show episodes
 
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.
 
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show series
 
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 constitution…
 
This week we look at: Fees to enter a daily fantasy sports contest is a wager in the view of the IRS Taxpayers must follow all of the criteria listed in Revenue Procedure to take advantage of the ruling IRS adds retrieving funds from state unclaimed property fund to list of items for self-certification for late retirement plan rollover Withholding …
 
This week we look at: PPP forgiveness application deadline is not October 31 Fax line to send in Forms 1045 and 1139 will shut down at the end of 2020 Draft instructions to Form 8895 indicate that IRS not longer seeing charitable deductions as reducing QBI Taxpayer could not claim accrued expenses to restore manufacturing line until following year …
 
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 adap…
 
This week we look at: SBA's simplified Form 3508S for PPP forgiveness and the regulations authorizing its use for loans of $50,000 or less Lenders told what to do when borrowers supply more expense documentation than necessary for full PPP loan forgiveness Pre-PPPFA loan documents do not need to be modified to obtain PPPFA longer deferral period QR…
 
This week we look at: Final regulations issued for meals and entertainment Withholding on retirement and annuity distribution regulations issued S Corporations get special election for GILTI issues SBA issues guidance on change of ownership for entities with PPP loans outstanding An audio only version of this week’s broadcast can be downloaded or s…
 
This week we look at: IRS issues bonus depreciation final regulations Excess deductions on termination final regulations are issued IRS grants relief for CCH e-filing problems on September 1 An audio only version can be streamed and downloaded below: The articles for this week’s developments can be downloaded as a PDF below: 2020-09-28 Current Fede…
 
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 i…
 
This week we look at: IRS discusses options for expedited private letter ruling requests Web page for marijuana industry posted by the IRS Corporation by law had no shareholders, thus no S election was possible Draft form to be used by self-employed to claim COVID-19 sick pay credits published Final version of Form 941-X to be used to revised 2Q 20…
 
This week we look at: A California decisions discusses the concept of domicile for state residency status IRS publishes special per diem rates for FY 2020/2021, including high-low rates Medicaid coverage of COVID-19 testing and diagnostic services is not minimum essential coverage Tax Court looks at the effective date for a change in innocent spous…
 
This week we look at: IRS loses in an attempt to challenge a contribution of closely held stock to charity Notice issued giving guidance on retirement plan changes enacted at the end of 2019 Second new version of Form 941 for 2020 released in draft form Minister discovers he won't qualify to be paid social security or Medicare coverage due to not u…
 
This week we look at: Crowdsourcing platform payments made in convertible virtual current for performing microtasks is taxable income Payroll tax holiday guidance finally released by Treasury days before holiday is scheduled to begin IRS temporarily expands and simplifies use of e-signatures SBA issues new PPP guidance with de minimis owner rule an…
 
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 app…
 
This week we look at: Qualified plan loan offset amount proposed regulations issued to deal with TCJA plan loan rollover provision US Chamber of Commerce and other organizations issue letter describing issues with payroll tax holiday Presidential memo IRS warns employees to wait to file Forms 941-X on second quarter 2020 941s until new form release…
 
This week we look at: Taxpayer denied relief for late rollover when taxpayer had "borrowed" funds from IRA Management company was not the customer for rental of vacation home IRS gives relief for taxpayers who end up with dishonored checks due to IRS delays in opening mail SBA updates PPP FAQ with information on insurance as a payroll cost Guidance…
 
In this 13-minute podcast, Bob Keebler discusses tax planning moves to consider at the end of 2020, bearing in mind the possibility of tax law changes in 2021. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg…
 
In this 13-minute podcast, Bob Keebler discusses tax planning moves to consider at the end of 2020, bearing in mind the possibility of tax law changes in 2021. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg…
 
This week we look at: Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses IRS updates qualified p…
 
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…
 
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 informat…
 
This week we look at: IRS releases multiple regulation project texts on TCJA items No syndicate relief offered for tax shelters by the IRS for small business accounting or §163(j) Taxpayers informed how to deal with inventory issues when opting out of application of §471(a) Forms 3115 for automatic method changes to be faxed in beginning in August …
 
This week we look at: Discussions continue on fourth COVID bill in the Senate SBA announces the agency will begin accepting lender's documents for PPP loan forgiveness on August 10 (maybe) IRS releases percentages for the premium tax credit for 2021 IRS position taken for strategic reasons in another conservation easement case doesn't bind the agen…
 
In this 20-minute podcast, Bob Keebler and Jonathan Blattmachr discuss the income tax basis of assets contributed or sold to an intentionally defective grantor trust. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.l…
 
In this 20-minute podcast, Bob Keebler and Jonathan Blattmachr discuss the income tax basis of assets contributed or sold to an intentionally defective grantor trust. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.l…
 
This week we look at: IRS describes letters issued for Form 7200 when various issues arrive Loan was nonrecourse since lender did not take route that could have lead to deficiency judgment Debt failed to be qualified principal residence interest IRS proposes to add Schedules K-2 and K-3 for international partnership issues PTIN fees to return next …
 
Guests Bryan Callahan, Bob Sprague, Will Weltman, and Kevin Dreher join host Damien Martin to have a conversation surrounding business interruption claims, contingent business interruption claims, civil authority claims, and related considerations amid a global pandemic. Here’s what’s covered: Take stock and consult a professional [04:11] Industrie…
 
