Tackling Tax

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. Guest Amy Wang, 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 Paycheck Protection Program (PPP) loan forgiveness. Here's what's covered:

• Update on PPP loan forgiveness and related activity in Washington @01:16
• The latest with AICPA tax policy and advocacy efforts @06:51
• Ways the AICPA has made a difference in the guidance implementation process @17:58
• Key areas of focus going forward @21:12
• Closing thoughts @24:44

BIO FOR GUEST

Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services, while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings.

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!

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It's been a turbulent year amid a global pandemic and a cliffhanger of an election, making year-end tax planning more important than ever to create and maintain financial health for you, your family, and your business. National Tax Assistant Director Julia Dengel returns to the podcast to discuss some of the topics and articles within this year's Tax Advisor and how they can assist you with year-end tax planning and financial decision making. Here's what's covered:

• Update on the outlook for tax change and what it means for year-end planning @00:32
• Background on the Year-End Tax Advisor @05:18
• Cybercrime during COVID-19 @08:11
• Year-end tax planning for individuals @11:05
• Year-end tax planning for businesses @12:04
• Charitable giving tax planning considerations @13:53
• TCJA complexities and the need to model @15:18
• Overview of industry-specific articles @17:38
  • Financial services @18:30
  • Construction, real estate, and hospitality @18:42
  • Nonprofits @18:49
  • Tax planning in an election year @19:09
  • Transferring your business @19:18
• Key takeaways @20:12

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!

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Change of state residency is on the minds of many these days, as we navigate a pandemic that has increased the prevalence of remote working and led some individuals to reevaluate where they live and work. State and local tax (SALT) attorney David Hughes joins host Damien Martin for an in-depth discussion on the topic of residency and a constitutional amendment on the 2020 Illinois ballot that would allow graduated income tax rates. Here's what's covered:

• The Illinois "Fair Tax" @02:28
• Some potential ramifications of a graduated income tax @14:34
• Circumstances where changing residency may make sense and be a viable option @21:58
• Factors for evaluating a change of residency @27:11
• Overcoming a presumption of residency @36:56
• Best practice for approaching SALT implications of telecommuting amid the pandemic @47:05

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

Catalyst for corporate culture change and podcast host John Garrett joins host Damien Martin to discuss John's latest book, What's Your "And"?: Unlock the Person Within the Professional, and the importance of having personal passions outside of the workplace. John shares some of the highlights of writing his book, how his message can help when adapting to the COVID-19 environment, and more. Here's what's covered:

• Foreword written by former Notre Dame football coach Lou Holtz @01:35
• The experience of writing What's Your "And"? @07:56
• The most difficult part of the writing process @12:10
• Who's the book written for? @14:43
• Retirement and going beyond your job title @16:19
• The impact of the pandemic on business and helping clients adapt @18:29
• Improving culture and how passions can deepen relationships @25:38
• The role of vulnerability in growth and leadership @29:00
• Highlights of "Follow-Up Fridays" @32:23
• Mental wellness during a pandemic @35:18
• Closing comments @39:13

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

What should businesses and their advisors be considering when it comes to financial statement audits, given the recent disruptions caused by COVID-19? What role can analytics play in managing cash flow and forecasting? Guests Megan Stern and Greg Knight join host Damien Martin to offer their insights from working with businesses amid the pandemic in the last six months and share best practices and considerations for next year's audit. Here's what's covered:

• The importance of cash flow management and the impact of the pandemic [01:46]
• How this year's auditing compares to last year [05:09]
• Special considerations for CFOs to prepare for upcoming audits [06:55]
• Implementing new financial statement standards [13:23]
• Revenue recognition FAQs [15:59]
• Considerations for revenue recognition amid COVID-19 [23:59]
• Discussing and presenting cash flow forecasts with your bank [26:11]
• Understand your cost structure [31:16]
• Going concern gets a bad rap but doing the analysis isn't a bad exercise [34:40]
• Closing thoughts on cash flow forecasts [35:23]

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

Why would anyone want to work in tax? Find out as guest Kent Klaus, a senior instructor at DePaul University, joins host Damien Martin to share insights from practicing and teaching in tax. Here's what's covered:

• How Kent Klaus came to teach @01:29
• The opportunities of a career in tax @05:26
• Becoming a subject matter expert and how to find your area @08:11
• Damien's path to a career in tax @17:55
• Advice for those considering a career in accounting @20:55
• How Damien came to host a podcast @26:33
• Online courses can be a more rewarding experience than in-person classes @37:35
• Tips for learning in a remote environment @40:16
• Advice for students and those starting a tax career amid a pandemic and beyond @46:24
• Tips for virtual interviews @50:08
• Finding a mentor in a virtual environment @55:18

