Episodes

Dec 15

Andres Costa and Emily Goodman have acquired four accounting practices since 2021, expanding from a single location to five offices with a team of ten. They break down their acquisition strategy, from finding deals and structuring payment terms to handling employee transitions and raising client fees. Roger and Annie dig into the hard realities of practice valuations, including why a $350,000 firm might only be worth $200,000 and what sellers need to fix before they can command top dollar Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Introduction and Greetings (00:52) - Meet the Special Guests: Andre and Emily (01:55) - The Importance of Acquiring Firms (02:46) - Starting the Acquisition Journey (07:11) - First Acquisition Experiences (13:16) - Evaluating Potential Firms (26:20) - Maintaining and Scaling Operations (33:22) - Structuring Acquisition Deals (33:59) - Client Retention Strategies (35:18) - Evaluating Firm Value (37:03) - Challenges with Small Firms (40:15) - Owner Financing Benefits (48:17) - Raising Client Fees (51:02) - Transitioning Clients and Employees (59:32) - Final Advice for Buyers and Sellers Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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 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.

Dec 1

Former IRS Commissioner Danny Werfel and longtime agency communications chief Terry Lemons join Roger and Annie for a candid Thanksgiving conversation about the mounting challenges facing the agency heading into the 2026 filing season. The discussion covers budget cuts, staffing reductions, the lingering ERC backlog, and why a hollowed-out compliance function puts both taxpayers and tax professionals at greater risk. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Welcome to Federal Tax Updates (01:22) - Introducing Special Guests: Terry Lemons and Danny Werfel (02:33) - Danny's Post-IRS Journey (08:03) - Terry Lemons' Post-IRS Activities (12:27) - Challenges Facing the IRS and Tax Professionals (19:52) - The Importance of IRS Compliance and Modernization (30:50) - Concerns About Workforce Sustainability (31:56) - Employee Retention Credit Issues (32:37) - Fraud and Government Response (35:30) - Impact of Government Shutdown on IRS Programs (36:53) - IRS Performance and Resource Allocation (40:52) - Challenges in Tax Compliance and Enforcement (46:17) - Preparing for the Upcoming Tax Season (51:19) - College Football Predictions (53:53) - Closing Remarks and Holiday Wishes Connect with Terry Lemons https://www.linkedin.com/in/terry-lemons-77b3641a9 Connect with Danny Werfel https://www.linkedin.com/in/danny-werfel-89441594 Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris - https://www.linkedin.com/in/rogerharrispbs/ Annie Schwab - 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 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.

Nov 10

John Barucci joins the show to break down his real-life data breach. John thought he had all the right safeguards in place: cyber insurance, firewalls, security training, and a written information security plan. But a single click on what appeared to be a Social Security Administration email led to bad actors accessing nine client files, altering returns, and changing bank account information in just 38 minutes. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Introduction and Greetings (00:56) - Current Events and Government Shutdown (01:56) - PTIN Renewal and Security Measures (02:59) - Introducing John Bucci's Story (04:34) - John Bucci's Cybersecurity Breach Experience (06:18) - Detailed Chronology of the Breach (18:38) - Immediate Actions Taken Post-Breach (22:14) - IRS and Software Company Responses (27:02) - Client Communication and Further Steps (30:34) - The Weight of Responsibility in Tax Practice (31:22) - The Importance of Having a Plan (32:28) - Immediate Actions Post-Breach (32:53) - Involvement of Thomson Reuters and Stopping the Breach (34:21) - Forensic Investigation and Legal Steps (35:48) - Cyber Insurance and Its Benefits (37:50) - IRS Practitioner Relief Program (43:27) - Final Reflections and Lessons Learned (50:02) - Conclusion and Final Thoughts Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with John: https://www.linkedin.com/in/johnbarucci 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 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.

Oct 27

Roger and Annie welcome Alan Pinck, EA and moderator of Tax Talk Today, for a wide-ranging conversation about his transition from hospitality management to tax representation work. Alan shares war stories from the days of preparing returns by hand, explains why treating IRS auditors with respect yields better outcomes than adversarial tactics, and discusses the critical differences between examination and collections work. The conversation covers everything from ghost preparers and ERC problems to building a year-round practice, teaching strategies, and why the most important day of tax season is April 16th. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Connect with Alan https://www.linkedin.com/in/alan-pinck-ea-1b29b66 https://apincktax.com/ Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Introduction and Welcome (01:05) - Special Guest Introduction: Alan Pink (02:13) - Alan's Journey into Tax Profession (04:57) - Challenges and Anecdotes in Tax Preparation (13:09) - Representation and Audits (22:28) - Collections vs. Examination (29:12) - Current Issues and Credits (30:06) - Taxpayer Liability and Rule Changes (31:11) - Understanding Captive Insurance (33:35) - Advice for New Tax Professionals (34:33) - NAEA and Educational Programs (38:21) - Becoming a Tax Talk Moderator (41:36) - Challenges and Rewards of Live Shows (51:12) - Upcoming Speaking Engagements (53:19) - Final Thoughts and Farewell Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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 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.

Oct 13

Roger and Annie sit down with Blake Oliver, founder of Earmark, to cut through the AI confusion. Blake explains why AI is more like a brilliant Harvard-trained intern with amnesia than a tax professional replacement, sharing practical applications from document organization to quality control that can work in firms today. The conversation explores which AI tools are worth trying, why voice mode changes everything, and why tax professionals who start experimenting now are still early adopters, not late to the party. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Welcome to Federal Tax Updates (01:19) - Guest Introduction: Blake Oliver (03:27) - Diving into AI: Initial Thoughts and Comparisons (07:58) - Understanding AI and Its Limitations (15:47) - Effective Use of AI in Accounting (21:41) - Choosing the Right AI Tools (24:49) - Security and Cost Considerations (30:46) - Best Practices and Pitfalls in AI Usage (33:17) - AI Struggles with Tax Complexity (34:34) - Human Verification in Tax Analysis (35:01) - AI's Limitations and Cost (36:29) - Misconceptions About AI in Tax (40:25) - AI's Role in Administrative Tasks (41:47) - AI in Quality Control and Research (43:26) - AI in Radiology and Tax (50:10) - Future of AI in Transportation (53:05) - AI in Manufacturing and Economy (56:17) - Adapting to AI in the Accounting Industry (57:21) - Conclusion and Final Thoughts Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with Blake Oliver https://www.linkedin.com/in/blaketoliver 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 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.

