For our milestone 50th episode, Roger Harris and Annie Schwab welcome Terry Lemons, who spent 26 years at the IRS including 11 years as Chief of Communications and Liaison. Terry shares insights from working with six different IRS commissioners, preparing officials for congressional testimony, and navigating public perceptions of the agency. The conversation explores the critical role of the tax professional community, challenges facing the IRS today, and lessons from past filing season successes and failures.

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• (00:00) - Welcome to Federal Tax Updates
• (01:44) - Celebrating the 50th Podcast with Special Guest Terry Lemons
• (03:23) - Terry Lemons' Journey to the IRS
• (06:47) - The Role and Influence of IRS Commissioners
• (11:33) - Preparing a Commissioner to Testify Before Congress
• (22:28) - Challenges and Perceptions of Working at the IRS
• (28:43) - Debunking IRS Agent Myths
• (30:57) - IRS Efficiency and Transformation
• (32:24) - Challenges and Improvements at the IRS
• (33:46) - Reflecting on Filing Seasons
• (36:04) - Historical IRS Challenges
• (40:24) - Future Tax Law Changes and Implications
• (44:31) - Terry's Retirement Plans
• (46:07) - The Importance of Tax Professionals Community
• (52:15) - Final Thoughts and Farewell

Connect with Terry Lemons
https://www.linkedin.com/in/terry-lemons-77b3641a9

Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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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.

*This is a replay of an episode that originally aired in March, 2024.

• (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

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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.

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Roger and Annie welcome guest Bob Kerr to discuss proposed changes to Circular 230, the regulations governing practice before the IRS. They explore contentious issues including contingent fees being classified as "disreputable conduct," expanded rights for non-credentialed preparers, and new requirements for reporting client errors. Bob shares insights from the recent hearing and explains why practitioners shouldn't expect final regulations until at least 2026.

• (00:00) - Welcome to Federal Tax Updates
• (02:20) - Introducing Special Guest Bob Kerr
• (03:32) - Overview of Circular 230
• (04:59) - Proposed Changes to Circular 230
• (15:17) - Contingent Fees Debate
• (30:30) - Limited Practice Discussion
• (36:22) - Voluntary IRS Programs and Their Impact
• (38:10) - Competency and Practitioner Requirements
• (39:33) - Knowledge of Errors and Omissions
• (42:31) - Proposed IRS Regulations and Practitioner Responsibilities
• (49:41) - Best Practices and Circular 230
• (57:30) - Conclusion and Future Expectations

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Roger and Annie provide critical updates on the Treasury Department's decision to halt Corporate Transparency Act penalties and enforcement requirements, bringing relief to tax practitioners and their clients. They break down the six-step reconciliation process for tax reform, offering clarity on where current legislation stands and what might be coming. The hosts also discuss concerns about potential IRS workforce reductions, upcoming technology improvements, and preview changes to Circular 230 regulations that will impact tax practice management.

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• (00:00) - Introduction and Welcome
• (02:04) - BOI Reporting Updates
• (02:50) - Corporate Transparency Act Penalties
• (05:46) - Guidance for Clients on BOI Compliance
• (11:03) - Government Shutdown Concerns
• (15:27) - Reconciliation and Tax Reform Process
• (26:15) - Debating the Impact of Tariffs
• (26:57) - Abolishing the IRS: Feasible or Fantasy?
• (29:08) - IRS Workforce Cuts: Immediate Implications
• (29:54) - Challenges of Tax Season Amid Workforce Reductions
• (32:39) - Potential Tax Reforms and Technological Advancements
• (45:31) - Common Tax Filing Mistakes to Avoid
• (47:58) - Upcoming Changes to Circular 230
• (51:19) - Wrapping Up and Final Thoughts

Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

Review
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This podcast is a production of the Earmark Media

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Roger and Annie explore major changes affecting tax professionals in early 2024, including significant staffing changes at the IRS and ongoing uncertainty around Beneficial Ownership Information (BOI) reporting requirements. They break down the new 1099-K reporting thresholds and explain how to handle various transaction types, from business payments to personal item sales. The hosts also discuss current legislative proposals and share practical insights for handling common client questions about taxable income and deductions during tax season.

