Federal Tax Updates

BOI Relief, Tax Reform, and IRS Restructuring

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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

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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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    Federal Tax UpdatesBy Roger Harris, EA and Annie Schwab, CPA
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