Tax Season Kickoff

01/27/25 • 55 min

Roger and Annie dive into the complex political dynamics shaping potential tax reform in 2025, breaking down the strategic implications of pursuing one comprehensive bill versus two separate pieces of legislation. They provide critical updates on the ever-changing BOI regulations, including recent court injunctions and what practitioners should do while awaiting final resolution. The episode concludes with practical advice for tax professionals preparing for the upcoming tax season, covering everything from research tools and client management to pricing strategies and work-life balance.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(01:27) - Weather Woes and Tax Season Kickoff
(02:09) - Political Landscape and Tax Legislation
(03:20) - Tax Cuts and Jobs Act Discussion
(06:38) - One Bill vs. Two Bills Debate
(13:47) - BOI Updates and Legal Battles
(24:48) - Employee Retention Credit Issues
(29:44) - Taxpayer Advocate's Annual Report Insights
(31:47) - Persistent IRS Issues and Proposed Solutions
(33:18) - Regulating Tax Preparers: A Growing Need
(37:21) - Preparing for the Upcoming Tax Season
(41:01) - Client Management and Workload Optimization
(45:21) - Research Tools and Online Resources
(55:10) - Conclusion and Upcoming Topics

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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

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(01:27) - Weather Woes and Tax Season Kickoff
(02:09) - Political Landscape and Tax Legislation
(03:20) - Tax Cuts and Jobs Act Discussion
(06:38) - One Bill vs. Two Bills Debate
(13:47) - BOI Updates and Legal Battles
(24:48) - Employee Retention Credit Issues
(29:44) - Taxpayer Advocate's Annual Report Insights
(31:47) - Persistent IRS Issues and Proposed Solutions
(33:18) - Regulating Tax Preparers: A Growing Need
(37:21) - Preparing for the Upcoming Tax Season
(41:01) - Client Management and Workload Optimization
(45:21) - Research Tools and Online Resources
(55:10) - Conclusion and Upcoming Topics

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

This podcast is a production of the Earmark Media

Previous Episode

Crypto for Tax Pros

Crypto tax expert Amir Marmar of JFDI Accountants breaks down the complexities of cryptocurrency taxation and shares guidance on when tax professionals should handle crypto cases themselves versus partnering with specialists. He explains key concepts like wallet-level reporting requirements coming in 2025, the challenges of DeFi and staking transactions, and why traditional tax software may not be enough for complex crypto cases. This episode provides practical insights for tax professionals on evaluating crypto clients and understanding the latest IRS guidance, including Revenue Procedure 2024-28's move away from universal accounting methods.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(01:56) - Amir Marmar's Background and Expertise
(03:04) - Crypto Accounting Challenges and Success Stories
(07:49) - Crypto-Friendly Government Policies
(14:06) - Understanding Crypto Wallets
(23:36) - Blockchain Basics and Tax Implications
(29:38) - Complexities in Crypto Taxation
(37:19) - Understanding Lending Protocols and Tax Implications
(39:24) - Exploring Staking and Its Tax Considerations
(41:11) - Liquidity Pools and Market Making
(43:01) - Challenges in Crypto Accounting
(44:11) - IRS Guidance and Tax Positions
(46:02) - The Role of Tax Professionals in Crypto
(49:39) - Steps for Successful Crypto Tax Engagements
(52:50) - Upcoming Changes in Crypto Tax Reporting
(01:04:53) - Contacting JFDI for Crypto Tax Help

Connect with Amir
https://www.jfdiaccountants.com/
https://www.linkedin.com/in/amir-marmar-20b76726

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

This podcast is a production of the Earmark Media

Next Episode

IRS Funding, Tax Gaps, and Modern Tech

Former IRSAC Chair Annette Nellen joins Roger and Annie to discuss critical challenges facing the IRS and tax administration. The conversation explores the growing tax gap, the importance of consistent IRS funding, and efforts to modernize taxpayer services through online accounts and digital solutions. The discussion also delves into proposals for tax preparer regulation, continuing education requirements for enrolled agents, and the complexities of implementing cryptocurrency reporting requirements.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips