Simply Tax

Simply Tax™ cuts through the static of the tax world and doesn’t waste your time by needlessly tossing around technical terms and citing code sections. Host Damien Martin has a knack for boiling down complex issues for business professionals who need a trusted advisor to help strengthen their tax mind.

What's An NFT? #153 11/17/2022

What's An NFT? #153 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 Learn more about Nik and Tom and get additional resources with the show notes to this episode comming soon GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . /episode/index/show/simplytax/id/25056141

Wealth Accumulation Nation #152 10/28/2022

Wealth Accumulation Nation #152 ™ 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 competing goals [19:40] What if I feel uncomfortable talking about finances? [24:20] Three top tips from Carlee and Zach [26:58] What Carlee and Zach enjoy most about what they do [32:01] Closing thoughts [33:36] The services discussed in the episode may include investment advisory services provided by FORVIS Wealth Advisors, LLC, an SEC-registered investment advisor, and/or accounting, tax and related solutions provided by FORVIS, LLP. Learn more about Zach & Carlee and get additional resources with the show notes to this episode comming soon GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . /episode/index/show/simplytax/id/24835959

New Market Tax Credit #151 10/06/2022

New Market Tax Credit #151 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 industries are good candidates for the NMTC? [16:11] Are there compliance considerations? [24:18] What’s the future of the NMTC? [26:40] How did Wes come to work with the NMTC? [32:47] Closing thoughts from Wes [36:59] Learn more about Wes and get additional resources with the show notes to this episode ! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . /episode/index/show/simplytax/id/24598560

Simply Five #150 09/21/2022

Simply Five #150 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 [25:07] The outlook for much needed guidance [37:46] What else Ed thinks you should watch for [39:40] New Schedules K-2 and K-3 Form 1040 virtual currency checkbox question Taxability of student loan forgiveness Aggressive Employee Retention Credit companies Tax practitioner resiliency Statement of Standards for Tax Services exposure draft Simply Thanks! @50:47 Learn more about Ed and get additional resources with the show notes to this episode comming soon ! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . /episode/index/show/simplytax/id/24451731

Lease Accounting Implementation #149 09/08/2022

Lease Accounting Implementation #149 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 to know John and Phil @01:17 The new lease accounting standard @03:40 Adopting the standard @06:14 Tax considerations @08:51 Tax planning & traps for the unwary @12:16 Advice for adopting & discussing the standard with stakeholders @16:01 How to get some help @20:25 Lessons learned from those who have already adopted the standard @23:53 Closing thoughts & ways to learn more @25:13 ADDITIONAL RESOURCES Webinar: (October 6, 2022) Resource center: Podcast: (February 3, 2020) Learn more about our guests and get additional resources ! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . /episode/index/show/simplytax/id/24315444

Mandatory Capitalization Of R&D #148 09/02/2022

Mandatory Capitalization Of R&D #148 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, 2022? @05:00 How might this change impact taxpayers? @07:06 Are there practical tips for documentation? @15:44 What is the history of the R&D tax credit and who should consider it? @21:05 What’s the significance of recent developments in IRS examinations and guidance? @34:53 What are takeaways and action items? @43:21 ADDITIONAL RESOURCES Archived webinar: (August 31, 2022) Articles: (August 16, 2022) (June 17, 2022) (February 22, 2022) Simply Tax: (February 1, 2022) (September 26, 2018) Learn more about Mike and get additional resources ! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . /episode/index/show/simplytax/id/24245730

A Case For The Mondays #147 07/28/2022

A Case For The Mondays #147 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 Sam and get additional resources ! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/23877165

Forward Vision #146 07/07/2022

Forward Vision #146 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 FORVIS Background on BKD and DHG leading up to June 1, 2022 [10:21] Why BKD and DHG agreed to merge [14:37] The most important things to get right in a merger [19:31] Surprises so far [22:51] What’s in a name? [27:22] The vision for the first 100 days of FORVIS and beyond [29:53] Why Tom and Matt are excited about FORVIS [33:50] Learn more about Matt and Tom ! GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/23648384

