Federal Tax Updates

Roger and Annie kick off the 2024 tax season by explaining the new beneficial ownership reporting requirements under the Corporate Transparency Act. They detail who must comply, what information must be disclosed, and the tight deadlines and penalties involved. They also discuss whether accountants should assist clients with these complex filings or refer them to attorneys. Additionally, Annie provides an update on navigating ERC claims during the current filing season and Roger warns listeners to pay attention to potential last-minute tax law changes from Congress.

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• (00:00) - Welcome To Federal Tax Updates Episode 25
• (01:11) - The 2024 Tax Season
• (01:57) - Beneficial Ownership Interest Reporting
• (02:58) - Understanding the Rules and Implications
• (03:41) - Exploring the Corporate Transparency Act
• (04:20) - Impact on Small Businesses
• (07:12) - Challenges and Concerns with the New Law
• (08:21) - Defining Beneficial Owners
• (10:30) - Understanding the Reporting Process
• (12:33) - Discussion on the Challenges of Compliance
• (15:52) - Advice for Navigating the New Law
• (23:10) - What Should People Be Doing Right Now?
• (40:05) - Updates on the Employee Retention Credit
• (44:23) - Final Thoughts and Thanks For Listening

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Roger Harris
Annie Schwab

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This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Get ready for the 2024 tax season with Roger and Annie! They cover critical deadlines, documentation tips, e-filing requirements, ERC updates, and other need-to-know changes that affect small businesses and tax preparers this year.

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Links mentioned in this episode

Chapters

• (00:00) - Welcome To Federal Tax Updates Episode 24
• (01:18) - Summary of employee retention credit and updates
• (02:48) - Overview of voluntary program for repaying improperly claimed credits
• (08:50) - Key details on the voluntary program
• (13:03) - Importance of documentation for ERC claims
• (15:41) - Origins and intentions of the ERC program
• (19:14) - Potential changes to ERC in Congressional budget negotiations
• (23:28) - Other letters and updates on ERC claims
• (25:21) - Expectations for further ERC guidance
• (29:34) - Using protective claims when amending returns
• (32:41) - Advice for taxpayers who used third parties for ERC claims
• (36:53) - Upcoming dates and other filing season reminders
• (42:29) - Thanks for listening and remember to subscribe

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

In this episode of Federal Tax Updates, hosts Roger Harris and Annie Schwab are joined by special guest Megan Killian, Executive Vice President of the National Association of Enrolled Agents (NAEA).
Megan discusses her background in association management and her role leading NAEA, the premier organization representing the interests of Enrolled Agents. She talks about the benefits of NAEA membership for EAs, including advocacy, education, community, and support obtaining the credential.
The discussion covers NAEA's strategic priorities like membership growth, how the EA credential compares to the CPA, and efforts to address the talent shortage by promoting the EA path, including to accounting students and career changers.
Megan also shares details on NAEA's ongoing fight to regulate paid tax preparers and protect taxpayers from unethical or incompetent preparers. Additional topics include getting involved with NAEA and using its resources to advance your career as an EA.

• (00:00) - Federal Tax Updates: Why Become An EA?
• (00:50) - Welcome Megan Killian to the show
• (01:36) - Megan's background and role at NAEA
• (03:41) - Benefits of NAEA membership for Enrolled Agents
• (05:39) - NAEA leadership and strategic priorities
• (08:42) - Promoting the Enrolled Agent credential
• (11:34) - Comparing EAs, CPAs, and other tax professionals
• (14:39) - The declining number of accounting majors and CPAs
• (18:23) - The EA exam as a faster credentialing path
• (20:25) - Addressing the talent gap by hiring EAs
• (23:16) - Helping employees become EAs
• (26:33) - Regulating paid tax preparers
• (30:27) - Efforts to pass federal preparer regulation
• (32:23) - Getting involved with NAEA
• (34:42) - Where to reach Megan and learn more

Learn more about becoming an EA https://www.naea.org/

Connect with Megan Killian
LinkedIn: https://www.linkedin.com/in/megkillian
Website: https://www.naea.org/about-naea/naea-evp

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

With tax provisions constantly expiring and major questions looming about the future of the tax code, uncertainty reigns. Roger, Annie, and guest Thad Inge break down the state of play on tax extenders, the likelihood of action on expiring tax cuts, and the challenges businesses face in planning amidst the uncertainty.

