Tackling Tax

A family office can help build and preserve a family's legacy. Guest Jack Thurman joins Damien Martin to explain how, while also breaking down the ways a family office can benefit a family.

TIME STAMPS OF WHAT'S COVERED

• How Jack defines a family office [01:54]
• Benefits of a family office [06:01]
• Is a family office is a good fit for you? [07:38]
• Common roles a family office can play [12:07]
• What to look for in a family office advisor [15:16]
• Evaluating the cost [22:03]
• Common issues that keep generation one up at night [25:56]
• Best practices for family offices [29:37]
• A family office advisor is like a running buddy [31:31]
• How Jack came to work with affluent families [36:05]
• How Jack manages his goals and aspirations [39:05]
• Ways Jack focuses on what he does best while outsourcing the rest [42:46]
• Closing thoughts [48:45]

BIO FOR GUEST

Jack Thurman is president of BKD Wealth Advisors, LLC, a subsidiary of BKD, LLP, which provides investment oversight, wealth management and family office services to high-net-worth families and corporations. He has provided wealth management services since 1986 and is regularly contacted by national media for interviews and commentary on the market and economic events. Jack has been quoted in publications such as Forbes, The Wall Street Journal, Businessweek, SmartMoney and CNBC.

• Email Jack
• Connect with Jack on LinkedIn

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

Mentioned on the podcast:

• Strangers in Paradise by James Grubman, Ph.D.
• The 7 Habits of Highly Effective People by Stephen R. Covey

Additional family office resources:

• Webinar: Want a Family Office That Thrives? Common Mistakes to Avoid presented by Jim Coutre and Jack Thurman on November 13, 2018
• Learn more about BKD Family Office Services

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!

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Many have been buzzing about Lender Management, LLC v. Commissioner (T.C. Memo 2017-246) since it was decided in December 2017, only days before the enactment of the Tax Cuts and Jobs Act (TCJA), which we've talked so much about. Guest John Hackney—one of three attorneys representing Lender Management, LLC in the case before the United States Tax Court—joins host Damien Martin for an insightful discussion on key aspects of the case and possible planning strategies now that we're about 18 months in.

TIME STAMPS OF WHAT'S COVERED

• About John Hackney [1:30]
• Why the Lender Management decision is significant [3:03]
• The distinction between an IRC §162 trade or business and §212 investment activity [5:24]
• Importance of good, well-documented facts [7:23]
• What it takes to rise to the level of a §162 trade or business [8:04]
• How Lender Management, LLC overcame an argument that it was managing the investments of the Lender family [9:58]
• Compensation through a profits interest is a key component in the structure [12:50]
• Registration requirements under securities laws [16:06]
• What John is seeing and hearing after the decision [17:18]
• How the TCJA increased interest in the Lender Management decision [19:11]
• Are many family offices organizing or restructuring in light of the decision? [19:58]
• How to evaluate a Lender Management, LLC-type structure [21:16]

BIO FOR GUEST

John Hackney is a shareholder at Chamberlain Hrdlicka Attorneys at Law in Atlanta, Georgia, where he represents clients in disputes with the IRS and other taxing authorities. John has extensive experience in the tax arena that precedes his law practice. He has a master's degree in accounting with a tax concentration. Prior to attending law school he worked as a CPA for PwC in its tax department where he focused on compliance work for a large private equity client and individuals.

• Connect with John on LinkedIn

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

• Read the decision: Lender Management, LLC v. Commissioner (T.C. Memo 2017-246)
• Watch our companion video: Rental Activities as a Trade or Business
• Learn more about how BKD can help with BKD Family Office Services

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!

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Deciding between working in tax in public accounting versus private industry can be challenging! Guest Amie Kuntz joins host Damien Martin on the podcast to help cut through the static of this often-difficult decision, offer perspectives on finding your why and share ways to better serve your top clients and customers.

