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

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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.

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

Federal Tax Updates

56 minutes

2 months ago

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

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.

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(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

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Annie Schwab

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