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Federal Tax Updates

Author: Roger Harris, EA and Annie Schwab, CPA

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CPAs, Enrolled Agents, and Tax Preparers can keep up-to-date with the latest federal tax information while earning NASBA approved CPE credits and IRS approved CE credits by listening to the bi-weekly Federal Tax Updates podcast. The hosts Roger Harris and Annie Schwab have over 75 years of tax experience between them, which has been featured in various media outlets including Wall Street Journal, USA Today, The Morning Business Report, Bloomberg Business News, and Accounting Today.
32 Episodes
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Tax professionals must steer through a complex maelstrom during the 2024filing 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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (01:27) - Diving Into the Filing Season & Tax Updates (12:42) - The IRS Perspective on Employee Classification (17:20) - Navigating Section 530 Relief for Misclassification (24:17) - The ERC Voluntary Program: A Lifeline for Businesses (27:20) - The Future of ERC and Legislative Impacts (31:01) - Navigating Tax Repayment and IRS Policies (32:36) - Legislative Updates and Tax Season Insights (36:32) - The Future of Tax Laws and Political Implications (40:15) - Understanding Beneficial Ownership Reporting (47:31) - Dealing with 1099K Forms and Client Advisories (52:08) - Embracing Digital Shifts in Tax Documentation (53:30) - Thanks for Listening and Parting 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 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.
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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome To Federal Tax Updates (01:11) - Special Guest Blake Oliver Joins the Show (02:36) - Diving into the Controversial Federal Court Ruling on Company Reporting Law (05:39) - Exploring the Implications of the Unconstitutional Ruling for Small Businesses (18:54) - IRS's Efforts to Tackle Tax Evasion by Millionaires and Billionaires (29:49) - The IRS Direct File System: A Move Towards Free Tax Filing (30:36) - Exploring the IRS's New Tax Filing Program (31:19) - The Cloud Accounting Podcast Begins (31:36) - Potential Impact on Tax Preparers (33:10) - Limitations and Design of the New Tax Tool (34:50) - The Complex World of Business Returns (36:06) - AI's Role in Tax Preparation: Hopes and Hurdles (42:30) - IRS's Paperwork Problem and Electronic Filing (47:42) - State Business Tax Climate Index: The Best and Worst States (56:15) - Closing Thoughts and Future Discussions 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 LinkedInRoger HarrisAnnie SchwabConnect with Blake OliverReviewLeave 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.
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 CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabConnect with BlakeReviewLeave 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.
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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 26 (02:33) - Tips for Taxpayers and Practitioners (04:48) - Understanding State Tax Laws (06:54) - Challenges in Filing Business Returns (12:23) - Importance of Security in Tax Preparation (15:45) - Understanding Circular 230 and Practitioner's Responsibilities (21:17) - Efficient Workflow Management during Tax Season (29:01) - The Importance of Pricing Structure (30:36) - Beware of Scammers: Protecting Your Practice (34:16) - Employee Retention Credit: What You Need to Know (44:27) - The Impact of Beneficial Ownership (51:52) - Wrapping Up 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 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.
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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome To Federal Tax Updates Episode 25 (01:11) - The 2024 Tax Season (01:57) - Beneficial Ownership Interest Reporting (02:58) - Understanding the Rules and Implications (03:41) - Exploring the Corporate Transparency Act (04:20) - Impact on Small Businesses (07:12) - Challenges and Concerns with the New Law (08:21) - Defining Beneficial Owners (10:30) - Understanding the Reporting Process (12:33) - Discussion on the Challenges of Compliance (15:52) - Advice for Navigating the New Law (23:10) - What Should People Be Doing Right Now? (40:05) - Updates on the Employee Retention Credit (44:23) - Final Thoughts and Thanks For Listening 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 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.
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.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeChapters(00:00) - Welcome To Federal Tax Updates Episode 24 (01:18) - Summary of employee retention credit and updates (02:48) - Overview of voluntary program for repaying improperly claimed credits (08:50) - Key details on the voluntary program (13:03) - Importance of documentation for ERC claims (15:41) - Origins and intentions of the ERC program (19:14) - Potential changes to ERC in Congressional budget negotiations (23:28) - Other letters and updates on ERC claims (25:21) - Expectations for further ERC guidance (29:34) - Using protective claims when amending returns (32:41) - Advice for taxpayers who used third parties for ERC claims (36:53) - Upcoming dates and other filing season reminders (42:29) - Thanks for listening and remember to subscribe Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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.
Why Become an EA

