Federal Tax Updates 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.

SponsorsPadgett -  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
Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Jeff Phillipshttps://www.padgettadvisors.com/our-teamhttps://www.linkedin.com/in/jeffaccountingfly
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.

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.

SponsorsPadgett -  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
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 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.