Legislative Check In #145 05/31/2022

Legislative Check In #145 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’ takeaway for listeners? Learn more about Troy and find the links to the resources mentioned in the episode . GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/23279711

Strategies For Your Wealth #144 04/28/2022

Strategies For Your Wealth #144 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 Grantor Retained Annuity Trust? [15:14] What’s a Spousal Lifetime Access Trust? [17:54] Should I be concerned about outliving my wealth? [20:12] Are there risks to consider when implementing a wealth strategy? [21:41] What are some frequent questions you answer? [22:30] How do you educate the next generation and get them ready to inherit wealth? [27:55] What are some actual stories of those who have implemented a wealth strategy? [31:37] What should I expect in terms of timing and involvement? [38:13] Learn more about Troy and check out the video on our YouTube channel mentioned in the episode. GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/22940024

Digital Asset Discussion #143 03/29/2022

Digital Asset Discussion #143 Digital assets have the potential to start (or perhaps already are) significantly altering the global financial landscape. Yet the rapid evolution of the industry and a sea of unfamiliar technical terms has many feeling a bit lost and overwhelmed. Tune in as guests Nik Fahrer, Brian Condron, Jeremy Goss, Tom Haldiman, Neal Maddy, and Geron Morgan discuss the why, the what, the risks, and the opportunities associated with digital assets. Here’s what’s covered: Who are our guests? [01:53] What problem are digital assets solving and why are they important? [07:27] Nonfungible tokens (NFT), Web 3.0, and use cases [16:49] What’s a smart contract? [21:10] Decentralized Finance (DeFi) [24:13] Wallets [33:48] Is it anonymous? [40:57] Illegal activity [48:29] Stable coins and central bank digital currency [50:59] Decentralized autonomous organizations [56:51] Regulation and tax challenges [01:05:29] Reporting and accounting considerations [01:20:05] How to get started in and learn more about crypto [01:27:12] Executive order on digital assets [01:36:44] Learn more about our guests and get additional resources . GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/22599122

What's ESG #142 02/25/2022

What's ESG #142 What are environmental, social, and governance (ESG) standards? How do they affect my business? Host Damien Martin sits down with guest Dirk Cockrum to define ESG, explain its potential effects, describe various ESG frameworks, and share how to get started on building your program. Here’s what’s covered: What’s ESG? Why businesses, owners, and investors should pay attention to it Factors that have driven the increase in interest in recent years Myths or common misconceptions about ESG How is reporting around ESG developed and what should businesses know about it? Tips for those looking at implementing an ESG program Predictions regarding ESG for 2022 and beyond Learn more about Dirk and get additional resources . GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/22260374

Write On #141 02/16/2022

Write On #141 As returning guest Ted Kontopoulos puts it, “The whole point about writing, like speaking, is communicating.” Host Damien Martin sits down with Ted to discuss the importance of writing and actionable items to help you become a better writer. Here’s what’s covered: Ted’s journey as a writer [02:00] Approaching the different types of writing [09:32] Tips for being concise and precise [19:26] The review process [26:00] Common mistakes [36:38] Benefits of article writing [44:35] Topic selection [53:45] Five writing resolutions [55:54] What’s next for Ted? [59:54] Learn more about Ted and get additional resources . GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/22145042

State Of The CPA #140 02/01/2022

State Of The CPA #140 The CPA credential is a symbol of trust and professionalism in the world of business that unlocks a career of endless opportunities. Host Damien Martin sits down with Todd Shapiro—the CEO of the Illinois CPA Society—and Tom Murtagh—chairperson of the Illinois CPA Society’s board of directors and BKD tax partner—to discuss the opportunities and challenges currently facing the CPA profession. Here’s what’s covered: The impact of the pandemic on the profession [01:48] Changes in expectations [06:50] A decline in the credential and a stagnating CPA pipeline [16:39] Relevance now and into the future [24:53] Be a strategic advisor [28:18] Developing a strategic mindset [40:38] The barrier is time [45:27] Diversity in the profession [48:39] Closing thoughts on the profession [55:35] Learn more about our guests and get additional resources . GET MORE SIMPLY TAX We’re excited to also provide video content to strengthen your tax mind! Check it out on our . A complete archive of our episodes is available on our and . We’d love to hear from you! Email feedback and questions to . Connect with Damien on social media! | | | /episode/index/show/simplytax/id/21985895

