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All too often, wealth planners focus only on the dollars. From annual monetary gifts to conditional clauses in inheritance documents, the subject of family wealth planning isn’t always the most flexible or the most broadly accessible for the everyday American family. Richard and Claudia explain the importance of factoring in the family’s “well-being” when considering generational wealth and inheritance tax.

With added flexibility, innovative wealth planning can benefit every family, not just the uber wealthy.

On today’s episode of the Taxgirl podcast, Kelly is joined by Claudia Tordini and Richard S. Franklin to discuss a more modern approach to inheritance planning. Claudia draws on her background in business, art, and creativity to provide coaching and consult services on family wealth and inheritance planning, leadership and team building, and creativity and innovation. Richard has practiced law as a trust and estates attorney for 30 years. His experience in working with wealthy families has been instrumental in informing his thinking and his work on behalf of Appanage on the broader subject of family wealth and inheritance tax conversations. Their company, Appanage, supports wealth and inheritance planning for families across multiple generations.

Listen to Kelly, Claudia, and Richard talk about family wealth planning:

  • How should planning be different from just looking at black and white dollar amounts? 
  • Why it’s important to incorporate your family’s well-being into your planning, on a qualitative level, not just quantitative.
  • In terms of estate planning, how do you talk about things that are not dollar-driven to clients?
  • With lengthening life expectancies, are clients open to handing over their “control” and wealth to younger generations earlier?
  • Is there often pushback from clients about getting on board with earlier inheritance planning?
  • Can these kinds of programs scale?
  • How a transfer of wealth that’s very targeted can significantly improve inheritors’ wellbeing earlier in life. 
  • Why inheritance planning with well-being theory applies to every family, and not just the uber wealthy.
  • Has the pandemic seemed to change the way people approach wealth planning beyond life expectancy? 
  • Why there’s a big focus on making gifts right now. 
  • Rather than the classic advice of writing a check in December, how should clients open the conversation with intention regarding annual gifts with their family?
  • Removing any negative or conditional language from wills according to recent research findings. 
  • How philanthropy can factor into wellbeing and positive wealth planning.
  • Estate planning has not always been about flexibility; does added flexibility improve the wellbeing of family members? 
  • The impact of asking inheritor family members on a scale of 1 to 10, how happy they are in their lives.
  • What it means to have a “wellbeing trust.”

More about Kelly Phillips Erb:

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl
Richard & Claudia’s Website – Appanage Group

Transfer pricing may be one of the most talked-about and least understood tax topics right now. The underlying concept is simple: it’s the method for pricing transactions between related parties. But what qualifies as “related parties” and how those transactions are valued have become increasingly complicated in a more global and more digital world.

Companies facing international taxation are navigating transfer pricing in an ever-changing business landscape.

On today’s episode of the Taxgirl podcast, Kelly is joined by Andrew O’Brien-Penney and Tamara Levin to tackle the intricacies of transfer pricing. Andrew is the Director of Economics at Baker McKenzie LLC in Chicago. He has experience in transfer pricing and valuation matters, assisting major multinational companies in advising clients and audit and dispute resolution situations, supply chain restructuring, planning, advance pricing agreements (APAs), and intellectual property migration opportunities. Tamara is a partner at Baker McKenzie’s Palo Alto Tax Practice Group. She advises mostly tech-based companies on transfer pricing and tax planning matters, including structuring and implementing international operations, cross-border transactions, and post-acquisition integrations.

Andrew and Tamara recently co-authored a special report, Digital Revolution: Transfer Pricing on the Global Tax Battlefield (link below), together with other members of Baker McKenzie’s global tax practice. In this podcast episode, they discuss some of the details of that report along with their experiences advising multinational companies.

Listen to Kelly, Andrew, and Tamara talk about:

  • What is transfer pricing and why is it being talked about so much right now?
  • What happens as global companies develop new digital intellectual property
  • The extent to which multinational companies deal with transfer pricing
  • How machine learning and artificial intelligence factor into valuation matters
  • Advising multinational companies with different views on jurisdiction or location
  • How to document existing international taxation frameworks to support new kinds of data
  • How the EU is tackling transfer pricing with working groups
  • Changes in the audit space and where tax authorities are targeting most
  • How has the pandemic changed things in the international tax world?
  • Does widespread remote work change or influence multinational business tax advice?
  • Projecting changes and technological adaptations to come in the next few years
  • How much do you try to learn about how multinational companies conduct their business?
  • Conducting functional interviews as tax professionals and how they inform tax advice
  • A typical day in the life of transfer pricing tax professionals
  • How are clients feeling about increased transparency and public reporting? 

More about Kelly Phillips Erb:

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Baker McKenzie — Website

A Brave New World: Transfer Pricing for Digital Transformation – Bloomberg Insights

Digital Revolution: Transfer Pricing on the Global Tax Battlefield – Bloomberg Tax International Journal (subscription required)

Many tax accounting firms were busy in 2020 despite the challenges of the pandemic, but not all of them experienced record-breaking positive growth. By staying on top of new technology and offering online tax services with the best tax software, preparers spend more time with clients, and taxpayers have a more streamlined, stress-free filing season. 

