Taxgirl Podcast

Filing taxes can be a complex process involving different rules and stipulations for American citizens living outside of the United States.

What do Americans citizens living abroad need to know about US taxes?

On today's episode of the Taxgirl podcast, Kelly is joined by Nathalie Goldstein to talk about expat taxes for Americans living outside the United States. Nathalie is the founder and CEO of MyExpatTaxes. As an IRS Enrolled Agent, she specializes in US expat taxes, helping the 9 million Americans like herself living abroad required to file US taxes based on citizenship-based taxation.

• Nathalie speaks about her own experience becoming an expat and learning how to process expat taxes.
• What exactly do Americans living abroad need to know? How are taxes different for expats?
• Kelly and Nathalie talk about foreign accounts, claiming Expat Tax benefits, and avoiding becoming double-taxed on foreign income.
• What do expats need to know about other tax returns, F bar requirements, and other disclosures?
• What tax complexities are involved with forming a business abroad and incorporating it?
• What penalties can be associated with these complex tax filings?
• Kelly and Nathalie share their thoughts on controversy and compliance issues for expats and international clients. Additionally, they provide insights and advice to those influenced by fear-mongering regarding tax compliance.
• Nathalie discusses the IRS services for international taxpayers, including complications with processing mailed tax returns and accessing their online accounts.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website: Taxgirl

MyExpatTaxes Website: MyExpatTaxes

MyExpatTaxes Instagram: @MyExpatTaxes

MyExpatTaxes TikTok: MyExpatTaxes

MyExpatTaxes Youtube: MyExpatTaxes

MyExpatTaxes Twitter: @MyExpatTaxes

MyExpatTaxes Linkedin: MyExpatTaxes

Supporting gender equality within the global tax accounting and legal industries is essential. This month, female representation takes on even more meaning, as it is Women's History Month. 

What is the importance of gender equality within the tax profession?

On today's episode of the Taxgirl podcast, Kelly is joined by Kate Barton to talk about gender equality in the tax profession. Kate is EY Global Vice Chair - Tax, where she oversees all aspects of EY’s tax strategy and operations, people development, client relations, quality control, risk management, thought leadership, knowledge, and learning. She also leads the EY tax executive committee.

• What has changed in terms of gender equality, and how should women continue to move forward in the tax profession?
• What can women in leadership positions do to encourage and support women who are on their way up?
• Kelly and Kate share their thoughts on mentorship between women in the tax profession.
• What are some obstacles that Kate sees most for women in the tax profession on the way to achievement?
• Has the change in the workplace to remote and hybrid structures generally been positive or negative for women? 
• Kate shares her thoughts on upskilling and education for women in the tax profession.
• Kelly and Kate speak on increasing diversity and gender equality in the tax profession.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website: Taxgirl

Kate’s Twitter: @KateBartonEY

Recently, Americans have experienced rising prices. But when it comes to economic inflation, how does this affect the taxes you are expected to pay?

How could the impact of inflation affect your tax bill?

On today's episode of the Taxgirl podcast, Kelly is joined by Tim Speiss to talk about the impact of inflation and rising prices on taxes in 2022. Tim is the CPA and partner of EisnerAmper LLC's wealth advisory group. He has over 30 years of experience providing comprehensive tax planning and related investment, compensation, and financial planning services.

• For taxpayers who may be in the position of needing to write checks to the IRS, what information and advice should they know regarding the effects of inflation on their taxes?
• Tim provides holistic advice for effective financial and tax planning, like utilizing advisors and implementing goals.
• Kelly and Tim speak on the value of taxpayers seeing professional specialists and personal wealth advisors who handle financial portfolios.
• When using a holistic approach to developing long-term plans, what kinds of documentation should taxpayers look at?
• What should taxpayers understand about charitable giving? With some people struggling with new economic burdens brought on by inflation, how can tax professionals help?
• How does charitable planning relate to retirement when people try to use their retirement funds or retirement planning to accomplish a charitable goal?
• Tim and Kelly discuss retirement changes, and Tim emphasizes the importance of starting a 401k plan early in life.
• Homes and life insurance are significant sources of income or wealth-building investments. What components of these should taxpayers consider during tax season?
• Tim provides his thoughts on whether the tax filing date should be changed.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website: Taxgirl

Tim’s LinkedIn: Timothy P. Speiss

Over the past few years, the IRS has increased its compliance and enforcement efforts focused on payment transactions between US and foreign persons. However, these new information reporting requirements for compliance can be confusing and intimidating for taxpayers.

What changes has the IRS made to tax information reporting requirements?