Sep 29

Drawing from insights gathered at five IRS tax forums this year, Roger and Annie are joined by Jeff, Amanda, and Katarina to tackle the three most pressing challenges facing small accounting firms. From remote hiring strategies to why 90% of clients accept fee increases to essential marketing basics, this episode shows how hiring, pricing, and marketing work together to create a thriving, sellable practice. Whether you're drowning in capacity issues or preparing for eventual retirement, these proven strategies offer a roadmap out of the daily grind. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:10) - Overview of Today's Podcast (01:27) - Insights from IRS Forums (02:43) - Key Challenges in the Industry (04:20) - Deep Dive into Hiring Issues Pricing Strategies and Challenges (07:38) - Introducing Jeff Phillips on Hiring (08:53) - Remote Work and Hiring (28:41) - Introduction and Struggles with Pricing (29:10) - Linking Pricing to Hiring Challenges (30:08) - Consequences of Poor Pricing (31:55) - Implementing a Pricing System (33:35) - Client Reactions to Price Increases (36:16) - Timing and Strategy for Raising Fees (46:31) - Marketing and Growth Strategies (48:07) - Importance of Online Presence (50:52) - Leveraging Reviews and Referrals (01:01:33) - Concluding Thoughts 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 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 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.

Sep 15

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.

Sep 2

Roger and Annie break down the aftermath of Commissioner Billy Long's abrupt departure to become Ambassador to Iceland, leaving Treasury Secretary Scott Bessent as acting commissioner amid widespread IRS staff cuts and uncertainty. They also explore the massive 900+ page "Big Beautiful Bill" (2025 Act), covering everything from permanent individual tax rate changes and Trump savings accounts for children to the new tip and overtime tax exclusions that expire in 2028. The discussion also covers significant business provisions like permanent QBI deductions, higher 1099 thresholds, and the systematic elimination of energy credits through 2028. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome o Federal Tax Updates (01:03) - Recap of Previous Podcast with IRS Stakeholder Liaison (01:53) - Discussion on IRS Forums and Observations (06:14) - Changes in IRS Leadership (09:19) - Impact of IRS Leadership Changes on Operations (19:08) - Big Beautiful Bill Overview (28:05) - Individual Tax Changes in the 2025 Act (31:28) - Changes to Standard Deductions and Itemization (33:26) - Paid Leave and Adoption Credits (35:26) - New Trump Accounts and Education Savings (39:50) - Tax Benefits for Workers: Tips and Overtime (46:31) - Senior Tax Benefits and Auto Loan Interest Deduction (47:57) - Business Tax Provisions: QBI Deduction and Depreciation (52:44) - Energy Credits and Their Phase-Out (56:42) - Political Implications and Conclusion 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.

Aug 18

Recorded live from the New Orleans Tax Forum, Roger and Annie sit down with Maggie Romaniello from IRS Stakeholder Liaison to discuss this often overlooked but crucial IRS department. Maggie explains how Stakeholder Liaison serves as an advocate for tax professionals and their clients, handling everything from systemic issues like erroneous extension letters to data breach incidents and disaster response. The conversation reveals how practitioners can access this free resource directly through the IRS website and highlights the department's role in pushing for technological improvements like online accounts and streamlined processes. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Introduction and Setting the Scene (01:02) - Overview of IRS Tax Forums (01:37) - Special Guest: Maggie Romaniello from Stakeholder Liaison (03:07) - History and Evolution of Stakeholder Liaison (04:57) - Current Challenges and Changes in Stakeholder Liaison (05:53) - Addressing Practitioner Issues and Communication (16:05) - How to Contact Stakeholder Liaison (19:55) - Introduction to Data Safetys (22:07) - Steps to Take After a Data Breach (24:00) - IRS Support and Resources (25:12) - State-Specific Requirements for Data Breaches (27:11) - The Importance of Online Accounts (28:45) - Setting Up and Using IRS Online Accounts (37:28) - Power of Attorney and Tax Pro Accounts (42:31) - Handling Disasters and IRS Outreach 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 Maggie LinkedIn: https://www.linkedin.com/in/margaret-romaniello-5189758a 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.

Jul 21

Washington DC tax expert Thad Inge joins the show again for a deep dive into the Big Beautiful Bill. He breaks down the tax legislation that extends TCJA provisions and introduces new benefits like tax-free tips and overtime. Together with Annie and Roger, they explore the surprising speed of the political process, the complex implementation challenges ahead, and what small business owners and individuals need to know right now. From ERC changes to new car loan deductions, this comprehensive breakdown separates the reality from the hype surrounding one of the most significant tax bills in recent years. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (02:14) - Overview of the Big Beautiful Bill (02:43) - The Legislative Process and Political Dynamics (06:53) - Key Provisions and Extensions in the Bill (09:33) - Tax Policy vs. Political Strategy (11:33) - State and Local Tax (SALT) Debate (17:25) - Cost and Budget Considerations (26:24) - New Tax Provisions: Tips and Overtime (29:07) - Implementation Challenges and Guidance (34:18) - Transition Relief and State Standards (37:16) - Overtime and Salary Dynamics (38:17) - IRS Withholding Rules (42:24) - Employee Retention Credit (ERC) Updates (48:17) - Business Deductions and Expensing (52:22) - New Tax Provisions for Seniors and Car Loans (54:59) - Energy Credits and Legislative Negotiations (56:35) - Final Thoughts 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.

Jul 14

Tax professional data breaches have exploded in 2025, with 327 reported incidents affecting over 342,000 taxpayers in just half a year. Glenn Gizzy, a 36-year IRS veteran now specializing in data breach prevention, reveals the sophisticated tactics criminals use to infiltrate tax practices. From phishing emails disguised as client referrals, to hackers who wait until returns are filed before changing bank account information. This conversation covers essential protection measures including Written Information Security Plans (WISP), IP PINs, proper cyber insurance coverage, and the critical steps to take immediately after discovering a breach. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Introduction and Greetings (02:21) - Today's Guest and Topic: Scams and Data Breaches (02:56) - IRS Statistics on Data Breaches (05:33) - Common Scams and How They Work (09:48) - Phishing Emails and Ransomware (14:51) - Fake Charities and Donation Scams (17:30) - Refund Thefts and Data Breaches (21:28) - IRS Communication and Taxpayer Awareness (30:10) - Signs of a Data Breach for Practitioners (32:42) - Immediate Steps After a Data Breach (34:32) - Multi-Step Process and Insurance Involvement (37:42) - Filing Returns After a Breach (40:54) - Identity Protection PIN (IP PIN) (48:10) - Written Information Security Plan (WISP) (53:06) - Protecting EFIN, PTIN, and CAF Numbers (55:25) - Final Thoughts and Conclusion Connect with Glenn https://www.linkedin.com/in/glenn-gizzi-4b6ab5205 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

