Podcasts about federal tax

  • 226PODCASTS
  • 663EPISODES
  • 36mAVG DURATION
  • 5WEEKLY NEW EPISODES
  • May 12, 2025LATEST
federal tax

POPULARITY

20172018201920202021202220232024


Best podcasts about federal tax

Latest podcast episodes about federal tax

FICPA Podcasts
Federal Tax Update: Taxpayer Fails to Qualify for Deduction for DoD Ordered Move

FICPA Podcasts

Play Episode Listen Later May 12, 2025 79:21


https://vimeo.com/1083016328?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/5/9/2025-05-12-taxpayer-fails-to-qualify-for-deduction-for-dod-ordered-move This week we look at: Deductibility of IVF and Gestational Surrogacy Costs Fraudulent Tax Claims & 28 U.S.C. § 2514 Tax Collection Suits & Statute of Limitations in United States v. Ragen Moving Expense Deduction - Civilian Department of Defense Contractor Eligibility Tax Court Jurisdiction - The 90-Day Deadline for Deficiency Petitions  

EO Radio Show
122: REFRESH Nonprofit Basics: Federal Tax Filing Deadlines and Penalties

EO Radio Show

Play Episode Listen Later May 12, 2025 10:56


Welcome to EO Radio Show – Your Nonprofit Legal Resource. I'm Cynthia Rowland, and this is episode 122 of EO Radio Show. This episode on federal tax filing deadlines and penalties was first released in May of 2023. It focuses on the importance of meeting the federal tax filing deadlines that apply to charitable organizations. Most charities exempt from income tax are required to file a federal information return on the 15th day of the fifth month after the close of their fiscal year. For nonprofits that use the calendar year for accounting purposes, that's May 15th. If you haven't filed yet, don't despair. You've got a little bit of time. In this episode, I'll also touch on the penalties that can apply if your organization fails to meet these filing requirement deadlines. So listen in for more information about this important topic. Show Notes: Form 990, Return of Organization Exempt from Income Tax Form 990-EZ, Short Form Return of Organization Exempt from Income Tax See Filing Phase-In for more information about which return to file Form 990-N (e-Postcard), Annual Electronic Filing Requirement for Small Exempt Organizations Form 8868 Tax Relief in Disaster Situations Disaster Assistance and Emergency Relief for Individuals and Businesses Revenue Procedure 2014-11 explains the four procedures an organization may use to apply for reinstatement If you have suggestions for topics you would like us to discuss, please email us at eoradioshow@fbm.com. Additional episodes can be found at EORadioShowByFarella.com. DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

Federal Tax Updates
Tax Season Aftermath

Federal Tax Updates

Play Episode Listen Later May 5, 2025 54:08


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

FICPA Podcasts
Federal Tax Update: Will We See PL 86-272 Finally Revised

FICPA Podcasts

Play Episode Listen Later May 5, 2025 58:05


https://vimeo.com/1080965698?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/5/2/2025-05-05-will-we-see-pl-86-272-finally-revised This week we look at: ERC Claims Filed Without Schedule R Reasonable Cause for Information Return Penalties: Reliance on Software Proposed Expansion of P.L. 86-272 "Solicitation of Orders" Definition 2026 Inflation Adjustments for HSAs and Excepted Benefit HRAs

Legally Blunt
Local Chicken Jockeys, Federal Tax Evasion Cat, & Am I The Ass-Hat?

Legally Blunt

Play Episode Listen Later Apr 30, 2025 15:55


-We went to a read-a-thon at a local school and the students have a message for you -FART OR NO FART?? -We found the perfect cat for "Adopt A Pet Day" & Tax Deadline Day -AFAF: Is this wife an ass-hat for a salary double standard

FICPA Podcasts
Federal Tax Update: Twice to the Supreme Court

FICPA Podcasts

Play Episode Listen Later Apr 28, 2025 66:49


https://vimeo.com/1078808516?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/25/2025-04-28-twice-to-the-supreme-court This week we look at: Navigating the Overlap: Civil Tax Assessments and Criminal Restitution Orders Navigating Innocent Spouse Relief: A Look at Salvi v. Commissioner Supreme Court Weighs Tax Court Jurisdiction in Levy Disputes After Tax Payment: A Deep Dive into Commissioner v. Zuch Navigating ERISA Prohibited Transaction Claims: Insights from Cunningham v. Cornell University

The Bob Harden Show
Preserving and enhancing Federal Tax Cuts

The Bob Harden Show

Play Episode Listen Later Apr 22, 2025 60:04


Thank you so much for listening to the Bob Harden Show, celebrating nearly 14 years broadcasting on the internet. On Monday's show, we discuss current global events including Trump's tariffs and developments in Iran, Israel and Ukraine with Marc Schulman, Founder and Publisher of HistoryCentral.com. We visit with Demian Brady from the National Taxpayers Union Foundation about the process for retaining and enhancing tax cuts. We also visit with author and former Barron's Washington Bureau Chief, Jim McTague, about fear and its impact on financial markets and the economy. We have terrific guests for tomorrow's show, including Florida State Senator Kathleen Passidomo, Boo Mortenson and Linda Harden. Access this or past shows at your convenience on my web site, social media platforms or podcast platforms.

