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Annie and Roger discuss crucial tax updates as 2024 draws to a close, including the recent injunction against beneficial ownership reporting requirements, the evolving landscape of ERC claims processing, and changes to the clean vehicle credit program. They examine how the recent election results might impact tax policy, particularly regarding the Tax Cuts and Jobs Act provisions set to expire. They also provide practical guidance for tax practitioners preparing for the 2025 filing season, addressing important changes to 1099-K reporting thresholds and IP PIN requirements.
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(00:00) - Federal Tax Updates Episode 44(02:35) - 2025 Tax Season Preparation(05:12) - Tax Rates and Deductions for 2024(09:17) - Business Tax Considerations(11:40) - Post-Election Tax Policy Changes(17:16) - IRS Updates and New Policies(20:52) - 1099-K Reporting Changes(24:35) - Clean Vehicle Credit(26:46) - Understanding the Dealer Credit Loophole(27:39) - Navigating EV Tax Credits(31:01) - IRS Processing and Challenges(36:35) - Potential Changes in IRS Leadership(43:17) - Beneficial Ownership Reporting Injunction(49:12) - Conclusion and Final Thoughts
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Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/
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Capitol Hill insider Thad Inge joins Roger Harris to unpack how the election results could reshape major tax policy decisions in 2024 and beyond. The discussion explores the potential fate of expiring Trump-era tax cuts, the future of IRS funding, and the complex political dynamics that will influence tax reform under Republican control. Thad provides unique insights into the budget reconciliation process, key congressional players, and offers tax practitioners valuable context on potential legislative changes and political realities that could affect their practice and clients.
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(00:00) - Thad Inge Joins Roger for Federal Tax Updates(01:57) - Election Impact on Tax Policy(05:03) - Republican Strategies and Budget Reconciliation(09:23) - Deficit Debates and Revenue Raising(20:42) - Key Players in Tax Reform in Congress(26:21) - IRS Funding and Future Outlook(32:58) - Commissioner Werfel's Tenure and Challenges(39:16) - Beneficial Ownership Reporting(47:58) - Senate Office Transitions(52:28) - Conclusion and Future Outlook
Get NASBA Approved CPE or IRS Approved CE
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LinkedIn: https://www.linkedin.com/in/thad-inge-9342155
Website: https://www.vsadc.com/Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab
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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.
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Special guest Wendy Walker, VP of Regulatory Affairs at Sovos and Chair of IRSAC's Information Reporting Committee, breaks down the latest developments in 1099-K reporting thresholds and the upcoming 1099-DA form for digital assets. The discussion explores the practical challenges facing tax professionals as payment platforms struggle with reporting requirements, while also examining how the IRS is modernizing its systems to handle electronic filing.
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Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates(02:04) - Special Guest Introduction: Wendy Walker(03:14) - Discussion on IRS Advisory Council and Information Reporting(04:28) - Deep Dive into 1099K Reporting(05:43) - Challenges and Uncertainties in 1099K Reporting(08:46) - Impact on Taxpayers and Tax Professionals(11:43) - Platform Issues and Reporting Complexities(25:12) - IRS Matching and Compliance(27:07) - Future of Electronic 1099s(29:24) - New 1099 DA Form Explained(30:10) - Challenges with Current Reporting(32:22) - Future of Cryptocurrency Reporting(40:36) - IRS Modernization Efforts(50:48) - Wrap Up and Future Plans
Get NASBA Approved CPE or IRS Approved CE
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https://www.linkedin.com/in/wendy1099Connect with the Hosts on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/
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In Part 2 of their BOI series, Roger and Annie tackle the most challenging aspects of beneficial ownership reporting requirements, focusing on determining who qualifies as a beneficial owner and the significant penalties for non-compliance. They dissect FinCEN's FAQs about substantial control while highlighting concerning gray areas that could put both business owners and tax professionals at risk. The discussion provides critical guidance for practitioners considering whether to offer BOI services, emphasizing protection strategies like engagement letters and insurance coverage given the potential $591 daily penalties and criminal consequences.