Jun 30

Annie and Roger break down the political maneuvering around the "big beautiful bill" extending the Tax Cuts and Jobs Act, explaining why seemingly simple provisions like no tax on tips and overtime could create major headaches for the 2026 filing season. They examine proposed IRS budget cuts of 37% and workforce reductions of 20% at the same time new tax complexities are being added. The hosts also celebrate the success of the 2025 filing season while questioning whether similar results are possible given the challenges ahead, including new Commissioner Billy Long's appointment and the ongoing uncertainty about when and what form the final legislation will take. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (02:14) - The Big Beautiful Bill: An Overview (02:37) - Republican and Democrat Perspectives (04:04) - Understanding Cuts and Dynamic Scoring (06:10) - Medicare and Eligibility Changes (08:23) - State and Local Tax Deduction Debate (11:13) - House vs. Senate: Political Dynamics (17:24) - New Proposals: Tips, Overtime, and More (29:16) - Temporary Tax Law and Its Implications (33:55) - Challenges with No Tax on Overtime (39:34) - Successful 2025 Filing Season Recap (44:45) - Proposed Budget Cuts and Their Impact (51:44) - New IRS Leadership and Future Outlook (56:43) - Conclusion and Future Updates 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

Jun 16

Giles Pearson, co-founder of Accountests and former PwC partner, shares how one disastrous hire led him to revolutionize recruiting in the accounting profession. The conversation explores why traditional hiring methods fail, how skills and personality testing can predict job success, and reveals the shocking statistics about resume dishonesty. Roger and Annie also dive into New Zealand's streamlined tax system where 90% of taxpayers never file returns, sparking a fascinating debate about whether such simplicity could ever work in the United States. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:40) - Introducing the Guest: Gilles Pearson (03:06) - Challenges in Hiring and the Birth of Accountests (05:10) - The Importance of Testing in Hiring (08:13) - The Role of Personality and Skills Tests (13:57) - Developing Effective Tests for Accountants (24:29) - Personality Profiles and Team Dynamics (31:33) - Using Tests for Employee Development (34:35) - Succession Planning in Smaller Firms (36:50) - Accountant Stereotypes and Communication Challenges (40:42) - The Role of Personal Interaction in Accounting (44:56) - Streamlined Hiring Process with Account Tests (48:56) - Comparing Tax Systems: US vs New Zealand (56:56) - Final Thoughts and Farewell Connect with Giles Pearson https://nz.linkedin.com/in/giles-pearson-fca-8a175843 https://www.accountests.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 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

Jun 2

Former IRS Commissioner Danny Werfel joins Roger and Annie for a wide-ranging conversation about his tenure leading the nation's tax agency during a period of unprecedented funding and modernization efforts. Werfel discusses the challenges of rebuilding IRS operations, his decision to resign during the transition to Trump, and his concerns about maintaining tax system stability while pursuing automation and reform. Using memorable analogies—from unpowered refrigerators to football stadiums under construction—he offers frank insights into what it takes to run a healthy tax system and why strong tax administration is essential for economic stability. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome Former IRS Commissioner Danny Werfel to Federal Tax Updates (03:21) - Commissioner's Background and Expertise (07:01) - Challenges and Opportunities at the IRS (11:27) - IRS Modernization and Future Vision (23:27) - The Importance of a Tax System (28:59) - Why Commissioner Werfel Left the IRS (30:56) - Navigating the Transition Period (31:30) - Seeking Guidance from the Incoming Treasury Secretary (34:30) - The Importance of Listening and Feedback (42:41) - Challenges with the Employee Retention Credit (49:58) - What Changes Would You Implement if You Had Total Control (53:47) - Future Plans and Reflections (56:09) - Georgia Football and Final Thoughts Danny Werfel https://www.linkedin.com/in/danny-werfel-89441594 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

May 5

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 (01:46) - Post-Tax Season Reflections (03:02) - Employee Retention Credit Updates (12:04) - Beneficial Ownership Information Reporting (18:43) - Current Legislative Landscape in DC (25:22) - IRS Staffing and Morale Issues (31:25) - Challenges Facing the IRS (37:15) - Post-Tax Season Business Strategies (41:56) - Client Management and Pricing Strategies (46:59) - Maximizing Client Relationships and Billing Opportunities (50:55) - Preparing for the Next Tax Season (52:34) - 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

Apr 21

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 (01:28) - Celebrating the 50th Podcast with Special Guest Terry Lemons (03:07) - Terry Lemons' Journey to the IRS (06:31) - The Role and Influence of IRS Commissioners (11:17) - Preparing a Commissioner to Testify Before Congress (22:12) - Challenges and Perceptions of Working at the IRS (28:27) - Debunking IRS Agent Myths (30:45) - IRS Efficiency and Transformation (32:12) - Challenges and Improvements at the IRS (33:34) - Reflecting on Filing Seasons (35:52) - Historical IRS Challenges (40:12) - Future Tax Law Changes and Implications (44:19) - Terry's Retirement Plans (45:55) - The Importance of Tax Professionals Community (52:03) - 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!

Apr 7

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.

Mar 24

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 (02:04) - Introducing Special Guest Bob Kerr (03:16) - Overview of Circular 230 (04:43) - Proposed Changes to Circular 230 (15:01) - Contingent Fees Debate (30:18) - Limited Practice Discussion (36:10) - Voluntary IRS Programs and Their Impact (37:58) - Competency and Practitioner Requirements (39:21) - Knowledge of Errors and Omissions (42:19) - Proposed IRS Regulations and Practitioner Responsibilities (49:29) - Best Practices and Circular 230 (57:18) - 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

Mar 11

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 (01:48) - BOI Reporting Updates (02:34) - Corporate Transparency Act Penalties (05:30) - Guidance for Clients on BOI Compliance (10:47) - Government Shutdown Concerns (15:15) - Reconciliation and Tax Reform Process (26:03) - Debating the Impact of Tariffs (26:45) - Abolishing the IRS: Feasible or Fantasy? (28:56) - IRS Workforce Cuts: Immediate Implications (29:42) - Challenges of Tax Season Amid Workforce Reductions (32:27) - Potential Tax Reforms and Technological Advancements (45:19) - Common Tax Filing Mistakes to Avoid (47:46) - Upcoming Changes to Circular 230 (51:07) - 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

Feb 24

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 (02:14) - Tax Reform and Legislative Updates (06:49) - IRS Hiring and Workforce Changes (12:56) - Beneficial Ownership Reporting Updates (20:18) - Employer Retention Credit Updates (23:30) - 1099K Reporting Changes (30:03) - Understanding Ticket Transactions (31:27) - Client Misconceptions and IRS Blame (33:15) - Filing Season Insights (38:34) - Common Tax Questions (49:20) - Proposed Tax Legislation (53:51) - 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