Federal Tax Updates
Inside the IRS: A Conversation with Terry Lemons

Federal Tax Updates

Play Episode Listen Later Apr 21, 2025 54:31


For our milestone 50th episode, Roger Harris and Annie Schwab welcome Terry Lemons, who spent 26 years at the IRS including 11 years as Chief of Communications and Liaison. Terry shares insights from working with six different IRS commissioners, preparing officials for congressional testimony, and navigating public perceptions of the agency. The conversation explores the critical role of the tax professional community, challenges facing the IRS today, and lessons from past filing season successes and failures.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:44) - Celebrating the 50th Podcast with Special Guest Terry Lemons (03:23) - Terry Lemons' Journey to the IRS (06:47) - The Role and Influence of IRS Commissioners (11:33) - Preparing a Commissioner to Testify Before Congress (22:28) - Challenges and Perceptions of Working at the IRS (28:43) - Debunking IRS Agent Myths (30:57) - IRS Efficiency and Transformation (32:24) - Challenges and Improvements at the IRS (33:46) - Reflecting on Filing Seasons (36:04) - Historical IRS Challenges (40:24) - Future Tax Law Changes and Implications (44:31) - Terry's Retirement Plans (46:07) - The Importance of Tax Professionals Community (52:15) - Final Thoughts and Farewell Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Terry Lemonshttps://www.linkedin.com/in/terry-lemons-77b3641a9Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!

FICPA Podcasts
Federal Tax Update: Hobby Horse Problems

FICPA Podcasts

Play Episode Listen Later Apr 21, 2025 66:23


https://vimeo.com/1076802508?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/18/2025-04-21-hobby-horse-problems This week we look at: Navigating the 90-Day Deadline for Employment Tax Redeterminations: The Belagio Fine Jewelry, Inc. Case and Equitable Tolling GWA, LLC v. Commissioner: Substance Over Form and the Nuances of Tax Elections for Disregarded Entities Notice 2025-23: Treasury and IRS Signal Withdrawal of Basis Shifting TOI Regulations and Related Penalties Hobby Loss and Failure to File: A Deep Dive into Himmel v. Commissioner  

Bob Harden Show
Preserving and Enhancing Federal Tax Cuts

Bob Harden Show

Play Episode Listen Later Apr 21, 2025


Thank you so much for listening to the Bob Harden Show, celebrating nearly 14 years broadcasting on the internet. On Monday's show, we discuss current global events including Trump's tariffs and developments in Iran, Israel and Ukraine with Marc Schulman, Founder and Publisher of HistoryCentral.com. We visit with Demian Brady from the National Taxpayers Union … The post Preserving and Enhancing Federal Tax Cuts appeared first on Bob Harden Show.

FICPA Podcasts
Federal Tax Update: A Very Busy Week as the Deadline Approached

FICPA Podcasts

Play Episode Listen Later Apr 16, 2025 101:39


https://vimeo.com/1076132850?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/16/2025-04-16-a-very-busy-week-as-the-deadline-approached This week we look at: Massachusetts Source Income and the Sale of Stock by Nonresident Navigating the Valuation Landscape: Insights from Pierce v. Commissioner Personal Liability for Corporate Sales and Use Tax: An Analysis of Matter of the Appeal of B. Wageman Navigating the IRS's ERC Claim Processing Moratorium and "Risking" Procedures Jurisdictional Prerequisites in Tax Refund Suits: A Case Study of Estate of Robert F. Armitage, Deceased v. The United States Dependency Claims and Child Tax Credits: A Look at Correll v. Commissioner WT Art Partnership LP v. Commissioner: Charitable Contribution Deductions and Valuation Pitfalls Zajac v. Commissioner: Disallowance of Numerous Deductions and Upholding Penalties Hampton v. Commissioner: Public Policy and Disallowance of Shareholder Loss Deduction Revised SIFL Rates for Valuation of Noncommercial Flights: Revenue Ruling 2025-9 IRS Provides Limited Penalty Relief for Certain Micro-Captive Disclosure Statements The Demise of DeFi Broker Reporting: An Analysis of H.J. Res. 25

