podcast Archives | Padgett Advisors

Circular 230 Changes: What Practitioners Need to Know

Posted on March 24, 2025 - 2:00 pm by Roger Harris, EA and Annie Schwab, CPA

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Roger 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.

(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

BOI Relief, Tax Reform, and IRS Restructuring

Posted on March 11, 2025 - 7:00 pm by Roger Harris, EA and Annie Schwab, CPA

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Roger 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.

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(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

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

Posted on February 24, 2025 - 4:00 pm by Roger Harris, EA and Annie Schwab, CPA

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Roger 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.

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(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

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IRS Funding, Tax Gaps, and Modern Tech

Posted on February 10, 2025 - 4:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

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(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 Nellen
https://www.linkedin.com/in/annette-nellen-7448824

IRSAC Report
https://www.irs.gov/pub/irs-pdf/p5316.pdf

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Tax Season Kickoff

Posted on January 27, 2025 - 4:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

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(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

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Crypto for Tax Pros

Posted on January 13, 2025 - 4:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

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(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 Amir
https://www.jfdiaccountants.com/
https://www.linkedin.com/in/amir-marmar-20b76726

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Achieve 10X Growth for Your Firm: The Firm Owner’s Playbook

Posted on December 30, 2024 - 6:00 pm by Roger Harris, EA and Annie Schwab, CPA

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/jeffaccountingfly

Janet Kaup - https://www.linkedin.com/in/janet-kaup-2238643

Jeff Darley - https://www.linkedin.com/in/jeff-darley-77839b2

Tom Friedel - https://www.linkedin.com/in/tom-friedel-cpa-ab71435

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Tax Season 2025: Changes, Challenges, and Uncertainties

Posted on December 16, 2024 - 4:00 pm by Roger Harris, EA and Annie Schwab, CPA

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

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Post-Election Tax Landscape

Posted on November 25, 2024 - 7:00 pm by Roger Harris, EA and Annie Schwab, CPA

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

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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

Review
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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.

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

Posted on November 11, 2024 - 7:00 pm by Roger Harris, EA and Annie Schwab, CPA

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

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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/

Review
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This podcast is a production of the Earmark Media

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

Posted on October 28, 2024 - 6:00 pm by Roger Harris, EA and Annie Schwab, CPA

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

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What You Need to Know About Beneficial Ownership Information Reporting | Part 1

Posted on October 21, 2024 - 5:00 pm by Roger Harris, EA and Annie Schwab, CPA

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

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This podcast is a production of the Earmark Media

How Modern Firm Owners are Addressing Common Industry Woes

Posted on October 7, 2024 - 10:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

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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Elections, Tax Changes, and Compliance Deadlines

Posted on September 23, 2024 - 3:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

Sponsors
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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

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Live From The Dallas IRS Tax Forum

Posted on September 9, 2024 - 10:19 pm by Roger Harris, EA and Annie Schwab, CPA

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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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.

New Programs, Looming Deadlines, and Forum Insights

Posted on August 26, 2024 - 8:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

Sponsors
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(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

Get NASBA Approved CPE or IRS Approved CE
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Connect with Hale Sheppard
https://www.linkedin.com/in/halesheppard
https://www.chamberlainlaw.com/people-hale_sheppard.html

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.

The ERC Landscape with Hale Sheppard

Posted on July 29, 2024 - 6:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

Sponsors
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(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

Get NASBA Approved CPE or IRS Approved CE
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Connect with Hale Sheppard
https://www.linkedin.com/in/halesheppard
https://www.chamberlainlaw.com/people-hale_sheppard.html

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.

Solving the Staffing Crisis in Accounting Firms

Posted on July 15, 2024 - 5:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

Sponsors
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

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Connect with Jeff Phillips
https://www.padgettadvisors.com/our-team
https://www.linkedin.com/in/jeffaccountingfly

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.

What Small Businesses Need to Know about New Overtime Rules

Posted on July 1, 2024 - 6:00 pm by Roger Harris, EA and Annie Schwab, CPA

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.

Sponsors
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

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Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

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.

Handling IRS Notices Like a Pro

Posted on June 17, 2024 - 6:00 pm by Roger Harris, EA and Annie Schwab, CPA

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

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

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.

