Replay: Surviving a Cyber Attack

Federal Tax Updates

#Business News #Higher Education #News #Earmark Media #Annie Schwab #CPA #Tax #Federal Tax #Certified Public Accountant #Enrolled Agents #Accounting #Tax Code #Podcasting Education #IRS #CPE #Federal Tax Updates #Tax Updates

50:30

Episode Notes [00:00] The Importance of Questioning [01:21] Introduction to Curated Questions [02:20] Meet Kevin Kelly [03:56] Kevin Kelly's Mentor: Stewart Brand [05:33] The Role of Questions in Intellectual Traditions [06:47] Disequilibrium and Growth [10:21] Embodied Questions and Exploration [11:11] Balancing Exploration and Exploitation [11:50] The Inefficiency of Questioning [15:53] The Abundance Mindset [18:39] The Inevitable and Quality Questions [19:26] Hill Climbing vs. Hill Making [22:28] The Challenge of Innovation [24:13] The Beauty of Engineering and Innovation [24:34] Navigating the Frontier of New Technologies [25:33] The Role of AI in Question Formulation [26:43] Challenges in Advancing AI Capabilities [29:11] The Long Now Foundation and the 10,000 Year Clock [29:56] Transmitting Values Over Time [31:03] Ethics in AI and Self-Driving Cars [33:26] The Art of Questioning [34:04] Photography: Capturing vs. Creating [36:12] The Inefficiency of Exploration [38:36] Daily Practice and Long-Term Success [40:17] The Importance of Quantity for Quality [43:22] Final Thoughts and Encouragement on Questioning [46:24] Summary Takeaways Resources Mentioned Wired Magazine Whole Earth Review WELL Hackers Conference What Technology Wants by Kevin Kelly The Inevitable by Kevin Kelly Cool Tools Project Long Now Foundation Stewart Brand Socratic Method Koan René Descartes Conde Nast Vouge Olivetti Typewriter Trolley Problem Terry Gross Lex Friedman Tim Ferriss KK.org Kevin2Kelly on Instagram Recomendo Newsletter Excellent Advice for Living Beauty Pill Producer Ben Ford Questions Asked When did you first understand the power of questions? Can I do that? Can that be something that you can learn? How did questions function differently between Eastern versus Western intellectual traditions? What role do you think embodied questions those we explore through doing rather than thinking play in developing wisdom? What's on the other side of the hill? What happens if you go to the end? What's the origin of this? How should one think about the exploratory in one's life? Is there anything that you would add to your list of 15 statements that define what makes a quality question? Is there a qualitative difference between the questions humans are asking and the questions our AI systems are beginning to formulate? What do you think would help them get there? Any idea on a forcing function on how we get them [LLMs] to ask the better questions so that they might improve in that direction? What were some novel questions that broke your brain at the time in thinking about this 10,000-year clock or beyond? What's it good for? What would you use it for? What else could you do over the long term for 10,000 years? How do you transmit values over time? How do you evolve values that need to change, and how do you make a difference? How do even know what you don't want to change? What do you want to continue? What's the most essential aspects of our civilization that we don't want to go away? What are the rules? What is the system? How do you pass things along in time and not change the ones you don't wanna change, and make sure you change the ones that are more adaptable so they can adapt? What do you think about questioning itself as an art form? How has being a photographer influenced the way you question reality, visually compared to verbally? Are you a photographer that takes photos or makes photos? What will happen? What will happen next? What are your right now questions that you are wrestling with or working with in your life? Can someone else do what I'm trying to do here? Am I more me in doing my art or more me in doing the writing? Do you have any other thoughts or encouragement about questions that we haven't explored? What makes a good question? How do you ask a good question? What questions do you dwell on to be in purposeful imbalance? What is your practice in embracing the inefficient nature of questions to achieve breakthroughs? What are the new hills you can build and frontiers you can explore? How can you use your curiosity and humanity to pursue questions that trend toward the fringes?…

about a year ago 50:42

MP3•Episode home

*This is a replay of an episode that originally aired in March, 2024.