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Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates(01:41) - Overview of Beneficial Ownership(02:43) - FAQs and Compliance Guide(06:34) - Reporting Requirements and Deadlines(14:26) - Defining Beneficial Owners(17:01) - Indicators of Substantial Control(29:18) - Accountants and Lawyers as Beneficial Owners(32:40) - Clarifying Beneficial Ownership(33:51) - Community Property and Beneficial Ownership(35:02) - FinCEN's Approach to Reporting(37:13) - Penalties and Enforcement(42:11) - Practical Implications for Accountants(52:59) - FinCEN Identifiers Explained(55:47) - Final Thoughts and Recommendations
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
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/
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In part 1 of this 2-part series, Annie and Roger dive into the complexities of the new Beneficial Ownership Information (BOI) reporting requirements. They discuss who needs to file, key deadlines, and potential risks for tax professionals assisting clients with compliance. The hosts emphasize the importance of understanding the current guidance, primarily based on FAQs, and highlight areas where interpretation could lead to legal complications.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates(03:34) - Understanding the FinCEN Reporting Requirements(05:11) - Navigating the FAQs and Compliance Challenges(09:57) - Filing Requirements and Deadlines(23:37) - Who Needs to Report? Identifying Reporting Companies(27:33) - Understanding Reporting Company Criteria(29:43) - Sole Proprietorships and Reporting Requirements(30:59) - Navigating S Corps and HOAs Reporting(32:37) - Legal Implications and Attorney Involvement(33:59) - Complex Scenarios and Reporting Obligations(40:27) - Company Applicant Responsibilities(45:46) - Filing Requirements and Updates(50:44) - Conclusion and Next Steps
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
https://www.linkedin.com/in/rogerharrispbs/
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Zach Warren from Thomson Reuters Institute and Amanda Aguillard from Padgett dive into the pressing challenges facing modern accounting firms, particularly those in the mid-sized range. They explore innovative solutions to the talent shortage, discuss the surprising resilience of time-based pricing, and emphasize the critical role of technology adoption in driving efficiency. This data-driven conversation offers practical insights for firm owners looking to navigate industry pressures and position themselves for sustainable growth.
To earn CPE for this episode, go here: https://www.earmark.app/c/1872
Connect with Zachary Warren, MBA
https://www.linkedin.com/in/zach-warren-19403371
https://www.thomsonreuters.com/en-us/posts/authors/zach-warrenConnect with Amanda Aguillard, CPA CISD
https://www.linkedin.com/in/amandaaguillard
https://www.aguillardaccounting.comReview
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Roger and Annie discuss the unique challenges tax practitioners face as 2024 draws to a close. They explore the potential impact of the upcoming election on tax law, ongoing issues with the Employee Retention Credit, and the looming deadline for Beneficial Ownership Information reporting. The hosts provide insights on how to approach tax planning amidst uncertainty and offer practical advice for managing client expectations during this complex period.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates(01:46) - Challenges in Tax Planning(03:07) - Election Impact on Tax Laws(07:14) - Potential Changes in Tax Provisions(16:38) - Electric Vehicle Tax Credits(21:30) - Tax Reform and Future Considerations(27:02) - Meeting with IRS Commissioner Werfel(28:24) - IRS Funding and Staffing Challenges(29:16) - Tax Scams and Fraud Prevention(32:57) - Employee Retention Credit (ERC) Updates(40:40) - Beneficial Ownership Information Reporting(50:22) - End-of-Year Tax Planning and Challenges(51:54) - Final Thoughts and Wrap-Up
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
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/
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Join Roger and Annie on this special episode, as they take you behind the scenes at the IRS National Tax Forum in Dallas. Through interviews with key figures from the IRS, professional associations, and industry leaders, this special episode offers unique insights into the current state of tax practice and policy. Listeners will gain valuable perspectives on critical issues facing tax professionals, including combating tax scams, improving IRS services, and the future of tax preparation standards.
