Federal Tax Updates

Roger Harris, EA and Annie Schwab, CPA

CPAs, Enrolled Agents, and Tax Preparers can keep up-to-date with the latest federal tax information while earning NASBA approved CPE credits and IRS approved CE credits by listening to the bi-weekly Federal Tax Updates podcast. The hosts Roger Harris and Annie Schwab have over 75 years of tax experience between them, which has been featured in various media outlets including Wall Street Journal, USA Today, The Morning Business Report, Bloomberg Business News, and Accounting Today. read less
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Episodes

Ready, Set, File! Tax Season 2024 Updates
5d ago
Ready, Set, File! Tax Season 2024 Updates
As tax season kicks off, Annie and Roger discuss tips for practitioners and taxpayers, including using e-file and direct deposit for fastest refunds, being vigilant about IRS scam alerts, reviewing Circular 230 rules on duties and liabilities, and evaluating your processes after April to improve efficiency. They also touch on state filing deadlines, new disaster relief forms delaying state returns, and the importance of obtaining complete information before filing.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 26 (02:33) - Tips for Taxpayers and Practitioners (04:48) - Understanding State Tax Laws (06:54) - Challenges in Filing Business Returns (12:23) - Importance of Security in Tax Preparation (15:45) - Understanding Circular 230 and Practitioner's Responsibilities (21:17) - Efficient Workflow Management during Tax Season (29:01) - The Importance of Pricing Structure (30:36) - Beware of Scammers: Protecting Your Practice (34:16) - Employee Retention Credit: What You Need to Know (44:27) - The Impact of Beneficial Ownership (51:52) - Wrapping UpGet 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Navigating New Beneficial Ownership Rules
Feb 13 2024
Navigating New Beneficial Ownership Rules
Roger and Annie kick off the 2024 tax season by explaining the new beneficial ownership reporting requirements under the Corporate Transparency Act. They detail who must comply, what information must be disclosed, and the tight deadlines and penalties involved. They also discuss whether accountants should assist clients with these complex filings or refer them to attorneys. Additionally, Annie provides an update on navigating ERC claims during the current filing season and Roger warns listeners to pay attention to potential last-minute tax law changes from Congress.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome To Federal Tax Updates Episode 25 (01:11) - The 2024 Tax Season (01:57) - Beneficial Ownership Interest Reporting (02:58) - Understanding the Rules and Implications (03:41) - Exploring the Corporate Transparency Act (04:20) - Impact on Small Businesses (07:12) - Challenges and Concerns with the New Law (08:21) - Defining Beneficial Owners (10:30) - Understanding the Reporting Process (12:33) - Discussion on the Challenges of Compliance (15:52) - Advice for Navigating the New Law (23:10) - What Should People Be Doing Right Now? (40:05) - Updates on the Employee Retention Credit (44:23) - Final Thoughts and Thanks For ListeningGet 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Your 2024 Tax Season Cheat Sheet
Jan 29 2024
Your 2024 Tax Season Cheat Sheet
Get ready for the 2024 tax season with Roger and Annie! They cover critical deadlines, documentation tips, e-filing requirements, ERC updates,  and other need-to-know changes that affect small businesses and tax preparers this year.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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) - Welcome To Federal Tax Updates Episode 24(01:18) - Summary of employee retention credit and updates(02:48) - Overview of voluntary program for repaying improperly claimed credits(08:50) - Key details on the voluntary program(13:03) - Importance of documentation for ERC claims(15:41) - Origins and intentions of the ERC program(19:14) - Potential changes to ERC in Congressional budget negotiations(23:28) - Other letters and updates on ERC claims(25:21) - Expectations for further ERC guidance(29:34) - Using protective claims when amending returns(32:41) - Advice for taxpayers who used third parties for ERC claims(36:53) - Upcoming dates and other filing season reminders(42:29) - Thanks for listening and remember to subscribeFollow 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 pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Why Become an EA
Jan 15 2024
Why Become an EA
