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.

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• (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

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

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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.

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• (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

Connect with Thad Inge
LinkedIn: https://www.linkedin.com/in/thad-inge-9342155
Website: https://www.vsadc.com/

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

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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.

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.

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• (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

Connect with Wendy Walker
https://www.linkedin.com/in/wendy1099

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

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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.

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• (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

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

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In part 1 of this 2-part series, Annie and Roger dive into the complexities of the new Beneficial Ownership Information (BOI) reporting requirements. They discuss who needs to file, key deadlines, and potential risks for tax professionals assisting clients with compliance. The hosts emphasize the importance of understanding the current guidance, primarily based on FAQs, and highlight areas where interpretation could lead to legal complications.

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• (00:00) - Welcome to Federal Tax Updates
• (03:34) - Understanding the FinCEN Reporting Requirements
• (05:11) - Navigating the FAQs and Compliance Challenges
• (09:57) - Filing Requirements and Deadlines
• (23:37) - Who Needs to Report? Identifying Reporting Companies
• (27:33) - Understanding Reporting Company Criteria
• (29:43) - Sole Proprietorships and Reporting Requirements
• (30:59) - Navigating S Corps and HOAs Reporting
• (32:37) - Legal Implications and Attorney Involvement
• (33:59) - Complex Scenarios and Reporting Obligations
• (40:27) - Company Applicant Responsibilities
• (45:46) - Filing Requirements and Updates
• (50:44) - Conclusion and Next Steps

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

Zach Warren from Thomson Reuters Institute and Amanda Aguillard from Padgett dive into the pressing challenges facing modern accounting firms, particularly those in the mid-sized range. They explore innovative solutions to the talent shortage, discuss the surprising resilience of time-based pricing, and emphasize the critical role of technology adoption in driving efficiency. This data-driven conversation offers practical insights for firm owners looking to navigate industry pressures and position themselves for sustainable growth.

To earn CPE for this episode, go here: https://www.earmark.app/c/1872

Connect with Zachary Warren, MBA
https://www.linkedin.com/in/zach-warren-19403371
https://www.thomsonreuters.com/en-us/posts/authors/zach-warren

Connect with Amanda Aguillard, CPA CISD
https://www.linkedin.com/in/amandaaguillard
https://www.aguillardaccounting.com

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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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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.