Here's a look at what's inside this episode:

• Amie's path [3:02]
• Finding the intersection of your strengths and passions [4:20]
• Navigating the public accounting vs. industry decision [8:42]
• Pros and cons of working in public accounting [11:17]
• Damien's perspective on working in public accounting [14:49]
• Pros and cons of working in the industry [17:13]
• Tips for public accounting firms and professionals working in public accounting [22:36]
• Finding your why as an organization [26:50]
• Amie's advice for where you should work [29:47]
• Overcoming your fear of presenting, sharing your thought leadership and seizing opportunities for growth [32:31]

BIO FOR GUEST

Amie Kuntz is a self-described "normalish 30-something girl" from Des Moines, Iowa, who spends a good portion of her free time voluntarily thinking about tax. While some may tell her to "get a life," Amie has made tax part of her life by blogging about her experiences and sharing her knowledge of business, insights on tax and updates on the tax law on her blog Living the Tax Life. She's dabbled in most areas of the tax code during her 12-year career in tax, working in both public accounting and private company roles.

• Follow Amie on Twitter
• Connect with Amie on LinkedIn

ADDITIONAL RESOURCES MENTIONED IN THE EPISODE

• Amie's blog: Living the Tax Life
• Amie's recent article in The Tax Adviser: "2018 partnership Schedule K-1 Changes"

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

CPA-turned-corporate-comedian and host of the "Green Apple Podcast" John Garrett joins host Damien Martin to explore the importance of bringing your outside-of-work passions and interests to work. Tune in to hear how you can use your passions to be more memorable, build genuine relationships and even create stronger client relationships.

Here's a look at what's inside our latest episode:

• About John Garrett [01:49]
• 92 percent of professionals have this outside of work [03:28]
• Why John started the "Green Apple Podcast" [06:20]
• The power of being memorable [10:30]
• Be genuinely interested in who you work with [13:40]
• How to start building genuine relationships [17:10]
• Benefits of creating a workplace that embraces the human side [18:48]
• What happens if you don't focus on your passions and interests outside of work [23:00]
• Ideas on ways to build a great company culture [24:27]
• What works in some places doesn't in others [29:16]
• Why John is so jazzed about the accounting profession [31:44]
• What John loves to do outside of work [33:22]
• Use your passion to build client relationships [37:54]
• How to learn more about John [39:17]
• Don't be afraid! [42:29]

BIO FOR GUEST

John Garrett is a nationally recognized corporate comedian and emcee who draws on his condition as a recovering international firm CPA to deliver messages that hit home with corporate audiences. He's a professional member of the National Speakers Association and is on a mission to strengthen teams. John received his bachelor's degree from University of Notre Dame, where he earned a letterman jacket as a trombone player in the marching band. John currently lives in Denver and really enjoys ice cream and college football—especially at the same time.

• Follow John on Twitter
• Connect with John on LinkedIn
• Subscribe on YouTube
• Follow John on Facebook

ADDITIONAL RESOURCES

• John's website
• Episodes of the "Green Apple Podcast" mentioned in the episode:
  • Episode 59: Rachel Fisch
  • Episode 114: Damien Martin
• Previous "Simply Tax" guests featured on the "Green Apple Podcast":
  • Episode 138: Tom Wheeland
  • Episode 121: Sean Stein Smith
  • Episode 100: Tony NItti

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.

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

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

Will robots replace accountants? Listen and learn the changes in store for the accounting profession as host Damien Martin sits down with guest Eric Hansen—chair of the AICPA Board of Directors and chief operating officer at BKD—to discuss the profession, leadership and integrating life inside and outside the office.

