What's An NFT? #153
Simply Tax
Guests Nik Fahrer and Tom Haldiman return to the podcast to follow up on and take a deeper dive into nonfungible tokens (NFTs) with host Damien Martin. Here’s what they discuss: Who are Nik and Tom? @01:15 What’s the significance of digital assets and where are we going with all of this? @04:48 Core NFT concepts and a real-world example from Beepol @14:32 Use cases for NFTs @29:09 Tax considerations of holding NFTs for appreciation @42:27 Estate and planning considerations @47:32 Buyer beware @49:22 Closing thoughts from Nik and Tom @53:02 An update on the digital asset space @54:16 ...
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Wealth Accumulation Nation #152
Simply Tax
™ advisors Carlee Lynn, CFP® and Zach Swartz, CFA® join host Damien Martin to demystify the world of accumulating wealth and share real-world examples of the benefits of working with a financial planner. Here’s what they discuss: Who are Carlee and Zach and how did they get into the finance industry? [00:57] Who and what are the Wealth Accumulation Team? [04:54] It takes a multidisciplinary team [08:15] A real-world example with serving physicians [10:26] How to know if you need a financial advisor [12:42] Jargon and other common challenges [16:35] Planning for phases of life and...
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New Market Tax Credit #151
Simply Tax
The New Markets Tax Credit (NMTC) Program is a federally funded program designed to attract private investment into distressed communities. Investors are incentivized to provide outside capital in exchange for credits against their federal income tax liability. Host Damien Martin sits down with guest Wes Ernst to discuss this sometimes-overlooked incentive and a new tool he helped to develop that improves speed, increases accuracy, and drives value through the entire NMTC process. Here’s what they discuss: Who is Wes Ernst? [01:19] What’s the NMTC and how does it work? [05:28] What...
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Simply Five #150
Simply Tax
Five years ago today we released our very first episode of the “Simply Tax” podcast, . Host Damien Martin takes a look at a range of current tax topics as special guest Ed Karl—VP of taxation at the American Institute of CPAs (AICPA)—returns to the podcast to cut through the static of the headlines swirling in the tax world. Here’s what they discuss: A look back at five years and 150 episodes [0:00] The budget reconciliation roller coaster [05:48] Additional IRS funding and inaccurate information [10:27] IRS backlog and penalty relief [14:26] Extenders and the legislative outlook...
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Lease Accounting Implementation #149
Simply Tax
FASB’s new lease standard requires lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. After deferrals, this new standard is effective for fiscal years ending on or after December 31, 2022 for all private companies and private nonprofits. Host Damien Martin caught up with FORVIS’ John Kmetz and Phil Laminack to discuss the new standard and share tools and guidance for both the accounting and tax considerations for companies starting the implementation process. Here’s what they cover: Get...
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Mandatory Capitalization Of R&D #148
Simply Tax
For tax years beginning after December 31, 2021, the legislation informally known as the Tax Cuts and Jobs Act eliminated the option to deduct research and development (R&D) expenditures, which include software development costs. Host Damien Martin sits down with guest Mike Boenzi, the national leader of FORVIS’ R&D tax credit services, to break down the new mandatory treatment and help you prepare for the immediate and long-term potential impacts of this change. Here’s what they cover: Who is Mike Boenzi? @00:53 What is IRC Sec. 174 and how did it change effective January 1,...
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A Case For The Mondays #147
Simply Tax
What word comes to mind when you think about your Mondays? Host Damien Martin talks with returning guest Sam Allred about why he loves Mondays and uses them as his litmus test for navigating his career. Here’s what they cover: Why Sam loves Mondays and why it’s important [01:21] Play to your strengths—and get a clear understanding of where your strengths lie [07:03] Navigating the integration of work and personal life when evaluating your Mondays [14:14] Making changes when you feel your love for Mondays is declining [16:52] Closing thoughts and recommendations [25:11] Learn more about...
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Forward Vision #146
Simply Tax
On June 1, 2022, FORVIS was created by the merger of equals of BKD, LLP and Dixon Hughes Goodman, LLP (DHG). Host Damien Martin sits down with FORVIS CEO Tom Watson and FORVIS Governing Board Chair Matt Snow to discuss why and what it means for those inside and outside of the newly created firm, which ranks among the nation’s top 10 professional services firms. Here’s what they cover: Get to Know Matt & Tom What they set out to study when they entered college—and how that changed [01:59] Favorite ways to recharge [05:26] Book recommendations [07:51] The Forward Vision that Led to...
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Legislative Check In #145
Simply Tax
What tax changes are possible in 2022? Will we see any of the proposals included in Build Back Better incorporated into other legislation? Guest Travis Lucas returns to the podcast with host Damien Martin to cut through the static of the headlines in Washington, D.C. Here’s what they cover: Where are we right now? What’s the timeline and what’s possible in 2022? What rises to the top of the list of possibilities? How has the focus changed between the end of 2021 and now? How might a divided Congress impact the outlook for 2023 and 2024? Will we see SECURE 2.0? What’s Travis’...
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Strategies For Your Wealth #144
Simply Tax
An optimal family wealth strategy is holistic and combines both investment and estate planning strategies. Do you know when and where to start? Host Damien Martin unpacks the important but often daunting task of planning for your wealth with BKD’s Troy Farmer. Here are the questions they cover: Who is Troy Farmer? [01:48] What is a wealth strategist and why work with one? [04:00] How does estate planning play a role in wealth strategy? [07:28] What are the key decisions you need to make and when? [09:02] How do I know if a planning technique makes sense for my family? [11:55] What’s a...
info_outlineInternal 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.
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