January 10, 2025

Dentists Beware: IRS Scams, BOI Changes, and President Trump's Tax Impact

18 minutes

On this episode, I’m diving into a lineup of tax topics every dental practice owner—and really, any business owner—needs to know. Let’s start with the buzz around the Beneficial Ownership Information (BOI) report. What is it, why does it matter, and what’s going on with a Texas court ruling it unconstitutional? Spoiler alert: it’s currently in limbo, and we’re breaking down what that means for you. Plus, if you’re a CPA, you’ll be relieved to know that you’re not responsible for the BOI. It really doesn't have to do with taxes.

We’re also taking a closer look at President Trump’s tax changes and their ripple effects across the board. Curious about how pass-through entity taxes work, or what the Alternative Minimum Tax (AMT) really means for you? I’ve got you covered with simple explanations of these complex topics. And for those of you who’ve ever wondered what it would be like to ditch taxes entirely and rely on tariffs instead, I’ll share some thoughts on that bold idea.

But it’s not all theoretical—we’re tackling real-world warnings too. The IRS has issued a strong message about tax scams involving charitable LLCs, and they’re cracking down hard on the people behind these schemes. I’ll explain what you need to watch out for, how to stay clear of these traps, and the serious implications these schemes can have on your finances if you’re not careful.

This episode is packed with insights, practical advice, and the latest tax updates to help you navigate the financial side of your business with confidence. Tune in to get the scoop and ensure you’re staying ahead of the game when it comes to tax compliance and strategy!

What you'll hear in this episode:

[0:40] Understanding the Beneficial Ownership Information (BOI) Report

[2:55] A Texas Court Rules the BOI Unconstitutional

[4:20] CPAs Aren't Responsible for the BOI

[5:25] President Trump's Tax Changes and Their Implications

[6:10] Passthrough Entity Taxes Explained

[7:25] Alternative Minimum Tax Explained

[8:10] Thoughts on Getting Rid of Taxes and Charging Tarrifs

[10:10] IRS Warning: Charitable LLC Tax Scams

[14:20] The IRS is aware of the Tax Schemes and are Working to Find the People Promoting Them

[15:00] Warning to Be Aware of Tax Schemes and the Implications they Can Have on You

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