Federal Tax Updates

Roger and Annie discuss Congress and IRS roles when it comes to taxes, how tax code is used to encourage behaviors, how tax policy scoring works, and explain deductions versus credits.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 Update E3 (01:16) - Don't miss the Deductions on Credits on your Tax Return (09:28) - How tax policy is scored? (14:59) - Limitations of Deductions and Credits (17:57) - Do you take a standard deduction or a Itemized deduction? (22:04) - Deductions on Charitable Donations (24:24) - Gift Tax Returns (28:55) - Education Credits (36:00) - Sole Proprietorship Deductions (40:45) - Refundable Credits (43:00) - What does it cost to raise a child? (46:45) - Updates on the Employee Retention Credit  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.

Who is the Taxpayer Advocate, what do they do, what was in their latest report, what does this report mean, and how can tax practitioners assist in these efforts?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 episodeTaxpayer Advocate Service (TAS)Chapters(00:00) - Federal Tax Updates Episode 2 (00:22) - Introduction : Tax season has officially begun (02:44) - What is the taxpayer advocate service? (12:30) - The IRS did a poor job of answering phone calls in 2022 (22:13) - The divided Congress will make it harder to pass tax laws at the moment (26:08) - Chapter 6 (30:38) - E-filing over paper filing returns & making direct deposits (35:17) - Changes to the IRS take time, be patient (43:24) - Wrap up and remember a lot of tax exemptions are reverting to pre-covid ways. Be prepared for those tough client talks  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.

Kick off tax season with the Inflation Reduction Act of 2022, the Employee Retention Credit, K-2s and K-3s, the latest 1099s changes, and updates to tax brackets, standard deductions, and mileage rates. Join Roger and Annie for this premier episode of Federal Tax Updates!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 episodeAccounting Today - The Year Ahead: Top challenges for 2023Chapters(00:00) - FedTax Episode 1 (00:36) - Introducing your hosts: Annie and Roger (01:39) - Opportunities and challenges for the upcoming tax season (02:53) - Inflation Reduction Act of 2022 (07:16) - Changes in tax brackets (08:10) - Updates on Standard Deduction (08:51) - Mileage rate changes for 2023 (12:07) - Employee Retention Credit opportunity still exists (21:15) - How COVID impacts the nexus state tax implications (21:54) - Talent issues within the accounting industry (24:14) - Emergence of "Quiet Quitting" (26:31) - Challenges in reporting K-2's and K-3's (31:08) - The problems that arise when reporting cryptocurrency (33:19) - Roger's thoughts on recent 1099 events (42:36) - Omnibus spending package 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.

Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this 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 MediaFull transcript available upon request.