Federal Tax Updates
Replay: Surviving a Cyber Attack

Federal Tax Updates

Play Episode Listen Later Apr 7, 2025 50:42


In this episode, Roger sits down with Catharine Madeley, a tax practitioner who recently experienced a data breach at her firm. Catherine shares her firsthand account of how the breach unfolded, the steps she took to respond, and the lessons she learned along the way. She offers valuable insights into the importance of having a robust cybersecurity plan, the critical role of communication with clients, and the need to be proactive in protecting sensitive client information.*This is a replay of an episode that originally aired in March, 2024. (00:00) - Welcome to the Federal Tax Updates Podcast (01:30) - Introducing Our Guest: Catharine Madeley (03:26) - The Harrowing Tale of a Data Breach (04:29) - The Initial Discovery and Immediate Response (14:36) - Navigating the Aftermath: Investigation and Recovery (23:42) - Reflections and Lessons Learned from the Cybersecurity Incident (25:58) - The Aftermath of a Data Breach: A Personal Account (26:45) - Law Enforcement's Response to Small Scale Breaches (28:36) - Navigating IRS Procedures After a Breach (29:51) - The IRS Practitioner Relief Opt-In Program: A Lifeline (32:42) - Client Communication and Response to the Breach (42:55) - Lessons Learned and Moving Forward (49:28) - Final Thoughts and Advice Connect with Catharine MadeleyLinkedIn: https://www.linkedin.com/in/catharine-drake-madeleyWebsite: https://www.sallingcpa.comGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

FICPA Podcasts
Federal Tax Update: The Cost of Too Good to Be True

FICPA Podcasts

Play Episode Listen Later Apr 7, 2025 47:26


https://vimeo.com/1072972311?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/4/6/2025-04-07-the-cost-of-too-good-to-be-true This week we look at: Ranch Springs, LLC v. Commissioner: A Case Study in the Valuation of Conservation Easements and the Pitfalls of Aggressive Tax Planning The Duty of Consistency Prevails: A Case Study in Innocent Spouse Relief and Subsequent Asset Claims Navigating the Murky Waters of Investment Tax Credits and Passive Activity Rules: A Deep Dive into Strieby v. Commissioner

FICPA Podcasts
Federal Tax Update: End of Paper Tax Payments and Refund Checks Coming

FICPA Podcasts

Play Episode Listen Later Mar 31, 2025 82:30


https://vimeo.com/1070813367?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/30/2025-03-31-end-of-paper-tax-payments-and-refund-checks-coming This week we look at: Congress Passes Resolution to Nullify Final Regulations on DeFi Information Reporting in TD 10021 Interim Final Rule Limiting BOI Filing Requirements Released by Treasury Department Substantiating Depreciation for Converted Property: A Look at Smith v. Commissioner Executive Order Will Generally Bar the Use of Paper Checks to Make Payments to or Receive Refunds from Treasury, Including Tax Related Ones Jones et al. v. Commissioner: A Deep Dive into the Tax Court's Scrutiny of a Microcaptive Insurance Arrangement Navigating Jurisdictional Hurdles in Tax Refund Claims: A Look at Hamilton v. United States Ninth Circuit Affirms Willful Failure to Pay Trust Fund Taxes: A Case Study for CPAs

Illinois In Focus - Powered by TheCenterSquare.com
Illinois in Focus Daily | March 26th, 2025 - Illinois' DEI Policies Expected to Impact Federal Tax Funds for Education

Illinois In Focus - Powered by TheCenterSquare.com

Play Episode Listen Later Mar 26, 2025 40:19


The Center Square's Greg Bishop shares the back-and-forth about the possible impacts on Illinois' education funds following President Donald Trump's executive orders to dismantle the U.S. Department of Education.Support this podcast: https://secure.anedot.com/franklin-news-foundation/ce052532-b1e4-41c4-945c-d7ce2f52c38a?source_code=xxxxxx

Federal Tax Updates
Circular 230 Changes: What Practitioners Need to Know

Federal Tax Updates

Play Episode Listen Later Mar 24, 2025 60:55


SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsRoger 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.campaign_start}}(00:00) - Welcome to Federal Tax Updates (02:20) - Introducing Special Guest Bob Kerr (03:32) - Overview of Circular 230 (04:59) - Proposed Changes to Circular 230 (15:17) - Contingent Fees Debate (30:30) - Limited Practice Discussion (36:22) - Voluntary IRS Programs and Their Impact (38:10) - Competency and Practitioner Requirements (39:33) - Knowledge of Errors and Omissions (42:31) - Proposed IRS Regulations and Practitioner Responsibilities (49:41) - Best Practices and Circular 230 (57:30) - Conclusion and Future Expectations Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Bob Kerrhttps://kerr.tax/about-us/https://www.linkedin.com/in/kerr-robertConnect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

FICPA Podcasts
Federal Tax Update: ERC Simplified Method for Income Tax Reporting

