Federal Tax Updates

IRS Upheaval: Staff Cuts, BOI Updates, and Filing Season Insights


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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

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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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