TIME STAMPS OF WHAT'S COVERED

Giving Back to the Profession & Growing in Leadership

• [ 02:31 ] How Eric came to give back to the profession and serve as chair of the AICPA Board of Directors
• [ 04:12 ] What it's like to serve as chair
• [ 05:24 ] Eric's mindset for leadership success in the accounting profession
• [ 06:56 ] How Eric found his personal niche
• [ 08:37 ] Advice for achieving goals

The Future of Accounting

• [ 10:29 ] Insights from recent AICPA Governing Council meetings
• [ 11:37 ] A threat to the CPA license
• [ 15:00 ] Upcoming changes for the accounting profession
• [ 16:21 ] The skill sets necessary for success depend on your career stage
• [ 20:11 ] How leaders can successfully navigate the change ahead
• [ 21:20 ] It's an exciting time for the accounting profession

Life Outside the Office

• [ 23:59 ] Eric's approach to work-life balance
• [ 26:17 ] Balancing professional and personal responsibilities
• [ 28:01 ] Parenting advice
• [ 29:58 ] What Eric loves to do outside the office
• [ 32:04 ] Live outside your comfort zone!

BIO FOR GUEST

Eric Hansen serves as chief operating officer of BKD CPAs & Advisors and chairman of the AICPA Board of Directors. He has been an active volunteer with the AICPA, including serving as chair of the Finance Committee and a member of the Compensation and Audit Committees. Eric was part of the AICPA Future of Learning Task Force and served as a member of AICPA Major Firms Group. He has been a member of the AICPA Board of Directors and Governing Council. Eric also participates in various trade organizations and has served in a variety of leadership and teaching positions.

• Follow Eric on Twitter
• Connect with Eric on LinkedIn

ADDITIONAL RESOURCES

• More about Eric: "We Have to Be Bold" (Journal of Accountancy)
• Learn more about the AICPA:
  • AICPA website
  • AICPA membership
• Learn more about BKD
  • BKD website
  • What's Your Next Play?

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

Applying tax law to real life situations can seem gray at times in spite of the black and white words on the law's pages. In a mock interview, Guest Ed Karl—vice president of taxation at the American Institute of CPAs (AICPA)—breaks down the AICPA's Statements on Standards for Tax Services (SSTS) and shares key insights on taking tax return positions on gray areas of the tax law after tax reform.

TIME STAMPS OF WHAT'S COVERED

• What are the SSTSs and who do they apply to? @0:25
• The value proposition of the SSTSs to the CPA profession @1:12
• An example of areas covered by the SSTSs @2:55
• Standards for tax return positions @3:39
• Required disclosure for positions of less than substantial authority @6:49
• Can you just rely on an article from the internet to support a conclusion? @9:06
• Tips for approaching gray areas @10:05
• Does putting a tax return on extension increase the chances of an IRS exam? @12:51
• Is answering a quick client question considered giving tax advice? @14:01
• Ed's advice for CPAs and CPA firms on working with and learning more about the SSTSs @17:05
• "Just put it in writing!" @18:51

BIO FOR GUESTS

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 SSTSs. 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

"Reporters" from the tax intern group of BKD Chicago in order of appearance:

• Mark Christman | University of North Carolina | Graduating June 2019
• Yosue Perez | Northern Illinois University | Graduating May 2019
• Olivia Salach | Loyola University Chicago | Graduating May 2020
• Letty Valles | Dominican University (River Forest) | Graduating May 2019
• Emily Szmania | Loyola University Chicago | Graduated November 2018
• Kamile Petraityte | Saint Xavier University | Graduating May 2020

ADDITIONAL RESOURCES

Statements on Standards for Tax Services

Tax Ethics & Professional Standards

GET MORE "SIMPLY TAX"

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 Jonathan Horn returns to "Simply Tax" to discuss the recent Association of International Certified Professional Accountants (AICPA) policy paper on the taxation of the digitalized economy, explain why current international concepts don't fit well with digital transactions and break down the unique challenges countries face with the taxation of digital transactions in a cross-border context.

