Federal Tax Updates

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:48) - Meet Amanda Aguilar: A Journey from CPA to IRS Advisory Council Member (03:10) - Post-Tax Season Reflections: Looking Back to Move Forward (05:47) - Evaluating Your Practice: The Importance of Client Grading (10:46) - Achieving Work-Life Balance Through Right Sizing (16:38) - Embracing Specialization for a More Profitable Practice (21:29) - The Power of Saying No: Setting Boundaries with Clients (26:05) - Leveraging Technology for Efficiency and Balance (27:46) - The Challenge of Vetting Software (29:11) - The Reality of Clients and Technology Adoption (30:26) - Making Tough Decisions on Client Technology Use (33:25) - Evaluating Tax Software: Cost vs. Capability (38:07) - Diversifying Services Beyond Tax Season (42:39) - The Value of Accounting Services in the Age of DIY Software (48:26) - Closing Thoughts: Embracing Change for a Healthier Work-Life Balance Connect with Amanda AguillardLinkedIn: https://www.linkedin.com/in/amandaaguillard 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 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.

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. SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to the Federal Tax Updates Podcast (01:14) - Introducing Our Guest: Catharine Madeley (03:10) - The Harrowing Tale of a Data Breach (04:13) - The Initial Discovery and Immediate Response (14:20) - Navigating the Aftermath: Investigation and Recovery (23:26) - Reflections and Lessons Learned from the Cybersecurity Incident (25:42) - The Aftermath of a Data Breach: A Personal Account (26:29) - Law Enforcement's Response to Small Scale Breaches (28:24) - Navigating IRS Procedures After a Breach (29:39) - The IRS Practitioner Relief Opt-In Program: A Lifeline (32:30) - Client Communication and Response to the Breach (42:43) - Lessons Learned and Moving Forward (49:16) - Final Thoughts and Advice Connect with Catharine Madeley LinkedIn: 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.

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:11) - Diving Into the Filing Season & Tax Updates (12:26) - The IRS Perspective on Employee Classification (17:04) - Navigating Section 530 Relief for Misclassification (24:05) - The ERC Voluntary Program: A Lifeline for Businesses (27:08) - The Future of ERC and Legislative Impacts (30:49) - Navigating Tax Repayment and IRS Policies (32:24) - Legislative Updates and Tax Season Insights (36:20) - The Future of Tax Laws and Political Implications (40:03) - Understanding Beneficial Ownership Reporting (47:19) - Dealing with 1099K Forms and Client Advisories (51:56) - Embracing Digital Shifts in Tax Documentation (53:18) - Thanks for Listening and Parting 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 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.

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome To Federal Tax Updates (00:55) - Special Guest Blake Oliver Joins the Show (02:20) - Diving into the Controversial Federal Court Ruling on Company Reporting Law (05:23) - Exploring the Implications of the Unconstitutional Ruling for Small Businesses (18:38) - IRS's Efforts to Tackle Tax Evasion by Millionaires and Billionaires (29:37) - The IRS Direct File System: A Move Towards Free Tax Filing (30:24) - Exploring the IRS's New Tax Filing Program (31:07) - The Cloud Accounting Podcast Begins (31:24) - Potential Impact on Tax Preparers (32:58) - Limitations and Design of the New Tax Tool (34:38) - The Complex World of Business Returns (35:54) - AI's Role in Tax Preparation: Hopes and Hurdles (42:18) - IRS's Paperwork Problem and Electronic Filing (47:30) - State Business Tax Climate Index: The Best and Worst States (56:03) - Closing Thoughts and Future Discussions 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 LinkedInRoger HarrisAnnie SchwabConnect with Blake OliverReviewLeave 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.

Here's an excerpt from next week's Federal Tax Updates podcast, Episode 27. Blake Oliver joins Roger to discuss the latest tax news headlines including how the Corporate Transparency Act has been ruled unconstitutional. Be sure to download the full episode, Monday, March 11, to hear the entire discussion.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 LinkedInRoger HarrisAnnie SchwabConnect with BlakeReviewLeave 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.

As tax season kicks off, Annie and Roger discuss tips for practitioners and taxpayers, including using e-file and direct deposit for fastest refunds, being vigilant about IRS scam alerts, reviewing Circular 230 rules on duties and liabilities, and evaluating your processes after April to improve efficiency. They also touch on state filing deadlines, new disaster relief forms delaying state returns, and the importance of obtaining complete information before filing.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 26 (02:17) - Tips for Taxpayers and Practitioners (04:32) - Understanding State Tax Laws (06:38) - Challenges in Filing Business Returns (12:07) - Importance of Security in Tax Preparation (15:29) - Understanding Circular 230 and Practitioner's Responsibilities (21:01) - Efficient Workflow Management during Tax Season (28:49) - The Importance of Pricing Structure (30:24) - Beware of Scammers: Protecting Your Practice (34:04) - Employee Retention Credit: What You Need to Know (44:15) - The Impact of Beneficial Ownership (51:40) - Wrapping Up 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 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 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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome To Federal Tax Updates Episode 25 (00:55) - The 2024 Tax Season (01:41) - Beneficial Ownership Interest Reporting (02:42) - Understanding the Rules and Implications (03:25) - Exploring the Corporate Transparency Act (04:04) - Impact on Small Businesses (06:56) - Challenges and Concerns with the New Law (08:05) - Defining Beneficial Owners (10:14) - Understanding the Reporting Process (12:17) - Discussion on the Challenges of Compliance (15:36) - Advice for Navigating the New Law (22:58) - What Should People Be Doing Right Now? (39:53) - Updates on the Employee Retention Credit (44:11) - Final Thoughts and Thanks For Listening 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 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.

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.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeChapters(00:00) - Welcome To Federal Tax Updates Episode 24 (01:02) - Summary of employee retention credit and updates (02:32) - Overview of voluntary program for repaying improperly claimed credits (08:34) - Key details on the voluntary program (12:47) - Importance of documentation for ERC claims (15:25) - Origins and intentions of the ERC program (18:58) - Potential changes to ERC in Congressional budget negotiations (23:16) - Other letters and updates on ERC claims (25:09) - Expectations for further ERC guidance (29:22) - Using protective claims when amending returns (32:29) - Advice for taxpayers who used third parties for ERC claims (36:41) - Upcoming dates and other filing season reminders (42:17) - Thanks for listening and remember to subscribe Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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.

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 This Bonus Episode is NOT Eligilble for CE or CPE Credits Learn more about becoming an EA https://www.naea.org/Connect with Megan KillianLinkedIn: https://www.linkedin.com/in/megkillianWebsite: https://www.naea.org/about-naea/naea-evpConnect 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.

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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (02:20) - State of Congress (07:24) - Secure Act Overview (10:39) - Government Shutdowns and Funding (14:33) - Potential Tax Changes (20:07) - Tax Cuts and Jobs Act (28:39) - IRS Plans for Additional Funding (35:08) - IRS Improvements Seen So Far (43:24) - ERC Status and Issues (51:12) - Wrap up and thanks for listening 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.