has testified before legislative committees on tax policy matters and has been instrumental in federal and state tax law changes.

• Connect with Chris on LinkedIn

ADDITIONAL RESOURCES

• Mentioned in the podcast:
  • Tax Manager Tops Best Jobs List in New Survey by Jonathan Curry (Tax Notes subscription required)
  • Episode 47: Tax Planning for High-Net-Worth Families After the TCJA
• More episodes from the "Working in Tax" series:
  • Episode 62: Loving What You Do with John Garrett
  • Episode 63: Where Should You Work? with Amie Kuntz
  • Episode 67: An Insider's View: The IRS & Public Accounting with David Kirk
• More from the AICPA
  • Learn about the Tax Executive Committee: AICPA Senior & Executive Committees
  • AICPA TV: Updates from the New Tax Executive Committee Chair, Chris Hesse

GET MORE "SIMPLY TAX"

We're excited to also provide video content to strengthen your tax mind! Check it out on our new 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