FICPA Podcasts

Play Episode Listen Later Mar 24, 2025 66:31


https://vimeo.com/1068623586?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/24/2025-03-24-erc-simplified-method-for-income-tax-reporting This week we look at: TIGTA Report: IRS Refund Claim Processing for Deceased Taxpayers IRS Certification of Seriously Delinquent Tax Debt to the State Department Refund Claim Challenges: When IRS Guidance Fails Sixth Circuit: IRA Forfeiture to Government Not Taxable Loper Bright: Pharmacy Benefit Managers Denied DPAD Deduction IRS ERC Update: Simplified Income Tax Reporting for Wage Reduction

FICPA Podcasts
Federal Tax Update: IRS Guidance on When a Scam Generates a Theft Deduction

FICPA Podcasts

Play Episode Listen Later Mar 17, 2025 89:50


https://vimeo.com/1066386320?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/16/2025-03-17-irs-guidance-on-when-a-scam-generates-a-theft-deduction This week we look at: Tax Court Finds Taxpayer Failed to Provide a Qualified Appraisal, No Charitable Deduction Allowed Estate Found Liable for $2 Million FBAR Penalty That Applied to the Decedent Taxpayers Filing Court Challenges to Attempt to Obtain Employee Retention Tax Credits Fourth Circuit Overturns Trial Court's Grant of Summary Judgment to the Government, Finding True Issue of Fact Exists Regarding Whether Statute Remained Open IRS Memorandum Discusses When a Taxpayer Can Claim a Deduction as Victims of Various Scams Under Current Law

Federal Tax Updates
BOI Relief, Tax Reform, and IRS Restructuring

Federal Tax Updates

Play Episode Listen Later Mar 11, 2025 53:09


SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsRoger 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.{campaign_start}}(00:00) - Introduction and Welcome (02:04) - BOI Reporting Updates (02:50) - Corporate Transparency Act Penalties (05:46) - Guidance for Clients on BOI Compliance (11:03) - Government Shutdown Concerns (15:27) - Reconciliation and Tax Reform Process (26:15) - Debating the Impact of Tariffs (26:57) - Abolishing the IRS: Feasible or Fantasy? (29:08) - IRS Workforce Cuts: Immediate Implications (29:54) - Challenges of Tax Season Amid Workforce Reductions (32:39) - Potential Tax Reforms and Technological Advancements (45:31) - Common Tax Filing Mistakes to Avoid (47:58) - Upcoming Changes to Circular 230 (51:19) - Wrapping Up and Final Thoughts Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

FICPA Podcasts
Federal Tax Update: Can We Mostly Ignore BOI Now

FICPA Podcasts

Play Episode Listen Later Mar 10, 2025 73:04


https://vimeo.com/1064099316?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/9/2025-03-10-can-we-mostly-ignore-boi-now  This week we look at: Treasury and the Corporate Transparency Act (BOI Reporting) Martino v. Commissioner: Alimony Deduction Case Estate of Kalikow v. Commissioner: Estate Tax & Settlement Payments Appeal of A. Markowski: California Source Income for Nonresidents CF Headquarters Corporation v. Commissioner: Taxability of Grants United States v. Gora: IRS Levy Enforcement  

The Logan Allec Show
Can a Notice of Federal Tax Lien Affect Your IRA?

The Logan Allec Show

Play Episode Listen Later Mar 9, 2025 2:41


Do you have tax debt and are worried about the IRS coming after your IRA? How worried should you be? Find out now! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

NASFAA's Off the Cuff Podcast
OTC AskRegs Experts: Federal Tax Information and More FAFSA Guidance

NASFAA's Off the Cuff Podcast

Play Episode Listen Later Mar 6, 2025 20:31


This week on "Off The Cuff," Jill and Sarah discuss FAFSA updates concerning a new definition for Federal Tax Information (FTI) and 2026-27 guidance. Jill kicks things off by detailing the new FTI definition and its implications for data sharing policies. Sarah then walks through last week's electronic announcement from the department outlining the specifications guide for the 2026-27 FAFSA. Sarah then shares some updates on the identity verification process.  

