Federal Tax Updates

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.SponsorsPadgett -  https://www.padgettadvisors.com/join/?podcast Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeForm 4868 - https://www.irs.gov/pub/irs-pdf/f4868.pdfChapters (00:00) - Federal Tax Updates Episode 06 (02:23) - Employee Retention Credit Extention and Updates (15:46) - Updates on personal tax extentions (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 Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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.SponsorsPadgett -  https://www.padgettadvisors.com/join/?podcast Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeChapters (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% penatly 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 Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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. SponsorsPadgett -  https://www.padgettadvisors.com/join/?podcast Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeFederal 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 Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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.SponsorsPadgett -  https://www.padgettadvisors.com/join/?podcast Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeChapters (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 Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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?SponsorsPadgett -  https://www.padgettadvisors.com/join/?podcast Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeTaxpayer 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 Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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!SponsorsPadgett -  https://www.padgettadvisors.com/join/?podcast Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeAccounting Today - The Year Ahead: Top challenges for 2023Chapters (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 Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Links mentioned in this episodeFollow the Federal Tax Updates Podcast on Social MediaConnect 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 MediaFull transcript available upon request.