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.

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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

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

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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.

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 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.

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

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.