(00:00) - Welcome to the Federal Tax Updates Podcast
(01:30) - Introducing Our Guest: Catharine Madeley
(03:26) - The Harrowing Tale of a Data Breach
(04:29) - The Initial Discovery and Immediate Response
(14:36) - Navigating the Aftermath: Investigation and Recovery
(23:42) - Reflections and Lessons Learned from the Cybersecurity Incident
(25:58) - The Aftermath of a Data Breach: A Personal Account
(26:45) - Law Enforcement's Response to Small Scale Breaches
(28:36) - Navigating IRS Procedures After a Breach
(29:51) - The IRS Practitioner Relief Opt-In Program: A Lifeline
(32:42) - Client Communication and Response to the Breach
(42:55) - Lessons Learned and Moving Forward
(49:28) - Final Thoughts and Advice

Connect with Catharine Madeley
LinkedIn: https://www.linkedin.com/in/catharine-drake-madeley
Website: https://www.sallingcpa.com

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

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

60 episodes

Replay: Surviving a Cyber Attack

Federal Tax Updates

published about a year ago

MP3•Episode home

*This is a replay of an episode that originally aired in March, 2024.

(00:00) - Welcome to the Federal Tax Updates Podcast
(01:30) - Introducing Our Guest: Catharine Madeley
(03:26) - The Harrowing Tale of a Data Breach
(04:29) - The Initial Discovery and Immediate Response
(14:36) - Navigating the Aftermath: Investigation and Recovery
(23:42) - Reflections and Lessons Learned from the Cybersecurity Incident
(25:58) - The Aftermath of a Data Breach: A Personal Account
(26:45) - Law Enforcement's Response to Small Scale Breaches
(28:36) - Navigating IRS Procedures After a Breach
(29:51) - The IRS Practitioner Relief Opt-In Program: A Lifeline
(32:42) - Client Communication and Response to the Breach
(42:55) - Lessons Learned and Moving Forward
(49:28) - Final Thoughts and Advice

Connect with Catharine Madeley
LinkedIn: https://www.linkedin.com/in/catharine-drake-madeley
Website: https://www.sallingcpa.com

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

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

60 episodes

All episodes

1
Tax Season Aftermath 54:08

15 days ago54:08

54:08

Roger and Annie discuss important tax updates that occurred during the busy tax season, including new IRS guidance on Employee Retention Credits and the current status of Beneficial Ownership Information reporting requirements. They explore the significant staffing challenges and leadership turnover at the IRS, with insights from Roger's recent visit to Washington DC. The hosts then shift focus to post-tax season priorities for practitioners, offering advice on evaluating software, optimizing client relationships, and implementing strategies to improve profitability and efficiency for the next filing season. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome Back to Federal Tax Updates (02:02) - Post-Tax Season Reflections (03:18) - Employee Retention Credit Updates (12:20) - Beneficial Ownership Information Reporting (18:55) - Current Legislative Landscape in DC (25:34) - IRS Staffing and Morale Issues (31:37) - Challenges Facing the IRS (37:27) - Post-Tax Season Business Strategies (42:08) - Client Management and Pricing Strategies (47:11) - Maximizing Client Relationships and Billing Opportunities (51:07) - Preparing for the Next Tax Season (52:46) - Summer Plans and Final Thoughts Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
Inside the IRS: A Conversation with Terry Lemons 54:31

29 days ago54:31

54:31

For our milestone 50th episode, Roger Harris and Annie Schwab welcome Terry Lemons, who spent 26 years at the IRS including 11 years as Chief of Communications and Liaison. Terry shares insights from working with six different IRS commissioners, preparing officials for congressional testimony, and navigating public perceptions of the agency. The conversation explores the critical role of the tax professional community, challenges facing the IRS today, and lessons from past filing season successes and failures. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:44) - Celebrating the 50th Podcast with Special Guest Terry Lemons (03:23) - Terry Lemons' Journey to the IRS (06:47) - The Role and Influence of IRS Commissioners (11:33) - Preparing a Commissioner to Testify Before Congress (22:28) - Challenges and Perceptions of Working at the IRS (28:43) - Debunking IRS Agent Myths (30:57) - IRS Efficiency and Transformation (32:24) - Challenges and Improvements at the IRS (33:46) - Reflecting on Filing Seasons (36:04) - Historical IRS Challenges (40:24) - Future Tax Law Changes and Implications (44:31) - Terry's Retirement Plans (46:07) - The Importance of Tax Professionals Community (52:15) - Final Thoughts and Farewell Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with Terry Lemons https://www.linkedin.com/in/terry-lemons-77b3641a9 Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app!…