On today's episode of the Taxgirl podcast, Kelly is joined by Tara Ferris to talk about the new requirements for tax compliance. Tara is a Principal in the Financial Services Office of Ernst & Young LLP. In this role, Tara advises multinational financial institutions and asset managers on customer tax reporting and withholding. In addition, she focuses on process and control improvements to create efficiencies and reduce risk. Before joining Ernst & Young LLP, Tara served as Senior Counsel and worked on matters relating to FATCA, non-resident alien withholding and reporting, and international aspects of domestic information reporting.

• There's more emphasis now on reporting requirements, either for US payments to foreign persons or foreign income received by US persons. How has the expansion of information reporting impacted the professional tax practice? 
• How should tax professionals communicate to their clients and financial institutions that they work with which forums are important, and when they need to issue them?
• When working with financial institutions with clients who don't wish to be reported, how should tax professionals convince them that they need to give up the data, especially in countries where they may have built their entire system around the idea that it's secret?
• What should a taxpayer do if they think they're supposed to get a forum and didn't, or that form doesn't come through? Is that something that a taxpayer should have a conversation about with their financial institution or tax professional?
• Many clients struggle with the idea that they could have a reporting requirement that they aren't aware of or have reporting requirements they didn't even know existed. As a tax professional, how should one advise clients to figure out what those are?
• Kelly and Tara discuss reporting and the burden on the taxpayer to make sure that that information is correct, keep records, and balance the way they use their tax data.
• With the recent changes in tax reporting requirements, will taxpayers need to be reeducated on what is taxable and what is not? Are we suffering from an overreliance on tax forms to navigate this new territory?
• Now that more mainstream financial institutions adopt crypto in various forms, could this make it easier or harder for the IRS to enforce crypto reporting? Tara and Kelly provide their opinions about the long road ahead for crypto reporting and tax preparation.
• Tara speaks on her predictions of the tax reporting space in the upcoming years.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website: Taxgirl

Tara’s LinkedIn: Tara Ferris 

EY Tax Operations: Customer Tax Operations and Reporting Services

The world seems to be finally recovering as we come out of the pandemic. The global economy has rebounded and the global GDP is projected to increase. But will this trend continue?

What do CEOs think about the economy and next steps?

On today's episode of the Taxgirl podcast, Kelly is joined by Kathryn Kaminsky to talk about global economic trends and their effects on tax professionals. Kathryn is Vice Chair - Trust Solutions Co-Leader of PwC. In this role, she oversees the largest Trust platform in the world, bringing together the firm’s combined Audit, ESG, Digital Assurance and Tax Reporting capabilities to best help clients as they seek to build trust with their stakeholders. As co-leader, Kathryn is responsible for the quality of service, excellence in the work performed by over 21,000 partners and staff, developing diverse teams and driving innovation.

• PwC recently asked 4,446 CEOs from 89 countries and territories about continued economic resilience. Kelly and Kathryn speak about the survey results and how they could affect the tax profession. 
• Kelly and Kathryn discuss the optimism displayed in the survey and the reasons many respondents may have for maintaining optimism regarding this topic.
• What challenges may leaders and CEOs of larger companies face in the current economic state, and how are they making adjustments to combat them?
• Kathryn shares her insight about the labor shortage, the Great Resignation, and how companies have been navigating these workforce management trends.
• What are the common concerns of CFOs or CEOs when it comes to US tax policy and the implications of the OECD? 
• Since the pandemic began, many technological innovations have changed how we do business and characterize industries. What future effects can we expect from these changes on business categorization and economic growth?
• How invested are CEOs and leaders of bigger corporations with the tax planning process?
• The PwC survey featured the topic of succession. How important is succession planning for companies, particularly larger ones, and multinationals?
• Kathryn provides her most important advice for tax and accounting and legal professionals related to the survey and our current economic trajectory.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website: Taxgirl

Kathryn’s LinkedIn: Kathryn Kaminsky 

Kathryn’s Twitter: @Kaminsky001 

PwC: Kathryn Kaminsky

PwC 25th Annual Global CEO survey

Over the past year, there have been significant changes to the child tax credit. So what exactly do taxpayers need to know about the differences from last year to this year, and how will those changes affect them?

What do people need to know about changes to the Child Tax Credit?

On today's episode of the Taxgirl podcast, Kelly is joined by David Newville and Gabriel Zucker to talk about the mechanics of these tax changes.

David Newville is Senior Program Director for Tax Benefits at Code for America. David has spent the last decade in Washington building financial security for low- and moderate-income people, including during a stint as a Senior Policy Advisor at the Treasury Department during the Obama administration.

Gabriel Zucker is the Associate Policy Director for Tax Benefits at Code for America. Zucker has nearly a decade of experience in the evaluation, design, and implementation of progressive policy and has previously conducted research and advocacy on veteran homelessness programs and paid family leave.

