Federal Tax Updates

No Tax on Tips: Who Made the List and What It Means

Listen Later

Roger and Annie break down the preliminary list of occupations qualifying for tax-free tips, including some unexpected entries like plumbers and digital creators. They discuss the compliance headaches ahead with retroactive implementation but no updated forms until 2026. The conversation shifts to serious concerns about proposed IRS budget cuts and workforce reductions that could undermine tax enforcement when it's needed most.

Sponsors
Padgett -  Contact Padgett or Email Jeff Phillips


  • (00:00) - Introduction and Greetings
  • (01:25) - Upcoming Tax Deadlines
  • (02:41) - No Tax on Tips: New Guidelines
  • (04:16) - Industries and Occupations Affected
  • (12:25) - Compliance and Documentation Challenges
  • (16:24) - W-4 and W-2 Form Changes
  • (26:04) - Call to Action: Comment on Proposed Forms
  • (30:27) - Upcoming Changes to W2 Forms
  • (31:16) - New Codes for Tips and Overtime
  • (33:38) - IRS Budget Cuts and Workforce Reduction
  • (36:42) - Impact of Budget Cuts on IRS Operations
  • (39:29) - Challenges in IRS Enforcement and Compliance
  • (48:12) - The Role of Practitioners and IRS Communication
  • (55:00) - Future of IRS and Tax Law Changes
  • (56:40) - Conclusion and Listener Engagement

    • 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 Hosts on LinkedIn
    Roger Harris
    Annie Schwab

    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

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

    All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

    ...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

    32 ratings

    More shows like Federal Tax Updates

    View all
    WSJ Your Money Briefing by The Wall Street Journal

    WSJ Your Money Briefing

    1,701 Listeners

    Your Money, Your Wealth by Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

    Your Money, Your Wealth

    793 Listeners

    Main Street Business by Mark J Kohler and Mat Sorensen

    Main Street Business

    588 Listeners

    PwC's accounting podcast by PwC

    PwC's accounting podcast

    180 Listeners

    Tax Smart Real Estate Investors Podcast by Hall CPA

    Tax Smart Real Estate Investors Podcast

    418 Listeners

    Talking Tax by Bloomberg Tax

    Talking Tax

    112 Listeners

    NerdWallet's Smart Money Podcast by NerdWallet Personal Finance

    NerdWallet's Smart Money Podcast

    831 Listeners

    Tax Notes Talk by Tax Notes

    Tax Notes Talk

    92 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

    247 Listeners

    The Long View by Morningstar

    The Long View

    894 Listeners

    Ready For Retirement by James Conole, CFP®

    Ready For Retirement

    801 Listeners

    The Long Term Investor by Peter Lazaroff

    The Long Term Investor

    138 Listeners

    On Investing by Charles Schwab

    On Investing

    304 Listeners

    Tax in Action: Practical Strategies for Tax Pros by Jeremy Wells, EA, CPA

    Tax in Action: Practical Strategies for Tax Pros

    9 Listeners