1
Replay: Surviving a Cyber Attack 50:42

6 weeks ago50:42

50:42

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. *This is a replay of an episode that originally aired in March, 2024. (00:00) - Welcome to the Federal Tax Updates Podcast (01:30) - Introducing Our Guest: Catharine Madeley (03:26) - The Harrowing Tale of a Data Breach (04:29) - The Initial Discovery and Immediate Response (14:36) - Navigating the Aftermath: Investigation and Recovery (23:42) - Reflections and Lessons Learned from the Cybersecurity Incident (25:58) - The Aftermath of a Data Breach: A Personal Account (26:45) - Law Enforcement's Response to Small Scale Breaches (28:36) - Navigating IRS Procedures After a Breach (29:51) - The IRS Practitioner Relief Opt-In Program: A Lifeline (32:42) - Client Communication and Response to the Breach (42:55) - Lessons Learned and Moving Forward (49:28) - Final Thoughts and Advice Connect with Catharine Madeley LinkedIn: https://www.linkedin.com/in/catharine-drake-madeley Website: https://www.sallingcpa.com Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media The full transcript for this episode is available by clicking on the Transcript tab at the top of this page All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.…

1
Circular 230 Changes: What Practitioners Need to Know 1:00:55

8 weeks ago1:00:55

1:00:55

Roger and Annie welcome guest Bob Kerr to discuss proposed changes to Circular 230, the regulations governing practice before the IRS. They explore contentious issues including contingent fees being classified as "disreputable conduct," expanded rights for non-credentialed preparers, and new requirements for reporting client errors. Bob shares insights from the recent hearing and explains why practitioners shouldn't expect final regulations until at least 2026. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (02:20) - Introducing Special Guest Bob Kerr (03:32) - Overview of Circular 230 (04:59) - Proposed Changes to Circular 230 (15:17) - Contingent Fees Debate (30:30) - Limited Practice Discussion (36:22) - Voluntary IRS Programs and Their Impact (38:10) - Competency and Practitioner Requirements (39:33) - Knowledge of Errors and Omissions (42:31) - Proposed IRS Regulations and Practitioner Responsibilities (49:41) - Best Practices and Circular 230 (57:30) - Conclusion and Future Expectations Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with Bob Kerr https://kerr.tax/about-us/ https://www.linkedin.com/in/kerr-robert Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
BOI Relief, Tax Reform, and IRS Restructuring 53:09

10 weeks ago53:09

53:09

Roger and Annie provide critical updates on the Treasury Department's decision to halt Corporate Transparency Act penalties and enforcement requirements, bringing relief to tax practitioners and their clients. They break down the six-step reconciliation process for tax reform, offering clarity on where current legislation stands and what might be coming. The hosts also discuss concerns about potential IRS workforce reductions, upcoming technology improvements, and preview changes to Circular 230 regulations that will impact tax practice management. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Introduction and Welcome (02:04) - BOI Reporting Updates (02:50) - Corporate Transparency Act Penalties (05:46) - Guidance for Clients on BOI Compliance (11:03) - Government Shutdown Concerns (15:27) - Reconciliation and Tax Reform Process (26:15) - Debating the Impact of Tariffs (26:57) - Abolishing the IRS: Feasible or Fantasy? (29:08) - IRS Workforce Cuts: Immediate Implications (29:54) - Challenges of Tax Season Amid Workforce Reductions (32:39) - Potential Tax Reforms and Technological Advancements (45:31) - Common Tax Filing Mistakes to Avoid (47:58) - Upcoming Changes to Circular 230 (51:19) - Wrapping Up and Final Thoughts Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
IRS Upheaval: Staff Cuts, BOI Updates, and Filing Season Insights 55:53

12 weeks ago55:53

55:53

Roger and Annie explore major changes affecting tax professionals in early 2024, including significant staffing changes at the IRS and ongoing uncertainty around Beneficial Ownership Information (BOI) reporting requirements. They break down the new 1099-K reporting thresholds and explain how to handle various transaction types, from business payments to personal item sales. The hosts also discuss current legislative proposals and share practical insights for handling common client questions about taxable income and deductions during tax season. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (02:30) - Tax Reform and Legislative Updates (07:05) - IRS Hiring and Workforce Changes (13:12) - Beneficial Ownership Reporting Updates (20:34) - Employer Retention Credit Updates (23:42) - 1099K Reporting Changes (30:15) - Understanding Ticket Transactions (31:39) - Client Misconceptions and IRS Blame (33:27) - Filing Season Insights (38:46) - Common Tax Questions (49:32) - Proposed Tax Legislation (54:03) - Conclusion and Final Thoughts Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
IRS Funding, Tax Gaps, and Modern Tech 56:25

