Federal Tax Updates Roger Harris, EA and Annie Schwab, CPA

After the chaos of tax season, it's the perfect time to evaluate your accounting practice and make changes for a smoother upcoming year. In this episode, Roger is joined by guest Amanda Aguillard to discuss strategies to "right-size" your client roster, optimize technology usage, diversify service offerings, and implement better work-life balance. They share tips on reviewing clients, pricing appropriately, leveraging accounting services beyond tax prep, and avoiding the unhealthy grind culture.

SponsorsPadgett -  Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates

(02:04) - Meet Amanda Aguilar: A Journey from CPA to IRS Advisory Council Member

(03:26) - Post-Tax Season Reflections: Looking Back to Move Forward

(06:03) - Evaluating Your Practice: The Importance of Client Grading

(11:02) - Achieving Work-Life Balance Through Right Sizing

(16:54) - Embracing Specialization for a More Profitable Practice

(21:41) - The Power of Saying No: Setting Boundaries with Clients

(26:17) - Leveraging Technology for Efficiency and Balance

(27:58) - The Challenge of Vetting Software

(29:23) - The Reality of Clients and Technology Adoption

(30:38) - Making Tough Decisions on Client Technology Use

(33:37) - Evaluating Tax Software: Cost vs. Capability

(38:19) - Diversifying Services Beyond Tax Season

(42:51) - The Value of Accounting Services in the Age of DIY Software

(48:38) - Closing Thoughts: Embracing Change for a Healthier Work-Life Balance
Connect with Amanda AguillardLinkedIn: https://www.linkedin.com/in/amandaaguillard Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.

In this episode, Roger sits down with Catharine Madeley, a tax practitioner who recently experienced a data breach at her firm. Catherine shares her firsthand account of how the breach unfolded, the steps she took to respond, and the lessons she learned along the way. She offers valuable insights into the importance of having a robust cybersecurity plan, the critical role of communication with clients, and the need to be proactive in protecting sensitive client information.

SponsorsPadgett -  Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to the Federal Tax Updates Podcast

(01:30) - Introducing Our Guest: Catharine Madeley

(03:26) - The Harrowing Tale of a Data Breach

(04:29) - The Initial Discovery and Immediate Response

(14:36) - Navigating the Aftermath: Investigation and Recovery

(23:42) - Reflections and Lessons Learned from the Cybersecurity Incident

(25:58) - The Aftermath of a Data Breach: A Personal Account

(26:45) - Law Enforcement's Response to Small Scale Breaches

(28:36) - Navigating IRS Procedures After a Breach

(29:51) - The IRS Practitioner Relief Opt-In Program: A Lifeline

(32:42) - Client Communication and Response to the Breach

(42:55) - Lessons Learned and Moving Forward

(49:28) - Final Thoughts and Advice
Connect with Catharine Madeley LinkedIn: https://www.linkedin.com/in/catharine-drake-madeleyWebsite: https://www.sallingcpa.comGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.
Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.

Tax professionals must steer through a complex maelstrom during the 2024 filing season. Roger and Annie serve as experienced guides, helping listeners chart a course around hazards like the Employee Retention Credit squalls, the revised "economic realities" path for worker classification under new Department of Labor rules, and proposed tax law changes including an enhanced Child Tax Credit and R&D deduction restart. With their steady hands on the bridge, preparers can safely navigate these choppy waters.

SponsorsPadgett -  Contact Padgett or Email Jeff Phillips
(00:00) - Welcome to Federal Tax Updates

(01:27) - Diving Into the Filing Season & Tax Updates

(12:42) - The IRS Perspective on Employee Classification

(17:20) - Navigating Section 530 Relief for Misclassification

(24:17) - The ERC Voluntary Program: A Lifeline for Businesses

(27:20) - The Future of ERC and Legislative Impacts

(31:01) - Navigating Tax Repayment and IRS Policies

(32:36) - Legislative Updates and Tax Season Insights

(36:32) - The Future of Tax Laws and Political Implications

(40:15) - Understanding Beneficial Ownership Reporting

(47:31) - Dealing with 1099K Forms and Client Advisories

(52:08) - Embracing Digital Shifts in Tax Documentation

(53:30) - Thanks for Listening and Parting Thoughts
Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.

In this episode, Roger Harris is joined by special guest Blake Oliver to unpack some of the biggest tax stories making headlines. From a federal court ruling deeming a new business reporting law unconstitutional to the staggering estimates of tax evasion by the wealthy. They also dive into the IRS's foray into direct filing for simple returns, the potential role of AI in tax preparation, and how states rank in their tax climates for businesses.

SponsorsPadgett -  Contact Padgett or Email Jeff Phillips
(00:00) - Welcome To Federal Tax Updates

(01:11) - Special Guest Blake Oliver Joins the Show

(02:36) - Diving into the Controversial Federal Court Ruling on Company Reporting Law

(05:39) - Exploring the Implications of the Unconstitutional Ruling for Small Businesses

(18:54) - IRS's Efforts to Tackle Tax Evasion by Millionaires and Billionaires

(29:49) - The IRS Direct File System: A Move Towards Free Tax Filing

(30:36) - Exploring the IRS's New Tax Filing Program

(31:19) - The Cloud Accounting Podcast Begins

(31:36) - Potential Impact on Tax Preparers

(33:10) - Limitations and Design of the New Tax Tool

(34:50) - The Complex World of Business Returns

(36:06) - AI's Role in Tax Preparation: Hopes and Hurdles

(42:30) - IRS's Paperwork Problem and Electronic Filing

(47:42) - State Business Tax Climate Index: The Best and Worst States

(56:15) - Closing Thoughts and Future Discussions
Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabConnect with Blake Oliver
ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.

Here's an excerpt from next week's Federal Tax Updates podcast, Episode 27. Blake Oliver joins Roger to discuss the latest tax news headlines including how the Corporate Transparency Act has been ruled unconstitutional. Be sure to download the full episode, Monday, March 11, to hear the entire discussion.
Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.
Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabConnect with Blake
ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.

As tax season kicks off, Annie and Roger discuss tips for practitioners and taxpayers, including using e-file and direct deposit for fastest refunds, being vigilant about IRS scam alerts, reviewing Circular 230 rules on duties and liabilities, and evaluating your processes after April to improve efficiency. They also touch on state filing deadlines, new disaster relief forms delaying state returns, and the importance of obtaining complete information before filing.

SponsorsPadgett -  Contact Padgett or Email Jeff Phillips
(00:00) - Federal Tax Updates Episode 26

(02:33) - Tips for Taxpayers and Practitioners

(04:48) - Understanding State Tax Laws

(06:54) - Challenges in Filing Business Returns

(12:23) - Importance of Security in Tax Preparation

(15:45) - Understanding Circular 230 and Practitioner's Responsibilities

(21:17) - Efficient Workflow Management during Tax Season

(29:01) - The Importance of Pricing Structure

(30:36) - Beware of Scammers: Protecting Your Practice

(34:16) - Employee Retention Credit: What You Need to Know

(44:27) - The Impact of Beneficial Ownership

(51:52) - Wrapping Up
Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe 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.