Tackling Tax

A lot has been said and written about blockchain and cryptocurrency, but what do you really need to know—and why does it matter? Guests Nik Fahrer, Caleb Shough and Katie Harrison join host Damien Martin for a discussion on the tax, financial reporting and regulatory aspects of this evolving area.

HERE'S WHAT'S COVERED:

• Background on Bitcoin @03:12
• Goal of cryptocurrency's creators @04:12
• What is cryptocurrency? @05:41
• Evolution of cryptocurrency since its inception @09:14
• Tax treatment and implications @11:26
• Financial reporting treatment and implications @13:39
• Misconceptions and misunderstandings @15:40
• Compliance and regulatory considerations @21:05
• It's more than having a great cryptocurrency-related idea @24:48
• Mining @26:57
• Hardforks @32:13
• Wash sales @35:41
• Other blockchain applications @37:31
• Partnering with FinTech companies @39:39
• Best practices for partnering @44:21
• Cryptocurrency and the gig economy @46:00
• Anonymity and cryptocurrency @47:10
• Advice for keeping up with the developments @49:05
• A few ways to learn more @50:11

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!

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Guest Gary Genenbacher joins host Damien Martin to reflect on the first tax filing season for financial institutions under the Tax Cuts and Jobs Act (TCJA). Here's what's covered:

• Gary's perspective on applying the provisions of the TCJA [04:10]
• Key TCJA changes for financial institutions [06:09]
• How financial institutions have reacted to the TCJA changes [10:21]
• The most surprising TCJA provisions [11:16]
• Areas we need guidance [14:08]
• Being off-balance on purpose [16:47]
• Planning considerations for financial institutions after tax reform [19:10]
• Increased conformity between book and tax [23:14]
• The important role tax advisors play [25:54]
• Tax simplification [26:42]

BIO FOR GUEST

Gary Genenbacher is a partner and member of BKD National Financial Services Group. Gary focuses on providing family-owned businesses with tax solutions and corporations with strategic tax planning, including subchapter S conversions, retirement planning strategies, accounting methods and tax credit opportunities.

• Connect with Gary on LinkedIn

ADDITIONAL RESOURCES

• Mentioned in the episode:
  • What We Learned from Tax Reform for Individuals presented by Jeff Bodkin, Susan Jones, Derek Smith and Damien Martin (August 8, 2019)
  • What We Learned from Tax Reform For Businesses presented by Rick Klahsen, Melissa Pozniak, Jesse Palmer and Damien Martin (August 9, 2019)
  • "Simply Tax" Episode 67: An Insider's View: The IRS & Public Accounting with David Kirk
  • "Simply Tax" Insight Video: Rental Activities as a Trade or Business
• Learn more about some of the topics discussed in the episode:
  • Financial Services Tax Reform Update presented by Gwyn Eastom and Steven Cunningham (December 20, 2018)
  • "Simply Tax" Episode 17: Tax Reform for Financial Institutions (March 8, 2018)
• Learn more about tax reform with BKD's Tax Reform Resource Center

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

Cut through the static of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned from applying the provisions of the TCJA during the first tax filing season for construction and real estate. Guest Jason Grosh joins host Damien Martin to reflect on key takeaways and look to what's ahead. Here's what's covered:

• Key TCJA changes for contractors [01:17]
• Are contractors actually making accounting method changes after the TCJA? [05:48]
• Challenges with the lack of guidance [10:39]
• Planning considerations for contractors after the TCJA [13:31]
• Record keeping considerations after tax reform [20:00]
• Enhanced depreciation deductions [23:21]
• Credits and incentives [25:25]
• C versus S corporation after the TCJA [27:23]

BIO FOR GUEST

Director Jason Grosh is a member of BKD National Construction & Real Estate Group. Jason provides tax services for contractors, real estate developers, hospitality companies, manufacturers and telecommunications companies. He focuses on tax planning for multistate partnerships, LLCs and corporations and on business succession planning, including buy-sell agreements, deferred compensation plans and merger and acquisition agreements.