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• (00:00) - Welcome to Federal Tax Updates
• (02:36) - State of Congress
• (07:40) - Secure Act Overview
• (10:55) - Government Shutdowns and Funding
• (14:49) - Potential Tax Changes
• (20:23) - Tax Cuts and Jobs Act
• (28:55) - IRS Plans for Additional Funding
• (35:20) - IRS Improvements Seen So Far
• (43:36) - ERC Status and Issues
• (51:24) - Wrap up and thanks for listening

Connect with Thad Inge
LinkedIn: https://www.linkedin.com/in/thad-inge-9342155
Website: https://www.vsadc.com/

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Dave Gribben shares insights on how his firm navigated ERC complexities through client communication, staff training, and establishing trust to overcome questionable third-party fraud claims.

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• (00:00) - Welcome To Federal Tax Updates
• (04:30) - Communicating with clients at the start of the pandemic
• (08:11) - Making information available as a service to the community
• (10:03) - Transitioning to a remote work model
• (17:18) - Handling client expectations around ERC
• (26:42) - Preparing for audits and potential repayment
• (36:54) - Importance of staying informed on programs like ERC
• (43:51) - IRS guidance delaying Form 1099-K requirement

Connect with Dave
https://www.linkedin.com/in/dave-gribben-52439961

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Joey Vrooman, CPA, joins the show today and helps explain the importance of working to educate clients on financial literacy, despite common disinterest. He discusses tactics for simplifying complex terminology, using visual tools, meeting clients at their level, and the "win win" benefits for both advisor and business owner.

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• (00:00) - Federal Tax Updates Episode 21
• (01:11) - Welcome Joey to the show
• (03:02) - Defining financial literacy
• (06:04) - Teaching clients to understand finances
• (16:02) - Understanding client personalities and tailoring communication
• (18:54) - Managing pricing and margins during inflation
• (22:57) - Keeping financial information simple yet accurate
• (27:33) - Answering client questions on financial decisions
• (30:42) - Documentation to protect against liability risks
• (33:48) - Year-end tax planning with clients
• (39:28) - Confusion caused by media coverage and ERTC mills
• (43:32) - Wrap up and remember to subscribe

Connect with Joey
https://www.linkedin.com/in/joey-vrooman-cpa-87371568

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Roger and Annie discuss key steps tax practitioners should take before the new year, including renewing PTINs, reviewing engagement letters, having tax planning conversations with clients, and learning about new beneficial owner reporting rules.

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• (00:00) - Welcome to Federal Tax Updates
• (04:07) - Preparing for next tax season
• (06:48) - IRS updates
• (11:02) - ERC updates
• (22:04) - Withdrawing ERC claims
• (31:47) - Repaying ERC funds
• (41:44) - Beneficial ownership reporting
• (51:35) - Timing of beneficial ownership reporting

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

*This episode was originally recorded as a live webinar as part of Earmark's new Webinars+ series

Has your client filed an Employee Retention Credit (ERC) claim with the IRS and now need to withdraw it? Join Roger Harris, EA and Annie Schwab, CPA, hosts of the Federal Tax Podcast, for this important episode where they will cover everything you need to know about withdrawing ERC claims.

In this episode you'll learn:
✅How the moratorium on ERC claims affects taxpayers
✅ Who is eligible to withdraw their ERC claim
✅ Step-by-step instructions for withdrawing ERC claims
✅ Where to get more help and ERC resources from the IRS

Sponsors
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Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Expert guest Jeff Darley joins Roger and Annie to discuss how to choose the right business entity for small business owners. They cover LLCs vs S-Corps, reasonable salary, payroll taxes, and more.

