Tackling Tax

A deal on budget reconciliation is proving elusive in Congress. Guest Travis Lucas is back with host Damien Martin to cut through the static of the headlines in Washington, D.C. Here's what they cover:

• Impact of the 2022 elections
• Who's against who
• Getting the requisite Democratic votes
• The new four tectonic plates
• Getting to a topline number
• Debt ceiling politics
• Timing of the bipartisan infrastructure and budget reconciliation bills
• What the final budget reconciliation bill might look like

Learn more about Travis and get the additional resources mentioned in the episode here.

Have questions on the possibility of significant tax change with discussions on President Joseph Biden Jr.'s "Build Back Better" agenda heating up in Washington, D.C.? Get answers live along with thought-provoking insights and strategies amid uncertainty with Simply Tax® Talks, a new weekly live stream discussion starting Tuesday, October 26 @ 10 am CST. Join us 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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Internal Revenue Code (IRC) Section 1202 provides a meaningful exclusion for the gains from the sale of qualified small business stock (QSBS). Guest Rick Klahsen returns to the podcast with host Damien Martin to revisit how the enactment of the Tax Cuts and Jobs Act (TCJA) impacted this powerful opportunity and explore what proposed changes might mean for its future. Here's what they cover:

• How to describe IRC §1202 at a cocktail party [02:39]
• Challenges to overcome and hoops to jump through [03:40]
• Protecting your QSBS [06:11]
• Planning ideas and opportunities [07:43]
• What is IRC §1045 and why is it seemingly ignored? [13:48]
• QSBS after TCJA [17:27]
• Is IRC §1202 at risk? [19:35]
• Key considerations to position yourself for IRC §1202 [21:57]
• A surprising aspect of IRC §1202 [24:05]
• Keep an open mind when investing and planning for QSBS [25:27]

Learn more about Rick and get the additional resources mentioned in the episode here.

Have questions on the possibility of significant tax change with discussions on President Joseph Biden Jr.'s "Build Back Better" agenda heating up in Washington, D.C.? Get answers live along with thought-provoking insights and strategies amid uncertainty with Simply Tax® Talks, a new weekly live stream discussion starting Tuesday, October 26 @ 10 am CST. Join us 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

Several provisions included in proposed legislative text approved by the House Ways and Means Committee on September 15, 2021, would significantly change the estate planning world if enacted. Guest Justin Miller, J.D., LL.M., TEP, AEP®, CFP®, joins host Damien Martin to break these proposals down and explain what they might mean for you. Here's what's covered:

• The benefits of #TaxTwitter [01:47]
• Proposed income tax increases [04:28]
• Could they actually make a retroactive capital gains rate increase? [09:38]
• Proposed estate and gift tax changes [14:13]
• What's scaring the world of estate planners? [16:11]
• Navigating and planning for uncertainty [22:58]
• Proposed changes to retirement accounts [24:23]
• Proper planning takes time and a good team of advisors [28:41]
• The importance of a collaborative team [30:02]

Learn more about Justin and get the additional resources mentioned in the episode here.

And go "Beyond the Numbers" to find out how Justin came to teach, his favorite place on the Cal campus and more 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

While the prospect of federal tax law changes has dominated the headlines and airwaves lately, there are several significant developments taking shape in the state and local tax (SALT) space that merit your attention as well. Guests Rick Najjar, J.D. and Ted Kontopoulos, J.D. join host Damien Martin to share and break down the developments you need to know for both your personal and business tax bills. Here's what they cover:

• How has South Dakota v. Wayfair, Inc. (Wayfair) shaped the SALT world and what does its future impact look like? [01:19]
• Surprises on the implementation of Wayfair [09:46]
• The future of nexus [11:37]
• Developments that businesses and their owners should know [17:24]
• The tax controversy "it depends" decision tree [23:35]
• Remote work and what it means to work somewhere [26:27]
• M&A considerations amid talk of potential federal tax rate increases [34:52]
• SALT workarounds [39:42]
• Closing thoughts [41:45]

Learn more about our guests and get the additional resources mentioned in the episode 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

Guest Travis Lucas returns to the podcast to join host Damien Martin in boiling down the thousands of pages of recently introduced proposed legislative text. Listen to find out what the proposals might mean for you, your business, and your family as the fast-moving tax reform train continues to pick up speed.