(00:00) - Welcome to Federal Tax Updates (00:39) - Coming to You Live From the Dallas IRS Tax Forum(01:56) - Welcome Jeff Phillips to the Show(16:57) - Welcome Melvin Hardy to the Show(32:43) - Welcome Christine Freeland to the Show(47:34) - Welcome Kelly Comegys to the Show(55:44) - Welcome Alan Pinck to the Show(01:06:37) - Welcome Nina Tross to the Show(01:20:53) - Welcome Terry Lemmons to the Show(01:33:27) - Thanks for Joining Us and Remember to Subscribe!
Thank you to all of our guests:
Jeff Phillips | Padgett | CEO
Melvin Hardy | IRS | Director, Office of National Public Liaison
Nina Tross | NSTP | Liaison for Tax & Advocacy
Terry Lemons | IRS | Chief, Communications & Liaison
Kelli Comegys | NAEA | Senior Director of Strategy & Membership
Christine Freeland | NSA | Senior Advisor
Alan Pinck | Tax Talk Today | HostGet NASBA Approved CPE or IRS Approved CE
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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.
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Roger Harris and Annie Schwab explore recent tax policy changes, including updates to voluntary disclosure programs and new IRS enforcement efforts. They discuss the ongoing challenges surrounding Beneficial Ownership Information reporting requirements and their potential impact on tax practitioners. The hosts also preview their upcoming live podcast recording at the IRS Tax Forum in Dallas, offering listeners a glimpse into this valuable industry event.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates(02:19) - Current Political Climate in DC(02:53) - Legislative Updates and Tax Relief(08:49) - Digital Asset Reporting(09:32) - Security Summit and WISP(19:13) - Employer Retention Credit Updates(28:08) - IRS Moratorium and Fraud Analysis(31:39) - Penalties and Promoter Fines(32:24) - ERC Business Resurgence(35:12) - Beneficial Ownership Information Reporting(37:40) - Challenges and Uncertainties in BOI Compliance(46:54) - IRS Forums and Upcoming Events
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
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/
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.
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This podcast episode features tax controversy expert Hale Sheppard discussing the latest developments and challenges surrounding Employee Retention Credit (ERC) claims. Sheppard provides insights into IRS audit processes, potential penalties for ERC promoters, and the complexities of defending ERC claims. The conversation covers recent IRS announcements, proposed legislation, and the long-term implications for taxpayers and tax professionals.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates (01:30) - Discussing the Employee Retention Credit (ERC)(02:02) - Introducing Guest Expert Hale Shepard(03:06) - IRS Updates on ERC Claims Processing(06:09) - Challenges in Documentation and Audits(11:59) - Protest Letters and Legal Considerations(15:53) - Patterns and Trends in ERC Audits(21:13) - Impact of Delays and New Business Models(25:45) - Legal Authority and Future Implications(31:20) - The American Rescue Plan and Its Implications(32:17) - Legislation and ERC Claims Cutoff(36:23) - Promoter Penalty Investigations(45:29) - IRS Guidance and Retroactive Challenges(49:36) - Future of ERC and Beneficial Ownership(52:34) - Final Thoughts and Thanks for Listening
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 Hale Sheppard
https://www.linkedin.com/in/halesheppard
https://www.chamberlainlaw.com/people-hale_sheppard.htmlConnect with the Hosts on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/
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.
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In episode, Jeff Phillips, CEO of Padgett and founder of AccountingFly, joins Roger Harris and Annie Schwab to discuss the challenges of recruiting and retaining talent in the accounting industry. They explore innovative solutions including remote work, offshore talent, and domestic freelancers as part of a new "talent stack" for firms. The conversation covers practical strategies for attracting candidates, evaluating talent, and building effective remote teams, offering valuable advice for accounting firm owners struggling with staffing issues in today's competitive job market.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Federal Tax Updates Episode 35(02:19) - Introducing the Expert Guest: Jeff Phillips(03:48) - Global and Industry-Specific Hiring Challenges(06:02) - The Importance of Flexibility and Remote Work(08:40) - The Value Proposition for Accounting Firms(13:43) - Strategies for Effective Recruitment(25:16) - Building a Modern Firm for the Future(31:08) - Morning Routine for Business Success(31:28) - The Pitfalls of Reactive Hiring & Effective Screening (32:58) - The Importance of Selling to Top Candidates(38:23) - Leveraging Offshore and Freelance Talent(46:08) - Managing Remote Teams Effectively(53:03) - The Future of Hiring in Accounting
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 Jeff Phillips
https://www.padgettadvisors.com/our-team
https://www.linkedin.com/in/jeffaccountingflyConnect 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.