A virtual tax preparation service can be a better experience for both clients and tax professionals

On today’s episode of the Taxgirl podcast, Kelly is joined by Donald Nelson, EA, Senior Partner and Tax Advisor at DBN Tax. After getting his accounting degree, Donald cut his teeth in the private sector by facilitating busy filing seasons at the family practice his parents started together. After a few years as an auditor for the IRS, he took over his parents’ family practice firm, and has grown it into DBN Tax: a thriving tax accounting firm with three partners, three locations, and clients all over the country. The firm grew by 35% in 2020 during the pandemic by taking advantage of what he terms “a digital revolution,” He now strongly believes every tax professional should be running online tax services and utilizing the best tax software. 

Listen to Kelly and Donald talk about facilitating online tax services:

  • How to generate growth for the firm when business is hectic
  • Adapting to changing technology with enthusiasm and grace
  • Does spending more to make more apply to tax accountants?
  • How to decide whether to invest in tax projection software
  • Choosing the best tax software for your firm’s process
  • Are clients bothered by increasingly automated business processes? 
  • Why embracing technology during the pandemic helped grow a virtual tax practice
  • How increased filing automation gives you more personal time with clients
  • Is having a brick-and-mortar office still necessary while running online tax services?
  • How to account for situations that won’t accept an e-file 
  • What if technology changes and documents in the cloud can’t be read? 
  • The first steps to start a more virtual tax practice

More about Kelly Phillips Erb:

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl
Donald’s Firm — Website
Pace Setter Tax — Website

Over 9 million Americans live outside of the United States. Sometimes, living outside of the United States can be advantageous on your taxes. Under the Foreign Earned Income Exclusion, taxpayers may be able to exclude income from their United States taxes.

The FEIE can make living and working remotely abroad a tax-free experience

Joining Kelly on this episode of the Taxgirl podcast is Allyson Lindsey, a managing partner at Bright Tax. Allyson has experience advising international clients with a wide variety of compliance issues, making her the perfect partner to talk about the FEIE. Kelly and Allyson break down the Foreign Earned Income Exclusion — from how someone can qualify and the potential tax savings all the way to finding and vetting a qualified tax professional capable of helping you utilize the FEIE.

Listen to Kelly and Allyson talk about the Foreign Earned Income Exclusion:

  • What the Foreign Earned Income Exclusion actually covers
  • How to determine if you qualify for the FEIE
  • The physical presence test
  • Can the FEIE be prorated?
  • What happens if you haven’t met the 330-day threshold
  • What you need to watch out for and when you need to start thinking about it
  • How housing costs apply with the Foreign Earned Income Exclusion
  • Do you have to prove you paid taxes in another country?
  • Is there an increased risk of getting audited
  • The stigma that people that travel abroad are rich
  • The importance of talking with a tax professional before moving abroad
  • The FBAR
  • How can you find a tax professional experienced with the FEIE?

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Bright Tax – Website

Bright Tax – Instagram

Bright Tax – Facebook

Despite the inroads women have made in the tax profession, it’s still a very male-dominated profession, especially at the top. In 2019, only about 20% of all equity partners were female, according to the National Association of Women Lawyers. Thankfully, it’s an issue that is starting to garner more discussion as more people recognize the lack of high-ranking women in business.

It can be tough for women in business

Industry leader Kate Barton — the global vice chair at EY — joins Kelly on this episode of the Taxgirl podcast. Kate and Kelly talk about their experiences as women in business, especially in high-level positions and where the industry is heading.

Listen to Kelly and Kate talk about women in business:

  • Kate’s background and experience
  • What drew Kate to international taxes
  • The politics of making partner
  • Will travel slow down after the coronavirus pandemic?
  • Problems with international customers due to differing customs
  • The future of the tax profession 

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Kate Barton – LinkedIn

Kate Barton – Twitter

As society continues to do more online, data security is more important than ever before. That goes for your taxes and the IRS as well. In their annual report, the IRS identified $2.3 billion in tax fraud schemes in 2020. With the 2021 tax season continuing, it’s something businesses and individuals need to pay attention to.

Are you protected from data security issues?

On this episode of the Taxgirl podcast, Kelly is joined by Robert Capps, the vice president of emerging technologies for NuData Security — a Mastercard company. Kelly and Robert discuss the increasing importance of data security, as well as what both businesses and consumers need to know to protect themselves and others. From data breaches and the Dark Web to how people can best monitor the internet for their stolen data, this is a must-listen episode.

Listen to Kelly and Robert talk about data security:

  • How legitimate businesses can add to fraud
  • Data breaches
  • How businesses can find out their state’s rules on data privacy and security
  • How consumers can find out when their data is online
  • The dark web
  • Data disclosure notifications
  • How people can protect their data
  • Two-Factor Authentication
  • IRS scam calls

More about Kelly Phillips Erb:

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Robert Capps – Twitter

NuData Security website

The evolution of cryptocurrency and the blockchains that power it has taken yet another step forward with the creation of NFTs or non-fungible tokens. NFTs have been in the news quite a lot lately, garnering support from some of the biggest names in art, sports, and technology. However, with NFT marketplaces come potential tax liabilities.

