Federal Tax Updates

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

Listen Later

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.

Sponsors
Padgett -  Contact Padgett or Email Jeff Phillips


  • (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

    • Get NASBA Approved CPE or IRS Approved CE
    Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

    Connect with the Roger and Annie 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

    ...more
    View all episodesView all episodes
    Download on the App Store
    Federal Tax UpdatesBy Roger Harris, EA and Annie Schwab, CPA
    • 4.9
    • 4.9
    • 4.9
    • 4.9
    • 4.9

    4.9

    29 ratings

    More shows like Federal Tax Updates

    View all
    Accounting Best Practices with Steve Bragg by Steve Bragg

    Accounting Best Practices with Steve Bragg

    251 Listeners

    WSJ Your Money Briefing by The Wall Street Journal

    WSJ Your Money Briefing

    1,741 Listeners

    Jill on Money with Jill Schlesinger by Audacy

    Jill on Money with Jill Schlesinger

    1,918 Listeners

    Main Street Business by Mark J Kohler and Mat Sorensen

    Main Street Business

    586 Listeners

    PwC's accounting podcast by PwC

    PwC's accounting podcast

    179 Listeners

    Tax Smart Real Estate Investors Podcast by Hall CPA

    Tax Smart Real Estate Investors Podcast

    415 Listeners

    Talking Tax by Bloomberg Tax

    Talking Tax

    110 Listeners

    NerdWallet's Smart Money Podcast by NerdWallet Personal Finance

    NerdWallet's Smart Money Podcast

    744 Listeners

    Tax Notes Talk by Tax Notes

    Tax Notes Talk

    90 Listeners

    The Accounting Podcast by Blake Oliver & David Leary

    The Accounting Podcast

    336 Listeners

    Small Business Tax Savings Podcast by Mike Jesowshek, CPA

    Small Business Tax Savings Podcast

    249 Listeners

    The Long View by Morningstar

    The Long View

    873 Listeners

    MoneyWatch with Jill Schlesinger by CBS News

    MoneyWatch with Jill Schlesinger

    400 Listeners

    Earmark Podcast | Earn Free Accounting CPE by Blake Oliver, CPA

    Earmark Podcast | Earn Free Accounting CPE

    25 Listeners

    The Efficient Advisor: Tactical Business Advice for Financial Planners by Libby Greiwe

    The Efficient Advisor: Tactical Business Advice for Financial Planners

    120 Listeners