Feb 10

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 (01:19) - Introducing Special Guest Annette Nellen (02:10) - Understanding the ERSAC Annual Report (05:24) - Deep Dive into the Tax Gap (07:36) - IRS Funding and Its Impact (18:48) - Tax Literacy and Education Challenges (25:32) - Modernizing the IRS and Funding (30:17) - IRS Hiring Challenges and Misconceptions (31:32) - Impact of Potential Hiring Freeze (33:12) - IRS Strategic Operating Plans and Online Accounts (36:38) - Technological Advancements and Challenges (43:32) - Practice Management and Professional Development (47:36) - Regulating Tax Return Preparers (52:05) - Digital Currency and Cryptocurrency Regulations (55:07) - 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

Jan 27

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 (01:11) - Weather Woes and Tax Season Kickoff (01:53) - Political Landscape and Tax Legislation (03:04) - Tax Cuts and Jobs Act Discussion (06:22) - One Bill vs. Two Bills Debate (13:31) - BOI Updates and Legal Battles (24:36) - Employee Retention Credit Issues (29:32) - Taxpayer Advocate's Annual Report Insights (31:35) - Persistent IRS Issues and Proposed Solutions (33:06) - Regulating Tax Preparers: A Growing Need (37:09) - Preparing for the Upcoming Tax Season (40:49) - Client Management and Workload Optimization (45:09) - Research Tools and Online Resources (54:58) - 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

Jan 13

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 (01:40) - Amir Marmar's Background and Expertise (02:48) - Crypto Accounting Challenges and Success Stories (07:33) - Crypto-Friendly Government Policies (13:50) - Understanding Crypto Wallets (23:20) - Blockchain Basics and Tax Implications (29:22) - Complexities in Crypto Taxation (37:07) - Understanding Lending Protocols and Tax Implications (39:12) - Exploring Staking and Its Tax Considerations (40:59) - Liquidity Pools and Market Making (42:49) - Challenges in Crypto Accounting (43:59) - IRS Guidance and Tax Positions (45:50) - The Role of Tax Professionals in Crypto (49:27) - Steps for Successful Crypto Tax Engagements (52:38) - Upcoming Changes in Crypto Tax Reporting (01:04:41) - 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

Dec 30, 2024

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

Dec 16, 2024

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 (02:19) - 2025 Tax Season Preparation (04:56) - Tax Rates and Deductions for 2024 (09:01) - Business Tax Considerations (11:24) - Post-Election Tax Policy Changes (17:00) - IRS Updates and New Policies (20:36) - 1099-K Reporting Changes (24:19) - Clean Vehicle Credit (26:30) - Understanding the Dealer Credit Loophole (27:23) - Navigating EV Tax Credits (30:49) - IRS Processing and Challenges (36:23) - Potential Changes in IRS Leadership (43:05) - Beneficial Ownership Reporting Injunction (49:00) - 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

Nov 25, 2024

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 (01:41) - Election Impact on Tax Policy (04:47) - Republican Strategies and Budget Reconciliation (09:07) - Deficit Debates and Revenue Raising (20:30) - Key Players in Tax Reform in Congress (26:09) - IRS Funding and Future Outlook (32:46) - Commissioner Werfel's Tenure and Challenges (39:04) - Beneficial Ownership Reporting (47:46) - Senate Office Transitions (52:16) - 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.

Nov 11, 2024

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 (01:48) - Special Guest Introduction: Wendy Walker (02:58) - Discussion on IRS Advisory Council and Information Reporting (04:12) - Deep Dive into 1099K Reporting (05:27) - Challenges and Uncertainties in 1099K Reporting (08:30) - Impact on Taxpayers and Tax Professionals (11:27) - Platform Issues and Reporting Complexities (25:00) - IRS Matching and Compliance (26:55) - Future of Electronic 1099s (29:12) - New 1099 DA Form Explained (29:58) - Challenges with Current Reporting (32:10) - Future of Cryptocurrency Reporting (40:24) - IRS Modernization Efforts (50:36) - 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

Oct 28, 2024

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 (01:25) - Overview of Beneficial Ownership (02:27) - FAQs and Compliance Guide (06:18) - Reporting Requirements and Deadlines (14:10) - Defining Beneficial Owners (16:45) - Indicators of Substantial Control (29:06) - Accountants and Lawyers as Beneficial Owners (32:28) - Clarifying Beneficial Ownership (33:39) - Community Property and Beneficial Ownership (34:50) - FinCEN's Approach to Reporting (37:01) - Penalties and Enforcement (41:59) - Practical Implications for Accountants (52:47) - FinCEN Identifiers Explained (55:35) - 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

Oct 21, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (03:18) - Understanding the FinCEN Reporting Requirements (04:55) - Navigating the FAQs and Compliance Challenges (09:41) - Filing Requirements and Deadlines (23:25) - Who Needs to Report? Identifying Reporting Companies (27:21) - Understanding Reporting Company Criteria (29:31) - Sole Proprietorships and Reporting Requirements (30:47) - Navigating S Corps and HOAs Reporting (32:25) - Legal Implications and Attorney Involvement (33:47) - Complex Scenarios and Reporting Obligations (40:15) - Company Applicant Responsibilities (45:34) - Filing Requirements and Updates (50:32) - Conclusion and Next Steps 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

Oct 7, 2024

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 position themselves for sustainable growth. To earn CPE for this episode, go here: https://www.earmark.app/c/1872 Connect with Zachary Warren, MBA https://www.linkedin.com/in/zach-warren-19403371 https://www.thomsonreuters.com/en-us/posts/authors/zach-warren Connect with Amanda Aguillard, CPA CISD https://www.linkedin.com/in/amandaaguillard https://www.aguillardaccounting.com 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

Sep 23, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:30) - Challenges in Tax Planning (02:51) - Election Impact on Tax Laws (06:58) - Potential Changes in Tax Provisions (16:26) - Electric Vehicle Tax Credits (21:18) - Tax Reform and Future Considerations (26:50) - Meeting with IRS Commissioner Werfel (28:12) - IRS Funding and Staffing Challenges (29:04) - Tax Scams and Fraud Prevention (32:45) - Employee Retention Credit (ERC) Updates (40:28) - Beneficial Ownership Information Reporting (50:10) - End-of-Year Tax Planning and Challenges (51:42) - Final Thoughts and Wrap-Up 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

Sep 9, 2024

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 standards. (00:00) - Welcome to Federal Tax Updates (00:39) - Coming to You Live From the Dallas IRS Tax Forum (01:56) - Welcome Jeff Phillips to the Show (16:57) - Welcome Melvin Hardy to the Show (32:43) - Welcome Christine Freeland to the Show (47:34) - Welcome Kelly Comegys to the Show (55:44) - Welcome Alan Pinck to the Show (01:06:37) - Welcome Nina Tross to the Show (01:20:53) - Welcome Terry Lemmons to the Show (01:33:27) - Thanks for Joining Us and Remember to Subscribe! Thank you to all of our guests: Jeff Phillips | Padgett | CEO Melvin Hardy | IRS | Director, Office of National Public Liaison Nina Tross | NSTP | Liaison for Tax & Advocacy Terry Lemons | IRS | Chief, Communications & Liaison Kelli Comegys | NAEA | Senior Director of Strategy & Membership Christine Freeland | NSA | Senior Advisor Alan Pinck | Tax Talk Today | Host 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 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.