• Connect with Jason on LinkedIn

ADDITIONAL RESOURCES

• Learn more about some of the topics discussed in the episode:
  • Construction, Contracting & Developer Tax Issues by Nathan Fitzgerald (August 12, 2019)
  • Calculating Gross Receipts for Small Contractors Under the TCJA by Katie Baker and Jason Grosh (August 5, 2019)
• Resources mentioned in the episode:
  • The QBI Deduction: Insights on the Latest Guidance presented by Damien Martin and Kori Zey (January 31, 2019)
  • "Simply Tax" episodes covering §199A:
    • Episode 8
    • Episode 16
    • Episode 35
    • Episode 37
    • Episode 43
    • Episode 46
    • Episode 54
  • "Simply Tax" Episode 72: State & Local Tax Insights on the TCJA
  • "Simply Tax" Episode 44: The R&D Tax Credit
• Learn more about tax reform with BKD's Tax Reform Resource Center

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

Cut through the static of applying the provisions of the Tax Cuts and Jobs Act (TCJA) at the state and local tax (SALT) level as guest Jim Pierzchalski joins host Damien Martin to reflect on key takeaways and look to what's ahead. Here's what's covered:

• How the TCJA's changes are affecting the SALT landscape @1:42
• A framework for approaching the challenges of applying the TCJA changes at the SALT level @6:00
• Applying Global Intangible Low-Taxed Income (GILTI) at the SALT level @7:43
• Applying Section 163(j) at the SALT level @10:45
• Approaching uncertainty around TCJA-related provisions and changes @14:14
• Repatriation tax under §965 @20:47
• Challenges specific to pass-through businesses @22:56
• Due diligence considerations @25:03
• Preparing for possible examinations at the SALT level @28:44
• SALT planning considerations @31:11
• Closing thoughts on sales factor treatment and basis @32:58
• Jim's advice for staying current and the approaching deadlines @37:13

BIO FOR GUEST

Director Jim Pierzchalski is a member of BKD's State & Local Tax Services division. Jim has a wide range of state income and franchise tax experience including compliance, audit defense, refund reviews, diligence, nexus studies, planning and structuring, credits and incentives and sales factor sourcing reviews.

ADDITIONAL RESOURCES

Learn more about some of the topics discussed in the podcast:

• The GILTI Aspects of State Tax (August 17, 2018) by Jim Pierzchalski and Rick Najjar
• State Income Tax Considerations Applicable to Foreign Investment in the United States (April 26, 2019) by Bob Johnson Jr.
• State Income & Sales Tax Update for Manufacturers & Distributors (September 12, 2018) presented by Jim Pierzchalski and Bob Johnson Jr.

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

Cut through the static of the international provisions of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned during the first tax filing season, including Global Intangible Low-Taxed Income (GILTI) and more. Guest Chris Clifton joins host Damien Martin to reflect on key takeaways and look to what's ahead. Here's what's covered:

• The added complexity of the TCJA [01:25]
• The most surprising things about applying the international provisions [06:27]
  • Section 956 [07:03]
  • The new GILTI high-tax exception [09:26]
  • Overpayments with §965 [12:27]
  • Hybrid GILTI rule for partnerships and S corporations [14:34]
• Challenges with guidance on the 50 percent GILTI deduction with the §962 deduction [18:14]
• Areas where Chris is hoping to see more guidance [23:06]
• Approaching uncertainty after the TCJA [27:42]
• Discussing challenges and uncertainty with clients [29:36]
• Planning considerations for taxpayers after the TCJA [30:52]

BIO FOR GUEST

Chris Clifton is a managing director in BKD's International Tax Services division. His focus is on international tax planning and compliance for domestic, foreign and multinational corporations in areas such as foreign tax credits, subpart F, withholding taxes and income tax treaties.

ADDITIONAL RESOURCES

Learn more from Chris about some of the complex provisions discussed in the podcast:

• "Simply Tax" Episode 10: The International Side of Tax Reform with Chris Clifton (January 25, 2018)
• International Tax & the TCJA presented by Chris Clifton (February 22, 2018)
• New GILTI Regulations Include High-Tax Exception Election, Change for Partnerships & S Corporations by Chris Clifton (June 21, 2019)

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

Cut through the static of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned from applying the provisions of the TCJA during the first tax filing season for tax-exempt organizations. Guests Lauren Denton and Mike Engle join host Damien Martin to reflect on key takeaways and look to what's ahead. Here's what's covered:

• The most surprising aspects of tax reform for tax-exempt organizations @1:37
• Challenges with the new qualified transportation fringe benefit provision @3:01
• Applying the new unrelated business taxable income "siloing" rules @7:11
• The new excise tax on executive compensation @10:48
• Planning ideas tax-exempt organizations should consider after the TCJA @13:13
• Provisions to keep in mind that ended up "on the cutting room floor" during the enactment of the TCJA @17:11
• How tax-exempt organizations have been affected by the qualified transportation fringe benefit provision @19:30
• What's a Form 990-T anyway? @20:29
• Other tax areas requiring attention from tax-exempt organizations @22:21
• Planning for the new excise tax on executive compensation with the split-dollar loan regime @26:17
• Have we seen a reduction in charitable giving after the TCJA? @30:41
• How to plan for the TCJA going forward @32:50

BIO FOR GUESTS

Lauren Denton is a member of BKD National Not-for-Profit Group and BKD National Public Sector Group. Lauren provides tax services for colleges, universities, community organizations and private foundations as well as partnerships, health care organizations, individuals, benefit plans and trusts.