TIME STAMPS OF WHAT'S COVERED

• Challenges with the taxation of the digitalized economy @2:04
• Permanent establishment @7:23
• The Organisation for Economic Co-operation and Development (OECD) commitment @8:40
• Why the AICPA issued a policy paper @14:55
• Fixing the problem today and five years from now @17:44
• Three possible pathways under consideration:
  • User value creation @22:27
  • Digital permanent establishment @25:24
  • Marketing intangibles @31:46
• What's ahead for the taxation of digital transactions @35:40
• Where to find out more @40:33
• Blockchain and the digital economy @45:26

BIO FOR GUESTS

Jonathan Horn is a senior manager on the AICPA's Tax Policy & Advocacy Team, based in Washington, D.C. He is responsible for developing and submitting comments to Congress, Treasury and the IRS and developing alerts for members. Prior to joining the AICPA, he was a sole practitioner for more than 20 years, providing tax services to clients of all sizes around the globe. In 2015, Jonathan received the AICPA Tax Division Distinguished Service Award for his extraordinary contributions to the work of the AICPA Tax Division.

• Connect with Jonathan on LinkedIn
• Follow Jonathan on Twitter

ADDITIONAL RESOURCES

AICPA resources

• Taxation of the digitalized economy: A policy paper designed to educate, enlighten and stimulate discussion (October 18, 2019)
• Interview with Chip Harter, Deputy Assistant Secretary (Internal Tax Affairs) at U.S. Department of the Treasury (September 18, 2018)

Other resources

• OECD website
• Base Erosion and Profit Shifting Actions

GET MORE "SIMPLY TAX"

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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Pick up where guests Mary Reiser and Ken Taylor left off in All the Wayfair - Part 1 as they join host Damien Martin to address common questions on how the U.S. Supreme Court ruling on South Dakota v. Wayfair, Inc. (Wayfair) is changing the sales and income tax landscape for businesses and their owners. Here's what they cover:

• How should I approach uncertainty after Wayfair? @1:10
• Can I contractually pass a sales and use tax obligation on to someone else? @ 6:08
• How is deciding to collect sales tax or file income tax returns a business decision? @ 8:31
• Can't I just do the same thing I did last year? @ 14:56
• What approach are businesses and their owners actually taking in response to Wayfair? @18:15
• How might factor-based income tax nexus standards effect small and medium-sized businesses @ 24:49

BIO FOR GUESTS

Mary Reiser is a member of BKD's State & Local Tax (SALT) Services division. She focuses on compliance and consulting for various SALT issues involving multistate entities, including audit defense, nexus analysis, voluntary disclosure and buy- and sell-side due diligence. Her primary experience is in the areas of income and franchise tax and sales and use tax.

• Connect with Mary on LinkedIn

Ken Taylor is a senior managing consultant in BKD's SALT division. He provides indirect tax consulting services to both public and private companies, including facilitation of automating sales and use tax compliance, technical assistance and research, audit defense, opinion memos, due diligence reviews for purchasers, identification and recovery of overpayments and sales and use tax function effectiveness reviews.

• Connect with Ken on LinkedIn

ADDITIONAL RESOURCES

Previous episodes of "Simply Tax" on Wayfair:

• Episode 57: All the Wayfair - Part 1
• Episode 32: What Now After Wayfair?
• Episode 28: Just Add Salt

Articles on Wayfair

• Wayfair – State Tax Update (January 22, 2019)
• As the Dust Settles in the Post-Wayfair World: Economic Nexus Landscape (September 25, 2018)
• Quill Is Overturned – A New Era in Economic Nexus for Sales Tax (June 1, 2018)
• U.S. Supreme Court to Review Nexus for Sales Tax (February 1, 2018)

Webinars on Wayfair

• State Income & Sales Tax Update for Manufacturers & Distributors (September 12, 2018)
• What Does the Wayfair Ruling Mean for Your Organization? (August 14, 2018)

GET MORE "SIMPLY TAX"

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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As we discussed in Just Add Salt and What Now After Wayfair?, the U.S. Supreme Court ruling on South Dakota v. Wayfair, Inc. (Wayfair) forever changed the landscape of nexus for state sales tax purposes. Guests Mary Reiser and Ken Taylor return to the podcast to discuss how developments stemming from this landmark decision have been shaping the sales and income tax landscape for businesses and their owners.