Summer Strategies for Savvy Tax Professionals

Posted on June 3, 2024 - 6:31 pm by Roger Harris, EA and Annie Schwab, CPA

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

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

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 Testifies to Congress About The Corporate Transparency Act

Posted on May 20, 2024 - 10:00 pm by Roger Harris, EA and Annie Schwab, CPA

Roger testified April 30th, before the House Committee on Small Business. Roger was asked to speak on the small business perspective during a full committee hearing titled, "Under the Microscope: Examining FinCEN's Implementation of the Corporate Transparency Act."
Roger's goal in attending this hearing on behalf of Padgett's firm owners and small business clients was to help clarify the current issues with the implementation of the Beneficial Ownership Information (BOI) reporting requirement that was created under 2021's Corporate Transparency Act (CTA).

This bonus episode does not quality for CPE or IRS CE

Padgett - Contact Padgett or Email Jeff Phillips

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.

Tax Season Reflections

Posted on May 6, 2024 - 10:51 pm by Roger Harris, EA and Annie Schwab, CPA

Roger and Annie review how the 2024 tax filing season went, discussing improvements in IRS customer service metrics but also lingering issues like postal delays. They cover key post-filing topics like evaluating firm performance, addressing remaining extensions and IRS notices, and navigating complex new requirements like beneficial ownership reporting. They also provide updates on the Employee Retention Credit program amidst ongoing fraud concerns and talk about preparing for future tax policy changes after the election.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(02:14) - Post-Tax Season Reflections: IRS Performance and Technological Improvements
(08:22) - Evaluating the Tax Season: Metrics and Client Feedback
(14:14) - Addressing Post-Tax Season Tasks and Planning Ahead
(23:11) - Navigating New Developments: Beneficial Ownership Reporting
(25:37) - Navigating the Complexities of Court Rulings and Association Memberships
(27:12) - Congressional Attention on Implementation Issues
(28:11) - Exploring the Details of Beneficial Ownership Reporting
(29:01) - Challenges and Legalities for Tax Practitioners
(32:59) - The Ongoing Struggle with ERC Claims Processing
(33:53) - Fraud Prevention and the Importance of Accurate Record-Keeping
(36:35) - Addressing the Surge in Fraudulent Claims and Ensuring Compliance
(40:10) - Legislative Updates and Future Tax Policy Discussions
(42:38) - Security Concerns and Protecting Client Data
(47:18) - Wrapping Up: Post-Tax Season Reflections and Looking Ahead

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

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.

Post-Tax Season Tune-Up

Posted on April 22, 2024 - 10:00 pm by Roger Harris, EA and Annie Schwab, CPA

After the chaos of tax season, it's the perfect time to evaluate your accounting practice and make changes for a smoother upcoming year. In this episode, Roger is joined by guest Amanda Aguillard to discuss strategies to "right-size" your client roster, optimize technology usage, diversify service offerings, and implement better work-life balance. They share tips on reviewing clients, pricing appropriately, leveraging accounting services beyond tax prep, and avoiding the unhealthy grind culture.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(02:04) - Meet Amanda Aguilar: A Journey from CPA to IRS Advisory Council Member
(03:26) - Post-Tax Season Reflections: Looking Back to Move Forward
(06:03) - Evaluating Your Practice: The Importance of Client Grading
(11:02) - Achieving Work-Life Balance Through Right Sizing
(16:54) - Embracing Specialization for a More Profitable Practice
(21:41) - The Power of Saying No: Setting Boundaries with Clients
(26:17) - Leveraging Technology for Efficiency and Balance
(27:58) - The Challenge of Vetting Software
(29:23) - The Reality of Clients and Technology Adoption
(30:38) - Making Tough Decisions on Client Technology Use
(33:37) - Evaluating Tax Software: Cost vs. Capability
(38:19) - Diversifying Services Beyond Tax Season
(42:51) - The Value of Accounting Services in the Age of DIY Software
(48:38) - Closing Thoughts: Embracing Change for a Healthier Work-Life Balance

Connect with Amanda Aguillard
LinkedIn: https://www.linkedin.com/in/amandaaguillard

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

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.

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