Why Become an EA

2024-01-1534:44

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 KillianLinkedIn: https://www.linkedin.com/in/megkillianWebsite: https://www.naea.org/about-naea/naea-evpConnect 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.
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.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (02:36) - State of Congress (07:40) - Secure Act Overview (10:55) - Government Shutdowns and Funding (14:49) - Potential Tax Changes (20:23) - Tax Cuts and Jobs Act (28:55) - IRS Plans for Additional Funding (35:20) - IRS Improvements Seen So Far (43:36) - ERC Status and Issues (51:24) - Wrap up and thanks for listening 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.
Dave Gribben shares insights on how his firm navigated ERC complexities through client communication, staff training, and establishing trust to overcome questionable third-party fraud claims.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome To Federal Tax Updates (04:30) - Communicating with clients at the start of the pandemic (08:11) - Making information available as a service to the community (10:03) - Transitioning to a remote work model (17:18) - Handling client expectations around ERC (26:42) - Preparing for audits and potential repayment (36:54) - Importance of staying informed on programs like ERC (43:51) - IRS guidance delaying Form 1099-K requirement Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Davehttps://www.linkedin.com/in/dave-gribben-52439961Connect 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.
Joey Vrooman, CPA, joins the show today and helps explain the importance of working to educate clients on financial literacy, despite common disinterest. He discusses tactics for simplifying complex terminology, using visual tools, meeting clients at their level, and the "win win" benefits for both advisor and business owner.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 21 (01:11) - Welcome Joey to the show (03:02) - Defining financial literacy (06:04) - Teaching clients to understand finances (16:02) - Understanding client personalities and tailoring communication (18:54) - Managing pricing and margins during inflation (22:57) - Keeping financial information simple yet accurate (27:33) - Answering client questions on financial decisions (30:42) - Documentation to protect against liability risks (33:48) - Year-end tax planning with clients (39:28) - Confusion caused by media coverage and ERTC mills (43:32) - Wrap up and remember to subscribe Get NASBA Approved CPE or IRS Approved CELaunch 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-87371568Connect 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.
Roger and Annie discuss key steps tax practitioners should take before the new year, including renewing PTINs, reviewing engagement letters, having tax planning conversations with clients, and learning about new beneficial owner reporting rules.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (04:07) - Preparing for next tax season (06:48) - IRS updates (11:02) - ERC updates (22:04) - Withdrawing ERC claims (31:47) - Repaying ERC funds (41:44) - Beneficial ownership reporting (51:35) - Timing of beneficial ownership reporting 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 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.
*This episode was originally recorded as a live webinar as part of Earmark's new Webinars+ seriesHas 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 IRSSponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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.
Expert guest Jeff Darley joins Roger and Annie to discuss how to choose the right business entity for small business owners. They cover LLCs vs S-Corps, reasonable salary, payroll taxes, and more.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 18 (02:17) - Background on Jeff Darley (15:03) - Payroll Taxes and Social Security (19:59) - S Corp vs C Corp (25:40) - Dealing with IRS on Reasonable Salary Audits (32:34) - Process of Electing S Corp Status (39:43) - Estimated Tax Payments (43:37) - Selling a Business - S Corp vs C Corp 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 LinkedInRoger HarrisAnnie SchwabConnect with Jeff Darley Website : https://littleton.padgettadvisors.com/our-team.php LinkedIn : https://www.linkedin.com/in/jeff-darley-77839b2ReviewLeave 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.
Roger and Annie discuss updates on the employee retention tax credit, including the IRS's new moratorium on processing claims, as well as new requirements for reporting beneficial owners coming in 2023 which have tight 30-day reporting deadlines. They also cover the IRS's changing audit focus to target more complex returns like partnerships and high net-worth individuals, along with the IRS actively hiring for these new audit priorities.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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. (00:00) - Federal Tax Updates Ep 17 (02:47) - Employee Retention Credit Refresher (04:40) - ERC Fraud Concerns (12:21) - ERC Moratorium (25:13) - Amending Returns for ERC (31:29) - Beneficial Owner Reporting (46:18) - E-file Mandate for Informational Returns (49:25) - IRS Hiring (54:12) - Wrap Up and Remember To Subscribe