This week we look at: W2s will report FFCRA sick and FMLA pay to each employee Congress extends PPP loan program through August 8, 2020 FAQ looks at the tax implications of receiving a CARES Provider Relief Payments Depreciation limits for vehicles for 2020 released by the IRS §265(a)(1) does not bar deduction under UBIT rules for a charity Flowcha…
 
BKD partners Rachel Dwiggins and JoAnna Simek join host Damien Martin to continue a conversation on diversity, equity, and inclusion and share their experiences as women in the accounting profession. Here’s what’s covered: Experiencing the 2019 AICPA Women's Global Leadership Summit (Summit) [01:14] Being the only woman in the room [03:24] Creating…
 
This week we look at: IRS updates FAQ to discuss PPPFA changes to employer payroll tax deferral rules Relief granted to allow for changes to be made in 2020 to safe harbor 401(k) plans IRS outlines issues with marketing materials for CRAT tax shelter being promoted Memorandum discusses what impact a superseded return has on the statute of limitatio…
 
Guest Trisha Daho joins host Damien Martin to discuss why and how to create an inclusive culture to help give everyone in your organization the path and tools to reach their highest aspirations and fullest potential. Here’s what they cover: Who is Trisha Daho? @01:39 What is diversity, equity and inclusion @03:33 You need solve an inclusion problem…
 
This week we look at: IRS issues clarifications on claiming the employee retention credit SBA issues formal interim final rules modifying forgiveness rules for PPPFA Additional final regulations issued under §199A Proposed regulations released to deal with the TCJA parking lot tax IRS announces interest will be paid on refunds for returns filed by …
 
This week we look at: Revised PPP forgiveness application and some rules to take into account PPPFA changes Relief granted for PPP loan qualification related to certain felony convictions of owners CARES special retirement plan provision relief published by IRS Using the wrong FedEx service to file a Tax Court petition costs taxpayer the option to …
 
This week we look at: SBA begins issuing revised guidance to take into account PPPFA changes to PPP loan program IRS rules no inclusion in income or payroll tax liability for programs where employees donate leave time to COVID-19 charities Proposed regulations would expand deductions for medical expenses Post-TCJA real estate like-kind exchange pro…
 
“Simply Tax” turns 100 by looking back and looking forward with Sam Allred, Jeremy Clopton and Heath Alloway of Upstream Academy on how accounting firms are responding to the coronavirus pandemic and preparing for future success. Here’s what’s covered: Looking back to the beginning of 2020 [02:43] Top four goals of managing partners, even during cr…
 
This week we look at: Payroll Protection Program Flexibility Act of 2020 enacted into law on June 5, 2020 Relief from physical presence rules given to qualified plans IRS expands Qualified Opportunity Zone relief and extends period for existing relief IRS returns to tax basis capital computation issues - gives two different proposed methods An audi…
 
In this 12-minute video podcast, Bob Keebler and Marty Shenkman discuss the Paycheck Protection Program Flexibility Act, passed by both houses of Congress and expected to be signed by the President. Recorded June 4, 2020. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, b…
 
In this 12-minute video podcast, Bob Keebler and Marty Shenkman discuss the Paycheck Protection Program Flexibility Act, passed by both houses of Congress and expected to be signed by the President. Recorded June 4, 2020. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, b…
 
In this 12-minute video podcast, Bob Keebler and Marty Shenkman discuss the Paycheck Protection Program Flexibility Act, passed by both houses of Congress and expected to be signed by the President. Recorded June 4, 2020. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, b…
 
In this 12-minute video podcast, Bob Keebler and Marty Shenkman discuss the Paycheck Protection Program Flexibility Act, passed by both houses of Congress and expected to be signed by the President. Recorded June 4, 2020. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, b…
 
This week we look at: PPP developments - only a single FAQ change but two bills to change the program. IRS releases guidance on how to deal with ATNOLs for corporations carrying back net operating losses. The ability to electronically file amended individual income tax returns will exist for 2019 returns later this summer. IRS announces additional …
 
The U.S. Small Business Administration (SBA) released two more interim final rules on the Paycheck Protection Program (PPP) on Friday, May 22. Host Damien Martin calls up BKD’s Tad Goodenbour, James Anderson and Robb Conner to unpack the latest guidance and what it means for borrowers. ADDITIONAL RESOURCES MENTIONED IN THE EPISODE BKD alert: PPP Lo…
 
Adapting effectively to adjustments in economic culture and wealth is often difficult and requires families to balance past tradition with the need to move forward. Internationally-recognized family wealth psychologist Dr. James Grubman joins host Damien Martin to discuss the dilemmas, decisions and challenges that come with wealth and share real-w…
 
This week we look at the SBA's release of the PPP Loan Forgiveness Application and related instructions from Friday, May, 15. An audio only version of this week’s session can be streamed or downloaded below. Below is a document looking at the application form and instructions. 2020-05-18 PPP Loan Forgiveness Application: What Have We Learned?…
 
Host Damien Martin wraps up a multi-episode look at the tax season with American Institute of CPAs (AICPA) Director of Tax Practice & Ethics Cari Weston. Here’s what’s covered: Who is Cari Weston? [01:29] “You can absolutely not go wrong with a degree in accounting” [07:54] How was tax season? [11:21] What members experienced this season [20:30] Th…
 
This week we look at: IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit Borrowers can repay PPP loans by May 14 and then use Employee Retention Credit in the future. SBA issues guidance for non-discrimination rules and not for profits and also impact of student workers. Borrowers us…
 
In this 18-minute podcast, Bob Keebler and attorney Mark Fichtenbaum discuss tax planning opportunities for securities investors in a volatile, low interest rate environment. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http…
 
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