FICPA Podcasts
Federal Tax Update: BOI Developments Week

FICPA Podcasts

Play Episode Listen Later Mar 3, 2025 59:18


https://vimeo.com/1061747510?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/3/2/2025-03-03-fincen-announces-boi-relief-and-future-actions  This week we look at: FinCEN Announcement on BOI Reporting Penalties Tax Court Case: Alan Hamel and Estate of Suzanne Hamel v. Commissioner IRS “Dirty Dozen” Tax Scams for 2025 IRS Adds Tax Documents to Online Accounts Ways and Means Committee Passes Disaster Relief Bills House and Senate Budget Resolutions

Federal Tax Updates
IRS Upheaval: Staff Cuts, BOI Updates, and Filing Season Insights

Federal Tax Updates

Play Episode Listen Later Feb 24, 2025 55:53


SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsRoger 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.{campaign_start}}(00:00) - Welcome to Federal Tax Updates (02:30) - Tax Reform and Legislative Updates (07:05) - IRS Hiring and Workforce Changes (13:12) - Beneficial Ownership Reporting Updates (20:34) - Employer Retention Credit Updates (23:42) - 1099K Reporting Changes (30:15) - Understanding Ticket Transactions (31:39) - Client Misconceptions and IRS Blame (33:27) - Filing Season Insights (38:46) - Common Tax Questions (49:32) - Proposed Tax Legislation (54:03) - Conclusion and Final Thoughts Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

FICPA Podcasts
Federal Tax Update: BOI Developments Week

FICPA Podcasts

Play Episode Listen Later Feb 24, 2025 59:18


https://vimeo.com/1059459180?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/23/2025-02-24-boi-developments-week This week we look at: Second Circuit Rules on Section 179D Deductions and Accounting Method Change IRS Guidance on ACA Notice Posting Court Case on CPA Negligence and Trust Return Penalties BOI Reporting Requirement Updates

Information Morning from CBC Radio Nova Scotia (Highlights)
Restaurants Canada says federal tax break should carry on

Information Morning from CBC Radio Nova Scotia (Highlights)

Play Episode Listen Later Feb 18, 2025 6:12


The two-month holiday on federal and provincial sales tax ended at midnight on Saturday.Those in the restaurant bizz say it was a huge success. The question now is, will the federal government agree to make the no tax on restaurant food arrangement permanent? Restaurants Canada says they should. 

FICPA Podcasts
Federal Tax Update: A Week of Lost Losses

FICPA Podcasts

Play Episode Listen Later Feb 17, 2025 70:51


https://vimeo.com/1057256987?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/16/2025-02-17-a-week-of-lost-losses This week we look at: Deductibility of Losses: Weston v. Commissioner Conservation Easements: Green Valley Investors LLC Automobile Depreciation and Lease Inclusion S Corporation Inadvertent Termination Relief Corporate Transparency Act (CTA) - Government Briefs House Ways & Means Committee Tax Bills

BC Today from CBC Radio British Columbia
Federal tax holiday | Valentine's Day and relationships

BC Today from CBC Radio British Columbia

Play Episode Listen Later Feb 13, 2025 48:15


Amy Bell is our guest host today.As Canada's two-month tax holiday sets to end on February 15, Restaurant Canada's Mark von Schellwitz and the Canadian Federation of Independent Businesses' Ryan Mallough joins the show to discuss the impact it has had, as we ask our audience if they took advantage of it.On the eve of Valentine's Day, Robin Ducharme, CEO of Real Love Ready, joins the show to discuss what effort should be put into relationships.

Federal Tax Updates
IRS Funding, Tax Gaps, and Modern Tech

Federal Tax Updates

Play Episode Listen Later Feb 10, 2025 56:25


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

FICPA Podcasts
Federal Tax Update: New Administration Pushes Forward with the CTA

FICPA Podcasts

Play Episode Listen Later Feb 10, 2025 74:54


https://vimeo.com/1054799615?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/8/2025-02-10-new-administration-pushes-foward-with-the-cta This week we look at: IRS issues letter ruling on IRA left to trust A taxpayer mistakenly believes the IRS had conceded that his income was not subject to self-employment tax, but it hadn't The Tax Court denies a taxpayer's deductions and claimed partnership losses due to incredibly disorganized and inadequate records Taxpayer runs afoul of the “pay first, litigate later” rule when attempting to sue the IRS for a refund in US District Court in response to an assessment A taxpayer's unprocessed claim for an ERTC refund doesn't justify CDP relief The BOI - new Administration continues litigation and proposes a new due date, potential filing relief

FICPA Podcasts
Federal Tax Update: A Week of Tax Court Rulings

FICPA Podcasts

Play Episode Listen Later Feb 3, 2025 77:03


https://vimeo.com/1052761467?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/2/2/2025-02-03-a-week-of-tax-court-rulings This week we look at: Tax Court Finds Property Donated to Charity Had a Value Less than One-Third of What Taxpayers Claimed on Return IRS Finds Most Expenses Related to Taxpayers' In Vitro Fertilization and Surrogacy Will Not Be Deductible Medical Expenses Under IRC §213 Taxpayer Denied Innocent Spouse Relief in Tax Court Bench Opinion Tax Court Finds No Issue With the Appeals Office Structure and Staffing Failure to Provide Proof of Filing of Returns Fatal to Taxpayer's Attempt at Obtaining Relief in CDP Hearing Despite IRS Procedural Errors