NFTs aren’t just for art anymore

On this episode of the Taxgirl podcast, Kelly is joined by Ben Weiss, the CEO of Coinflip — the world’s leading Bitcoin ATM operator — to talk about NFTs. Kelly and Ben discuss NFT meaning, how big brands like Nike are beginning to use NFTs, the anonymity of a blockchain, regulations and tax liabilities users could face, and the future of NFTs.

Listen to Kelly and Ben talk about NFTs:

  • What is an NFT
  • NFT meaning
  • Establishing a value for an NFT
  • Mark Cuban’s role with NFTs
  • Nike using the blockchain to verify authentic sneakers
  • Tennis player Oleksandra Olinynykova selling her arm as an NFT
  • Residual payments on NFTs
  • Automated NFT marketplace tracking for taxes
  • Tax considerations of using an NFT marketplace
  • The anonymity of the blockchain
  • The percentage of cryptocurrency tied to elicit activity
  • Regulations businesses like Coinflip face
  • The future of NFTs

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Coinflip – Website

Ben Weiss – Instagram

Ben Weiss – Twitter

If innovation is instrumental in moving the country forward, then the R&D tax credit is helping to pave the way. While you might think you’ll need lab coats and microscopes to qualify, the research and development tax credit is broad enough to fit a variety of industries. And with more than $18 billion in research and tax credits reported in 2019, it’s clear there are potentially huge savings to be had.

Don’t miss out on the massive R&D tax credit

To talk more about the specifics of the R&D tax credit and how it works, Kelly is joined by Ari Palmer-Salafia, the CEO and founder of TaxTaker. Ari and her company have helped guide innovative businesses to these massive tax credits, giving her the insight on who qualifies, how the IRS embraces it, and what can be deducted.

Listen to Kelly and Ari talk about the R&D tax credit:

  • What is the research and development tax credit?
  • How broad the tax credit actually is
  • The various industries that are claiming the research and development tax credit
  • What expenses are included in the R&D tax credit
  • Why are more companies not taking advantage of the tax credit?
  • How to know if you qualify for the R&D tax credit?
  • How to file for the research and development tax credit
  • What TaxTaker offers businesses
  • Is the IRS embracing the tax credit?
  • How the research and development tax credit works on your taxes

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

TaxTaker – Website

TaxTaker – Twitter

Cryptocurrency is once again making big waves in the news thanks to Bitcoin and Dogecoin riding high, Tesla accepting payment in the form of Bitcoin, and the IRS asking about it on your tax forms. But without proper guidance from the IRS, there are still plenty of questions surrounding crypto taxes and the specifics of cryptocurrency compliance. 

Crypto taxes are once again a hot-button topic this tax season

On this episode of the Taxgirl podcast, Kelly is joined by Wendy Walker. As the solution principal at Sovos Compliance, Wendy has helped lead the go-to-market strategy focused on growing the tax and regulatory line of business. Kelly and Wendy discuss the latest information on crypto taxes, including the IRS’ recent cryptocurrency FAQ, the Common Reporting Standard, and cryptocurrency compliance. 

Listen to Kelly and Wendy talk about crypto taxes:

  • Where to find the cryptocurrency taxes question on your tax form
  • Cryptocurrency FAQ
  • How many users does a cryptocurrency market like Coinbase have?
  • Coinbase John Doe summons
  • Concerns over what gets reported to the IRS
  • 1099-K and 1099-B
  • The lack of guidance on crypto taxes by the IRS
  • What should taxpayers think about if they have cryptocurrency
  • What records do you need to keep for your cryptocurrency taxes
  • What is the Common Reporting Standard
  • Expanding the Common Reporting Standard for crypto taxes
  • What taxpayers should do about past reporting discrepancies
  • Where to find up-to-date advice on crypto taxes and cryptocurrency compliance

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Wendy Walker – LinkedIn

Wendy Walker – Email

Sovos – Website

Everyone understands the IRS is responsible for collecting taxes but those aren’t the only IRS jobs that exist. The IRS generates approximately 96% of the funding that supports the federal government’s operations, playing a massive part in everything from Homeland Security to helping disadvantaged citizens. But what is it like to work for the IRS?

IRS jobs can be varied and rewarding

On this episode of the Taxgirl podcast, Kelly is joined by Robin Bailey Jr., the Human Capital Officer at the IRS to discuss what it’s like working for the IRS. Kelly and Robin discuss his experience working for the IRS, where you can find a wide variety of IRS jobs, and how the IRS can be a great place to work.

Listen to Kelly and Robin talk about IRS jobs:

  • Robin’s background and joining the IRS
  • Why you should work for the IRS
  • How the IRS helps disadvantaged youth
  • How to find IRS jobs
  • IRS Forward program — What it is and the requirements
  • How many people the IRS is looking to hire
  • IRS jobs training
  • Diversity and inclusion hiring practices
  • International hiring
  • Remote working for the IRS
  • How the IRS is trying to be better connected to applicants throughout the hiring process
  • IRS ambassador program
  • Lateral moves within the IRS
  • IRS orientation process
  • What working for the IRS means

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

IRS jobs website

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