Aug 26, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (02:03) - Current Political Climate in DC (02:37) - Legislative Updates and Tax Relief (08:33) - Digital Asset Reporting (09:16) - Security Summit and WISP (19:01) - Employer Retention Credit Updates (27:56) - IRS Moratorium and Fraud Analysis (31:27) - Penalties and Promoter Fines (32:12) - ERC Business Resurgence (35:00) - Beneficial Ownership Information Reporting (37:28) - Challenges and Uncertainties in BOI Compliance (46:42) - IRS Forums and Upcoming Events 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 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.

Jul 29, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:14) - Discussing the Employee Retention Credit (ERC) (01:46) - Introducing Guest Expert Hale Shepard (02:50) - IRS Updates on ERC Claims Processing (05:53) - Challenges in Documentation and Audits (11:43) - Protest Letters and Legal Considerations (15:37) - Patterns and Trends in ERC Audits (20:57) - Impact of Delays and New Business Models (25:33) - Legal Authority and Future Implications (31:08) - The American Rescue Plan and Its Implications (32:05) - Legislation and ERC Claims Cutoff (36:11) - Promoter Penalty Investigations (45:17) - IRS Guidance and Retroactive Challenges (49:24) - Future of ERC and Beneficial Ownership (52:22) - Final Thoughts and Thanks for Listening 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 Hale Sheppard https://www.linkedin.com/in/halesheppard https://www.chamberlainlaw.com/people-hale_sheppard.html 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 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.

Jul 15, 2024

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 accounting firm owners struggling with staffing issues in today's competitive job market. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 35 (02:03) - Introducing the Expert Guest: Jeff Phillips (03:32) - Global and Industry-Specific Hiring Challenges (05:46) - The Importance of Flexibility and Remote Work (08:24) - The Value Proposition for Accounting Firms (13:27) - Strategies for Effective Recruitment (25:04) - Building a Modern Firm for the Future (30:56) - Morning Routine for Business Success (31:16) - The Pitfalls of Reactive Hiring & Effective Screening (32:46) - The Importance of Selling to Top Candidates (38:11) - Leveraging Offshore and Freelance Talent (45:56) - Managing Remote Teams Effectively (52:51) - The Future of Hiring in Accounting 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 Jeff Phillips https://www.padgettadvisors.com/our-team https://www.linkedin.com/in/jeffaccountingfly 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.

Jul 1, 2024

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 providing comprehensive advisory services to small business clients beyond just tax advice. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:33) - Small Business Issues Overview (02:55) - Employment Concerns for Small Businesses (05:43) - Fair Labor Standards Act (FLSA) Basics (08:30) - State vs. Federal Minimum Wage (12:25) - Overtime Rules and Exemptions (29:12) - Salary Adjustments and Overtime Considerations (29:46) - Impact of Political Changes on Labor Regulations (30:11) - Understanding Exemptions: Administrative, Executive, and Professional (31:06) - Outside Sales and Computer Employees Exemptions (33:19) - Joint Employer Standards and Franchisee Concerns (36:45) - Child Labor Laws and Hiring Your Own Children (42:42) - Non-Compete Agreements and Employee Retention (50:55) - Upcoming Podcast and Future 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 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.

Jun 17, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 33 (00:55) - Introduction and Summer Plans (01:51) - Understanding IRS Notices (06:31) - CP2000 Notices Explained (19:56) - Responding to IRS Notices (26:53) - Strategies for Handling Tax Penalties (28:43) - Importance of Timely Responses to IRS Notices (30:47) - Mailing Issues and Certified Receipts (32:49) - Setting Up and Using IRS Online Accounts (39:57) - TaxPro Accounts and Future Enhancements (42:59) - Scams and IRS Communication Guidelines (45:16) - Summer Tax Planning Tips (47:54) - Current Issues: ERC and Beneficial Ownership (51:44) - 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 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.

Jun 3, 2024

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 tax professionals on what to focus on during the slower summer months, such as working on extension returns, analyzing technology and software, and planning CPE. They close by mentioning the upcoming IRS Tax Forums taking place in various cities across the US. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Introduction and Welcome (01:04) - Discussion on BOI (Beneficial Ownership Information) (01:47) - Hearing Insights and Political Dynamics (05:25) - Legal Challenges and Court Cases (10:43) - Employee Retention Credit (ERC) Updates (14:21) - Mail Issues and IRS Processing Delays (21:06) - New FTC Rules on Non-Compete Clauses (22:43) - Overtime Protections and Salary Thresholds (24:49) - Impact of Elections on Business Regulations (25:15) - Challenges for Small Business Owners (26:20) - Survey Insights from Tax Season (28:12) - IRS Online Services Improvements (30:21) - Benefits of IRS Online Accounts (36:19) - Summer Strategies for Tax Professionals (40:00) - Planning for CPE and Technology Updates (42:28) - Upcoming IRS Forums 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 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.

May 20, 2024

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 that was created under 2021's Corporate Transparency Act (CTA). This bonus episode does not quality for CPE or IRS CE Padgett - Contact Padgett or Email Jeff Phillips 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.

May 6, 2024

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 policy changes after the election. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:58) - Post-Tax Season Reflections: IRS Performance and Technological Improvements (08:06) - Evaluating the Tax Season: Metrics and Client Feedback (13:58) - Addressing Post-Tax Season Tasks and Planning Ahead (22:59) - Navigating New Developments: Beneficial Ownership Reporting (25:25) - Navigating the Complexities of Court Rulings and Association Memberships (27:00) - Congressional Attention on Implementation Issues (27:59) - Exploring the Details of Beneficial Ownership Reporting (28:49) - Challenges and Legalities for Tax Practitioners (32:47) - The Ongoing Struggle with ERC Claims Processing (33:41) - Fraud Prevention and the Importance of Accurate Record-Keeping (36:23) - Addressing the Surge in Fraudulent Claims and Ensuring Compliance (39:58) - Legislative Updates and Future Tax Policy Discussions (42:26) - Security Concerns and Protecting Client Data (47:06) - Wrapping Up: Post-Tax Season Reflections and Looking Ahead 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.

