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.

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• (00:00) - Welcome to Federal Tax Updates
• (01:46) - Challenges in Tax Planning
• (03:07) - Election Impact on Tax Laws
• (07:14) - Potential Changes in Tax Provisions
• (16:38) - Electric Vehicle Tax Credits
• (21:30) - Tax Reform and Future Considerations
• (27:02) - Meeting with IRS Commissioner Werfel
• (28:24) - IRS Funding and Staffing Challenges
• (29:16) - Tax Scams and Fraud Prevention
• (32:57) - Employee Retention Credit (ERC) Updates
• (40:40) - Beneficial Ownership Information Reporting
• (50:22) - End-of-Year Tax Planning and Challenges
• (51:54) - Final Thoughts and Wrap-Up

Connect with the Hosts on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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This podcast is a production of the Earmark Media

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!

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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.

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.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Welcome to Federal Tax Updates
• (02:19) - Current Political Climate in DC
• (02:53) - Legislative Updates and Tax Relief
• (08:49) - Digital Asset Reporting
• (09:32) - Security Summit and WISP
• (19:13) - Employer Retention Credit Updates
• (28:08) - IRS Moratorium and Fraud Analysis
• (31:39) - Penalties and Promoter Fines
• (32:24) - ERC Business Resurgence
• (35:12) - Beneficial Ownership Information Reporting
• (37:40) - Challenges and Uncertainties in BOI Compliance
• (46:54) - IRS Forums and Upcoming Events

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.

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.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Welcome to Federal Tax Updates
• (01:30) - Discussing the Employee Retention Credit (ERC)
• (02:02) - Introducing Guest Expert Hale Shepard
• (03:06) - IRS Updates on ERC Claims Processing
• (06:09) - Challenges in Documentation and Audits
• (11:59) - Protest Letters and Legal Considerations
• (15:53) - Patterns and Trends in ERC Audits
• (21:13) - Impact of Delays and New Business Models
• (25:45) - Legal Authority and Future Implications
• (31:20) - The American Rescue Plan and Its Implications
• (32:17) - Legislation and ERC Claims Cutoff
• (36:23) - Promoter Penalty Investigations
• (45:29) - IRS Guidance and Retroactive Challenges
• (49:36) - Future of ERC and Beneficial Ownership
• (52:34) - Final Thoughts and Thanks for Listening

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.

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.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Federal Tax Updates Episode 35
• (02:19) - Introducing the Expert Guest: Jeff Phillips
• (03:48) - Global and Industry-Specific Hiring Challenges
• (06:02) - The Importance of Flexibility and Remote Work
• (08:40) - The Value Proposition for Accounting Firms
• (13:43) - Strategies for Effective Recruitment
• (25:16) - Building a Modern Firm for the Future
• (31:08) - Morning Routine for Business Success
• (31:28) - The Pitfalls of Reactive Hiring & Effective Screening
• (32:58) - The Importance of Selling to Top Candidates
• (38:23) - Leveraging Offshore and Freelance Talent
• (46:08) - Managing Remote Teams Effectively
• (53:03) - The Future of Hiring in Accounting

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.

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.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Welcome to Federal Tax Updates
• (01:49) - Small Business Issues Overview
• (03:11) - Employment Concerns for Small Businesses
• (05:59) - Fair Labor Standards Act (FLSA) Basics
• (08:46) - State vs. Federal Minimum Wage
• (12:41) - Overtime Rules and Exemptions
• (29:24) - Salary Adjustments and Overtime Considerations
• (29:58) - Impact of Political Changes on Labor Regulations
• (30:23) - Understanding Exemptions: Administrative, Executive, and Professional
• (31:18) - Outside Sales and Computer Employees Exemptions
• (33:31) - Joint Employer Standards and Franchisee Concerns
• (36:57) - Child Labor Laws and Hiring Your Own Children
• (42:54) - Non-Compete Agreements and Employee Retention
• (51:07) - Upcoming Podcast and Future Topics

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.

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
• (01:11) - Introduction and Summer Plans
• (02:07) - Understanding IRS Notices
• (06:47) - CP2000 Notices Explained
• (20:12) - Responding to IRS Notices
• (27:09) - Strategies for Handling Tax Penalties
• (28:55) - Importance of Timely Responses to IRS Notices
• (30:59) - Mailing Issues and Certified Receipts
• (33:01) - Setting Up and Using IRS Online Accounts
• (40:09) - TaxPro Accounts and Future Enhancements
• (43:11) - Scams and IRS Communication Guidelines
• (45:28) - Summer Tax Planning Tips
• (48:06) - Current Issues: ERC and Beneficial Ownership
• (51:56) - Conclusion and Final Thoughts

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.

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
• (01:20) - Discussion on BOI (Beneficial Ownership Information)
• (02:03) - Hearing Insights and Political Dynamics
• (05:41) - Legal Challenges and Court Cases
• (10:59) - Employee Retention Credit (ERC) Updates
• (14:37) - Mail Issues and IRS Processing Delays
• (21:18) - New FTC Rules on Non-Compete Clauses
• (22:55) - Overtime Protections and Salary Thresholds
• (25:01) - Impact of Elections on Business Regulations
• (25:27) - Challenges for Small Business Owners
• (26:32) - Survey Insights from Tax Season
• (28:24) - IRS Online Services Improvements
• (30:33) - Benefits of IRS Online Accounts
• (36:31) - Summer Strategies for Tax Professionals
• (40:12) - Planning for CPE and Technology Updates
• (42:40) - Upcoming IRS Forums and Final Thoughts

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.