TIME STAMPS OF WHAT'S COVERED

• What's nexus? @2:40
• Economic nexus @3:50
• The evolution of income tax nexus standards @5:23
• Public Law 86-272 @8:53
• Economic nexus is here to stay @11:14
• Do you know where your inventory is? @15:56
• What to do this tax filing season if you have inventory in multiple states @18:36
• How to approach gathering the info you need @24:29
• Inventory is taxable @27:18
• What does Wayfair mean for Public Law 86-272? @29:21
• Taxation of services as part of the Wayfair analysis @37:28
• Market sourcing after Wayfair @44:23

BIO FOR GUESTS

Mary Reiser is a member of BKD's State & Local Tax (SALT) Services division. She focuses on compliance and consulting for various SALT issues involving multistate entities, including audit defense, nexus analysis, voluntary disclosure and buy- and sell-side due diligence. Her primary experience is in the areas of income and franchise tax and sales and use tax.

• Connect with Mary on LinkedIn

Ken Taylor is a senior managing consultant in BKD's SALT division. He provides indirect tax consulting services to both public and private companies, including facilitation of automating sales and use tax compliance, technical assistance and research, audit defense, opinion memos, due diligence reviews for purchasers, identification and recovery of overpayments and sales and use tax function effectiveness reviews.

• Connect with Ken on LinkedIn

ADDITIONAL RESOURCES

Articles on Wayfair

• Wayfair – State Tax Update (January 22, 2019)
• As the Dust Settles in the Post-Wayfair World: Economic Nexus Landscape (September 25, 2018)
• Quill Is Overturned – A New Era in Economic Nexus for Sales Tax (June 1, 2018)
• U.S. Supreme Court to Review Nexus for Sales Tax (February 1, 2018)

Webinars on Wayfair

• State Income & Sales Tax Update for Manufacturers & Distributors (September 12, 2018)
• What Does the Wayfair Ruling Mean for Your Organization? (August 14, 2018)

GET MORE "SIMPLY TAX"

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

Trust and team dynamics can be complex, yet are a part of everyday life—just like tax. BKD Audit Partner Debbie Scanlon helps host Damien Martin cut through the static of one of the most essential yet sometimes fleeting dynamics on a team by sharing her concept of a "trust bank account." Listen for ideas for making "deposits" to build great teams and to hear invaluable insights on strengthening gender diversity and enhancing collaboration between men and women.

TIME STAMPS OF WHAT'S COVERED

• Why team dynamics are so fascinating @2:03
• Debbie's definition of "team" @4:08
• The trust bank account concept @6:48
• Managing trust bank accounts in practice @9:51
• Tips for those new to a team @12:04
• What "commitment missers" tend to overlook @15:21
• Being intentional even when you're busy @21:15
• Tips for having difficult conversations @23:42
• There's a "currency conversion" on some deposits @24:33
• Building trust as a leader @28:38
• Diversity on teams @32:06
• Unconscious bias and why we need the SKY initiative @34:36
• Debbie's advice for Damien on working with women on team @39:46
• Takeaways from BKD's SKYx conference @41:56
• Closing thoughts on trust and diversity inclusion @44:50

BIO FOR GUEST

Debbie Scanlon is a member of BKD National Financial Services Group and leads the Houston and Dallas financial services practices. She has more than 25 years of experience providing audit and consulting services to a variety of financial institutions, broker-dealers, investment advisory firms and funds. Debbie is a member of BKD's SKY Advisory Council and frequent speaker on building an inclusive culture.

• Connect with Debbie on LinkedIn

ADDITIONAL RESOURCES

About SKY, BKD's firmwide initiative to emphasize and strengthen diversity and promote inclusion

SKYx Conference editorial recap

2017 SKY Impact Report

GET MORE "SIMPLY TAX"

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