About this episode
Roger and Annie break down the preliminary list of occupations qualifying for tax-free tips, including some unexpected entries like plumbers and digital creators. They discuss the compliance headaches ahead with retroactive implementation but no updated forms until 2026. The conversation shifts to serious concerns about proposed IRS budget cuts and workforce reductions that could undermine tax enforcement when it's needed most. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Introduction and Greetings (01:25) - Upcoming Tax Deadlines (02:41) - No Tax on Tips: New Guidelines (04:16) - Industries and Occupations Affected (12:25) - Compliance and Documentation Challenges (16:24) - W-4 and W-2 Form Changes (26:04) - Call to Action: Comment on Proposed Forms (30:27) - Upcoming Changes to W2 Forms (31:16) - New Codes for Tips and Overtime (33:38) - IRS Budget Cuts and Workforce Reduction (36:42) - Impact of Budget Cuts on IRS Operations (39:29) - Challenges in IRS Enforcement and Compliance (48:12) - The Role of Practitioners and IRS Communication (55:00) - Future of IRS and Tax Law Changes (56:40) - Conclusion and Listener Engagement 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.