In this episode of Federal Tax Updates, hosts Roger Harris and Annie Schwab are joined by special guest Megan Killian, Executive Vice President of the National Association of Enrolled Agents (NAEA). Megan discusses her background in association management and her role leading NAEA, the premier organization representing the interests of Enrolled Agents. She talks about the benefits of NAEA membership for EAs, including advocacy, education, community, and support obtaining the credential. The discussion covers NAEA's strategic priorities like membership growth, how the EA credential compares to the CPA, and efforts to address the talent shortage by promoting the EA path, including to accounting students and career changers. Megan also shares details on NAEA's ongoing fight to regulate paid tax preparers and protect taxpayers from unethical or incompetent preparers. Additional topics include getting involved with NAEA and using its resources to advance your career as an EA.(00:00) - Federal Tax Updates: Why Become An EA? (00:50) - Welcome Megan Killian to the show (01:36) - Megan's background and role at NAEA (03:41) - Benefits of NAEA membership for Enrolled Agents (05:39) - NAEA leadership and strategic priorities (08:42) - Promoting the Enrolled Agent credential (11:34) - Comparing EAs, CPAs, and other tax professionals (14:39) - The declining number of accounting majors and CPAs (18:23) - The EA exam as a faster credentialing path (20:25) - Addressing the talent gap by hiring EAs (23:16) - Helping employees become EAs (26:33) - Regulating paid tax preparers (30:27) - Efforts to pass federal preparer regulation (32:23) - Getting involved with NAEA (34:42) - Where to reach Megan and learn moreThis Bonus Episode is NOT Eligilble for CE or CPE Credits Learn more about becoming an EA https://www.naea.org/Connect with Megan KillianLinkedIn: https://www.linkedin.com/in/megkillianWebsite: https://www.naea.org/about-naea/naea-evpConnect 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 pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Building Financial Literacy and Trust with Small Business Clients
Dec 5 2023
Building Financial Literacy and Trust with Small Business Clients
Joey Vrooman, CPA, joins the show today and helps explain the importance of working to educate clients on financial literacy, despite common disinterest. He discusses tactics for simplifying complex terminology, using visual tools, meeting clients at their level, and the "win win" benefits for both advisor and business owner.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 21 (01:11) - Welcome Joey to the show (03:02) - Defining financial literacy (06:04) - Teaching clients to understand finances (16:02) - Understanding client personalities and tailoring communication (18:54) - Managing pricing and margins during inflation (22:57) - Keeping financial information simple yet accurate (27:33) - Answering client questions on financial decisions (30:42) - Documentation to protect against liability risks (33:48) - Year-end tax planning with clients (39:28) - Confusion caused by media coverage and ERTC mills (43:32) - Wrap up and remember to subscribe Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with Joey https://www.linkedin.com/in/joey-vrooman-cpa-87371568Connect 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 pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Roger Testifies to Congress About ERTC
Sep 19 2023
Roger Testifies to Congress About ERTC
In this bonus episode of Federal Tax Updates, co-host Roger Harris provides witness testimony to the United States House Committee on Ways and Means Oversight Subcommittee Hearing on the Employee Retention Tax Credit Experience: Confusion, Delays, and Fraud. Roger and other tax experts break down the issues small businesses and tax professionals have faced in claiming this credit, including long delays, confusing guidance from the IRS, and fraud by bad actors. These witnesses also discuss potential solutions and their experiences working with small business owners struggling to receive ERTC funds to which they are entitled. The full audio of this hearing provides an illuminating look at the policy and administrative hurdles impacting this important pandemic tax relief program. Chapters(00:00) - FTU Bonus (23:54) - Roger introduces himself to Congress(42:17) - Roger speaks about the ERTC backlog(01:11:06) - Small businesses have been trapped(01:17:39) - Roger expresses need for clear and permanent guidance(01:20:40) - How fraudulent applications impact small businesses that unknowingly worked with ERTC mills(01:28:12) - IRS needs technology(01:37:09) - Number of ERTC claims waiting to be processed(01:39:17) - How to stop the bad actors(01:41:49) - How to help small businesses that have been scammed(01:53:26) - Three types of ERTC fraudLinksYouTube Video of Hearing: https://www.youtube.com/watch?v=yotrB5DtdGAConnect 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!