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 LinksYouTube Video of Hearing: https://www.youtube.com/watch?v=yotrB5DtdGAConnect 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!
In this episode, Roger and Annie cover recent federal tax updates and urge tax professionals to gear up for the October 15 extension by assessing their performance and contemplating tax software changes. They delve into rising IRS audit notices for the Employee Retention Credit (ERC), the new 1099-K reporting threshold, the IRS's halt on surprise visits by revenue officers, and the impending Corporate Transparency Act.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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. (01:02) - Welcome to Federal Tax Updates : how to be proactive (08:26) - What's new with ERC (11:43) - Estimated tax payments or adjusting withholdings (14:05) - The start of IRS notices and what do they mean? (16:15) - How to respond to an IRS Notice? (28:51) - What kind of documentation does the IRS expect small business owners to have? (37:10) - Updates on 1099-Ks (46:32) - New changes in policy for the IRS (48:26) - Updates on the Transparency Act (54:17) - Making changes to your overall work environment (55:25) - Remember to subscribe so you don't miss an episode
The drama and confusion around Employee Retention Credits continues into 2023 with new guidance creating more questions than answers. In this episode, Roger and Annie provide an update on the latest ERC developments, including new problems facing practitioners and small business owners as well as lingering unresolved issues around amending returns, repayments, and fraud. Join Roger and Annie as they attempt to make sense of the ongoing ERC mess in 2023.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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. (00:00) - Welcome everyone to another episode of Federal Tax Updates: We have some ERC updates (07:33) - You can still apply for the ERC credit (13:07) - If you don't do ERC make sure your clients are working with a legit company (19:20) - What if a small business got some ERC money that they probably shouldn't have? (31:03) - What qualifies as "Supply Chain Interruption?" (31:59) - Roger gives Annie a test if someone would qualify for ERC (40:31) - What should the people do if they have legitimate ERC credits? (48:06) - Key takeaways about ERC you should know today! (51:20) - Wrap up. Please subscribe so you don't miss an episode
On this episode Roger and Annie review strategies for tax pros to strengthen their firms, including evaluating clients and fees, developing a niche, implementing new technologies, transitioning to subscription pricing, and creating a succession plan.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters(00:00) - Federal Tax Updates Episode 14 (01:33) - Welcome to Federal Tax Updates (10:26) - What to do with a client that is not experienced with technology? (14:43) - What technologies can be brought to improve your service? (20:51) - What can developing a niche do to help your firm? (30:26) - What do people mean when they talk about Subscription Pricing? (39:10) - IRS released OPR information reminders for succession plans (48:16) - Recent IRS updates to be aware of. (53:20) - Thanks for listening and please subscribe so you don't miss an episode Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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.
On this episode Roger and Annie discuss expiring tax provisions, the latest on ERC audits, the resumption of student loan payments, and IRS budget challenges. They provide guidance on planning for changes, spotting fraudulent ERC providers, and embracing technology to thrive as a firm.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters(00:00) - Welcome to another episode of Federal Tax Updates (03:24) - What to watch for in elections and how they might impact the IRS and taxes (13:00) - Updates on the 199A deduction (26:33) - Some ERC updates (27:54) - How to know if you are a dealing with a legitimate ERC Mill? (33:35) - Keys from the practitioner side of ERC (42:19) - Updates on student loan forgiveness/repayment (45:20) - Annie's Scaling New Heights experience (53:34) - Wrap up and please subscribe so you don't miss an episode Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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.
On this episode, Roger and Annie discuss making changes to tax firms during the summer season, emphasizing the need to reflect on the current business to create a better work-life balance. They talk about examining price structure and client list, addressing estimated taxes, and offering advisory meetings to increase revenues. They also emphasize the need for tax practitioners to be proactive in addressing changes in their business.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters(00:00) - Welcome to Federal Tax Updates : What Annie and Roger have been up to this summer (12:40) - Where to start changing your firm (20:54) - Some more proactive steps (28:26) - Tax advice for new business owners (43:38) - What can you do now to help yourself during next tax season? (48:50) - Changing the way you bill your clients (53:08) - Wrap up and please subscribe so you don't miss new episodes Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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.
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