Learn more about Travis and get the additional resources mentioned in the episode 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

An internship in public accounting can be one of the most rewarding yet nerve-racking experiences on the journey to a career in tax. Hear from four students who completed a summer internship with host Damien Martin as they share their advice, tips, and lessons learned. Here's what's covered:

• Meet our fantastic four tax interns [01:35]
• How the experience stacked up against expectations [04:00]
• Advice for those considering and embarking on an internship [11:52]
• AMA with Damien [25:38]
  • How do you develop and foster client relationships? [25:54]
  • What makes an intern successful and how can they successfully transition into an associate role? [28:17]
  • How did you decide your path and decide to get an M.S. degree in taxation? [30:48]
  • How do you keep the team motived during stressful times? [34:15]
• Tips and takeaways from the internship experience [37:07]
  • Get to know the other interns
  • Keep a positive mindset
  • Build relationships with others at the firm
  • Don't be afraid to let others know your learning style and ability

Learn more about Tori, Batul, Drew, and Sammy and get the additional resources mentioned in the episode 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

Join host Damien Martin in his ongoing quest for insights and best practices for affluent families and their advisors as he sits down with guest Jeff Davidson to unpack the often mystifying and sometimes daunting world of the family office. Here's what's covered:

• Who is Jeff Davidson? [02:35]
• Developing a national family business succession planning practice [07:11]
• The definition of a family office [11:25]
• Running a family office [13:41]
• Common challenges for families [16:59]
• Cost considerations for family offices [18:40]
• Figuring out the focus of the family office [20:46]
• Family meetings and addressing the gorilla in the corner [21:09]
• Leading effective family meetings and learning more about succession planning [25:18]
• Trends in philanthropy and family offices [28:38]
• Best practices for creating a lasting family legacy [30:30]
• What's surprised Jeff most in his work with families and family offices [31:28]
• Why family offices are important for preserving wealth [32:32]
• How to decide between a single-family and multifamily office [33:05]

Learn more about Jeff and get the additional resources mentioned in the episode 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

Headlines are swirling in Washington D.C. on a bipartisan infrastructure deal in the U.S. Senate and a $3.5 trillion budget reconciliation deal between Senate Democrats. Host Damien Martin cuts through the static of the latest tax-related developments with guest Travis Lucas, managing principal of The Lucas Law Firm, and also checks in with BKD partners Chris Doolittle and Randy Throener to hear how taxpayers are reacting and planning amid uncertainty. Listen to get answers to these questions:

• How are taxpayers approaching planning with so much unknown at this point? [02:58]
• Is the upcoming 2022 election playing a role in the current negotiations? [10:13]
• What areas are colliding in Washington right now [12:18]
• Why is it important to count the votes and what's budget reconciliation again? [14:45]
• How might the tight margins of control in Congress impact the outcome [16:57]
• Where are we on possible higher capital gains rates and what are the odds of retroactive enactment? [22:14]

Learn more about Travis, Chris and Randy and get the additional resources mentioned in the episode 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

How has the construction and real estate industry changed in the past year? What should executives in the hospitality industry be focused on? Is the possibility of tax change affecting decisions? Get answers to these questions and more as Jason Myers—the new national industry partner of BKD National Construction & Real Estate Group—joins host Damien Martin to share insights into top business, tax, and accounting issues for the industry. Here's what's covered:

• Who is Jason Myers? [01:56]
• What's the BKD National Construction & Real Estate Group? [05:30]
• Construction
  • Industry trends and impact of recent events [06:21]
  • Employee stock ownership plans @10:21 and [12:02]
• Architecture and engineering industry trends and impact of recent events [11:00]
• Real estate
  • Industry trends and impact of recent events [13:36]
  • President Biden's tax proposals [15:30]
• Hospitality industry trends and impact of recent events [17:46]
• Overall trends in the industry [20:43]
• Jason's advice for CFOs and financial managers [23:53]
• Closing thoughts [27:11]

Learn more about Jason 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 it would be like to be a CEO? Host Damien Martin caught up with Ted Dickman in his final days as BKD's CEO to find out some of the lasting tips and memories from his career. In this episode, Ted reflects on his experience and shares tips to help anyone make the most of their career and enjoy the journey along the way. Here's what's covered:

• How Ted describes his role as CEO [02:52]
• Culture at BKD [04:34]
• Experiences as BKD's CEO and the experiences that prepared Ted for the role [06:17]
• Developing as a leader [08:24]
• Evolving as a leader [11:13]
• Primary drivers in achieving growth [12:08]
• Biggest surprise as CEO [14:23]
• Advice to those starting their career [17:13]
• Why Ted chose tax [20:29]
• Contributing to the accounting profession [22:21]
• Ted's favorite section of the Internal Revenue Code [24:12]
• Closing thoughts and advice [26:45]

BIO FOR GUEST

Ted Dickman retired as CEO at BKD on May 31, 2021, after nine years in the role, where he was responsible for the leadership and strategic direction of the firm's personnel and partners. Previously, Ted served as regional managing partner of BKD's East Region, overseeing operations in Indiana, Kentucky, and Ohio, in addition to serving on the firm's governing board. Prior to that, he was the managing partner of BKD's offices in Indianapolis, Bloomington, Fort Wayne, Merrillville, and Cincinnati.

Learn more about our guest 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