Federal Tax Updates

For our milestone 50th episode, Roger Harris and Annie Schwab welcome Terry Lemons, who spent 26 years at the IRS including 11 years as Chief of Communications and Liaison. Terry shares insights from working with six different IRS commissioners, preparing officials for congressional testimony, and navigating public perceptions of the agency. The conversation explores the critical role of the tax professional community, challenges facing the IRS today, and lessons from past filing season successes and failures.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:28) - Celebrating the 50th Podcast with Special Guest Terry Lemons (03:07) - Terry Lemons' Journey to the IRS (06:31) - The Role and Influence of IRS Commissioners (11:17) - Preparing a Commissioner to Testify Before Congress (22:12) - Challenges and Perceptions of Working at the IRS (28:27) - Debunking IRS Agent Myths (30:45) - IRS Efficiency and Transformation (32:12) - Challenges and Improvements at the IRS (33:34) - Reflecting on Filing Seasons (35:52) - Historical IRS Challenges (40:12) - Future Tax Law Changes and Implications (44:19) - Terry's Retirement Plans (45:55) - The Importance of Tax Professionals Community (52:03) - Final Thoughts and Farewell Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Terry Lemonshttps://www.linkedin.com/in/terry-lemons-77b3641a9Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!

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.*This is a replay of an episode that originally aired in March, 2024. (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 MadeleyLinkedIn: https://www.linkedin.com/in/catharine-drake-madeleyWebsite: https://www.sallingcpa.comGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Roger and Annie welcome guest Bob Kerr to discuss proposed changes to Circular 230, the regulations governing practice before the IRS. They explore contentious issues including contingent fees being classified as "disreputable conduct," expanded rights for non-credentialed preparers, and new requirements for reporting client errors. Bob shares insights from the recent hearing and explains why practitioners shouldn't expect final regulations until at least 2026.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (02:04) - Introducing Special Guest Bob Kerr (03:16) - Overview of Circular 230 (04:43) - Proposed Changes to Circular 230 (15:01) - Contingent Fees Debate (30:18) - Limited Practice Discussion (36:10) - Voluntary IRS Programs and Their Impact (37:58) - Competency and Practitioner Requirements (39:21) - Knowledge of Errors and Omissions (42:19) - Proposed IRS Regulations and Practitioner Responsibilities (49:29) - Best Practices and Circular 230 (57:18) - Conclusion and Future Expectations Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Bob Kerrhttps://kerr.tax/about-us/https://www.linkedin.com/in/kerr-robertConnect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

Roger and Annie provide critical updates on the Treasury Department's decision to halt Corporate Transparency Act penalties and enforcement requirements, bringing relief to tax practitioners and their clients. They break down the six-step reconciliation process for tax reform, offering clarity on where current legislation stands and what might be coming. The hosts also discuss concerns about potential IRS workforce reductions, upcoming technology improvements, and preview changes to Circular 230 regulations that will impact tax practice management.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Introduction and Welcome (01:48) - BOI Reporting Updates (02:34) - Corporate Transparency Act Penalties (05:30) - Guidance for Clients on BOI Compliance (10:47) - Government Shutdown Concerns (15:15) - Reconciliation and Tax Reform Process (26:03) - Debating the Impact of Tariffs (26:45) - Abolishing the IRS: Feasible or Fantasy? (28:56) - IRS Workforce Cuts: Immediate Implications (29:42) - Challenges of Tax Season Amid Workforce Reductions (32:27) - Potential Tax Reforms and Technological Advancements (45:19) - Common Tax Filing Mistakes to Avoid (47:46) - Upcoming Changes to Circular 230 (51:07) - Wrapping Up and Final Thoughts Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

The hosts dive into the upheaval at the IRS with staffing changes and the impact of upcoming Beneficial Ownership Information reporting requirements. They break down new 1099-K reporting thresholds, clarifying how to navigate various transactions. Current legislative proposals are analyzed, alongside insights into common misconceptions taxpayers have about income and deductions. They also tackle practical challenges faced during tax season and share tips for addressing client inquiries effectively.