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

Guests Mary Reiser and Jana Gradeva join host Damien Martin to unpack state and local tax (SALT) developments and discuss areas you should focus on amid an uncertain and rapidly changing environment. Here's what's covered:

• How state and local jurisdictions generally apportion a taxpayer's employment income [01:53]
• What role does payroll play in apportionment formulas for businesses? [10:57]
• Sales tax considerations for telecommuting [13:17]
• How have states responded to the many employees working remotely due to the pandemic, and what are the related implications for remote employees? [14:08]
• What are the state and local considerations of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provisions? [16:21]
• Now that we're a little more than two years in since the landmark U.S. Supreme Court decision in South Dakota v. Wayfair, Inc. (Wayfair), how have states responded? [25:04]
• Marketplace facilitator rules [31:25]
• Audits after Wayfair [35:36]
• What should taxpayers and their advisors focus on now from an income tax perspective? [41:05]
• How Wayfair has impacted mergers and acquisitions [47:00]
• "It depends and it's changing all of the time" [50:11]

Learn more about our guests and get additional resources here.

BKD campus recruiters Jerica Newby and Michael Nuttle join host Damien Martin to offer advice for students making one of the most important life decisions: Where should you work?

• Who is Jerica Newby? @01:46
• Who is Michael Nuttle? @03:03
• The accounting recruiting cycle @05:35
• How to use campus recruiters to your advantage @10:08
• Why you should consider a career in public accounting and tax @15:17
• Deciding between audit and tax @22:10
• Tips for a successful internship @30:10
• Recruiting and getting a job during crisis @37:43
• Top student concerns @42:27
• Ways to stand out in a virtual environment @48:44
• The CPA exam @53:29

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

We're back with part two of our conversation on managing change and driving innovation. Join host Damien Martin and change and project management specialists John Gamble and Gary Farrar as they continue their discussion on leading change in any organization that was tapped in front of a live audience at a Financial Executives International event in Chicago, IL on February 27, 2020. This special two-part interview covers strategic perspectives on change management and an opportunity to hear about and learn from BKD's internal innovation efforts.

Here's what's covered in part two (give episode 104 a listen for part one):

• Collaboration in a remote environment @ 1:54
• Working with resistors as a new person on the team @ 3:49
• Tips for approaching cost reduction projects and post-merger integrations @ 6:09
• Innovation is a slice of change management @ 7:27
• The horizons and types of innovation @ 10:27
• How BKD is approaching innovation @ 12:56
• Failing fast and other concepts from the lean start up world @ 18:37
• A client story of BKD innovation @ 24:49
• Score carding as a type of incremental innovation @ 27:53
• Innovation for organizations other than professional services firms @ 28:35
• Key action items for CFOs @ 31:58
• Managing profitability and innovation @ 36:38
• Tips for family-owned and closely held businesses @ 40:47
• Key takeaways @ 44:13

Learn more about our guests here and watch the video of the full interview 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

Managing change and driving innovation have rapidly become top priorities for financial executives; however, it's often difficult to keep up with the fast pace of change and fit these challenging tasks into an already packed to-do list. Join host Damien Martin and change and project management specialists John Gamble and Gary Farrar for an informative discussion on leading change in any organization that was tapped in front of a live audience at a Financial Executives International event in Chicago, IL on February 27, 2020. This special two-part interview covers strategic perspectives on change management and an opportunity to hear about and learn from BKD's internal innovation efforts. Here's what's covered:

• "Change is all around us, some that's in our control and some that's not" @4:37
• Perspectives on change management from the AICPA @6:58
• It can be overwhelming @9:44
• External drivers of change @11:01
• Two basic questions you need to ask to be relevant and successful in a future that looks different than today @14:43
• Two basic disciplines @17:13
• The process of successful personal change @22:40
• The psychology of going through change @29:12
• What's a project? @31:28
• Characteristics of a good project manager @35:26
• What should you do if you don't have a project manager on the team @39:37
• Is project management still relevant? @42:52
• The triple constraints that define any project @45:49
• How do you instill passion to your team to get behind a project? @48:13
• Why do 70 percent of project fail? @50:53
• How to engage passive listeners on the team @52:17
• Tips for being a project management by default @56:48
• Portfolio management for project management @57:54

Learn more about our guests 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