7 Minute Leadership
Episode 235 - Where Your Federal Tax Dollars Go

7 Minute Leadership

Play Episode Listen Later Jan 31, 2025 8:14


Ever wondered why you get a tax refund? In this episode of The 7 Minute Leadership Podcast, we break down what a tax refund really means, why you get one, where your tax dollars really go, and how you can better manage your withholdings to keep more money in your paycheck. Learn about over-withholding, tax credits, and the key factors behind your annual tax refund.Host: Paul Falavolito Connect with me on your favorite social media platform. Now on Substack and Discord Free Leadership Resourceswww.paulfalavolito.comExclusive 7 Minute Leadership Merchlinktr.ee/paulfalavolitoBookstore:Get your copy on Amazon: https://bit.ly/48J8zFGGet your copy at Book Baby: https://bit.ly/3P8iFsUFor the best aviator sunglasses on the market, use the link below to get 10% off Flying Eyes. Discount Code: PFAVhttps://flyingeyesoptics.com/eyewear/?ref=2J4duW9yyI3hiwSubscribe and listen to all of my podcast shows:The 7 Minute Leadership Podcast 1 PAPA FOXTROT - General Aviation PodcastThe DailyPfav

Federal Tax Updates
Tax Season Kickoff

Federal Tax Updates

Play Episode Listen Later Jan 27, 2025 55:59


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

FICPA Podcasts
Federal Tax Update: BOI Sees Supreme Court Action But There a Catch

FICPA Podcasts

Play Episode Listen Later Jan 27, 2025 73:24


https://vimeo.com/1050510362?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/26/2025-01-27-boi-sees-supreme-court-action-but-there-a-catch This week we look at: Funds Taken By Sheriff Were a Valid Loan and Not Income from Embezzlement Tax Court Allows a Reduced Deduction for a Conservation Easement CCA Discusses Issues with Activities of a Private Foundation with Regard to Self-Dealing, Attempted Correction and Jeopardizing Investments IRS Email Discusses Agency's (Lack of) Obligation to Process Amended Tax Returns Supreme Court Reverses Fifth Circuit Merits Panel, Again Removes Emergency Injunction Against Enforcement of the CTA BOI Reports Despite Supreme Court's Action on Texas Top Cop Shop, Inc. Ban on Enforcement of BOI Reporting, FinCEN Notes Ban on Enforcement Under the Smith Case is Still in Effect

Novogradac
Jan. 21, 2025: Congress May Consider Four New Federal Tax Incentives in 2025

Novogradac

Play Episode Listen Later Jan 21, 2025


With a major federal tax bill anticipated in 2025 and a newly seated Congress, Michael Novogradac, CPA, and Novogradac Director of Public Policy and Government Relations Peter Lawrence look ahead to four new federal tax incentives that could be introduced in 2025. In addition to discussing each of the four proposed incentives'the preservation tax incentive, Neighborhood Homes Tax Credit, Workforce Housing Tax Credit and Office Conversion Tax Credit'Lawrence provides insight into which members of Congress may sponsor each of the various bills as well as what the legislative path forward for each looks like.

FICPA Podcasts
Federal Tax Update: SECURE 2.0 Act Proposed Guidance

FICPA Podcasts

Play Episode Listen Later Jan 21, 2025 62:41


https://vimeo.com/1048354337?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/19/2025-01-20-secure-20-act-proposed-guidance This week we look at: IRS updates residential energy credit Fact Sheet, adds details about the PIN requirements that take effect for 2025 property Proposed regulations on catch-up contributions added by the SECURE 2.0 Act Proposed regulations on the automatic enrollment provisions of IRC §414A US Supreme Court agrees to review a Third Circuit ruling on Tax Court jurisdiction in a Collection Due Process case IRS issues final regulations on resolution of tax controversies by the IRS Independent Office of Appeals Under TFA of 2019

Federal Tax Updates
Crypto for Tax Pros

Federal Tax Updates

Play Episode Listen Later Jan 13, 2025 68:39


Crypto tax expert Amir Marmar of JFDI Accountants breaks down the complexities of cryptocurrency taxation and shares guidance on when tax professionals should handle crypto cases themselves versus partnering with specialists. He explains key concepts like wallet-level reporting requirements coming in 2025, the challenges of DeFi and staking transactions, and why traditional tax software may not be enough for complex crypto cases. This episode provides practical insights for tax professionals on evaluating crypto clients and understanding the latest IRS guidance, including Revenue Procedure 2024-28's move away from universal accounting methods.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:56) - Amir Marmar's Background and Expertise (03:04) - Crypto Accounting Challenges and Success Stories (07:49) - Crypto-Friendly Government Policies (14:06) - Understanding Crypto Wallets (23:36) - Blockchain Basics and Tax Implications (29:38) - Complexities in Crypto Taxation (37:19) - Understanding Lending Protocols and Tax Implications (39:24) - Exploring Staking and Its Tax Considerations (41:11) - Liquidity Pools and Market Making (43:01) - Challenges in Crypto Accounting (44:11) - IRS Guidance and Tax Positions (46:02) - The Role of Tax Professionals in Crypto (49:39) - Steps for Successful Crypto Tax Engagements (52:50) - Upcoming Changes in Crypto Tax Reporting (01:04:53) - Contacting JFDI for Crypto Tax Help Connect with Amirhttps://www.jfdiaccountants.com/https://www.linkedin.com/in/amir-marmar-20b76726Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