Apr 22, 2024

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 culture. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:48) - Meet Amanda Aguilar: A Journey from CPA to IRS Advisory Council Member (03:10) - Post-Tax Season Reflections: Looking Back to Move Forward (05:47) - Evaluating Your Practice: The Importance of Client Grading (10:46) - Achieving Work-Life Balance Through Right Sizing (16:38) - Embracing Specialization for a More Profitable Practice (21:29) - The Power of Saying No: Setting Boundaries with Clients (26:05) - Leveraging Technology for Efficiency and Balance (27:46) - The Challenge of Vetting Software (29:11) - The Reality of Clients and Technology Adoption (30:26) - Making Tough Decisions on Client Technology Use (33:25) - Evaluating Tax Software: Cost vs. Capability (38:07) - Diversifying Services Beyond Tax Season (42:39) - The Value of Accounting Services in the Age of DIY Software (48:26) - Closing Thoughts: Embracing Change for a Healthier Work-Life Balance Connect with Amanda Aguillard LinkedIn: https://www.linkedin.com/in/amandaaguillard 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.

Apr 8, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to the Federal Tax Updates Podcast (01:14) - Introducing Our Guest: Catharine Madeley (03:10) - The Harrowing Tale of a Data Breach (04:13) - The Initial Discovery and Immediate Response (14:20) - Navigating the Aftermath: Investigation and Recovery (23:26) - Reflections and Lessons Learned from the Cybersecurity Incident (25:42) - The Aftermath of a Data Breach: A Personal Account (26:29) - Law Enforcement's Response to Small Scale Breaches (28:24) - Navigating IRS Procedures After a Breach (29:39) - The IRS Practitioner Relief Opt-In Program: A Lifeline (32:30) - Client Communication and Response to the Breach (42:43) - Lessons Learned and Moving Forward (49:16) - 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.

Mar 25, 2024

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 these choppy waters. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (01:11) - Diving Into the Filing Season & Tax Updates (12:26) - The IRS Perspective on Employee Classification (17:04) - Navigating Section 530 Relief for Misclassification (24:05) - The ERC Voluntary Program: A Lifeline for Businesses (27:08) - The Future of ERC and Legislative Impacts (30:49) - Navigating Tax Repayment and IRS Policies (32:24) - Legislative Updates and Tax Season Insights (36:20) - The Future of Tax Laws and Political Implications (40:03) - Understanding Beneficial Ownership Reporting (47:19) - Dealing with 1099K Forms and Client Advisories (51:56) - Embracing Digital Shifts in Tax Documentation (53:18) - Thanks for Listening and Parting 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 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.

Mar 12, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome To Federal Tax Updates (00:55) - Special Guest Blake Oliver Joins the Show (02:20) - Diving into the Controversial Federal Court Ruling on Company Reporting Law (05:23) - Exploring the Implications of the Unconstitutional Ruling for Small Businesses (18:38) - IRS's Efforts to Tackle Tax Evasion by Millionaires and Billionaires (29:37) - The IRS Direct File System: A Move Towards Free Tax Filing (30:24) - Exploring the IRS's New Tax Filing Program (31:07) - The Cloud Accounting Podcast Begins (31:24) - Potential Impact on Tax Preparers (32:58) - Limitations and Design of the New Tax Tool (34:38) - The Complex World of Business Returns (35:54) - AI's Role in Tax Preparation: Hopes and Hurdles (42:18) - IRS's Paperwork Problem and Electronic Filing (47:30) - State Business Tax Climate Index: The Best and Worst States (56:03) - Closing Thoughts and Future Discussions 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 Connect with Blake Oliver 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.

Mar 5, 2024

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 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 Connect with Blake 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.

Feb 27, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 26 (02:17) - Tips for Taxpayers and Practitioners (04:32) - Understanding State Tax Laws (06:38) - Challenges in Filing Business Returns (12:07) - Importance of Security in Tax Preparation (15:29) - Understanding Circular 230 and Practitioner's Responsibilities (21:01) - Efficient Workflow Management during Tax Season (28:49) - The Importance of Pricing Structure (30:24) - Beware of Scammers: Protecting Your Practice (34:04) - Employee Retention Credit: What You Need to Know (44:15) - The Impact of Beneficial Ownership (51:40) - Wrapping Up 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.

Feb 13, 2024

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 listeners to pay attention to potential last-minute tax law changes from Congress. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome To Federal Tax Updates Episode 25 (00:55) - The 2024 Tax Season (01:41) - Beneficial Ownership Interest Reporting (02:42) - Understanding the Rules and Implications (03:25) - Exploring the Corporate Transparency Act (04:04) - Impact on Small Businesses (06:56) - Challenges and Concerns with the New Law (08:05) - Defining Beneficial Owners (10:14) - Understanding the Reporting Process (12:17) - Discussion on the Challenges of Compliance (15:36) - Advice for Navigating the New Law (22:58) - What Should People Be Doing Right Now? (39:53) - Updates on the Employee Retention Credit (44:11) - Final Thoughts and Thanks For Listening 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.

Jan 29, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Chapters (00:00) - Welcome To Federal Tax Updates Episode 24 (01:02) - Summary of employee retention credit and updates (02:32) - Overview of voluntary program for repaying improperly claimed credits (08:34) - Key details on the voluntary program (12:47) - Importance of documentation for ERC claims (15:25) - Origins and intentions of the ERC program (18:58) - Potential changes to ERC in Congressional budget negotiations (23:16) - Other letters and updates on ERC claims (25:09) - Expectations for further ERC guidance (29:22) - Using protective claims when amending returns (32:29) - Advice for taxpayers who used third parties for ERC claims (36:41) - Upcoming dates and other filing season reminders (42:17) - Thanks for listening and remember to subscribe Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Jan 15, 2024

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 discussion covers NAEA's strategic priorities like membership growth, how the EA credential compares to the CPA, and efforts to address the talent shortage by promoting the EA path, including to accounting students and career changers. Megan also shares details on NAEA's ongoing fight to regulate paid tax preparers and protect taxpayers from unethical or incompetent preparers. Additional topics include getting involved with NAEA and using its resources to advance your career as an EA. (00:00) - Federal Tax Updates: Why Become An EA? (00:50) - Welcome Megan Killian to the show (01:36) - Megan's background and role at NAEA (03:41) - Benefits of NAEA membership for Enrolled Agents (05:39) - NAEA leadership and strategic priorities (08:42) - Promoting the Enrolled Agent credential (11:34) - Comparing EAs, CPAs, and other tax professionals (14:39) - The declining number of accounting majors and CPAs (18:23) - The EA exam as a faster credentialing path (20:25) - Addressing the talent gap by hiring EAs (23:16) - Helping employees become EAs (26:33) - Regulating paid tax preparers (30:27) - Efforts to pass federal preparer regulation (32:23) - Getting involved with NAEA (34:42) - Where to reach Megan and learn more This Bonus Episode is NOT Eligilble for CE or CPE Credits Learn more about becoming an EA https://www.naea.org/ Connect with Megan Killian LinkedIn: https://www.linkedin.com/in/megkillian Website: https://www.naea.org/about-naea/naea-evp 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.

