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Making Changes to Your Tax Firm: A Summer Reflection

Posted on July 11, 2023 - 5:19 pm by Roger Harris, EA and Annie Schwab, CPA

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.

Sponsors
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Get NASBA Approved CPE or IRS Approved CE
Launch 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
(13:04) - Where to start changing your firm
(22:21) - Some more proactive steps
(29:53) - Tax advice for new business owners
(45:05) - What can you do now to help yourself during next tax season?
(50:17) - Changing the way you bill your clients
(54:35) - Wrap up and please subscribe so you don't miss new episodes

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 Dirty Dozen Tax Scams of 2023

Posted on June 25, 2023 - 6:13 pm by Roger Harris, EA and Annie Schwab, CPA

This week, Roger and Annie cover the latest news. First, they discuss the launch of the ERC audits, then move on to the impact the debt-ceiling agreement will have on the IRS. They also cover the annual IRS "Dirty Dozen" worst tax scams. To wrap things up, Roger recaps his latest trip to Washington, DC. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode Chapters

(00:00) - Federal Tax Updates Episode 11
(01:34) - Latest updates on the ERC
(27:56) - Updates on the June 3rd debt ceiling
(34:24) - Rogers recap on his trip to Washington D.C.
(42:35) - Upcoming deadlines and reminders

Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod 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.

Post Tax Season Firm Improvements

Posted on May 22, 2023 - 9:17 pm by Roger Harris, EA and Annie Schwab, CPA

This week, Roger and Annie deviate from their normal tax update chats to have a deep discussion about the current state of the accounting profession and how you can use this post tax season downtime to improve your firm.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

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

Links mentioned in this episode

Chapters

(00:00) - Post Tax Season Firm Improvements
(03:01) - What's your general impressions about the tax season?
(05:06) - What are we seeing in the industry in terms of headwinds?
(12:08) - Why is hiring becoming so difficult in accounting?
(30:26) - Great practices to do post tax season?
(45:48) - Does the accounting industry need to make changes to the process of becoming a CPA?

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 Incorrect ERC Claims

Posted on May 9, 2023 - 12:12 am by Roger Harris, EA and Annie Schwab, CPA

Annie and Roger discuss how tax season isn't over yet due to 50,000 ERC claims per week being filed with the IRS. They also go into detail on how to handle incorrect and potentially fraudulent claims.

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode

Chapters
Follow the Federal Tax Updates Podcast on Social Media
twitter.com/FedTaxPod
facebook.com/FedTaxPod
linkedin.com/showcase/fedtaxpod

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.

Reflecting on the 2023 Tax Season and Planning for 2024 & Beyond

Posted on April 24, 2023 - 6:39 pm by Roger Harris, EA and Annie Schwab, CPA

Annie and Roger reflect on the 2023 tax season and suggest some ways firms and their teams can start making changes for the 2024 tax season. They also dive into some upcoming federal tax issues that tax professionals and their clients will face throughout the next year.

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links Mentioned in This Episode

Chapters

(00:00) - FTU E8
(02:29) - Annies opinions on Tax Season
(08:58) - How did the IRS do this year?
(20:44) - What is the difference between a IRS letter and a Audit?
(25:04) - If the chance of getting audited is less than 1% does this encourage non-compliance for the general public?
(33:23) - Updates on the Corporate Transparency Act of 2020
(38:49) - Upcoming potential changes to the Tax Cuts and Jobs Act

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

Corporate Transparency Act of 2021

Posted on April 10, 2023 - 3:00 pm by Roger Harris, EA and Annie Schwab, CPA

In this episode, Annie and Roger discuss The Corporate Transparency Act of 2021, what it mandates, and which companies will be affected. They also debate how this act affects the practitioner community and touch on the Dirty Dozen, give some updates on ERC, and how the $80 billion IRS funding is being used.