FICPA Podcasts
Federal Tax Update: Tax Filing and Payment Relief for California Wildfires and More

FICPA Podcasts

Play Episode Listen Later Jan 13, 2025 81:14


https://vimeo.com/1046229873?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/12/2025-01-13-tax-filing-and-payment-relief-for-california-wildfires-and-more This week we look at: IRS Grants Tax Relief to California Wildfire Victims National Taxpayer Advocate's Report to Congress and Legislative Recommendations Released Third US District Court Issues BOI Reporting Injunction Tax Court Finds a Building Was Not a Certified Historic Structure as Defined by §170(h) Taxpayer Denied Refund as Court Found the Taxpayer Had Taken the Position That Its Reporting Was an Error Rather Than a Method of Accounting Seventh Circuit Upholds Imposition of Fraud Penalty for an Overstatement of Withholdings Court Finds Taxpayer Submitted Digitally Altered False Documents, Sustained the Fraud Penalty the IRS Proposed IRS Updates Guidance on Section 530 Employment Tax Liability Relief

FICPA Podcasts
Federal Tax Update: Digital Assets, BOI, Conservation Easements and Embezzlement

FICPA Podcasts

Play Episode Listen Later Jan 6, 2025 53:55


https://vimeo.com/1044137813?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/1/5/2025-01-06-digital-assets-boi-conservation-easements-and-embezzlement This week we look at: IRS gives relief for specific identification of digital asset basis for certain taxpayers for 2025 only Department of Justice asks the U.S. Supreme Court to Stay the Latest Corporate Transparency Act Injunction IRS no longer to dispute requirement to comply with APA to add listed transactions after the enactment AJCA in 2024 Tax Court rules that merely being in a registered historic area does not make a building a certified historic structure Tax Court finds taxpayer owes tax on over $5.3 million diverted from two retirement plans

Federal Tax Updates
Achieve 10X Growth for Your Firm: The Firm Owner's Playbook

Federal Tax Updates

Play Episode Listen Later Dec 30, 2024 52:55


Three successful accounting firm owners share their journeys from small practices to achieving 10X revenue growth. Through candid conversations about hiring strategies, systemization, and community support, these Padgett franchise owners reveal practical insights for scaling an accounting practice. Their experiences highlight how strategic hiring, building scalable systems, and embracing a growth mindset transformed their firms from six-figure to multi-million dollar enterprises.Webinar Speakers Jeff Phillips - https://www.linkedin.com/in/jeffaccountingflyJanet Kaup  - https://www.linkedin.com/in/janet-kaup-2238643Jeff Darley - https://www.linkedin.com/in/jeff-darley-77839b2Tom Friedel - https://www.linkedin.com/in/tom-friedel-cpa-ab71435Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

FICPA Podcasts
Federal Tax Update: BOI Developments - The Gift That Keeps on Giving

FICPA Podcasts

Play Episode Listen Later Dec 30, 2024 69:05


https://vimeo.com/1042629856?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/28/2024-12-30-boi-developments-the-gift-that-keeps-on-giving This week we look at: Tomato processing plant reconditioning to put plant back into shape before beginning next harvest-season production failed all events test at end of the prior season Tax Court again imposes functional test in case with state law limited partners The BOI reports have a week of dueling court rulings - from the same court  

FICPA Podcasts
Federal Tax Update: IRS Proposes Significant Revisions to Circular 230

FICPA Podcasts

Play Episode Listen Later Dec 27, 2024 54:30


https://vimeo.com/1041577052?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/22/2024-12-23-irs-proposes-signficant-revisions-to-circular-230 This week we look at: Automatic accounting method changes related to §174 extended to years beginning in 2024 BOI report - hectic week, but ultimately no resolution yet for initial report due date 2025 mileage rates published by the IRS IRS finalizes regulations on supervisory approval of penalties IRS proposes revisions to Circular 230

Federal Tax Updates
Tax Season 2025: Changes, Challenges, and Uncertainties

Federal Tax Updates

Play Episode Listen Later Dec 16, 2024 50:33


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

FICPA Podcasts
Federal Tax Update: IRS Expands Business Tax Accounts Features and Access