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This episode of the Federal Tax Updates Podcast explores recent changes in employment law that impact small businesses. Hosts Roger and Annie discuss new overtime rules, including updated salary thresholds for exempt employees, as well as guidelines for hiring family members and the benefits of doing so. They also cover recent developments in non-compete agreements and offer advice on protecting client relationships. Throughout the episode, the hosts emphasize the importance of accountants providing comprehensive advisory services to small business clients beyond just tax advice.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates (01:49) - Small Business Issues Overview(03:11) - Employment Concerns for Small Businesses(05:59) - Fair Labor Standards Act (FLSA) Basics(08:46) - State vs. Federal Minimum Wage(12:41) - Overtime Rules and Exemptions(29:24) - Salary Adjustments and Overtime Considerations(29:58) - Impact of Political Changes on Labor Regulations(30:23) - Understanding Exemptions: Administrative, Executive, and Professional(31:18) - Outside Sales and Computer Employees Exemptions(33:31) - Joint Employer Standards and Franchisee Concerns(36:57) - Child Labor Laws and Hiring Your Own Children(42:54) - Non-Compete Agreements and Employee Retention(51:07) - Upcoming Podcast and Future Topics
Get NASBA Approved CPE or IRS Approved CE
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Roger Harris
Annie Schwab
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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.
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In this episode, Roger and Annie dive into the world of IRS notices. They discuss the most common types of notices, like the CP2000 matching notice, and share strategies for responding effectively. They also highlight the benefits of setting up online accounts with the IRS for tax practitioners and taxpayers and provide tips for spotting potential IRS scams. Tune in for valuable insights on navigating IRS notices with confidence and clarity.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Federal Tax Updates Episode 33(01:11) - Introduction and Summer Plans(02:07) - Understanding IRS Notices(06:47) - CP2000 Notices Explained(20:12) - Responding to IRS Notices(27:09) - Strategies for Handling Tax Penalties(28:55) - Importance of Timely Responses to IRS Notices(30:59) - Mailing Issues and Certified Receipts(33:01) - Setting Up and Using IRS Online Accounts(40:09) - TaxPro Accounts and Future Enhancements(43:11) - Scams and IRS Communication Guidelines(45:28) - Summer Tax Planning Tips(48:06) - Current Issues: ERC and Beneficial Ownership(51:56) - Conclusion and Final Thoughts
Get NASBA Approved CPE or IRS Approved CE
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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.
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In this episode, Roger and Annie discuss a variety of tax-related topics, including updates on the Beneficial Ownership Information (BOI) reporting requirements, and the Employee Retention Credit (ERC). They also cover issues with the postal service causing delays in tax payments reaching the IRS, the benefits of taxpayers and tax professionals setting up online accounts with the IRS, and recent changes to overtime pay thresholds and non-compete clauses. Additionally, they provide tips for tax professionals on what to focus on during the slower summer months, such as working on extension returns, analyzing technology and software, and planning CPE. They close by mentioning the upcoming IRS Tax Forums taking place in various cities across the US.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Introduction and Welcome(01:20) - Discussion on BOI (Beneficial Ownership Information)(02:03) - Hearing Insights and Political Dynamics(05:41) - Legal Challenges and Court Cases(10:59) - Employee Retention Credit (ERC) Updates(14:37) - Mail Issues and IRS Processing Delays(21:18) - New FTC Rules on Non-Compete Clauses(22:55) - Overtime Protections and Salary Thresholds(25:01) - Impact of Elections on Business Regulations(25:27) - Challenges for Small Business Owners(26:32) - Survey Insights from Tax Season(28:24) - IRS Online Services Improvements(30:33) - Benefits of IRS Online Accounts(36:31) - Summer Strategies for Tax Professionals(40:12) - Planning for CPE and Technology Updates(42:40) - Upcoming IRS Forums and Final Thoughts
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 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.
