Federal Tax Updates

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

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Thad Inge Joins Roger for Federal Tax Updates (01:41) - Election Impact on Tax Policy (04:47) - Republican Strategies and Budget Reconciliation (09:07) - Deficit Debates and Revenue Raising (20:30) - Key Players in Tax Reform in Congress (26:09) - IRS Funding and Future Outlook (32:46) - Commissioner Werfel's Tenure and Challenges (39:04) - Beneficial Ownership Reporting (47:46) - Senate Office Transitions (52:16) - Conclusion and Future Outlook Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Thad IngeLinkedIn: https://www.linkedin.com/in/thad-inge-9342155Website: https://www.vsadc.com/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.

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:48) - Special Guest Introduction: Wendy Walker (02:58) - Discussion on IRS Advisory Council and Information Reporting (04:12) - Deep Dive into 1099K Reporting (05:27) - Challenges and Uncertainties in 1099K Reporting (08:30) - Impact on Taxpayers and Tax Professionals (11:27) - Platform Issues and Reporting Complexities (25:00) - IRS Matching and Compliance (26:55) - Future of Electronic 1099s (29:12) - New 1099 DA Form Explained (29:58) - Challenges with Current Reporting (32:10) - Future of Cryptocurrency Reporting (40:24) - IRS Modernization Efforts (50:36) - Wrap Up and Future Plans Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Wendy Walkerhttps://www.linkedin.com/in/wendy1099 Connect with the Hosts 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

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:25) - Overview of Beneficial Ownership (02:27) - FAQs and Compliance Guide (06:18) - Reporting Requirements and Deadlines (14:10) - Defining Beneficial Owners (16:45) - Indicators of Substantial Control (29:06) - Accountants and Lawyers as Beneficial Owners (32:28) - Clarifying Beneficial Ownership (33:39) - Community Property and Beneficial Ownership (34:50) - FinCEN's Approach to Reporting (37:01) - Penalties and Enforcement (41:59) - Practical Implications for Accountants (52:47) - FinCEN Identifiers Explained (55:35) - Final Thoughts and Recommendations 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 Hosts 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

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (03:18) - Understanding the FinCEN Reporting Requirements (04:55) - Navigating the FAQs and Compliance Challenges (09:41) - Filing Requirements and Deadlines (23:25) - Who Needs to Report? Identifying Reporting Companies (27:21) - Understanding Reporting Company Criteria (29:31) - Sole Proprietorships and Reporting Requirements (30:47) - Navigating S Corps and HOAs Reporting (32:25) - Legal Implications and Attorney Involvement (33:47) - Complex Scenarios and Reporting Obligations (40:15) - Company Applicant Responsibilities (45:34) - Filing Requirements and Updates (50:32) - Conclusion and Next Steps 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 Hosts 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

Zach Warren from the Thomson Reuters Institute, a leader in research on tech in tax practices, joins Amanda Aguillard, COO of Padgett with extensive accounting experience. They delve into the challenges modern accounting firms face, such as talent shortages and the evolving pricing model. The duo emphasizes the importance of technology adoption for efficiency. They also discuss innovative hiring strategies and the transformation brought about by cloud software and AI, providing actionable insights for growth in today's competitive landscape.