• Connect with Lauren on LinkedIn

Mike Engle is the North Region tax leader for BKD National Not-for-Profit Group, BKD National Public Sector Group and BKD National Health Care Group. He has more than 20 years of experience providing tax services to health care entities, colleges, universities and not-for-profit organizations. He is charged with growing and developing tax services for these industries throughout BKD's North Region. He performs comprehensive reviews of not-for-profit activities to identify and help mitigate exposure areas related to private inurement, intermediate sanctions, worker classifications and unrelated business taxable income issues. He also has extensive experience with IRS examinations, obtaining favorable determination letters, private letter rulings and closing agreements.

• Connect with Mike on LinkedIn

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

Cut through the static of the Tax Cuts and Jobs Act (TCJA) with a discussion on what we learned from applying the provisions of the TCJA during the first tax filing season for manufacturers and distributors (M&D). Guests Chris Doolittle and Stephanie Carper join host Damien Martin to reflect on key takeaways and look to what's ahead. Here's what's covered:

• The most challenging aspects of tax reform for M&D @1:56
• The provisions that had the biggest effect on M&D @4:03
• Discussing the tax reform changes with taxpayers @5:57
• How Stephanie and Chris are approaching areas lacking guidance @7:36
• Areas requiring further analysis @8:59
• It's been a challenging tax year that's also been riddled with opportunity @12:11
• Provisions that have been surprising @13:47
• Planning points to consider @17:50
• "Farmers have had the most guessing" @20:21
• Areas we need guidance @22:53
• Key takeaways for M&D @25:54
• The tax profession has so much to offer! @28:08

BIO FOR GUESTS

Chris Doolittle is a member of BKD National Manufacturing & Distribution Group, Chris has more than 17 years of public accounting experience. He focuses on providing tax planning services to clients in the manufacturing, distribution and service industries. He interprets the latest tax laws, helps clients reduce their tax liability and provides guidance on the tax implications of business opportunities. He previously served as a national tax assistant director in BKD's National Office in Springfield, Missouri, where he performed tax consultations with the firm's offices and quality control reviews. He also contributed to various efficiency and quality control initiatives by developing standardized tax workpapers, engagement letters and checklists.

• Connect with Chris on LinkedIn

Stephanie Carper has assisted manufacturing, distribution and real estate clients with tax planning and compliance for more than 13 years. She also assists with tax planning and compliance for multiple physician practices. She has experience in multistate tax preparation and planning, tiered partnership return preparation, consolidated corporate tax preparation, tax provision preparation and Form 3115 preparation.

• Connect with Stephanie on LinkedIn

ADDITIONAL RESOURCES

Learn more about provisions mentioned in the episode

• More on §163(j) –Episode 9: Tax Reform for Businesses (starting at 12:59)
• More on §199A – Episode 54: Putting the Final §199A Pieces Together
• More on the TCJA changes to accounting methods – Episode 36: Simply Small Business Taxpayer Accounting Methods

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

Was tax reform good for manufacturers and manufacturing? Find out as guest Chris Netram of the National Association of Manufacturers (NAM) joins host Damien Martin to break it down and provide his insights on this key sector of the economy.

TIME STAMPS OF WHAT'S COVERED

• Who is Chris Netram and what is the NAM @1:22
• Why manufacturing is a key sector of the economy @2:47
• How manufacturers have responded to tax reform @4:47
• Tax-related factors contributing to growth in the economy @7:39
• Conflicting headlines and politics about tax reform @11:35
• Guidance on the modified business interest expense limitation @13:43
• Other areas where manufacturers are waiting for guidance @16:02
• Legislative priorities for manufacturers @17:39
• The future of the Tax Cuts and Jobs Act @19:29
• A potential missed opportunity for manufacturers @22:37
• The 125th anniversary of the NAM @25:08

BIO FOR GUEST

Christopher Netram is vice president of tax and domestic economic policy at the NAM. In this capacity, he leads the policy and advocacy work on tax, corporate governance, shareholder activism, executive compensation, pensions and employee benefits. In addition, he works to ensure the manufacturing voice is brought to these legislative and regulatory issues before Congress and the administration. A native of New York, Mr. Netram received his B.A. in liberal studies from the University of Central Florida, his J.D. from The Catholic University of America and his LL.M. in taxation from Georgetown University. In addition, Mr. Netram serves as a lecturer at Catholic University's law school.

