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

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Federal Tax Updates

Roger Harris, EA and Annie Schwab, CPA

72 episodes

3 days ago

CPAs, Enrolled Agents, and Tax Preparers can keep up-to-date with the latest federal tax information while earning NASBA approved CPE credits and IRS approved CE credits by listening to the bi-weekly Federal Tax Updates podcast. The hosts Roger Harris and Annie Schwab have over 75 years of tax experience between them, which has been featured in various media outlets including Wall Street Journal, USA Today, The Morning Business Report, Bloomberg Business News, and Accounting Today.

All content for Federal Tax Updates is the property of Roger Harris, EA and Annie Schwab, CPA and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

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

Federal Tax Updates

55 minutes

9 months ago

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

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

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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This podcast is a production of the Earmark Media