• What is the newest expansion to the Child Tax Credit (CTC), and what do taxpayers need to know?
• Kelly, David, and Gabriel discuss the role of advance payments in relation to the CTC expansion.
• The CTC is similar to and different from the pandemic stimulus payments, causing confusion for taxpayers. How do they differ?
• What kinds of tools are available to families to ensure that they receive the credit they need? David and Gabriel talk about this and how they have been involved in the process.
• Many American taxpayers are reluctant to become involved with the IRS. How are IRS officials working to overcome the challenge of people's fear about turning over personal information?
• Kelly and her guests discuss possible future steps to provide economic support for taxpayers.
• What tools and options are in development for simplifying the tax filing process? 
• Is there any other important information that taxpayers should know about the CTC's changes or tax filing trends? 

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website – Taxgirl

David’s Twitter – @dlnewville

Gabriel’s Twitter – @ZuckerGabriel

David’s Company Page – David Newville

Gabriel’s Company Page – Gabriel Zucker

Education has become less affordable in recent years leading many to take out student loans. Unfortunately, new borrowers often find it challenging to navigate the complex processes surrounding student loans and payments.

What information do borrowers need to make wise student loan decisions?

On today's episode of the Taxgirl podcast, Kelly is joined by Bobby Matson to talk about student loan debt. Bobby is the CEO of Payitoff, which provides technology solutions for producing positive financial outcomes for student loan borrowers. It was founded with the goals of streamlining the complicated student loan system and saving borrowers money.

• How can technology solutions like apps and platforms help borrowers with the student loan borrowing and payment processes?
• Kelly speaks on her own student loan debt experiences and the confusion borrows face with complex processes like repayment rules, loan levels, and payment options.
• How can the topic of student loans be broken down in a way that is understandable to the people who have to pay them?
• Kelly and Bobby speak about the interest deductions that borrowers can get on their taxes for having student loans and the qualifications involved.
• Why is it important, and why can it be helpful to have conversations and educate students about student loan options?
• There are few options available that provide simple assistance with loan repayment, as the system is complex. Bobby explains why software offered by his company can help connect people with better repayment methods.
• Many people must choose which debts to repay before others when it comes to repayment. How does the emotional component of debt impact people's repayment decisions? How does the stigma around borrowing affect the way people discuss and treat and discuss their debt?
• Kelly and Bobby discuss student loan forgiveness and the Department of Education's targeted relief programs for loan borrowers.
• How could access to information about loans and payment programs help people make better economic decisions?

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website – Taxgirl

Bobby’s Twitter – @bomatson

Payitoff Twitter – @payitoffapp

Payitoff LinkedIn – LinkedIn

The pandemic has brought on many changes in the last few years, and these changes have impacted the tax season in 2022.

What challenges and updates should people be aware of this tax season?

On today's episode of the Taxgirl podcast, Kelly is joined by Amber Gray-Fenner to talk about challenges impacting taxpayers and tax professionals this filing season.

Amber is an Enrolled Agent and owner of Tax Therapy, LLC, in Albuquerque, New Mexico. Amber considers herself a tax "general practitioner" who prepares returns for individuals and (really) small businesses and represents individuals before the IRS and, occasionally, the U.S. Tax Court (as a non-attorney practitioner admitted to the Tax Court bar). Amber is also a tax writer whose passion is translating "taxspeak" into English for taxpayers and tax practitioners. She writes to dispel myths with facts and to explain “the fine print” behind seemingly simple tax concepts. Amber is a contributing writer at Forbes.com covering individual tax issues and IRS developments, a contributing writer for ThinkOutsidetheTaxBox.com, and one of the authors of The Most Common Tax Mistakes Made by Small Businesses (Lily Tran, author/editor).

• What does Amber think are the challenges people will face this year regarding tax struggles or filing difficulties?
• Kelly and Amber discuss the ways that the IRS's slow and often inefficient processes may cause challenges for taxpayers and professionals this tax season.
• How would refund check delays impact the lives of people who rely on tax refunds? Would the IRS be to blame for these impacts?
• Does taxpayers' time to file their returns influence how soon they will receive their refunds? How can taxpayers find a balance between filing early to avoid risks like ID theft vs. waiting patiently to file a correct return?
• In what ways are taxpayers at risk of being taken advantage of?
• Amber and Kelly discuss how the IRS is under-resourced and how this could have long-term consequences to the tax process and the taxpayer's trust in the system.
• What can taxpayers and tax professionals do this season to make their lives easier? Amber discusses some of the options available to taxpayers to aid them in the filing process this season.
• How can taxpayers best prepare and organize their information when filing with a tax professional?
• In what ways can tax professionals be better at determining whether a relationship with a potential client would be a good fit? How should the price that tax professionals charge factor into this practice?

Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.

You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website – Taxgirl

Amber’s Website – Tax Therapy 505

Amber’s Twitter – @taxtherapist505

Amber's book - The Most Common Tax Mistakes Made by Small Businesses

With tax season starting, many taxpayers are considering the best ways to file their returns and prepare their tax documents. But, with so many methods and room for confusion, what knowledge should taxpayers have to make the process go smoothly?

On today's episode of the Taxgirl podcast, Kelly is joined by Mark Steber to talk about everything that taxpayers should know and expect this tax season. Mark is a Senior Vice President and Chief Tax Information Officer at Jackson Hewitt Tax Service.

• Which tax payment processes are confusing and intimidating to DIY taxpayers this year?
• The IRS is not set up to help Americans get the most out of their tax experience regarding things like tax preparation and refunds. Mark shares his opinion on why this is the case.
• Kelly and Mark discuss the challenges facing nonfilers.
• Mark talks about why he encourages all taxpayers to ask their professionals upfront about the cost of their tax preparation services.
• How should tax practitioners promote their services and what they're offering?
• Big branded tax professional services are not always the best options for taxpayers to form long-lasting relationships with their tax professionals. Kelly and Mark address this concern that people have about these companies and their tax professionals.
• What should taxpayers be prepared for when working with a tax professional? What questions should they be asking to get the most out of their experience?
• Mark and Kelly discuss guarantees in the tax business, audit relief for audit protection, and what they think should be the role of a tax professional in those situations where taxpayers are looking for these guarantees.
• Last year stimulus checks presented a significant issue for taxpayers trying to file their returns. Kelly asks Mark what he thinks will be problematic for taxpayers this year.
• Should the tax filing season deadline be changed? Mark explains why he doesn't believe the deadline should be adjusted.

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website – Taxgirl

Mark’s Website – Jackson Hewitt

Mark’s Twitter – @marksteber

It comes as no surprise that recent events have had significant effects on the economy and businesses as a result. But with inflation causing soaring prices, many tax practitioners have experienced significant impacts on their professions.

On today's episode of the Taxgirl podcast, Kelly is joined by Tony Novak to talk about the impact of inflation on the tax practitioner profession. Tony is a serial small business entrepreneur in the Philadelphia area. He founded MedSave, a first-generation insurance exchange, and Freedom Benefits™, a benefits firm for contractor's business. He is a graduate of Delaware Valley University (BS, 1982), Temple University (MBA in Finance and Accounting, 1985), and Villanova Law School (MT, Compensation Planning, 1995). He primarily served the construction industry, including a term on the board of the National Association of the Remodeling Industry. Now his passion is promoting rural business redevelopment in South Jersey, promoting tax-free small business investments in restorative aquaculture, sustainable fishing, and waterfront recreation. He operates a sole practitioner CPA firm steps from the beach at Money Island, New Jersey that serves other entrepreneurs and investors.

• In the competitive world of tax practices, it can be hard to survive as a small businesses accounting firm. Kelly asks Tony for his opinion on how these professionals can adjust their practices to stay in business.
• How can tax practitioners identify the best billable rates for their service in a society where asking others is inappropriate?
• Kelly and Tony discuss the stress that individuals in the tax profession experience and its effect on their health, personal lives, and career decisions.
• Many people view hiring a tax practitioner as a discretionary cost rather than a necessary one and feel more comfortable with price shopping and deduction shopping. Kelly discusses this and its relation to the tax profession's stress on practitioners, especially those handling small businesses.
• Tony and Kelly speak on the importance of managing expectations and communicating effectively with clients. They touch on the innovative ways that technology is being used in recent years to benefit small businesses, practitioners, and their communication.
• What is the best method for making billing adjustments in the tax profession? How do billing methods relate to this regarding hourly rates and flat fees?
• In our increasingly cost-conscious environment, how can tax professionals navigate the decision to increase their rates and the effect of their rates on the quality of their services?
• Often, people don't consider the additional value that employing tax professionals can provide to them in the form of ensuring tax compliance and planning for their futures. How has this influenced the livelihood of tax professionals?
• Kelly and Tony discuss pivoting and how making adjustments to one's practice can be beneficial in an economy that is constantly changing.

Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website – Taxgirl

Tony’s Website – Tony Novak

Tony’s Twitter – @TonyNovak

And some folks Tony would like to acknowledge:

• Sebastian Meine, PhD --  be.a.wealthy.expert
• Joe Cass: "do taxes, make money" -- www.facebook.com/joe.cassarino.7
• Jo Colontonio, MBA, CPC -- https://ignitebusinesspartners.com