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Roger testified April 30th, before the House Committee on Small Business. Roger was asked to speak on the small business perspective during a full committee hearing titled, "Under the Microscope: Examining FinCEN's Implementation of the Corporate Transparency Act."
Roger's goal in attending this hearing on behalf of Padgett's firm owners and small business clients was to help clarify the current issues with the implementation of the Beneficial Ownership Information (BOI) reporting requirement that was created under 2021's Corporate Transparency Act (CTA).This bonus episode does not quality for CPE or IRS CE
Padgett - Contact Padgett or Email Jeff PhillipsConnect 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.
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Roger and Annie review how the 2024 tax filing season went, discussing improvements in IRS customer service metrics but also lingering issues like postal delays. They cover key post-filing topics like evaluating firm performance, addressing remaining extensions and IRS notices, and navigating complex new requirements like beneficial ownership reporting. They also provide updates on the Employee Retention Credit program amidst ongoing fraud concerns and talk about preparing for future tax policy changes after the election.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates(02:14) - Post-Tax Season Reflections: IRS Performance and Technological Improvements(08:22) - Evaluating the Tax Season: Metrics and Client Feedback(14:14) - Addressing Post-Tax Season Tasks and Planning Ahead(23:11) - Navigating New Developments: Beneficial Ownership Reporting(25:37) - Navigating the Complexities of Court Rulings and Association Memberships(27:12) - Congressional Attention on Implementation Issues(28:11) - Exploring the Details of Beneficial Ownership Reporting(29:01) - Challenges and Legalities for Tax Practitioners(32:59) - The Ongoing Struggle with ERC Claims Processing(33:53) - Fraud Prevention and the Importance of Accurate Record-Keeping(36:35) - Addressing the Surge in Fraudulent Claims and Ensuring Compliance(40:10) - Legislative Updates and Future Tax Policy Discussions(42:38) - Security Concerns and Protecting Client Data(47:18) - Wrapping Up: Post-Tax Season Reflections and Looking Ahead
Get NASBA Approved CPE or IRS Approved CE
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Roger Harris
Annie Schwab
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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.
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After the chaos of tax season, it's the perfect time to evaluate your accounting practice and make changes for a smoother upcoming year. In this episode, Roger is joined by guest Amanda Aguillard to discuss strategies to "right-size" your client roster, optimize technology usage, diversify service offerings, and implement better work-life balance. They share tips on reviewing clients, pricing appropriately, leveraging accounting services beyond tax prep, and avoiding the unhealthy grind culture.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates (02:04) - Meet Amanda Aguilar: A Journey from CPA to IRS Advisory Council Member(03:26) - Post-Tax Season Reflections: Looking Back to Move Forward(06:03) - Evaluating Your Practice: The Importance of Client Grading(11:02) - Achieving Work-Life Balance Through Right Sizing(16:54) - Embracing Specialization for a More Profitable Practice(21:41) - The Power of Saying No: Setting Boundaries with Clients(26:17) - Leveraging Technology for Efficiency and Balance(27:58) - The Challenge of Vetting Software(29:23) - The Reality of Clients and Technology Adoption(30:38) - Making Tough Decisions on Client Technology Use(33:37) - Evaluating Tax Software: Cost vs. Capability(38:19) - Diversifying Services Beyond Tax Season(42:51) - The Value of Accounting Services in the Age of DIY Software(48:38) - Closing Thoughts: Embracing Change for a Healthier Work-Life Balance
Connect with Amanda Aguillard
LinkedIn: https://www.linkedin.com/in/amandaaguillard
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 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.
