Episode Title: IRS Proposes Major Rules Update for Tax Pros: Circular 230 Changes

Description: The IRS and Treasury Department are proposing significant updates to Circular 230, which governs tax professionals who practice before the IRS. Learn about key changes including tech competency and more.

Show Notes:

• IRS & Treasury propose updates to Circular 230 for tax practitioners.
• Updates address changes in law and tax practice.
• Key changes: Registered tax return preparers, contingent fees, technological competency, and more.
• OPR (Office of Professional Responsibility) retains jurisdiction over suspended practitioners.
• New rules for appraisers included.
• IRS Source: IR-2024-315

Hosted on Acast. See acast.com/privacy for more information.

Episode Title: IRS Sending Automatic Stimulus Payments! Do You Qualify?

Description: The IRS is sending out automatic payments to eligible taxpayers who missed claiming the 2021 Recovery Rebate Credit! Find out if you're getting a payment and what to do if you haven't filed your 2021 taxes.

Show Notes:

• IRS sending automatic payments to 1 million taxpayers for unclaimed 2021 Recovery Rebate Credit.
• Payments will be direct deposited or mailed by late January 2025.
• No action needed for those who filed a 2021 return and are eligible.
• Maximum payment is $1,400 per individual.
• Non-filers: Must file 2021 return by April 15, 2025, to claim the credit.
• IRS Source: IR-2024-314

Hosted on Acast. See acast.com/privacy for more information.

Episode Title: IRS Seeks Feedback on Research Credit Form: Have Your Say!

Description: The IRS has released draft instructions for Form 6765, the Credit for Increasing Research Activities, and they want your input! Learn about the key changes and how to submit feedback to influence the final version.

Show Notes:

• IRS seeks feedback on draft instructions for Form 6765 (Research Credit).
• Specific focus areas: Section G reporting, ASC 730 Directive, business component detail, statistical sampling.
• Feedback deadline: June 30, 2025. Email lbi.rt.team@irs.gov
• New sections E, F, and G have been added to Form 6765.
• Section G is optional for 2024, mandatory for 2025 (with exceptions).
• Link to draft instructions: IR-2024-313

Hosted on Acast. See acast.com/privacy for more information.

Episode Title: IRS Mileage Rate Increase for 2025: Business Owners Take Note!

Description: The IRS is bumping up the standard mileage rate for business use in 2025! We break down the key changes and what they mean for you. Learn how this could affect your tax deductions and whether you should be tracking your mileage more closely.

Show Notes:

• IRS increases business mileage rate to 70 cents per mile in 2025 (up 3 cents).
• Rates for medical, moving (military), and charitable use remain unchanged.
• Understand the optional nature of standard mileage vs. actual expenses.
• Learn about special rules for leased vehicles.
• Find the official IRS notice: IR-2024-312

Hosted on Acast. See acast.com/privacy for more information.

Episode Title: Tax Season Prep: Key Updates & Tips for 2025 Filing

Episode Description:

The 2025 tax season is just around the corner! Are you ready? This episode breaks down key updates from the IRS, including new rules for IP PINs, 1099-K reporting changes, and what you need to know about digital asset taxes. We’ll also cover crucial steps you can take NOW to streamline your filing process and ensure a smoother tax season. Don't wait, get prepared today!

Show Notes:

• Intro: Quick overview of the approaching 2025 tax season.
• IRS Online Account: Learn how to use it to view key info, get transcripts, manage payments, & more.
• IP PINs: Protect your identity! New rules for 2025 filings for those with dependents already claimed.
• 1099-K Changes: Understand how new reporting thresholds will affect you & your income.
• Digital Assets: Report all crypto/NFT transactions! We explain what you need to know.
• Refunds & Timing: Factors affecting refund timing. Don't count on a specific date!
• Document Organization: Essential tips for gathering your W-2s, 1099s, and other important documents.
• Faster Refunds: Direct deposit is the key! Explore options for those without traditional bank accounts.
• Free Filing Options: IRS Free File, Direct File, VITA & TCE programs
• Call to Action: Visit the IRS Get Ready page and take action!

Hosted on Acast. See acast.com/privacy for more information.

