Annie and Roger discuss crucial tax updates as 2024 draws to a close, including the recent injunction against beneficial ownership reporting requirements, the evolving landscape of ERC claims processing, and changes to the clean vehicle credit program. They examine how the recent election results might impact tax policy, particularly regarding the Tax Cuts and Jobs Act provisions set to expire. They also provide practical guidance for tax practitioners preparing for the 2025 filing season, addressing important changes to 1099-K reporting thresholds and IP PIN requirements.

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• (00:00) - Federal Tax Updates Episode 44
• (02:35) - 2025 Tax Season Preparation
• (05:12) - Tax Rates and Deductions for 2024
• (09:17) - Business Tax Considerations
• (11:40) - Post-Election Tax Policy Changes
• (17:16) - IRS Updates and New Policies
• (20:52) - 1099-K Reporting Changes
• (24:35) - Clean Vehicle Credit
• (26:46) - Understanding the Dealer Credit Loophole
• (27:39) - Navigating EV Tax Credits
• (31:01) - IRS Processing and Challenges
• (36:35) - Potential Changes in IRS Leadership
• (43:17) - Beneficial Ownership Reporting Injunction
• (49:12) - Conclusion and Final Thoughts

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

Capitol Hill insider Thad Inge joins Roger Harris to unpack how the election results could reshape major tax policy decisions in 2024 and beyond. The discussion explores the potential fate of expiring Trump-era tax cuts, the future of IRS funding, and the complex political dynamics that will influence tax reform under Republican control. Thad provides unique insights into the budget reconciliation process, key congressional players, and offers tax practitioners valuable context on potential legislative changes and political realities that could affect their practice and clients.

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• (00:00) - Thad Inge Joins Roger for Federal Tax Updates
• (01:57) - Election Impact on Tax Policy
• (05:03) - Republican Strategies and Budget Reconciliation
• (09:23) - Deficit Debates and Revenue Raising
• (20:42) - Key Players in Tax Reform in Congress
• (26:21) - IRS Funding and Future Outlook
• (32:58) - Commissioner Werfel's Tenure and Challenges
• (39:16) - Beneficial Ownership Reporting
• (47:58) - Senate Office Transitions
• (52:28) - Conclusion and Future Outlook

Connect with Thad Inge
LinkedIn: https://www.linkedin.com/in/thad-inge-9342155
Website: https://www.vsadc.com/

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

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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.

Special guest Wendy Walker, VP of Regulatory Affairs at Sovos and Chair of IRSAC's Information Reporting Committee, breaks down the latest developments in 1099-K reporting thresholds and the upcoming 1099-DA form for digital assets. The discussion explores the practical challenges facing tax professionals as payment platforms struggle with reporting requirements, while also examining how the IRS is modernizing its systems to handle electronic filing.

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• (00:00) - Welcome to Federal Tax Updates
• (02:04) - Special Guest Introduction: Wendy Walker
• (03:14) - Discussion on IRS Advisory Council and Information Reporting
• (04:28) - Deep Dive into 1099K Reporting
• (05:43) - Challenges and Uncertainties in 1099K Reporting
• (08:46) - Impact on Taxpayers and Tax Professionals
• (11:43) - Platform Issues and Reporting Complexities
• (25:12) - IRS Matching and Compliance
• (27:07) - Future of Electronic 1099s
• (29:24) - New 1099 DA Form Explained
• (30:10) - Challenges with Current Reporting
• (32:22) - Future of Cryptocurrency Reporting
• (40:36) - IRS Modernization Efforts
• (50:48) - Wrap Up and Future Plans

Connect with Wendy Walker
https://www.linkedin.com/in/wendy1099

Connect with the Hosts on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media