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In this episode, Roger sits down with Catharine Madeley, a tax practitioner who recently experienced a data breach at her firm. Catherine shares her firsthand account of how the breach unfolded, the steps she took to respond, and the lessons she learned along the way. She offers valuable insights into the importance of having a robust cybersecurity plan, the critical role of communication with clients, and the need to be proactive in protecting sensitive client information.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to the Federal Tax Updates Podcast(01:30) - Introducing Our Guest: Catharine Madeley(03:26) - The Harrowing Tale of a Data Breach(04:29) - The Initial Discovery and Immediate Response(14:36) - Navigating the Aftermath: Investigation and Recovery(23:42) - Reflections and Lessons Learned from the Cybersecurity Incident(25:58) - The Aftermath of a Data Breach: A Personal Account(26:45) - Law Enforcement's Response to Small Scale Breaches(28:36) - Navigating IRS Procedures After a Breach(29:51) - The IRS Practitioner Relief Opt-In Program: A Lifeline(32:42) - Client Communication and Response to the Breach(42:55) - Lessons Learned and Moving Forward(49:28) - Final Thoughts and Advice
Connect with Catharine Madeley
LinkedIn: https://www.linkedin.com/in/catharine-drake-madeley
Website: https://www.sallingcpa.comGet NASBA Approved CPE or IRS Approved CE
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Roger Harris
Annie Schwab
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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.
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Tax professionals must steer through a complex maelstrom during the 2024 filing season. Roger and Annie serve as experienced guides, helping listeners chart a course around hazards like the Employee Retention Credit squalls, the revised "economic realities" path for worker classification under new Department of Labor rules, and proposed tax law changes including an enhanced Child Tax Credit and R&D deduction restart. With their steady hands on the bridge, preparers can safely navigate these choppy waters.
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Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates(01:27) - Diving Into the Filing Season & Tax Updates(12:42) - The IRS Perspective on Employee Classification(17:20) - Navigating Section 530 Relief for Misclassification(24:17) - The ERC Voluntary Program: A Lifeline for Businesses(27:20) - The Future of ERC and Legislative Impacts(31:01) - Navigating Tax Repayment and IRS Policies(32:36) - Legislative Updates and Tax Season Insights(36:32) - The Future of Tax Laws and Political Implications(40:15) - Understanding Beneficial Ownership Reporting(47:31) - Dealing with 1099K Forms and Client Advisories(52:08) - Embracing Digital Shifts in Tax Documentation(53:30) - Thanks for Listening and Parting Thoughts
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 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.
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In this episode, Roger Harris is joined by special guest Blake Oliver to unpack some of the biggest tax stories making headlines. From a federal court ruling deeming a new business reporting law unconstitutional to the staggering estimates of tax evasion by the wealthy. They also dive into the IRS's foray into direct filing for simple returns, the potential role of AI in tax preparation, and how states rank in their tax climates for businesses.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
(00:00) - Welcome To Federal Tax Updates(01:11) - Special Guest Blake Oliver Joins the Show(02:36) - Diving into the Controversial Federal Court Ruling on Company Reporting Law(05:39) - Exploring the Implications of the Unconstitutional Ruling for Small Businesses(18:54) - IRS's Efforts to Tackle Tax Evasion by Millionaires and Billionaires(29:49) - The IRS Direct File System: A Move Towards Free Tax Filing(30:36) - Exploring the IRS's New Tax Filing Program(31:19) - The Cloud Accounting Podcast Begins(31:36) - Potential Impact on Tax Preparers(33:10) - Limitations and Design of the New Tax Tool(34:50) - The Complex World of Business Returns(36:06) - AI's Role in Tax Preparation: Hopes and Hurdles(42:30) - IRS's Paperwork Problem and Electronic Filing(47:42) - State Business Tax Climate Index: The Best and Worst States(56:15) - Closing Thoughts and Future Discussions
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
Connect with Blake OliverReview
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.
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