Gearing Up for Q4: Tax Prep Tips and Insights
Sep 6 2023
Gearing Up for Q4: Tax Prep Tips and Insights
In this episode, Roger and Annie cover recent federal tax updates and urge tax professionals to gear up for the October 15 extension by assessing their performance and contemplating tax software changes. They delve into rising IRS audit notices for the Employee Retention Credit (ERC), the new 1099-K reporting threshold, the IRS's halt on surprise visits by revenue officers, and the impending Corporate Transparency Act.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only. (01:02) - Welcome to Federal Tax Updates : how to be proactive (08:26) - What's new with ERC (11:43) - Estimated tax payments or adjusting withholdings (14:05) - The start of IRS notices and what do they mean? (16:15) - How to respond to an IRS Notice? (28:51) - What kind of documentation does the IRS expect small business owners to have? (37:10) - Updates on 1099-Ks (46:32) - New changes in policy for the IRS (48:26) - Updates on the Transparency Act (54:17) - Making changes to your overall work environment (55:25) - Remember to subscribe so you don't miss an episode
The ERC Rollercoaster Continues
Aug 22 2023
The ERC Rollercoaster Continues
The drama and confusion around Employee Retention Credits continues into 2023 with new guidance creating more questions than answers. In this episode, Roger and Annie provide an update on the latest ERC developments, including new problems facing practitioners and small business owners as well as lingering unresolved issues around amending returns, repayments, and fraud. Join Roger and Annie as they attempt to make sense of the ongoing ERC mess in 2023.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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 MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only. (00:00) - Welcome everyone to another episode of Federal Tax Updates: We have some ERC updates(07:33) - You can still apply for the ERC credit(13:07) - If you don't do ERC make sure your clients are working with a legit company(19:20) - What if a small business got some ERC money that they probably shouldn't have?(31:03) - What qualifies as "Supply Chain Interruption?"(31:59) - Roger gives Annie a test if someone would qualify for ERC(40:31) - What should the people do if they have legitimate ERC credits?(48:06) - Key takeaways about ERC you should know today!(51:20) - Wrap up. Please subscribe so you don't miss an episode
Level Up: Tax Practice Growth Tips
Aug 7 2023
Level Up: Tax Practice Growth Tips
On this episode Roger and Annie review strategies for tax pros to strengthen their firms, including evaluating clients and fees, developing a niche, implementing new technologies, transitioning to subscription pricing, and creating a succession plan.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters(00:00) - Federal Tax Updates Episode 14 (01:33) - Welcome to Federal Tax Updates (10:26) - What to do with a client that is not experienced with technology? (14:43) - What technologies can be brought to improve your service? (20:51) - What can developing a niche do to help your firm? (30:26) - What do people mean when they talk about Subscription Pricing? (39:10) - IRS released OPR information reminders for succession plans (48:16) - Recent IRS updates to be aware of. (53:20) - Thanks for listening and please subscribe so you don't miss an episodeFollow 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 pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Tax Planning for 2023: Provisions on the Chopping Block
Jul 24 2023
Tax Planning for 2023: Provisions on the Chopping Block
On this episode Roger and Annie discuss expiring tax provisions, the latest on ERC audits, the resumption of student loan payments, and IRS budget challenges. They provide guidance on planning for changes, spotting fraudulent ERC providers, and embracing technology to thrive as a firm.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters(00:00) - Welcome to another episode of Federal Tax Updates (03:24) - What to watch for in elections and how they might impact the IRS and taxes (13:00) - Updates on the 199A deduction (26:33) - Some ERC updates (27:54) - How to know if you are a dealing with a legitimate ERC Mill? (33:35) - Keys from the practitioner side of ERC (42:19) - Updates on student loan forgiveness/repayment (45:20) - Annie's Scaling New Heights experience (53:34) - Wrap up and please subscribe so you don't miss an episode 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 pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Making Changes to Your Tax Firm: A Summer Reflection
Jul 11 2023
Making Changes to Your Tax Firm: A Summer Reflection
On this episode, Roger and Annie discuss making changes to tax firms during the summer season, emphasizing the need to reflect on the current business to create a better work-life balance. They talk about examining price structure and client list, addressing estimated taxes, and offering advisory meetings to increase revenues. They also emphasize the need for tax practitioners to be proactive in addressing changes in their business.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters(00:00) - Welcome to Federal Tax Updates : What Annie and Roger have been up to this summer (12:40) - Where to start changing your firm (20:54) - Some more proactive steps (28:26) - Tax advice for new business owners (43:38) - What can you do now to help yourself during next tax season? (48:50) - Changing the way you bill your clients (53:08) - Wrap up and please subscribe so you don't miss new episodesFollow 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 pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.
Handling Incorrect ERC Claims
May 9 2023
Handling Incorrect ERC Claims
Annie and Roger discuss how tax season isn't over yet due to 50,000 ERC claims per week being filed with the IRS. They also go into detail on how to handle incorrect and potentially fraudulent claims.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet 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) - FTU E9(03:14) - More updates on ERC(07:54) - Some basics of the ERC(18:21) - What do we do if we believe the ERC claim to be false and a client comes to us to amend the return?(24:38) - What is the goal of form 14242?(33:31) - ERC Suppy Chain Interruption(35:23) - Quick summary to know if you qualify for ERC(42:09) - Updates on Tax Cuts and Job Act (Trump Tax Cuts )(50:42) - How do think the Tax Practitioners tax season went?(53:01) - Was this a good or bad tax season?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 pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.