Dave Gribben shares insights on how his firm navigated ERC complexities through client communication, staff training, and establishing trust to overcome questionable third-party fraud claims. SponsorsPadgett -  Contact Padgett or Email Jeff Phillips (00:00) - Welcome To Federal Tax Updates (04:30) - Communicating with clients at the start of the pandemic (08:11) - Making information available as a service to the community (10:03) - Transitioning to a remote work model (17:18) - Handling...

Joey Vrooman, CPA, joins the show today and helps explain the importance of working to educate clients on financial literacy, despite common disinterest. He discusses tactics for simplifying complex terminology, using visual tools, meeting clients at their level, and the "win win" benefits for both advisor and business owner. SponsorsPadgett -  Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 21 (01:11) - Welcome Joey to the show (03:02) - Defining financial...

Roger and Annie discuss key steps tax practitioners should take before the new year, including renewing PTINs, reviewing engagement letters, having tax planning conversations with clients, and learning about new beneficial owner reporting rules. SponsorsPadgett -  Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (04:07) - Preparing for next tax season (06:48) - IRS updates (11:02) - ERC updates (22:04) - Withdrawing ERC claims (31:47) - Repaying ERC...

*This episode was originally recorded as a live webinar as part of Earmark's new Webinars+ series Has your client filed an Employee Retention Credit (ERC) claim with the IRS and now need to withdraw it? Join Roger Harris, EA and Annie Schwab, CPA, hosts of the Federal Tax Podcast, for this important episode where they will cover everything you need to know about withdrawing ERC claims. In this episode you'll learn:   ✅How the moratorium on ERC claims affects taxpayers   ✅ Who is eligible to...

Expert guest Jeff Darley joins Roger and Annie to discuss how to choose the right business entity for small business owners. They cover LLCs vs S-Corps, reasonable salary, payroll taxes, and more. SponsorsPadgett -  Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 18 (02:17) - Background on Jeff Darley (15:03) - Payroll Taxes and Social Security (19:59) - S Corp vs C Corp (25:40) - Dealing with IRS on Reasonable Salary Audits (32:34) - Process of Electing S...

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...

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...

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 Phillips Get NASBA...

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...

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 Phillips Get 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 (01:57) -...

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 Phillips Get 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...

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...

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 Phillips Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links...

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 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) - Post Tax Season Firm Improvements (03:01) -...

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 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) - FTU E9 (03:23) - More updates on ERC (08:03) - Some basics of...

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 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...

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 -  https://www.padgettadvisors.com/join/?podcast  Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this...

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 -  https://www.padgettadvisors.com/join/?podcast  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 episodeForm 4868 -...

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 -  https://www.padgettadvisors.com/join/?podcast  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...

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 -  https://www.padgettadvisors.com/join/?podcast  Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE...

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. 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) - Federal Tax Update E3 (02:29) - Don't miss the Deductions on Credits on your Tax Return (10:41) - How tax policy is scored? (16:12) -...

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? 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 episodeTaxpayer Advocate Service (TAS) Chapters (00:00) - Federal Tax Updates Episode 2 (01:35) - Introduction : Tax season has officially begun (03:57) - What is the taxpayer advocate...

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! 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 episodeAccounting Today - The Year Ahead: Top challenges for...

Keep up to date on the latest federal tax information, directly from tax practitioners. Earn NASBA approved CPE and IRS approved CE credits for listening.