FICPA Podcasts

Play Episode Listen Later Dec 16, 2024 33:15


https://vimeo.com/1039255455?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/14/2024-12-16-irs-expands-business-tax-accounts-features-and-access This week we look at: President signs the two tax bills Congress recently passed DOJ asks for stay of injunction issued by US District Court in Texas on enforcement of the CTA IRS expands Business Tax Account access and services that can be accessed via that account

West Michigan Live with Justin Barclay
Republican senators introduce bill to block CCP Gotion from receiving federal tax credits - Lori Brock 12-9-24

West Michigan Live with Justin Barclay

Play Episode Listen Later Dec 9, 2024 14:14 Transcription Available


FICPA Podcasts
Federal Tax Update: Nationwide Injunction on BOI Reporting

FICPA Podcasts

Play Episode Listen Later Dec 9, 2024 57:20


https://vimeo.com/1037207254?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2024/12/8/2024-12-09-nationwide-injunction-on-boi-reporting This week we look at: Congress enacts two tax laws:  but neither is the big one that passed the House in January but stalled in the US Senate A Texas US District Court has issued a nationwide temporary injunction barring FinCEN from enforcing the BOI reporting regime DOJ files a notice of Appeal of the Texas Top Cop Shop Inc decision and FinCEN posts information regarding the impact of the case on BOI reports

FICPA Podcasts
Federal Tax Update: New Form for 83(b) Elections

FICPA Podcasts

Play Episode Listen Later Dec 3, 2024 34:56


https://vimeo.com/1034833232?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2024/11/30/2024-12-02-new-form-for-83b-elections This week we look at: IRS releases optional form taxpayer can use to make an IRC §83(b) election IRS extends for one year more a transitional 45-day period to perfect research credit claims found to be invalid claims IRS provides additional relief on the issuance of Forms 1099-K

Federal Tax Updates
Post-Election Tax Landscape

Federal Tax Updates

Play Episode Listen Later Nov 25, 2024 53:15


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

Federal Tax Updates
1099-K Thresholds, Crypto Reporting, and the Future of IRS Filing

Federal Tax Updates

Play Episode Listen Later Nov 11, 2024 51:18


Special guest Wendy Walker, VP of Regulatory Affairs at Sovos and Chair of IRSAC's Information Reporting Committee, breaks down the latest developments in 1099-K reporting thresholds and the upcoming 1099-DA form for digital assets. The discussion explores the practical challenges facing tax professionals as payment platforms struggle with reporting requirements, while also examining how the IRS is modernizing its systems to handle electronic filing.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (02:04) - Special Guest Introduction: Wendy Walker (03:14) - Discussion on IRS Advisory Council and Information Reporting (04:28) - Deep Dive into 1099K Reporting (05:43) - Challenges and Uncertainties in 1099K Reporting (08:46) - Impact on Taxpayers and Tax Professionals (11:43) - Platform Issues and Reporting Complexities (25:12) - IRS Matching and Compliance (27:07) - Future of Electronic 1099s (29:24) - New 1099 DA Form Explained (30:10) - Challenges with Current Reporting (32:22) - Future of Cryptocurrency Reporting (40:36) - IRS Modernization Efforts (50:48) - Wrap Up and Future Plans Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Wendy Walkerhttps://www.linkedin.com/in/wendy1099 Connect with the Hosts on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

Federal Tax Updates
What You Need to Know About Beneficial Ownership Information Reporting | Part 2

Federal Tax Updates

Play Episode Listen Later Oct 28, 2024 58:03


In Part 2 of their BOI series, Roger and Annie tackle the most challenging aspects of beneficial ownership reporting requirements, focusing on determining who qualifies as a beneficial owner and the significant penalties for non-compliance. They dissect FinCEN's FAQs about substantial control while highlighting concerning gray areas that could put both business owners and tax professionals at risk. The discussion provides critical guidance for practitioners considering whether to offer BOI services, emphasizing protection strategies like engagement letters and insurance coverage given the potential $591 daily penalties and criminal consequences.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:41) - Overview of Beneficial Ownership (02:43) - FAQs and Compliance Guide (06:34) - Reporting Requirements and Deadlines (14:26) - Defining Beneficial Owners (17:01) - Indicators of Substantial Control (29:18) - Accountants and Lawyers as Beneficial Owners (32:40) - Clarifying Beneficial Ownership (33:51) - Community Property and Beneficial Ownership (35:02) - FinCEN's Approach to Reporting (37:13) - Penalties and Enforcement (42:11) - Practical Implications for Accountants (52:59) - FinCEN Identifiers Explained (55:47) - Final Thoughts and Recommendations Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media