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• (00:00) - Federal Tax Updates Episode 18
• (02:17) - Background on Jeff Darley
• (15:03) - Payroll Taxes and Social Security
• (19:59) - S Corp vs C Corp
• (25:40) - Dealing with IRS on Reasonable Salary Audits
• (32:34) - Process of Electing S Corp Status
• (39:43) - Estimated Tax Payments
• (43:37) - Selling a Business - S Corp vs C Corp

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Connect with Jeff Darley
Website : https://littleton.padgettadvisors.com/our-team.php
LinkedIn : https://www.linkedin.com/in/jeff-darley-77839b2
Review
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Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Roger and Annie discuss updates on the employee retention tax credit, including the IRS's new moratorium on processing claims, as well as new requirements for reporting beneficial owners coming in 2023 which have tight 30-day reporting deadlines. They also cover the IRS's changing audit focus to target more complex returns like partnerships and high net-worth individuals, along with the IRS actively hiring for these new audit priorities.

Sponsors
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Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

• (00:00) - Federal Tax Updates Ep 17
• (02:47) - Employee Retention Credit Refresher
• (04:40) - ERC Fraud Concerns
• (12:21) - ERC Moratorium
• (25:13) - Amending Returns for ERC
• (31:29) - Beneficial Owner Reporting
• (46:18) - E-file Mandate for Informational Returns
• (49:25) - IRS Hiring
• (54:12) - Wrap Up and Remember To Subscribe

In this bonus episode of Federal Tax Updates, co-host Roger Harris provides witness testimony to the United States House Committee on Ways and Means Oversight Subcommittee Hearing on the Employee Retention Tax Credit Experience: Confusion, Delays, and Fraud. Roger and other tax experts break down the issues small businesses and tax professionals have faced in claiming this credit, including long delays, confusing guidance from the IRS, and fraud by bad actors. These witnesses also discuss potential solutions and their experiences working with small business owners struggling to receive ERTC funds to which they are entitled. The full audio of this hearing provides an illuminating look at the policy and administrative hurdles impacting this important pandemic tax relief program.

Chapters

• (00:00) - FTU Bonus
• (23:54) - Roger introduces himself to Congress
• (42:17) - Roger speaks about the ERTC backlog
• (01:11:06) - Small businesses have been trapped
• (01:17:39) - Roger expresses need for clear and permanent guidance
• (01:20:40) - How fraudulent applications impact small businesses that unknowingly worked with ERTC mills
• (01:28:12) - IRS needs technology
• (01:37:09) - Number of ERTC claims waiting to be processed
• (01:39:17) - How to stop the bad actors
• (01:41:49) - How to help small businesses that have been scammed
• (01:53:26) - Three types of ERTC fraud

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
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In this episode, Roger and Annie cover recent federal tax updates and urge tax professionals to gear up for the October 15 extension by assessing their performance and contemplating tax software changes. They delve into rising IRS audit notices for the Employee Retention Credit (ERC), the new 1099-K reporting threshold, the IRS's halt on surprise visits by revenue officers, and the impending Corporate Transparency Act.

Sponsors
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Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

• (01:02) - Welcome to Federal Tax Updates : how to be proactive
• (08:26) - What's new with ERC
• (11:43) - Estimated tax payments or adjusting withholdings
• (14:05) - The start of IRS notices and what do they mean?
• (16:15) - How to respond to an IRS Notice?
• (28:51) - What kind of documentation does the IRS expect small business owners to have?
• (37:10) - Updates on 1099-Ks
• (46:32) - New changes in policy for the IRS
• (48:26) - Updates on the Transparency Act
• (54:17) - Making changes to your overall work environment
• (55:25) - Remember to subscribe so you don't miss an episode

The drama and confusion around Employee Retention Credits continues into 2023 with new guidance creating more questions than answers. In this episode, Roger and Annie provide an update on the latest ERC developments, including new problems facing practitioners and small business owners as well as lingering unresolved issues around amending returns, repayments, and fraud. Join Roger and Annie as they attempt to make sense of the ongoing ERC mess in 2023.

Sponsors
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Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
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Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

• (00:00) - Welcome everyone to another episode of Federal Tax Updates: We have some ERC updates
• (07:33) - You can still apply for the ERC credit
• (13:07) - If you don't do ERC make sure your clients are working with a legit company
• (19:20) - What if a small business got some ERC money that they probably shouldn't have?
• (31:03) - What qualifies as "Supply Chain Interruption?"
• (31:59) - Roger gives Annie a test if someone would qualify for ERC
• (40:31) - What should the people do if they have legitimate ERC credits?
• (48:06) - Key takeaways about ERC you should know today!
• (51:20) - Wrap up. Please subscribe so you don't miss an episode

On this episode Roger and Annie review strategies for tax pros to strengthen their firms, including evaluating clients and fees, developing a niche, implementing new technologies, transitioning to subscription pricing, and creating a succession plan.