Episode Title: Billions Recovered: IRS Fights Tax Crimes, Introduces New Business Online Account Tools

Episode Date: December 12, 2024

Episode Summary:

In this episode, we explore the IRS’s latest strategic progress report, highlighting how they’ve recovered $4.7 billion through new compliance and enforcement initiatives. Tune in for updates on the agency’s intensified focus on criminal cases tied to drug trafficking, cybercrime, and terrorist financing—efforts that have identified billions in fraud, secured major criminal sentences, and leveraged whistleblower information. We’ll also break down the IRS’s ongoing digital modernization push, including new business online account features that simplify tax management, improve access to transcripts, and speed up critical financial transactions.

Key Takeaways:

• Massive Recoveries: The IRS has recovered $4.7 billion in total, including $1.3 billion from non-filers, $2.9 billion from criminal investigations into drug trafficking and terror financing, and $475 million thanks to whistleblower tips.
• High-Income Non-Filers: Renewed focus has collected $292 million from more than 28,000 high-income individuals who haven’t filed returns since at least 2017.
• Criminal Investigations: IRS Criminal Investigation (CI) played a key role in dismantling organized crime—from tracking drug trafficking proceeds to exposing terrorist financing.
• Whistleblower Contributions: Whistleblowers remain instrumental, earning $123.5 million in awards for aiding the IRS in capturing nearly half a billion dollars.
• Digital Modernization: The IRS expands its Business Tax Account with easier payment options, transcript availability, and multilingual support. These improvements are part of a broader “Digital First Initiative” aiming to give taxpayers a smooth, self-service online experience.
• Paperless & Streamlined Processes: From redesigned notices in plain language to mobile-adaptive forms and user-friendly digital tools, the IRS is reducing paperwork, cutting wait times, and providing faster service to both taxpayers and tax professionals.

Action Items:

• If you’re a business taxpayer, explore the updated Business Tax Account features to streamline tax management.
• Check out new digital services, transcripts, and mobile-friendly forms available on IRS.gov.
• Tax professionals should review expanded e-Services and transcript delivery options now accessible through the Tax Pro Account.

Resources & Links:

• IRS Business Tax Account
• Transcript Delivery System (TDS)
• Whistleblower Program Information
• Paperless Processing Initiative Details
• Filing and Payment Options

Disclaimer:

This podcast is for informational purposes only and does not constitute professional tax or legal advice. For personalized guidance, please consult a certified tax professional.

Hosted on Acast. See acast.com/privacy for more information.

Episode Title: Year-End Reminder: New RMD Age Requirements and SECURE 2.0 Updates

Episode Date: December 10, 2024

Episode Summary:

In this episode, we break down the latest IRS announcements regarding Required Minimum Distributions (RMDs) from retirement accounts. With the passing of the SECURE 2.0 Act, the age to begin taking RMDs has changed, and certain Roth accounts receive new treatment. We’ll cover key deadlines, penalties for missed withdrawals, and where to find official IRS guidance and calculation tools—ensuring you stay informed and compliant as the year-end approaches.

Key Takeaways:

• New RMD Age Threshold: Account owners turning 73 in 2024 have until April 1, 2025, to take their first RMD.
• RMDs & Retirement Accounts: Traditional IRAs, most employer-sponsored plans (like 401(k) and 403(b)), and inherited accounts are subject to RMD rules—though rules differ by plan type.
• SECURE 2.0 Act Highlights:
• Delays the start of RMDs to age 73.
• Eliminates RMDs for Designated Roth accounts in 401(k) and 403(b) plans while the original owner is alive (effective 2024).
• Penalties for Missed RMDs: The penalty for failing to take the full RMD on time is generally 25%, reduced to 10% if corrected within two years.
• Inherited Accounts: Beneficiaries may need to follow special RMD rules based on their relationship to the deceased, the account type, and when the account owner passed away.
• Resources & Tools: IRS.gov provides RMD worksheets, forms, and detailed FAQs, including Publication 559 for estate-related guidance.

Action Items:

• Check if you need to take an RMD by the end of the year or by April 1, 2025, if turning 73 in 2024.
• Review your retirement accounts to ensure all RMD requirements are met and calculate distributions if needed.
• Visit IRS.gov for official guidance, tools, and detailed FAQs.

Additional Resources:

• IRS RMD FAQs: IRS.gov RMD FAQs
• Form 5329: To report missed RMDs or additional taxes
• Publication 559: Survivors, Executors and Administrators for estate-related guidance

Disclaimer:

This information is for educational purposes and not a substitute for professional financial or tax advice. Always consult a qualified tax advisor for guidance specific to your situation.

Hosted on Acast. See acast.com/privacy for more information.