• Follow Chris on Twitter
• Connect with Chris on LinkedIn

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

• Episode 31: The Economy for Manufacturers After Tax Reform
• NAM's Center for Manufacturing Research

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 David Kirk joins host Damien Martin to share his experience working at the Office of the Chief Counsel of the IRS. Listen to find out what it's like to be the principal author on a significant guidance project, observations on the first tax season under the Tax Cuts and Jobs Act (TCJA) and advice for a successful career in tax.

TIME STAMPS OF WHAT'S COVERED

• How Dave Kirk came to work for the IRS [01:47]
• What it's like to work at Chief Counsel [04:50]
• Dave's experience working on the NIIT regulations [10:41]
• Unintended consequences in Rev. Proc. 2013-30 [12:40]
• Dave's approach to drafting a regulation [18:00]
• How accountants and lawyers approach regulations differently [21:29]
• Doing the best we can with the first tax season under the TCJA [25:46]
• Getting comfortable with uncertainty [31:51]
• Documentation is always important, and other best practices for extended returns [35:00]
• Lawyers are better writers than accountants [39:24]
• Dave's proudest achievement so far [44:57]
• Dave's favorite Internal Revenue Code Section (aside from 1411) [49:47]
• Closing thoughts on a successful career in tax [51:13]

BIO FOR GUEST

David Harrison Kirk is a partner within the private client services practice of EY's National Tax Department in Washington, DC. Throughout his career, Dave has focused primarily on the taxation of individuals, trusts, S corporations and partnerships and financial planning for high-net-worth family groups. Prior to joining EY, he was an attorney in the Passthroughs and Special Industries division of the Office of the Chief Counsel of the IRS. He was a principal author of the NIIT regulations under §1411 of the Internal Revenue Code and Revenue Procedure 2013-30, Uniform Late S Corporation Election Relief. Dave is the author of the Bloomberg-BNA Tax Management Portfolio on the §1411 tax.

• Connect with Dave on LinkedIn

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

Mentioned on the podcast:

• "An Interview with David Kirk: Beware the New Excess Business Loss Limitation" (Forbes) by Tony Nitti
• "Section 1411 – Net Investment Income Tax (Portfolio 873)" (Bloomberg) by David Kirk

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

Take a "drive" with frequent guest Ed Karl to hear the latest on tax-related legislation in Washington, D.C. In addition, listen in for updates on cryptocurrency guidance, the taxation of the digitized economy and Ed's advice for the fall tax season.

TIME STAMPS OF WHAT'S COVERED

• "It looks like everything is headed towards a September fiscal cliff" @1:35
• Ed's outlook on extenders and Tax Cuts and Jobs Act (TCJA)-related corrections legislation @7:55
• The Setting Every Community Up For Retirement Enhancement Act of 2019 @11:26
• The Taxpayer First Act @12:22
• Observations on the first tax season under the TCJA @14:12
• Guidance on virtual currency @18:31
• Update on the taxation of the digitized economy @20:58
• Possible preparer regulation @25:18
• "You have to have a lot patience to work in Washington" @27:11
• Closing thoughts @29:54

BIO FOR GUEST

Edward Karl, CPA, is the vice president of taxation at the AICPA. He's responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Mr. Karl also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes the management of the AICPA's Statements on Standards for Tax Services. Finally, Mr. Karl oversees the tax division's delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.

• Follow Ed on Twitter
• Connect with Ed on LinkedIn

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

Mentioned on the podcast:

• "Death & Taxes" YouTube playlist
• Episode 60: Tax Return Positions with Ed Karl
• Episode 46: Do You Have 199A Confusionosis? with Amy Wang and Glen Birnbaum
• Episode 29: What's the CPAR? with Jonathan Horn
• Episode 16: AICPA's 199A Task Force with Amy Wang

Additional tax reform resources:

• AICPA Tax Reform Resource Center
• BKD Tax Reform Resource Center

GET MORE "SIMPLY TAX"

We're excited to now 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