Innovation: Why & How #139 01/14/2022

Innovation: Why & How #139 Why innovation is important to you and your business and how to implement it. /episode/index/show/simplytax/id/21780194

Top 10 Tax Cases Of 2021 With Tony Nitti #138 12/24/2021

Top 10 Tax Cases Of 2021 With Tony Nitti #138 Tony Nitti breaks down key takeaways from the top 10 tax cases of 2021 /episode/index/show/simplytax/id/21578654

The Value Of ESOPS & Business Valuations #137 12/20/2021

The Value Of ESOPS & Business Valuations #137 How recent developments and trends are affecting ESOPs and business valuations /episode/index/show/simplytax/id/21542807

2021 Year-End Tax Advisor #136 12/10/2021

2021 Year-End Tax Advisor #136 An overview of BKD’s Tax Advisor to assist with your year-end planning decisions, provide helpful reminders for the year ahead, and get you caught up on tax news you may have missed. /episode/index/show/simplytax/id/21437363

Turkey Time Tax Talks with Ed Karl #135 11/24/2021

Turkey Time Tax Talks with Ed Karl #135 Insights on whether we’ll see significant tax change enacted in 2021 /episode/index/show/simplytax/id/21271979

Cybersecurity With Cy The Cyber Guy #134 11/15/2021

Cybersecurity With Cy The Cyber Guy #134 Best practices for cybersecurity threats for you and your business. /episode/index/show/simplytax/id/21172022

Where Things Stand With Build Back Better #133 10/25/2021

Where Things Stand With Build Back Better #133 What you need to know about the latest developments in Washington /episode/index/show/simplytax/id/20930714

Is Section 1202 Through? #132 10/21/2021

Is Section 1202 Through? #132 A look at how 2017 tax reform impacted the popularity of qualified small business stock and how current tax proposals might change that going forward /episode/index/show/simplytax/id/20887346

Wealth Planning For Build Back Better #131 10/11/2021

Wealth Planning For Build Back Better #131 Insights and strategies to help you navigate possible tax changes for high-income taxpayers /episode/index/show/simplytax/id/20776562

SALT Renaissance #130 09/30/2021

SALT Renaissance #130 The latest on the state and local tax developments you need to know. /episode/index/show/simplytax/id/20650325

Reconciling Reconciliation & More #129 09/15/2021

Reconciling Reconciliation & More #129 What you need to know about the latest tax-related legislative developments /episode/index/show/simplytax/id/20486420

What's It Like To Be A Tax Intern? #128 08/31/2021

What's It Like To Be A Tax Intern? #128 An inside look at the tax internship experience /episode/index/show/simplytax/id/20313029

The Family Office: Why Have One? #127 08/16/2021

The Family Office: Why Have One? #127 Insights on creating and improving a family office /episode/index/show/simplytax/id/20158250

Tax Legislative Halftime Report #126 07/30/2021

Tax Legislative Halftime Report #126 Get the latest from Washington on the outlook for significant tax changes in 2021 /episode/index/show/simplytax/id/19974305

Construction & Real Estate Industry Updates #125 07/02/2021

Construction & Real Estate Industry Updates #125 Find out the latest trends in the construction, real estate, architecture, and hospitality industries. /episode/index/show/simplytax/id/19673870

Tax Associate To CEO #124 06/11/2021

Tax Associate To CEO #124 Advice on being an effective leader, finding your passion, and enjoying a successful career! /episode/index/show/simplytax/id/19435085

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