Sponsors
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Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Chapters

• (00:00) - Federal Tax Updates Episode 14
• (01:33) - Welcome to Federal Tax Updates
• (10:26) - What to do with a client that is not experienced with technology?
• (14:43) - What technologies can be brought to improve your service?
• (20:51) - What can developing a niche do to help your firm?
• (30:26) - What do people mean when they talk about Subscription Pricing?
• (39:10) - IRS released OPR information reminders for succession plans
• (48:16) - Recent IRS updates to be aware of.
• (53:20) - Thanks for listening and please subscribe so you don't miss an episode

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

On this episode Roger and Annie discuss expiring tax provisions, the latest on ERC audits, the resumption of student loan payments, and IRS budget challenges. They provide guidance on planning for changes, spotting fraudulent ERC providers, and embracing technology to thrive as a firm.

Sponsors
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Chapters

• (00:00) - Welcome to another episode of Federal Tax Updates
• (03:24) - What to watch for in elections and how they might impact the IRS and taxes
• (13:00) - Updates on the 199A deduction
• (26:33) - Some ERC updates
• (27:54) - How to know if you are a dealing with a legitimate ERC Mill?
• (33:35) - Keys from the practitioner side of ERC
• (42:19) - Updates on student loan forgiveness/repayment
• (45:20) - Annie's Scaling New Heights experience
• (53:34) - Wrap up and please subscribe so you don't miss an episode

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

On this episode, Roger and Annie discuss making changes to tax firms during the summer season, emphasizing the need to reflect on the current business to create a better work-life balance. They talk about examining price structure and client list, addressing estimated taxes, and offering advisory meetings to increase revenues. They also emphasize the need for tax practitioners to be proactive in addressing changes in their business.

Sponsors
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Chapters

• (00:00) - Welcome to Federal Tax Updates : What Annie and Roger have been up to this summer
• (12:40) - Where to start changing your firm
• (20:54) - Some more proactive steps
• (28:26) - Tax advice for new business owners
• (43:38) - What can you do now to help yourself during next tax season?
• (48:50) - Changing the way you bill your clients
• (53:08) - Wrap up and please subscribe so you don't miss new episodes

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

This week, Roger and Annie cover the latest news. First, they discuss the launch of the ERC audits, then move on to the impact the debt-ceiling agreement will have on the IRS. They also cover the annual IRS "Dirty Dozen" worst tax scams. To wrap things up, Roger recaps his latest trip to Washington, DC.

Sponsors
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Links mentioned in this episode

Chapters

• (00:00) - Federal Tax Updates Episode 11
• (01:10) - Latest updates on the ERC
• (26:29) - Updates on the June 3rd debt ceiling
• (32:57) - Rogers recap on his trip to Washington D.C.
• (41:08) - Upcoming deadlines and reminders

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

This week, Roger and Annie deviate from their normal tax update chats to have a deep discussion about the current state of the accounting profession and how you can use this post tax season downtime to improve your firm.

Sponsors
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Links mentioned in this episode

Chapters

• (00:00) - Post Tax Season Firm Improvements
• (02:52) - What's your general impressions about the tax season?
• (04:57) - What are we seeing in the industry in terms of headwinds?
• (11:59) - Why is hiring becoming so difficult in accounting?
• (29:15) - Great practices to do post tax season?
• (44:37) - Does the accounting industry need to make changes to the process of becoming a CPA?

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Annie and Roger discuss how tax season isn't over yet due to 50,000 ERC claims per week being filed with the IRS. They also go into detail on how to handle incorrect and potentially fraudulent claims.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

Links mentioned in this episode

Chapters

• (00:00) - FTU E9
• (03:14) - More updates on ERC
• (07:54) - Some basics of the ERC
• (18:21) - What do we do if we believe the ERC claim to be false and a client comes to us to amend the return?
• (24:38) - What is the goal of form 14242?
• (33:31) - ERC Suppy Chain Interruption
• (35:23) - Quick summary to know if you qualify for ERC
• (42:09) - Updates on Tax Cuts and Job Act (Trump Tax Cuts )
• (50:42) - How do think the Tax Practitioners tax season went?
• (53:01) - Was this a good or bad tax season?

