Federal Tax Updates 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.

SponsorsPadgett -  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 CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.

SponsorsPadgett -  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 CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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 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
Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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 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.

SponsorsPadgett -  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 CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.

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.

SponsorsPadgett -  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 AguillardLinkedIn: https://www.linkedin.com/in/amandaaguillard Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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 sits down with Catharine Madeley, a tax practitioner who recently experienced a data breach at her firm. Catherine shares her firsthand account of how the breach unfolded, the steps she took to respond, and the lessons she learned along the way. She offers valuable insights into the importance of having a robust cybersecurity plan, the critical role of communication with clients, and the need to be proactive in protecting sensitive client information.

SponsorsPadgett -  Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to the Federal Tax Updates Podcast

(01:30) - Introducing Our Guest: Catharine Madeley

(03:26) - The Harrowing Tale of a Data Breach

(04:29) - The Initial Discovery and Immediate Response

(14:36) - Navigating the Aftermath: Investigation and Recovery

(23:42) - Reflections and Lessons Learned from the Cybersecurity Incident

(25:58) - The Aftermath of a Data Breach: A Personal Account

(26:45) - Law Enforcement's Response to Small Scale Breaches

(28:36) - Navigating IRS Procedures After a Breach

(29:51) - The IRS Practitioner Relief Opt-In Program: A Lifeline

(32:42) - Client Communication and Response to the Breach

(42:55) - Lessons Learned and Moving Forward

(49:28) - Final Thoughts and Advice
Connect with Catharine Madeley LinkedIn: https://www.linkedin.com/in/catharine-drake-madeleyWebsite: https://www.sallingcpa.comGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.
Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.