Special guest Wendy Walker, VP of Regulatory Affairs at Sovos and Chair of IRSAC's Information Reporting Committee, breaks down the latest developments in 1099-K reporting thresholds and the upcoming 1099-DA form for digital assets. The discussion explores the practical challenges facing tax professionals as payment platforms struggle with reporting requirements, while also examining how the IRS is modernizing its systems to handle electronic filing.

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• (00:00) - Welcome to Federal Tax Updates
• (02:04) - Special Guest Introduction: Wendy Walker
• (03:14) - Discussion on IRS Advisory Council and Information Reporting
• (04:28) - Deep Dive into 1099K Reporting
• (05:43) - Challenges and Uncertainties in 1099K Reporting
• (08:46) - Impact on Taxpayers and Tax Professionals
• (11:43) - Platform Issues and Reporting Complexities
• (25:12) - IRS Matching and Compliance
• (27:07) - Future of Electronic 1099s
• (29:24) - New 1099 DA Form Explained
• (30:10) - Challenges with Current Reporting
• (32:22) - Future of Cryptocurrency Reporting
• (40:36) - IRS Modernization Efforts
• (50:48) - Wrap Up and Future Plans

Connect with Wendy Walker
https://www.linkedin.com/in/wendy1099

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https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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In Part 2 of their BOI series, Roger and Annie tackle the most challenging aspects of beneficial ownership reporting requirements, focusing on determining who qualifies as a beneficial owner and the significant penalties for non-compliance. They dissect FinCEN's FAQs about substantial control while highlighting concerning gray areas that could put both business owners and tax professionals at risk. The discussion provides critical guidance for practitioners considering whether to offer BOI services, emphasizing protection strategies like engagement letters and insurance coverage given the potential $591 daily penalties and criminal consequences.

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• (00:00) - Welcome to Federal Tax Updates
• (01:41) - Overview of Beneficial Ownership
• (02:43) - FAQs and Compliance Guide
• (06:34) - Reporting Requirements and Deadlines
• (14:26) - Defining Beneficial Owners
• (17:01) - Indicators of Substantial Control
• (29:18) - Accountants and Lawyers as Beneficial Owners
• (32:40) - Clarifying Beneficial Ownership
• (33:51) - Community Property and Beneficial Ownership
• (35:02) - FinCEN's Approach to Reporting
• (37:13) - Penalties and Enforcement
• (42:11) - Practical Implications for Accountants
• (52:59) - FinCEN Identifiers Explained
• (55:47) - Final Thoughts and Recommendations

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In part 1 of this 2-part series, Annie and Roger dive into the complexities of the new Beneficial Ownership Information (BOI) reporting requirements. They discuss who needs to file, key deadlines, and potential risks for tax professionals assisting clients with compliance. The hosts emphasize the importance of understanding the current guidance, primarily based on FAQs, and highlight areas where interpretation could lead to legal complications.

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• (00:00) - Welcome to Federal Tax Updates
• (03:34) - Understanding the FinCEN Reporting Requirements
• (05:11) - Navigating the FAQs and Compliance Challenges
• (09:57) - Filing Requirements and Deadlines
• (23:37) - Who Needs to Report? Identifying Reporting Companies
• (27:33) - Understanding Reporting Company Criteria
• (29:43) - Sole Proprietorships and Reporting Requirements
• (30:59) - Navigating S Corps and HOAs Reporting
• (32:37) - Legal Implications and Attorney Involvement
• (33:59) - Complex Scenarios and Reporting Obligations
• (40:27) - Company Applicant Responsibilities
• (45:46) - Filing Requirements and Updates
• (50:44) - Conclusion and Next Steps

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

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Zach Warren from Thomson Reuters Institute and Amanda Aguillard from Padgett dive into the pressing challenges facing modern accounting firms, particularly those in the mid-sized range. They explore innovative solutions to the talent shortage, discuss the surprising resilience of time-based pricing, and emphasize the critical role of technology adoption in driving efficiency. This data-driven conversation offers practical insights for firm owners looking to navigate industry pressures and position themselves for sustainable growth.

To earn CPE for this episode, go here: https://www.earmark.app/c/1872

Connect with Zachary Warren, MBA
https://www.linkedin.com/in/zach-warren-19403371
https://www.thomsonreuters.com/en-us/posts/authors/zach-warren

Connect with Amanda Aguillard, CPA CISD
https://www.linkedin.com/in/amandaaguillard
https://www.aguillardaccounting.com

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Roger and Annie discuss the unique challenges tax practitioners face as 2024 draws to a close. They explore the potential impact of the upcoming election on tax law, ongoing issues with the Employee Retention Credit, and the looming deadline for Beneficial Ownership Information reporting. The hosts provide insights on how to approach tax planning amidst uncertainty and offer practical advice for managing client expectations during this complex period.