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Annie and Roger reflect on the 2023 tax season and suggest some ways firms and their teams can start making changes for the 2024 tax season. They also dive into some upcoming federal tax issues that tax professionals and their clients will face throughout the next year.

Sponsors
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Links Mentioned in This Episode

Chapters

• (00:00) - FTU E8
• (01:32) - Annies opinions on Tax Sesason
• (08:01) - How did the IRS do this year?
• (19:47) - What is the difference between a IRS letter and a Audit?
• (24:50) - If the chance of gettting audited is less than 1% does this encourage non-compliance for the general public?
• (33:09) - Updates on the Corporate Transparency Act of 2020
• (38:35) - Upcoming potential changes to the Tax Cuts and Jobs Act

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

In this episode, Annie and Roger discuss The Corporate Transparency Act of 2021, what it mandates, and which companies will be affected. They also debate how this act affects the practitioner community and touch on the Dirty Dozen, give some updates on ERC, and how the $80 billion IRS funding is being used.

Sponsors
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Links mentioned in this episode
IR-2023-62 - Dirty Dozen: IRS urges tax pros and other businesses to beware of spearphishing; offers tips to avoid dangerous common scams

IR-2023-61 - Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; schemes circulating involving tax forms

IR-2023-59 - Dirty Dozen: IRS warns individuals to stay clear of shady tax preparers; offers tips on carefully choosing tax professionals

IR-2023-57 - Dirty Dozen: IRS warns of scammers using fake charities to exploit taxpayers

IR-2023-55 - Dirty Dozen: Watch out for third-party promoters of false fuel tax credit claims

IR-2023-54 - Dirty Dozen: IRS warns of scammers offering “help” to set up an Online Account; creates identity theft risk for honest taxpayers

IR-2023-51 - Dirty Dozen: Watch out for scammers using email and text messages to try tricking people during tax season

IR-2023-49 - IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be true

FAQs for Form 1099-K - https://www.irs.gov/pub/taxpros/fs-2023-06.pdf?fbclid=IwAR3mYpnRVSkuzeaIrQ6EtUZb62KZgMCx_rPYZX-5IsS8tNBtnKM-V3lpNB8

Chapters

• (00:00) - FTU E7
• (01:11) - Corporate Transparency Act of 2021 (CTA)
• (07:17) - What are the penalties for disobeying the CTA
• (09:09) - What does the CTA look like?
• (29:15) - Updates on ERC
• (40:46) - New information on the electric vehicle tax credit
• (45:14) - Thoughts on armed IRS agents?

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

In this episode, Roger and Annie discuss the most recent IRS updates and recommendations for tax preparers dealing with the surge of inaccurate ERC claims. They also provide some detailed insights into filing extensions for clients.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

Links mentioned in this episode
Form 4868 - https://www.irs.gov/pub/irs-pdf/f4868.pdf

Chapters

• (00:00) - Federal Tax Updates Episode 06
• (01:26) - Employee Retention Credit Extention and Updates
• (14:49) - Updates on personal tax extentions
• (28:26) - What are the penalties associated when failing to file?
• (41:50) - Recent IRS tax news
• (44:26) - RMD deadline updates
• (49:32) - Future topics on the Federal Tax Updates Podcast

Review
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This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Roger and Annie discuss the changes in the SECURE 2.0 Act of 2022 and how this impacts small business owners with regards to offering retirement plans to their employees. They also talk about recent changes in IRS regulations that could prove beneficial to taxpayers dealing with ERC.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

Links mentioned in this episode

Chapters

• (00:00) - Federal Tax Updates E5
• (01:00) - SECURE Act 2.0
• (07:06) - Omnibus Package
• (10:33) - How can the SECURE Act help small business owners?
• (15:51) - In 2025 what changes could we see to retirement plans?
• (18:18) - Different ways to get around the 10% penatly with retirement money
• (23:54) - What is attractive about a starter 401k plan?
• (25:49) - How the Secure Act is tying in Student loan forgiveness
• (27:45) - What does the Secure act say about RMDs?
• (32:26) - What can you do with money that is left in a 525 Plan?
• (40:05) - What is happening to the IRS with the ERC
• (46:12) - Potential P10 Refund
• (46:59) - News on information returns
• (51:25) - CPE Tax Forums