Jan 2, 2024

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (02:20) - State of Congress (07:24) - Secure Act Overview (10:39) - Government Shutdowns and Funding (14:33) - Potential Tax Changes (20:07) - Tax Cuts and Jobs Act (28:39) - IRS Plans for Additional Funding (35:08) - IRS Improvements Seen So Far (43:24) - ERC Status and Issues (51:12) - Wrap up and thanks for listening 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.

Dec 19, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome To Federal Tax Updates (04:14) - Communicating with clients at the start of the pandemic (07:55) - Making information available as a service to the community (09:47) - Transitioning to a remote work model (17:02) - Handling client expectations around ERC (26:26) - Preparing for audits and potential repayment (36:42) - Importance of staying informed on programs like ERC (43:39) - IRS guidance delaying Form 1099-K requirement 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 Dave https://www.linkedin.com/in/dave-gribben-52439961 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.

Dec 5, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 21 (00:55) - Welcome Joey to the show (02:46) - Defining financial literacy (05:48) - Teaching clients to understand finances (15:46) - Understanding client personalities and tailoring communication (18:38) - Managing pricing and margins during inflation (22:41) - Keeping financial information simple yet accurate (27:21) - Answering client questions on financial decisions (30:30) - Documentation to protect against liability risks (33:36) - Year-end tax planning with clients (39:16) - Confusion caused by media coverage and ERTC mills (43:20) - Wrap up and remember to subscribe 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 Joey https://www.linkedin.com/in/joey-vrooman-cpa-87371568 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.

Nov 20, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (03:51) - Preparing for next tax season (06:32) - IRS updates (10:46) - ERC updates (21:52) - Withdrawing ERC claims (31:35) - Repaying ERC funds (41:32) - Beneficial ownership reporting (51:23) - Timing of beneficial ownership reporting 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.

Nov 7, 2023

*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 withdraw their ERC claim ✅ Step-by-step instructions for withdrawing ERC claims ✅ Where to get more help and ERC resources from the IRS Sponsors Padgett - Contact Padgett or Email Jeff Phillips 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.

Oct 24, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Federal Tax Updates Episode 18 (02:01) - Background on Jeff Darley (14:47) - Payroll Taxes and Social Security (19:43) - S Corp vs C Corp (25:28) - Dealing with IRS on Reasonable Salary Audits (32:22) - Process of Electing S Corp Status (39:31) - Estimated Tax Payments (43:25) - Selling a Business - S Corp vs C Corp 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 Connect with Jeff Darley Website : https://littleton.padgettadvisors.com/our-team.php LinkedIn : https://www.linkedin.com/in/jeff-darley-77839b2 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.

Oct 3, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips 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. (00:00) - Federal Tax Updates Ep 17 (02:31) - Employee Retention Credit Refresher (04:24) - ERC Fraud Concerns (12:05) - ERC Moratorium (24:57) - Amending Returns for ERC (31:17) - Beneficial Owner Reporting (46:06) - E-file Mandate for Informational Returns (49:13) - IRS Hiring (54:00) - Wrap Up and Remember To Subscribe

Sep 19, 2023

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 potential solutions and their experiences working with small business owners struggling to receive ERTC funds to which they are entitled. The full audio of this hearing provides an illuminating look at the policy and administrative hurdles impacting this important pandemic tax relief program. Chapters (00:00) - FTU Bonus (23:54) - Roger introduces himself to Congress (42:17) - Roger speaks about the ERTC backlog (01:11:06) - Small businesses have been trapped (01:17:39) - Roger expresses need for clear and permanent guidance (01:20:40) - How fraudulent applications impact small businesses that unknowingly worked with ERTC mills (01:28:12) - IRS needs technology (01:37:09) - Number of ERTC claims waiting to be processed (01:39:17) - How to stop the bad actors (01:41:49) - How to help small businesses that have been scammed (01:53:26) - Three types of ERTC fraud Links YouTube Video of Hearing: https://www.youtube.com/watch?v=yotrB5DtdGA 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!

Sep 6, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips 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. (01:02) - Welcome to Federal Tax Updates : how to be proactive (08:10) - What's new with ERC (11:27) - Estimated tax payments or adjusting withholdings (13:49) - The start of IRS notices and what do they mean? (15:59) - How to respond to an IRS Notice? (28:39) - What kind of documentation does the IRS expect small business owners to have? (36:58) - Updates on 1099-Ks (46:20) - New changes in policy for the IRS (48:14) - Updates on the Transparency Act (54:05) - Making changes to your overall work environment (55:13) - Remember to subscribe so you don't miss an episode

Aug 22, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips 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. (00:00) - Welcome everyone to another episode of Federal Tax Updates: We have some ERC updates (07:17) - You can still apply for the ERC credit (12:51) - If you don't do ERC make sure your clients are working with a legit company (19:04) - What if a small business got some ERC money that they probably shouldn't have? (30:51) - What qualifies as "Supply Chain Interruption?" (31:47) - Roger gives Annie a test if someone would qualify for ERC (40:19) - What should the people do if they have legitimate ERC credits? (47:54) - Key takeaways about ERC you should know today! (51:08) - Wrap up. Please subscribe so you don't miss an episode