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• (00:00) - Welcome to Federal Tax Updates
• (01:46) - Challenges in Tax Planning
• (03:07) - Election Impact on Tax Laws
• (07:14) - Potential Changes in Tax Provisions
• (16:38) - Electric Vehicle Tax Credits
• (21:30) - Tax Reform and Future Considerations
• (27:02) - Meeting with IRS Commissioner Werfel
• (28:24) - IRS Funding and Staffing Challenges
• (29:16) - Tax Scams and Fraud Prevention
• (32:57) - Employee Retention Credit (ERC) Updates
• (40:40) - Beneficial Ownership Information Reporting
• (50:22) - End-of-Year Tax Planning and Challenges
• (51:54) - Final Thoughts and Wrap-Up

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

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Join Roger and Annie on this special episode, as they take you behind the scenes at the IRS National Tax Forum in Dallas. Through interviews with key figures from the IRS, professional associations, and industry leaders, this special episode offers unique insights into the current state of tax practice and policy. Listeners will gain valuable perspectives on critical issues facing tax professionals, including combating tax scams, improving IRS services, and the future of tax preparation standards.

• (00:00) - Welcome to Federal Tax Updates
• (00:39) - Coming to You Live From the Dallas IRS Tax Forum
• (01:56) - Welcome Jeff Phillips to the Show
• (16:57) - Welcome Melvin Hardy to the Show
• (32:43) - Welcome Christine Freeland to the Show
• (47:34) - Welcome Kelly Comegys to the Show
• (55:44) - Welcome Alan Pinck to the Show
• (01:06:37) - Welcome Nina Tross to the Show
• (01:20:53) - Welcome Terry Lemmons to the Show
• (01:33:27) - Thanks for Joining Us and Remember to Subscribe!

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Connect with the Hosts 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

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 Harris and Annie Schwab explore recent tax policy changes, including updates to voluntary disclosure programs and new IRS enforcement efforts. They discuss the ongoing challenges surrounding Beneficial Ownership Information reporting requirements and their potential impact on tax practitioners. The hosts also preview their upcoming live podcast recording at the IRS Tax Forum in Dallas, offering listeners a glimpse into this valuable industry event.

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• (00:00) - Welcome to Federal Tax Updates
• (02:19) - Current Political Climate in DC
• (02:53) - Legislative Updates and Tax Relief
• (08:49) - Digital Asset Reporting
• (09:32) - Security Summit and WISP
• (19:13) - Employer Retention Credit Updates
• (28:08) - IRS Moratorium and Fraud Analysis
• (31:39) - Penalties and Promoter Fines
• (32:24) - ERC Business Resurgence
• (35:12) - Beneficial Ownership Information Reporting
• (37:40) - Challenges and Uncertainties in BOI Compliance
• (46:54) - IRS Forums and Upcoming Events

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

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.

This podcast episode features tax controversy expert Hale Sheppard discussing the latest developments and challenges surrounding Employee Retention Credit (ERC) claims. Sheppard provides insights into IRS audit processes, potential penalties for ERC promoters, and the complexities of defending ERC claims. The conversation covers recent IRS announcements, proposed legislation, and the long-term implications for taxpayers and tax professionals.

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• (00:00) - Welcome to Federal Tax Updates
• (01:30) - Discussing the Employee Retention Credit (ERC)
• (02:02) - Introducing Guest Expert Hale Shepard
• (03:06) - IRS Updates on ERC Claims Processing
• (06:09) - Challenges in Documentation and Audits
• (11:59) - Protest Letters and Legal Considerations
• (15:53) - Patterns and Trends in ERC Audits
• (21:13) - Impact of Delays and New Business Models
• (25:45) - Legal Authority and Future Implications
• (31:20) - The American Rescue Plan and Its Implications
• (32:17) - Legislation and ERC Claims Cutoff
• (36:23) - Promoter Penalty Investigations
• (45:29) - IRS Guidance and Retroactive Challenges
• (49:36) - Future of ERC and Beneficial Ownership
• (52:34) - Final Thoughts and Thanks for Listening

Connect with Hale Sheppard
https://www.linkedin.com/in/halesheppard
https://www.chamberlainlaw.com/people-hale_sheppard.html

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

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.