14 weeks ago56:25

56:25

Former IRSAC Chair Annette Nellen joins Roger and Annie to discuss critical challenges facing the IRS and tax administration. The conversation explores the growing tax gap, the importance of consistent IRS funding, and efforts to modernize taxpayer services through online accounts and digital solutions. The discussion also delves into proposals for tax preparer regulation, continuing education requirements for enrolled agents, and the complexities of implementing cryptocurrency reporting requirements. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:35) - Introducing Special Guest Annette Nellen (02:26) - Understanding the ERSAC Annual Report (05:40) - Deep Dive into the Tax Gap (07:52) - IRS Funding and Its Impact (19:04) - Tax Literacy and Education Challenges (25:48) - Modernizing the IRS and Funding (30:33) - IRS Hiring Challenges and Misconceptions (31:48) - Impact of Potential Hiring Freeze (33:28) - IRS Strategic Operating Plans and Online Accounts (36:50) - Technological Advancements and Challenges (43:44) - Practice Management and Professional Development (47:48) - Regulating Tax Return Preparers (52:17) - Digital Currency and Cryptocurrency Regulations (55:19) - Conclusion and Final Thoughts Connect with Annette Nellen https://www.linkedin.com/in/annette-nellen-7448824 IRSAC Report https://www.irs.gov/pub/irs-pdf/p5316.pdf Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
Tax Season Kickoff 55:59

16 weeks ago55:59

55:59

Roger and Annie dive into the complex political dynamics shaping potential tax reform in 2025, breaking down the strategic implications of pursuing one comprehensive bill versus two separate pieces of legislation. They provide critical updates on the ever-changing BOI regulations, including recent court injunctions and what practitioners should do while awaiting final resolution. The episode concludes with practical advice for tax professionals preparing for the upcoming tax season, covering everything from research tools and client management to pricing strategies and work-life balance. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:27) - Weather Woes and Tax Season Kickoff (02:09) - Political Landscape and Tax Legislation (03:20) - Tax Cuts and Jobs Act Discussion (06:38) - One Bill vs. Two Bills Debate (13:47) - BOI Updates and Legal Battles (24:48) - Employee Retention Credit Issues (29:44) - Taxpayer Advocate's Annual Report Insights (31:47) - Persistent IRS Issues and Proposed Solutions (33:18) - Regulating Tax Preparers: A Growing Need (37:21) - Preparing for the Upcoming Tax Season (41:01) - Client Management and Workload Optimization (45:21) - Research Tools and Online Resources (55:10) - Conclusion and Upcoming Topics Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
Crypto for Tax Pros 1:08:39

18 weeks ago1:08:39

1:08:39

Crypto tax expert Amir Marmar of JFDI Accountants breaks down the complexities of cryptocurrency taxation and shares guidance on when tax professionals should handle crypto cases themselves versus partnering with specialists. He explains key concepts like wallet-level reporting requirements coming in 2025, the challenges of DeFi and staking transactions, and why traditional tax software may not be enough for complex crypto cases. This episode provides practical insights for tax professionals on evaluating crypto clients and understanding the latest IRS guidance, including Revenue Procedure 2024-28's move away from universal accounting methods. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:56) - Amir Marmar's Background and Expertise (03:04) - Crypto Accounting Challenges and Success Stories (07:49) - Crypto-Friendly Government Policies (14:06) - Understanding Crypto Wallets (23:36) - Blockchain Basics and Tax Implications (29:38) - Complexities in Crypto Taxation (37:19) - Understanding Lending Protocols and Tax Implications (39:24) - Exploring Staking and Its Tax Considerations (41:11) - Liquidity Pools and Market Making (43:01) - Challenges in Crypto Accounting (44:11) - IRS Guidance and Tax Positions (46:02) - The Role of Tax Professionals in Crypto (49:39) - Steps for Successful Crypto Tax Engagements (52:50) - Upcoming Changes in Crypto Tax Reporting (01:04:53) - Contacting JFDI for Crypto Tax Help Connect with Amir https://www.jfdiaccountants.com/ https://www.linkedin.com/in/amir-marmar-20b76726 Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
Achieve 10X Growth for Your Firm: The Firm Owner's Playbook 52:55

20 weeks ago52:55

52:55

Three successful accounting firm owners share their journeys from small practices to achieving 10X revenue growth. Through candid conversations about hiring strategies, systemization, and community support, these Padgett franchise owners reveal practical insights for scaling an accounting practice. Their experiences highlight how strategic hiring, building scalable systems, and embracing a growth mindset transformed their firms from six-figure to multi-million dollar enterprises. Webinar Speakers Jeff Phillips - https://www.linkedin.com/in/jeffaccountingfly Janet Kaup - https://www.linkedin.com/in/janet-kaup-2238643 Jeff Darley - https://www.linkedin.com/in/jeff-darley-77839b2 Tom Friedel - https://www.linkedin.com/in/tom-friedel-cpa-ab71435 Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
Tax Season 2025: Changes, Challenges, and Uncertainties 50:33

