Federal Tax Updates

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.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.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. (00:00) - Federal Tax Updates Ep 17 (02:31) - Employee Retention Credit Refresher (04:24) - ERC Fraud Concerns (12:05) - ERC Moratorium (24:57) - Amending Returns for ERC (31:17) - Beneficial Owner Reporting (46:06) - E-file Mandate for Informational Returns (49:13) - IRS Hiring (54:00) - 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 LinksYouTube Video of Hearing: https://www.youtube.com/watch?v=yotrB5DtdGAConnect 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!

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.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.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. (01:02) - Welcome to Federal Tax Updates : how to be proactive (08:10) - What's new with ERC (11:27) - Estimated tax payments or adjusting withholdings (13:49) - The start of IRS notices and what do they mean? (15:59) - How to respond to an IRS Notice? (28:39) - What kind of documentation does the IRS expect small business owners to have? (36:58) - Updates on 1099-Ks (46:20) - New changes in policy for the IRS (48:14) - Updates on the Transparency Act (54:05) - Making changes to your overall work environment (55:13) - 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.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.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. (00:00) - Welcome everyone to another episode of Federal Tax Updates: We have some ERC updates (07:17) - You can still apply for the ERC credit (12:51) - If you don't do ERC make sure your clients are working with a legit company (19:04) - What if a small business got some ERC money that they probably shouldn't have? (30:51) - What qualifies as "Supply Chain Interruption?" (31:47) - Roger gives Annie a test if someone would qualify for ERC (40:19) - What should the people do if they have legitimate ERC credits? (47:54) - Key takeaways about ERC you should know today! (51:08) - 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.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.Chapters(00:00) - Federal Tax Updates Episode 14 (01:17) - Welcome to Federal Tax Updates (10:10) - What to do with a client that is not experienced with technology? (14:27) - What technologies can be brought to improve your service? (20:39) - What can developing a niche do to help your firm? (30:14) - What do people mean when they talk about Subscription Pricing? (38:58) - IRS released OPR information reminders for succession plans (48:04) - Recent IRS updates to be aware of. (53:08) - Thanks for listening and please subscribe so you don't miss an episode 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.

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.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.Chapters(00:00) - Welcome to another episode of Federal Tax Updates (03:08) - What to watch for in elections and how they might impact the IRS and taxes (12:44) - Updates on the 199A deduction (26:17) - Some ERC updates (27:38) - How to know if you are a dealing with a legitimate ERC Mill? (33:23) - Keys from the practitioner side of ERC (42:07) - Updates on student loan forgiveness/repayment (45:08) - Annie's Scaling New Heights experience (53:22) - Wrap up and please subscribe so you don't miss an episode 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.

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.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.Chapters(00:00) - Welcome to Federal Tax Updates : What Annie and Roger have been up to this summer (12:24) - Where to start changing your firm (20:42) - Some more proactive steps (28:14) - Tax advice for new business owners (43:26) - What can you do now to help yourself during next tax season? (48:38) - Changing the way you bill your clients (52:56) - Wrap up and please subscribe so you don't miss new episodes 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.

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.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) - Federal Tax Updates Episode 11 (00:54) - Latest updates on the ERC (26:17) - Updates on the June 3rd debt ceiling (32:45) - Rogers recap on his trip to Washington D.C. (40:56) - Upcoming deadlines and reminders 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.

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.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) - Post Tax Season Firm Improvements (02:36) - What's your general impressions about the tax season? (04:41) - What are we seeing in the industry in terms of headwinds? (11:43) - Why is hiring becoming so difficult in accounting? (29:03) - Great practices to do post tax season? (44:25) - Does the accounting industry need to make changes to the process of becoming a CPA? 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.

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.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) - FTU E9 (02:58) - More updates on ERC (07:38) - Some basics of the ERC (18:05) - What do we do if we believe the ERC claim to be false and a client comes to us to amend the return? (24:26) - What is the goal of form 14242? (33:19) - ERC Suppy Chain Interruption (35:11) - Quick summary to know if you qualify for ERC (41:57) - Updates on Tax Cuts and Job Act (Trump Tax Cuts ) (50:30) - How do think the Tax Practitioners tax season went? (52:49) - Was this a good or bad tax season? 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.