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• (00:00) - Welcome to Federal Tax Updates
• (02:30) - Tax Reform and Legislative Updates
• (07:05) - IRS Hiring and Workforce Changes
• (13:12) - Beneficial Ownership Reporting Updates
• (20:34) - Employer Retention Credit Updates
• (23:42) - 1099K Reporting Changes
• (30:15) - Understanding Ticket Transactions
• (31:39) - Client Misconceptions and IRS Blame
• (33:27) - Filing Season Insights
• (38:46) - Common Tax Questions
• (49:32) - Proposed Tax Legislation
• (54:03) - Conclusion and Final Thoughts

Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

Review
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This podcast is a production of the Earmark Media

Former IRSAC Chair Annette Nellen joins Roger and Annie to discuss critical challenges facing the IRS and tax administration. The conversation explores the growing tax gap, the importance of consistent IRS funding, and efforts to modernize taxpayer services through online accounts and digital solutions. The discussion also delves into proposals for tax preparer regulation, continuing education requirements for enrolled agents, and the complexities of implementing cryptocurrency reporting requirements.

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• (00:00) - Welcome to Federal Tax Updates
• (01:35) - Introducing Special Guest Annette Nellen
• (02:26) - Understanding the ERSAC Annual Report
• (05:40) - Deep Dive into the Tax Gap
• (07:52) - IRS Funding and Its Impact
• (19:04) - Tax Literacy and Education Challenges
• (25:48) - Modernizing the IRS and Funding
• (30:33) - IRS Hiring Challenges and Misconceptions
• (31:48) - Impact of Potential Hiring Freeze
• (33:28) - IRS Strategic Operating Plans and Online Accounts
• (36:50) - Technological Advancements and Challenges
• (43:44) - Practice Management and Professional Development
• (47:48) - Regulating Tax Return Preparers
• (52:17) - Digital Currency and Cryptocurrency Regulations
• (55:19) - Conclusion and Final Thoughts

IRSAC Report
https://www.irs.gov/pub/irs-pdf/p5316.pdf

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Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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This podcast is a production of the Earmark Media

Roger and Annie dive into the complex political dynamics shaping potential tax reform in 2025, breaking down the strategic implications of pursuing one comprehensive bill versus two separate pieces of legislation. They provide critical updates on the ever-changing BOI regulations, including recent court injunctions and what practitioners should do while awaiting final resolution. The episode concludes with practical advice for tax professionals preparing for the upcoming tax season, covering everything from research tools and client management to pricing strategies and work-life balance.

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• (00:00) - Welcome to Federal Tax Updates
• (01:27) - Weather Woes and Tax Season Kickoff
• (02:09) - Political Landscape and Tax Legislation
• (03:20) - Tax Cuts and Jobs Act Discussion
• (06:38) - One Bill vs. Two Bills Debate
• (13:47) - BOI Updates and Legal Battles
• (24:48) - Employee Retention Credit Issues
• (29:44) - Taxpayer Advocate's Annual Report Insights
• (31:47) - Persistent IRS Issues and Proposed Solutions
• (33:18) - Regulating Tax Preparers: A Growing Need
• (37:21) - Preparing for the Upcoming Tax Season
• (41:01) - Client Management and Workload Optimization
• (45:21) - Research Tools and Online Resources
• (55:10) - Conclusion and Upcoming Topics

Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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This podcast is a production of the Earmark Media

Crypto tax expert Amir Marmar of JFDI Accountants breaks down the complexities of cryptocurrency taxation and shares guidance on when tax professionals should handle crypto cases themselves versus partnering with specialists. He explains key concepts like wallet-level reporting requirements coming in 2025, the challenges of DeFi and staking transactions, and why traditional tax software may not be enough for complex crypto cases. This episode provides practical insights for tax professionals on evaluating crypto clients and understanding the latest IRS guidance, including Revenue Procedure 2024-28's move away from universal accounting methods.

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• (00:00) - Welcome to Federal Tax Updates
• (01:56) - Amir Marmar's Background and Expertise
• (03:04) - Crypto Accounting Challenges and Success Stories
• (07:49) - Crypto-Friendly Government Policies
• (14:06) - Understanding Crypto Wallets
• (23:36) - Blockchain Basics and Tax Implications
• (29:38) - Complexities in Crypto Taxation
• (37:19) - Understanding Lending Protocols and Tax Implications
• (39:24) - Exploring Staking and Its Tax Considerations
• (41:11) - Liquidity Pools and Market Making
• (43:01) - Challenges in Crypto Accounting
• (44:11) - IRS Guidance and Tax Positions
• (46:02) - The Role of Tax Professionals in Crypto
• (49:39) - Steps for Successful Crypto Tax Engagements
• (52:50) - Upcoming Changes in Crypto Tax Reporting
• (01:04:53) - Contacting JFDI for Crypto Tax Help

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Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

Review
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Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media