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...

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...

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...

Zach Warren from Thomson Reuters Institute and Amanda Aguillard from Padgett dive into the pressing challenges facing modern accounting firms, particularly those in the mid-sized range. They explore innovative solutions to the talent shortage, discuss the surprising resilience of time-based pricing, and emphasize the critical role of technology adoption in driving efficiency. This data-driven conversation offers practical insights for firm owners looking to navigate industry pressures and...

Roger and Annie discuss the unique challenges tax practitioners face as 2024 draws to a close. They explore the potential impact of the upcoming election on tax law, ongoing issues with the Employee Retention Credit, and the looming deadline for Beneficial Ownership Information reporting. The hosts provide insights on how to approach tax planning amidst uncertainty and offer practical advice for managing client expectations during this complex period. SponsorsPadgett -  Contact Padgett or...

Join Roger and Annie on this special episode, as they take you behind the scenes at the IRS National Tax Forum in Dallas. Through interviews with key figures from the IRS, professional associations, and industry leaders, this special episode offers unique insights into the current state of tax practice and policy. Listeners will gain valuable perspectives on critical issues facing tax professionals, including combating tax scams, improving IRS services, and the future of tax preparation...

Roger Harris and Annie Schwab explore recent tax policy changes, including updates to voluntary disclosure programs and new IRS enforcement efforts. They discuss the ongoing challenges surrounding Beneficial Ownership Information reporting requirements and their potential impact on tax practitioners. The hosts also preview their upcoming live podcast recording at the IRS Tax Forum in Dallas, offering listeners a glimpse into this valuable industry event. SponsorsPadgett -  Contact Padgett or...

This podcast episode features tax controversy expert Hale Sheppard discussing the latest developments and challenges surrounding Employee Retention Credit (ERC) claims. Sheppard provides insights into IRS audit processes, potential penalties for ERC promoters, and the complexities of defending ERC claims. The conversation covers recent IRS announcements, proposed legislation, and the long-term implications for taxpayers and tax professionals. SponsorsPadgett -  Contact Padgett or Email Jeff...

In episode, Jeff Phillips, CEO of Padgett and founder of AccountingFly, joins Roger Harris and Annie Schwab to discuss the challenges of recruiting and retaining talent in the accounting industry. They explore innovative solutions including remote work, offshore talent, and domestic freelancers as part of a new "talent stack" for firms. The conversation covers practical strategies for attracting candidates, evaluating talent, and building effective remote teams, offering valuable advice for...

This episode of the Federal Tax Updates Podcast explores recent changes in employment law that impact small businesses. Hosts Roger  and Annie discuss new overtime rules, including updated salary thresholds for exempt employees, as well as guidelines for hiring family members and the benefits of doing so. They also cover recent developments in non-compete agreements and offer advice on protecting client relationships. Throughout the episode, the hosts emphasize the importance of accountants...

In this episode, Roger and Annie dive into the world of IRS notices. They discuss the most common types of notices, like the CP2000 matching notice, and share strategies for responding effectively. They also highlight the benefits of setting up online accounts with the IRS for tax practitioners and taxpayers and provide tips for spotting potential IRS scams. Tune in for valuable insights on navigating IRS notices with confidence and clarity. SponsorsPadgett -  Contact Padgett or Email Jeff...

In this episode, Roger and Annie discuss a variety of tax-related topics, including updates on the Beneficial Ownership Information (BOI) reporting requirements, and the Employee Retention Credit (ERC). They also cover issues with the postal service causing delays in tax payments reaching the IRS, the benefits of taxpayers and tax professionals setting up online accounts with the IRS, and recent changes to overtime pay thresholds and non-compete clauses. Additionally, they provide tips for...

Roger testified April 30th, before the House Committee on Small Business. Roger was asked to speak on the small business perspective during a full committee hearing titled, "Under the Microscope: Examining FinCEN's Implementation of the Corporate Transparency Act."Roger's goal in attending this hearing on behalf of Padgett's firm owners and small business clients was to help clarify the current issues with the implementation of the Beneficial Ownership Information (BOI) reporting requirement...

Roger and Annie review how the 2024 tax filing season went, discussing improvements in IRS customer service metrics but also lingering issues like postal delays. They cover key post-filing topics like evaluating firm performance, addressing remaining extensions and IRS notices, and navigating complex new requirements like beneficial ownership reporting. They also provide updates on the Employee Retention Credit program amidst ongoing fraud concerns and talk about preparing for future tax...

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...

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...

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...

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...

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...

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...

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...

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 Phillips Get 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...

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...

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 (02:36) - State of Congress (07:40) - Secure Act Overview (10:55) -...