Review
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Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

On this episode of Federal Tax Updates, Annie and Roger focus on tips (the monetary kind), including an industry overview, current challenges with tip reporting, and tip credits. They also examine Notice 2023-13, and the proposed procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program and talk tax policy and politics.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Links mentioned in this episode
Federal eRulemaking Portal - https://www.regulations.gov/

Chapters

• (00:00) - Federal Tax Update Episode 4
• (03:45) - Changes in tipping in recent years
• (13:31) - Are you supposed to report tips?
• (21:51) - How tip pooling in restaurants works
• (36:55) - How much longer does tipping survive?
• (38:07) - New updates from the IRS

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Roger and Annie discuss Congress and IRS roles when it comes to taxes, how tax code is used to encourage behaviors, how tax policy scoring works, and explain deductions versus credits.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Links mentioned in this episode

Chapters

• (00:00) - Federal Tax Update E3
• (01:32) - Don't miss the Deductions on Credits on your Tax Return
• (09:44) - How tax policy is scored?
• (15:15) - Limitations of Deductions and Credits
• (18:13) - Do you take a standard deduction or a Itemized deduction?
• (22:20) - Deductions on Charitable Donations
• (24:40) - Gift Tax Returns
• (29:07) - Education Credits
• (36:12) - Sole Proprietorship Deductions
• (40:57) - Refundable Credits
• (43:12) - What does it cost to raise a child?
• (46:57) - Updates on the Employee Retention Credit

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Who is the Taxpayer Advocate, what do they do, what was in their latest report, what does this report mean, and how can tax practitioners assist in these efforts?

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Links mentioned in this episode
Taxpayer Advocate Service (TAS)

Chapters

• (00:00) - Federal Tax Updates Episode 2
• (00:38) - Introduction : Tax season has officially begun
• (03:00) - What is the taxpayer advocate service?
• (12:46) - The IRS did a poor job of answering phone calls in 2022
• (22:29) - The divided Congress will make it harder to pass tax laws at the moment
• (26:24) - Chapter 6
• (30:54) - E-filing over paper filing returns & making direct deposits
• (35:29) - Changes to the IRS take time, be patient
• (43:36) - Wrap up and remember a lot of tax exemptions are reverting to pre-covid ways. Be prepared for those tough client talks

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Kick off tax season with the Inflation Reduction Act of 2022, the Employee Retention Credit, K-2s and K-3s, the latest 1099s changes, and updates to tax brackets, standard deductions, and mileage rates. Join Roger and Annie for this premier episode of Federal Tax Updates!

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Links mentioned in this episode
Accounting Today - The Year Ahead: Top challenges for 2023

Chapters

• (00:00) - FedTax Episode 1
• (00:52) - Introducing your hosts: Annie and Roger
• (01:55) - Opportunities and challenges for the upcoming tax season
• (03:09) - Inflation Reduction Act of 2022
• (07:32) - Changes in tax brackets
• (08:26) - Updates on Standard Deduction
• (09:07) - Mileage rate changes for 2023
• (12:23) - Employee Retention Credit opportunity still exists
• (21:31) - How COVID impacts the nexus state tax implications
• (22:10) - Talent issues within the accounting industry
• (24:26) - Emergence of "Quiet Quitting"
• (26:43) - Challenges in reporting K-2's and K-3's
• (31:20) - The problems that arise when reporting cryptocurrency
• (33:31) - Roger's thoughts on recent 1099 events
• (42:48) - Omnibus spending package

Connect with Padgett
www.padgettadvisors.com
twitter.com/PadgettUSA
linkedin.com/company/padgett-business-services/

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Follow the Federal Tax Updates Podcast on Social Media
twitter.com/FedTaxPod
facebook.com/FedTaxPod
linkedin.com/showcase/fedtaxpod

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates Podcast in your favorite podcast app!

This podcast is a production of the Earmark Media
Full transcript available upon request.