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode
IR-2023-62 - Dirty Dozen: IRS urges tax pros and other businesses to beware of spear phishing; offers tips to avoid dangerous common scams

IR-2023-61 - Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; schemes circulating involving tax forms

IR-2023-59 - Dirty Dozen: IRS warns individuals to stay clear of shady tax preparers; offers tips on carefully choosing tax professionals

IR-2023-57 - Dirty Dozen: IRS warns of scammers using fake charities to exploit taxpayers

IR-2023-55 - Dirty Dozen: Watch out for third-party promoters of false fuel tax credit claims

IR-2023-54 - Dirty Dozen: IRS warns of scammers offering “help” to set up an Online Account; creates identity theft risk for honest taxpayers

IR-2023-51 - Dirty Dozen: Watch out for scammers using email and text messages to try tricking people during tax season

IR-2023-49 - IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be true

FAQs for Form 1099-K - https://www.irs.gov/pub/taxpros/fs-2023-06.pdf?fbclid=IwAR3mYpnRVSkuzeaIrQ6EtUZb62KZgMCx_rPYZX-5IsS8tNBtnKM-V3lpNB8

Chapters

(00:00) - FTU E7
(02:08) - Corporate Transparency Act of 2021 (CTA)
(08:14) - What are the penalties for disobeying the CTA
(10:06) - What does the CTA look like?
(29:29) - Updates on ERC
(41:00) - New information on the electric vehicle tax credit
(45:28) - Thoughts on armed IRS agents?

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

Form 4868: Extension of Time To File U.S. Individual Income Tax Return

Posted on March 27, 2023 - 1:43 pm by Roger Harris, EA and Annie Schwab, CPA

In this episode, Roger and Annie discuss the most recent IRS updates and recommendations for tax preparers dealing with the surge of inaccurate ERC claims. They also provide some detailed insights into filing extensions for clients.

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode
Form 4868 - https://www.irs.gov/pub/irs-pdf/f4868.pdf

Chapters

(00:00) - Federal Tax Updates Episode 06
(02:23) - Employee Retention Credit Extension and Updates
(15:46) - Updates on personal tax extensions
(28:40) - What are the penalties associated when failing to file?
(42:04) - Recent IRS tax news
(44:40) - RMD deadline updates
(49:46) - Future topics on the Federal Tax Updates Podcast

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

Breaking Down the SECURE Act 2.0

Posted on March 13, 2023 - 7:53 pm by Roger Harris, EA and Annie Schwab, CPA

Roger and Annie discuss the changes in the SECURE 2.0 Act of 2022 and how this impacts small business owners with regards to offering retirement plans to their employees. They also talk about recent changes in IRS regulations that could prove beneficial to taxpayers dealing with ERC.

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode

Chapters

(00:00) - Federal Tax Updates E5
(01:57) - SECURE Act 2.0
(08:03) - Omnibus Package
(11:30) - How can the SECURE Act help small business owners?
(16:48) - In 2025 what changes could we see to retirement plans?
(19:15) - Different ways to get around the 10% penalty with retirement money
(24:08) - What is attractive about a starter 401k plan?
(26:03) - How the Secure Act is tying in Student loan forgiveness
(27:59) - What does the Secure act say about RMDs?
(32:40) - What can you do with money that is left in a 525 Plan?
(40:19) - What is happening to the IRS with the ERC
(46:26) - Potential P10 Refund
(47:13) - News on information returns
(51:39) - CPE Tax Forums

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

Tip Jars – Where Policy and Politics Collide

Posted on February 27, 2023 - 10:04 pm by Roger Harris, EA and Annie Schwab, CPA

On this episode of Federal Tax Updates, Annie and Roger focus on tips (the monetary kind), including an industry overview, current challenges with tip reporting, and tip credits. They also examine Notice 2023-13, and the proposed procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program and talk tax policy and politics.

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode
Federal eRulemaking Portal - https://www.regulations.gov/

Chapters

(00:00) - Federal Tax Update Episode 4
(04:42) - Changes in tipping in recent years
(14:28) - Are you supposed to report tips?
(22:05) - How tip pooling in restaurants works
(37:09) - How much longer does tipping survive?
(38:21) - New updates from the IRS

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

Don’t Miss These Deductions or Credits

Posted on February 13, 2023 - 10:09 pm by Roger Harris, EA and Annie Schwab, CPA

Roger and Annie discuss Congress and IRS roles when it comes to taxes, how tax code is used to encourage behaviors, how tax policy scoring works, and explain deductions versus credits.