Aug 7, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Federal Tax Updates Episode 14 (01:17) - Welcome to Federal Tax Updates (10:10) - What to do with a client that is not experienced with technology? (14:27) - What technologies can be brought to improve your service? (20:39) - What can developing a niche do to help your firm? (30:14) - What do people mean when they talk about Subscription Pricing? (38:58) - IRS released OPR information reminders for succession plans (48:04) - Recent IRS updates to be aware of. (53:08) - Thanks for listening and please subscribe so you don't miss an episode Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Jul 24, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Welcome to another episode of Federal Tax Updates (03:08) - What to watch for in elections and how they might impact the IRS and taxes (12:44) - Updates on the 199A deduction (26:17) - Some ERC updates (27:38) - How to know if you are a dealing with a legitimate ERC Mill? (33:23) - Keys from the practitioner side of ERC (42:07) - Updates on student loan forgiveness/repayment (45:08) - Annie's Scaling New Heights experience (53:22) - Wrap up and please subscribe so you don't miss an episode Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Jul 11, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Welcome to Federal Tax Updates : What Annie and Roger have been up to this summer (12:24) - Where to start changing your firm (20:42) - Some more proactive steps (28:14) - Tax advice for new business owners (43:26) - What can you do now to help yourself during next tax season? (48:38) - Changing the way you bill your clients (52:56) - Wrap up and please subscribe so you don't miss new episodes Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Jun 25, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Chapters (00:00) - Federal Tax Updates Episode 11 (00:54) - Latest updates on the ERC (26:17) - Updates on the June 3rd debt ceiling (32:45) - Rogers recap on his trip to Washington D.C. (40:56) - Upcoming deadlines and reminders Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

May 22, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Chapters (00:00) - Post Tax Season Firm Improvements (02:36) - What's your general impressions about the tax season? (04:41) - What are we seeing in the industry in terms of headwinds? (11:43) - Why is hiring becoming so difficult in accounting? (29:03) - Great practices to do post tax season? (44:25) - Does the accounting industry need to make changes to the process of becoming a CPA? Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

May 9, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Chapters (00:00) - FTU E9 (02:58) - More updates on ERC (07:38) - Some basics of the ERC (18:05) - What do we do if we believe the ERC claim to be false and a client comes to us to amend the return? (24:26) - What is the goal of form 14242? (33:19) - ERC Suppy Chain Interruption (35:11) - Quick summary to know if you qualify for ERC (41:57) - Updates on Tax Cuts and Job Act (Trump Tax Cuts ) (50:30) - How do think the Tax Practitioners tax season went? (52:49) - Was this a good or bad tax season? Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Apr 24, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links Mentioned in This Episode Chapters (00:00) - FTU E8 (01:16) - Annies opinions on Tax Sesason (07:45) - How did the IRS do this year? (19:31) - What is the difference between a IRS letter and a Audit? (24:38) - If the chance of gettting audited is less than 1% does this encourage non-compliance for the general public? (32:57) - Updates on the Corporate Transparency Act of 2020 (38:23) - Upcoming potential changes to the Tax Cuts and Jobs Act Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Apr 10, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode IR-2023-62 - Dirty Dozen: IRS urges tax pros and other businesses to beware of spearphishing; offers tips to avoid dangerous common scams IR-2023-61 - Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; schemes circulating involving tax forms IR-2023-59 - Dirty Dozen: IRS warns individuals to stay clear of shady tax preparers; offers tips on carefully choosing tax professionals IR-2023-57 - Dirty Dozen: IRS warns of scammers using fake charities to exploit taxpayers IR-2023-55 - Dirty Dozen: Watch out for third-party promoters of false fuel tax credit claims IR-2023-54 - Dirty Dozen: IRS warns of scammers offering “help” to set up an Online Account; creates identity theft risk for honest taxpayers IR-2023-51 - Dirty Dozen: Watch out for scammers using email and text messages to try tricking people during tax season IR-2023-49 - IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be true FAQs for Form 1099-K - https://www.irs.gov/pub/taxpros/fs-2023-06.pdf?fbclid=IwAR3mYpnRVSkuzeaIrQ6EtUZb62KZgMCx_rPYZX-5IsS8tNBtnKM-V3lpNB8 Chapters (00:00) - FTU E7 (00:55) - Corporate Transparency Act of 2021 (CTA) (07:01) - What are the penalties for disobeying the CTA (08:53) - What does the CTA look like? (29:03) - Updates on ERC (40:34) - New information on the electric vehicle tax credit (45:02) - Thoughts on armed IRS agents? Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Mar 27, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Form 4868 - https://www.irs.gov/pub/irs-pdf/f4868.pdf Chapters (00:00) - Federal Tax Updates Episode 06 (01:10) - Employee Retention Credit Extention and Updates (14:33) - Updates on personal tax extentions (28:14) - What are the penalties associated when failing to file? (41:38) - Recent IRS tax news (44:14) - RMD deadline updates (49:20) - Future topics on the Federal Tax Updates Podcast Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Connect with Padgett www.padgettadvisors.com twitter.com/PadgettUSA linkedin.com/company/padgett-business-services/ 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.

Mar 13, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Chapters (00:00) - Federal Tax Updates E5 (00:44) - SECURE Act 2.0 (06:50) - Omnibus Package (10:17) - How can the SECURE Act help small business owners? (15:35) - In 2025 what changes could we see to retirement plans? (18:02) - Different ways to get around the 10% penatly with retirement money (23:42) - What is attractive about a starter 401k plan? (25:37) - How the Secure Act is tying in Student loan forgiveness (27:33) - What does the Secure act say about RMDs? (32:14) - What can you do with money that is left in a 525 Plan? (39:53) - What is happening to the IRS with the ERC (46:00) - Potential P10 Refund (46:47) - News on information returns (51:13) - CPE Tax Forums Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Connect with Padgett www.padgettadvisors.com twitter.com/PadgettUSA linkedin.com/company/padgett-business-services/ 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.

Feb 27, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Federal eRulemaking Portal - https://www.regulations.gov/ Chapters (00:00) - Federal Tax Update Episode 4 (03:29) - Changes in tipping in recent years (13:15) - Are you supposed to report tips? (21:39) - How tip pooling in restaurants works (36:43) - How much longer does tipping survive? (37:55) - New updates from the IRS Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Connect with Padgett www.padgettadvisors.com twitter.com/PadgettUSA linkedin.com/company/padgett-business-services/ 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.

Feb 13, 2023

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Chapters (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 Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Connect with Padgett www.padgettadvisors.com twitter.com/PadgettUSA linkedin.com/company/padgett-business-services/ 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.

Jan 30, 2023

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? Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Taxpayer 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 Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Connect with Padgett www.padgettadvisors.com twitter.com/PadgettUSA linkedin.com/company/padgett-business-services/ 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.

Jan 17, 2023

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! Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Accounting Today - The Year Ahead: Top challenges for 2023 Chapters (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 Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab Connect with Padgett www.padgettadvisors.com twitter.com/PadgettUSA linkedin.com/company/padgett-business-services/ 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.

Jan 12, 2023

Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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 Full transcript available upon request.