Federal Tax Updates

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.

Annie and Roger reflect on the 2023 tax season and suggest some ways firms and their teams can start making changes for the 2024 tax season. They also dive into some upcoming federal tax issues that tax professionals and their clients will face throughout the next 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) - FTU E8 (01:16) - Annies opinions on Tax Sesason (07:45) - How did the IRS do this year? (19:31) - What is the difference between a IRS letter and a Audit? (24:38) - If the chance of gettting audited is less than 1% does this encourage non-compliance for the general public? (32:57) - Updates on the Corporate Transparency Act of 2020 (38:23) - Upcoming potential changes to the Tax Cuts and Jobs Act 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, Annie and Roger discuss The Corporate Transparency Act of 2021, what it mandates, and which companies will be affected. They also debate how this act affects the practitioner community and touch on the Dirty Dozen, give some updates on ERC, and how the $80 billion IRS funding is being used.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 episodeIR-2023-62 - Dirty Dozen: IRS urges tax pros and other businesses to beware of spearphishing; offers tips to avoid dangerous common scamsIR-2023-61 - Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; schemes circulating involving tax formsIR-2023-59 - Dirty Dozen: IRS warns individuals to stay clear of shady tax preparers; offers tips on carefully choosing tax professionalsIR-2023-57 - Dirty Dozen: IRS warns of scammers using fake charities to exploit taxpayersIR-2023-55 - Dirty Dozen: Watch out for third-party promoters of false fuel tax credit claimsIR-2023-54 - Dirty Dozen: IRS warns of scammers offering “help” to set up an Online Account; creates identity theft risk for honest taxpayersIR-2023-51 - Dirty Dozen: Watch out for scammers using email and text messages to try tricking people during tax seasonIR-2023-49 - IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be trueFAQs for Form 1099-K - https://www.irs.gov/pub/taxpros/fs-2023-06.pdf?fbclid=IwAR3mYpnRVSkuzeaIrQ6EtUZb62KZgMCx_rPYZX-5IsS8tNBtnKM-V3lpNB8Chapters(00:00) - FTU E7 (00:55) - Corporate Transparency Act of 2021 (CTA) (07:01) - What are the penalties for disobeying the CTA (08:53) - What does the CTA look like? (29:03) - Updates on ERC (40:34) - New information on the electric vehicle tax credit (45:02) - Thoughts on armed IRS agents? 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, Roger and Annie discuss the most recent IRS updates and recommendations for tax preparers dealing with the surge of inaccurate ERC claims. They also provide some detailed insights into filing extensions for clients.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 episodeForm 4868 - https://www.irs.gov/pub/irs-pdf/f4868.pdfChapters(00:00) - Federal Tax Updates Episode 06 (01:10) - Employee Retention Credit Extention and Updates (14:33) - Updates on personal tax extentions (28:14) - What are the penalties associated when failing to file? (41:38) - Recent IRS tax news (44:14) - RMD deadline updates (49:20) - Future topics on the Federal Tax Updates Podcast Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabConnect with Padgettwww.padgettadvisors.comtwitter.com/PadgettUSAlinkedin.com/company/padgett-business-services/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 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 discuss the changes in the SECURE 2.0 Act of 2022 and how this impacts small business owners with regards to offering retirement plans to their employees. They also talk about recent changes in IRS regulations that could prove beneficial to taxpayers dealing with ERC.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 E5 (00:44) - SECURE Act 2.0 (06:50) - Omnibus Package (10:17) - How can the SECURE Act help small business owners? (15:35) - In 2025 what changes could we see to retirement plans? (18:02) - Different ways to get around the 10% penatly with retirement money (23:42) - What is attractive about a starter 401k plan? (25:37) - How the Secure Act is tying in Student loan forgiveness (27:33) - What does the Secure act say about RMDs? (32:14) - What can you do with money that is left in a 525 Plan? (39:53) - What is happening to the IRS with the ERC (46:00) - Potential P10 Refund (46:47) - News on information returns (51:13) - CPE Tax Forums  Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabConnect with Padgettwww.padgettadvisors.comtwitter.com/PadgettUSAlinkedin.com/company/padgett-business-services/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 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 of Federal Tax Updates, Annie and Roger focus on tips (the monetary kind), including an industry overview, current challenges with tip reporting, and tip credits. They also examine Notice 2023-13, and the proposed procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program and talk tax policy and politics. 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 episodeFederal eRulemaking Portal - https://www.regulations.gov/Chapters(00:00) - Federal Tax Update Episode 4 (03:29) - Changes in tipping in recent years (13:15) - Are you supposed to report tips? (21:39) - How tip pooling in restaurants works (36:43) - How much longer does tipping survive? (37:55) - New updates from the IRS  Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabConnect with Padgettwww.padgettadvisors.comtwitter.com/PadgettUSAlinkedin.com/company/padgett-business-services/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 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.