Tackling Tax

The tax and investment worlds are buzzing with headlines about possible significant tax changes this year as we continue to learn more about President Biden's Build Back Better agenda and the tax-related proposed provisions to pay for the agenda over 15 years. BKD's Holly Pantzer and Jeff Layman join host Damien Martin to help you better understand what's being discussed, when we might see it, and how you can plan. Here's what's covered:

Overview of the "American Families Plan" [01:05]

Tax insights from Holly Pantzer

• The response so far [04:27]
• Surprises in the fact sheet [05:31]
• Top questions and concerns [09:11]
• Effective date [10:23]
• Steps to plan now amid uncertainty [13:26]
• Closing thoughts [16:57]

Investment insights from Jeff Layman

• Market reaction so far [19:46]
• What to watch [21:08]
• Investment strategies to consider amid uncertainty [23:24]
• Market and economic outlook [26:15]
• Closing thoughts [30:02]

Learn more about our guests and get additional resources here!

GET MORE SIMPLY TAX®

A complete archive of our episodes is available on our website and YouTube playlist. We also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

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

Connect with Damien on social media!

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The opportunities and options available for charitable giving can seem a bit daunting. Guest Bernadette Zita joins host Damien Martin to give an overview of current trends in charitable giving, offer tips to simplify this complex area, and explain the role a private foundation can play in your philanthropic strategy. Here's what's covered:

• Current trends in charitable giving [02:21]
• Risks and strategies for managing state filing requirements with new revenue streams [04:09]
• What's a private foundation and how do you know if it's a right fit for your philanthropic goals? [06:37]
• Excise taxes and landmines for private foundations [09:20]
• The importance of asking questions and alignment with your goals [14:06]
• Knowing your options and looking for examples to learn new ways to give [15:25]
• Thinking like a startup [18:00]
• Unrelated business taxable income [19:32]
• Questions to ask and how to get help [22:32]

Learn more about Bernadette and get additional resources here!

GET MORE SIMPLY TAX®

A complete archive of our episodes is available on our website and YouTube playlist. We also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

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

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

"I'm 100 percent not you, and you're 100 percent not me." Find out why this powerful reminder from guest Cassie Atteberry is the key to making the "people stuff" easier for you, your family, and your organization. In this episode, Cassie joins host Damien Martin to share insights to help you to show up as the best version of yourself, build higher-performing teams, and deliberately create a healthy and successful organizational culture. Here are some of the questions covered:

• Why is the people stuff so hard? [02:09]
• What are the areas to focus on to make it easier? [06:49]
• What is coaching and how can it help? [10:12]
• How do you develop team and talent? [14:41]
• Does culture always trump strategy? [27:54]
• Why does culture matter for a family office? [30:35]
• How do you lead amid the current environment and build resilience? [34:33]
• Why are dogs way easier than people? [39:26]

Learn more about Cassie, get her contact info 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

Frequent guest Ed Karl, vice president of taxation at the AICPA, returns to the podcast amid a number of swirling tax headlines to break down the latest round of coronavirus-related relief, offer perspective on the tax filing season, and share insights on the areas to watch and outlook for tax policy changes in 2021 and beyond. Here's what's covered:

• [01:42] Latest stimulus package updates
• [04:03] Insights for digesting and acting on the latest round of relief
• [09:37] Recommendation to postpone the deadline and provide a prompt response
• [19:15] Prospect of further tax change under the Biden administration
• [27:04] The latest on the taxation of the digital economy
• [30:01] Closing thoughts and recommendations

Learn more about Ed, the AICPA 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

Step back in time for the thrilling radio drama conclusion of the case of "The Missing Deduction." This follow-up to the short film brings you inside a day with—and the head of—host Damien Martin as he helps ace investigative reporter Annie Story boil down yet another complex aspect of Internal Revenue Code Section 199A following the shocking transformation of Mr. Quincy B. I. Donaldson, aka QBID.

The Cast

• Emma Elliot as Annie Story
• Chris Greig as Carl P. Albright
• Ted Dickman as Doc Dickman
• Damien Martin as himself

The Crew

• Written by Damien Martin & Aaron Phares
• Produced, Edited, & Mixed by Aaron Phares

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 American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters. The team has been off to an active 2021, following a remarkably busy 2020. Guests Amy Wang and Alex Scott of the AICPA Tax Policy & Advocacy Team join host Damien Martin to share updates and provide insight into the current areas the team is closely watching and working in. Here's what's covered:

• [03:20] Update on virtual currency-related tax issues and the AICPA comment letter on IRS virtual currency guidance (February 28, 2020)
• [07:45] Insights on partnership tax basis capital reporting and the AICPA comment letter on Notice 2020-43 regarding tax capital reporting (September 15, 2020)
• [16:07] Form 1065 instruction updates and the AICPA comment letter on the draft Form 1065 instructions (December 7, 2020)
• [17:47] The latest on the Organisation for Economic Co-operation and Development (OECD) digital tax developments and AICPA advocacy efforts
  • AICPA policy paper: Taxation of the digitized economy(Revised May 2019)
  • AICPA comment letter on key elements essential to modification of the international tax system (May 2019)
  • AICPA comment letter on Pillar One and income allocations between jurisdictions (October 2019)
• [22:33] Forms 5471 and 5472 penalty issues
• [26:14] Section 163(j) guidance and AICPA advocacy efforts
  • AICPA comment letter on final and proposed regulations – pass-through issues (December 21, 2020)
  • AICPA comment letter on Section 163(j) international and exempt organization issues (December 21, 2020)
• [36:20] Advice on the 2021 tax filing season

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

Tax headlines are swirling after several tax-related developments following the enactment of the 2021 Consolidated Appropriations Act on December 27, 2020. Tune in as host Damien Martin cuts through the static of these significant changes with returning guests Jesse Palmer and Yelena Bosovik. Here's what's covered:

• Expanded and extended employee retention credit (ERC)
  • What is the ERC? [01:55]
  • What changed? [05:17]
  • How do you claim the ERC retroactively for 2020? [09:54]
• Extended credits under the Families First Coronavirus Relief Act [10:50]
  • Paid sick leave vs expanded family leave [12:32]
  • Importance of documentation [13:45]
• Important considerations for the ERC [15:45]
• Business meal deduction changes [22:00]
• Charitable provisions for individuals [25:52]
• Deferral of the employee's portion of Social Security tax [27:26]
• Other employment benefit changes [31:15]
• Extender provisions [35:12]
• Closing remarks [42:30]

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 latest COVID-19-related relief package included key changes to the Paycheck Protection Program (PPP). Get the practical insights you need from returning guests Tad Goodenbour and James Anderson as they discuss what these changes mean for borrowers and the interim final rules released January 6, 2021, by the U.S. Small Business Administration (SBA).

BIO FOR OUR GUESTS

Tad Goodenbour is a partner in BKD's Colorado Springs practice. Tad has more than 35 years of experience in public accounting, focusing on federal income tax, and serves primarily quick service restaurant, gaming, agriculture, and real estate companies. He also has significant experience in partnership and limited liability company planning, structuring, and operation and is one of BKD's technical area specialists in partnership taxation.

James Anderson is a partner and tax director out of BKD's Nebraska practice. He is a member of BKD National Construction & Real Estate Group and BKD National Commercial Services Group and is the north region tax director for the firm's tax committee. James is experienced in providing corporate and individual taxation assistance to construction companies, financial institutions, manufacturers, and retailers across the Midwest. He also consults with clients regarding accounting method changes, multistate taxation, choice-of-entity analyses, tax controversy support, and business combinations.

Get additional resources (including the citations for the other cases mentioned in the discussion) 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 twists and turns of 2020 made it difficult to keep up with tax court cases this year, but we've got you covered! Frequent guest Tony Nitti returns to the podcast again this year to boil down the key lessons from his top tax cases with host Damien Martin. Here's what's covered in our final episode of 2020:

• Bordelon v. Commissioner, T.C. Memo 2020-26 @08:59
• Hakkak & v. Commissioner, T.C. Memo 2020-46 @27:08
• Lucero v. Commissioner, T.C. Memo 2020-136 @41:52
• Duffy v. Commissioner, T.C. Memo 2020-108 @56:48
• Morning Star Packing v. Commissioner, T.C. Memo 2020-142 @1:22:52
• Beckett v. Commissioner, C. Summary Option 2020-19 @1:33:30
• Christensen v. Commissioner, T.C. Memo 2020-14 @1:49:50
• Biddle v. Commissioner, T.C. Memo 2020-39 @1:54:45
• Novoselsky v. Commissioner, T.C. Memo 2020-68 @2:01:58
• Cuthbertson v. Commissioner, T.C. Memo 2020-9 @2:13:23

Learn more about Tony and get additional resources (including the citations for the other cases mentioned in the discussion) 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 American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. In this episode, guest Melanie Lauridsen, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on penalty relief and the electronic signature program. Here's what's covered:

• Who is Melanie Lauridsen? @3:14
• Penalty relief for late filing and late payment @05:32
• AICPA recommendations for the IRS @10:34
• How the IRS responded to AICPA recommendations @17:39
• The latest on IRS penalty relief @20:07
• Guidance regarding electronic signatures @21:50
• Permanent relief vs. temporary relief @24:28
• Forthcoming permanent solution for power of attorney forms @30:40
• Continuation of temporary relief for next filing season @32:36
• Key focus areas moving forward @33:46
• Comment letter process @34:51
• Closing thoughts @36:16

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