Annette Nellen, a CPA, attorney, and professor at San Jose State University, shares her expertise on IRS challenges. She discusses the growing tax gap and the crucial need for consistent IRS funding. The conversation highlights efforts to modernize IRS services, including enhanced online accounts and tech solutions. Nellen also addresses the regulation of tax preparers and the complexities of cryptocurrency reporting, emphasizing the importance of tax literacy and education for professionals in the evolving tax landscape.

Roger and Annie dive into the complex political dynamics shaping potential tax reform in 2025, breaking down the strategic implications of pursuing one comprehensive bill versus two separate pieces of legislation. They provide critical updates on the ever-changing BOI regulations, including recent court injunctions and what practitioners should do while awaiting final resolution. The episode concludes with practical advice for tax professionals preparing for the upcoming tax season, covering everything from research tools and client management to pricing strategies and work-life balance.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:11) - Weather Woes and Tax Season Kickoff (01:53) - Political Landscape and Tax Legislation (03:04) - Tax Cuts and Jobs Act Discussion (06:22) - One Bill vs. Two Bills Debate (13:31) - BOI Updates and Legal Battles (24:36) - Employee Retention Credit Issues (29:32) - Taxpayer Advocate's Annual Report Insights (31:35) - Persistent IRS Issues and Proposed Solutions (33:06) - Regulating Tax Preparers: A Growing Need (37:09) - Preparing for the Upcoming Tax Season (40:49) - Client Management and Workload Optimization (45:09) - Research Tools and Online Resources (54:58) - Conclusion and Upcoming Topics Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

Crypto tax expert Amir Marmar of JFDI Accountants breaks down the complexities of cryptocurrency taxation and shares guidance on when tax professionals should handle crypto cases themselves versus partnering with specialists. He explains key concepts like wallet-level reporting requirements coming in 2025, the challenges of DeFi and staking transactions, and why traditional tax software may not be enough for complex crypto cases. This episode provides practical insights for tax professionals on evaluating crypto clients and understanding the latest IRS guidance, including Revenue Procedure 2024-28's move away from universal accounting methods.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:40) - Amir Marmar's Background and Expertise (02:48) - Crypto Accounting Challenges and Success Stories (07:33) - Crypto-Friendly Government Policies (13:50) - Understanding Crypto Wallets (23:20) - Blockchain Basics and Tax Implications (29:22) - Complexities in Crypto Taxation (37:07) - Understanding Lending Protocols and Tax Implications (39:12) - Exploring Staking and Its Tax Considerations (40:59) - Liquidity Pools and Market Making (42:49) - Challenges in Crypto Accounting (43:59) - IRS Guidance and Tax Positions (45:50) - The Role of Tax Professionals in Crypto (49:27) - Steps for Successful Crypto Tax Engagements (52:38) - Upcoming Changes in Crypto Tax Reporting (01:04:41) - Contacting JFDI for Crypto Tax Help Connect with Amirhttps://www.jfdiaccountants.com/https://www.linkedin.com/in/amir-marmar-20b76726Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

Three successful accounting firm owners share their journeys from small practices to achieving 10X revenue growth. Through candid conversations about hiring strategies, systemization, and community support, these Padgett franchise owners reveal practical insights for scaling an accounting practice. Their experiences highlight how strategic hiring, building scalable systems, and embracing a growth mindset transformed their firms from six-figure to multi-million dollar enterprises.Webinar Speakers Jeff Phillips - https://www.linkedin.com/in/jeffaccountingflyJanet Kaup  - https://www.linkedin.com/in/janet-kaup-2238643Jeff Darley - https://www.linkedin.com/in/jeff-darley-77839b2Tom Friedel - https://www.linkedin.com/in/tom-friedel-cpa-ab71435Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 44 (02:19) - 2025 Tax Season Preparation (04:56) - Tax Rates and Deductions for 2024 (09:01) - Business Tax Considerations (11:24) - Post-Election Tax Policy Changes (17:00) - IRS Updates and New Policies (20:36) - 1099-K Reporting Changes (24:19) - Clean Vehicle Credit (26:30) - Understanding the Dealer Credit Loophole (27:23) - Navigating EV Tax Credits (30:49) - IRS Processing and Challenges (36:23) - Potential Changes in IRS Leadership (43:05) - Beneficial Ownership Reporting Injunction (49:00) - Conclusion and Final Thoughts Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media