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode

Chapters

(00:00) - Federal Tax Update E3
(02:29) - Don't miss the Deductions on Credits on your Tax Return
(10:41) - How tax policy is scored?
(16:12) - Limitations of Deductions and Credits
(19:10) - Do you take a standard deduction or a Itemized deduction?
(23:17) - Deductions on Charitable Donations
(25:37) - Gift Tax Returns
(29:21) - Education Credits
(36:26) - Sole Proprietorship Deductions
(41:11) - Refundable Credits
(43:26) - What does it cost to raise a child?
(47:11) - Updates on the Employee Retention Credit

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

State of the IRS

Posted on January 30, 2023 - 12:46 pm by Roger Harris, EA and Annie Schwab, CPA

Who is the Taxpayer Advocate, what do they do, what was in their latest report, what does this report mean, and how can tax practitioners assist in these efforts?

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode
Taxpayer Advocate Service (TAS)

Chapters

(00:00) - Federal Tax Updates Episode 2
(01:35) - Introduction : Tax season has officially begun
(03:57) - What is the taxpayer advocate service?
(13:43) - The IRS did a poor job of answering phone calls in 2022
(23:26) - The divided Congress will make it harder to pass tax laws at the moment
(27:21) - Chapter 6
(31:51) - E-filing over paper filing returns & making direct deposits
(35:43) - Changes to the IRS take time, be patient
(43:50) - Wrap up and remember a lot of tax exemptions are reverting to pre-covid ways. Be prepared for those tough client talks

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

Tax Season Kickoff

Posted on January 17, 2023 - 5:30 pm by Roger Harris, EA and Annie Schwab, CPA

Kick off tax season with the Inflation Reduction Act of 2022, the Employee Retention Credit, K-2s and K-3s, the latest 1099s changes, and updates to tax brackets, standard deductions, and mileage rates. Join Roger and Annie for this premier episode of Federal Tax Updates!

Sponsors
Padgett - https://www.padgettadvisors.com/join/?podcast

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

Links mentioned in this episode
Accounting Today - The Year Ahead: Top challenges for 2023
Chapters

(00:00) - FedTax Episode 1
(01:49) - Introducing your hosts: Annie and Roger
(02:52) - Opportunities and challenges for the upcoming tax season
(04:06) - Inflation Reduction Act of 2022
(08:29) - Changes in tax brackets
(09:23) - Updates on Standard Deduction
(10:04) - Mileage rate changes for 2023
(13:20) - Employee Retention Credit opportunity still exists
(22:28) - How COVID impacts the nexus state tax implications
(23:07) - Talent issues within the accounting industry
(24:40) - Emergence of "Quiet Quitting"
(26:57) - Challenges in reporting K-2's and K-3's
(31:34) - The problems that arise when reporting cryptocurrency
(33:45) - Roger's thoughts on recent 1099 events
(43:02) - Omnibus spending package

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

The Best Tax Podcast for CPAs, EAs, and Tax Preparers

Posted on January 12, 2023 - 7:57 pm by Roger Harris, EA and Annie Schwab, CPA

Links mentioned in this episode

Follow the Federal Tax Updates Podcast on Social Media

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
Full transcript available upon request.

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Tag: podcast

Making Changes to Your Tax Firm: A Summer Reflection

The Dirty Dozen Tax Scams of 2023

Post Tax Season Firm Improvements

Handling Incorrect ERC Claims

Reflecting on the 2023 Tax Season and Planning for 2024 & Beyond

Corporate Transparency Act of 2021

Form 4868: Extension of Time To File U.S. Individual Income Tax Return

Breaking Down the SECURE Act 2.0

Tip Jars – Where Policy and Politics Collide

Don’t Miss These Deductions or Credits

State of the IRS

Tax Season Kickoff

The Best Tax Podcast for CPAs, EAs, and Tax Preparers

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