22 weeks ago50:33

50:33

Annie and Roger discuss crucial tax updates as 2024 draws to a close, including the recent injunction against beneficial ownership reporting requirements, the evolving landscape of ERC claims processing, and changes to the clean vehicle credit program. They examine how the recent election results might impact tax policy, particularly regarding the Tax Cuts and Jobs Act provisions set to expire. They also provide practical guidance for tax practitioners preparing for the 2025 filing season, addressing important changes to 1099-K reporting thresholds and IP PIN requirements. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 44 (02:35) - 2025 Tax Season Preparation (05:12) - Tax Rates and Deductions for 2024 (09:17) - Business Tax Considerations (11:40) - Post-Election Tax Policy Changes (17:16) - IRS Updates and New Policies (20:52) - 1099-K Reporting Changes (24:35) - Clean Vehicle Credit (26:46) - Understanding the Dealer Credit Loophole (27:39) - Navigating EV Tax Credits (31:01) - IRS Processing and Challenges (36:35) - Potential Changes in IRS Leadership (43:17) - Beneficial Ownership Reporting Injunction (49:12) - Conclusion and Final Thoughts Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Roger and Annie on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
Post-Election Tax Landscape 53:15

25 weeks ago53:15

53:15

Capitol Hill insider Thad Inge joins Roger Harris to unpack how the election results could reshape major tax policy decisions in 2024 and beyond. The discussion explores the potential fate of expiring Trump-era tax cuts, the future of IRS funding, and the complex political dynamics that will influence tax reform under Republican control. Thad provides unique insights into the budget reconciliation process, key congressional players, and offers tax practitioners valuable context on potential legislative changes and political realities that could affect their practice and clients. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Thad Inge Joins Roger for Federal Tax Updates (01:57) - Election Impact on Tax Policy (05:03) - Republican Strategies and Budget Reconciliation (09:23) - Deficit Debates and Revenue Raising (20:42) - Key Players in Tax Reform in Congress (26:21) - IRS Funding and Future Outlook (32:58) - Commissioner Werfel's Tenure and Challenges (39:16) - Beneficial Ownership Reporting (47:58) - Senate Office Transitions (52:28) - Conclusion and Future Outlook Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with Thad Inge LinkedIn: https://www.linkedin.com/in/thad-inge-9342155 Website: https://www.vsadc.com/ Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media The full transcript for this episode is available by clicking on the Transcript tab at the top of this page All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.…

1
1099-K Thresholds, Crypto Reporting, and the Future of IRS Filing 51:18

27 weeks ago51:18

51:18

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (02:04) - Special Guest Introduction: Wendy Walker (03:14) - Discussion on IRS Advisory Council and Information Reporting (04:28) - Deep Dive into 1099K Reporting (05:43) - Challenges and Uncertainties in 1099K Reporting (08:46) - Impact on Taxpayers and Tax Professionals (11:43) - Platform Issues and Reporting Complexities (25:12) - IRS Matching and Compliance (27:07) - Future of Electronic 1099s (29:24) - New 1099 DA Form Explained (30:10) - Challenges with Current Reporting (32:22) - Future of Cryptocurrency Reporting (40:36) - IRS Modernization Efforts (50:48) - Wrap Up and Future Plans Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with Wendy Walker https://www.linkedin.com/in/wendy1099 Connect with the Hosts on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

1
What You Need to Know About Beneficial Ownership Information Reporting | Part 2 58:03

29 weeks ago58:03

58:03

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 services, emphasizing protection strategies like engagement letters and insurance coverage given the potential $591 daily penalties and criminal consequences. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:41) - Overview of Beneficial Ownership (02:43) - FAQs and Compliance Guide (06:34) - Reporting Requirements and Deadlines (14:26) - Defining Beneficial Owners (17:01) - Indicators of Substantial Control (29:18) - Accountants and Lawyers as Beneficial Owners (32:40) - Clarifying Beneficial Ownership (33:51) - Community Property and Beneficial Ownership (35:02) - FinCEN's Approach to Reporting (37:13) - Penalties and Enforcement (42:11) - Practical Implications for Accountants (52:59) - FinCEN Identifiers Explained (55:47) - Final Thoughts and Recommendations Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Hosts on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media…

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What You Need to Know About Beneficial Ownership Information Reporting | Part 1 51:55

30 weeks ago51:55