Federal Tax Updates

Roger and Annie run through the year-end housekeeping to finish before tax season 2027, from renewing PTINs and updating your WISP to the retirement of the IRS FIRE system and the new $2,000 threshold for 1099-NEC and 1099-MISC. They also cover the planning conversations to have with clients before December 31, including bunching deductions, Trump accounts, and timing equipment purchases. Recorded the day after the midterms, the episode closes with what Democratic control of Congress means for the lame duck session, the TAS Act, and the expiring provisions of the One Big Beautiful Bill Act. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episode Chapters (00:00) - Podcast Kickoff (00:20) - Post Midterm Catchup (01:18) - Tax Season Never Ends (02:45) - PTIN Renewal Checklist (03:09) - WISP And Cybersecurity (04:30) - EFIN And Insurance Prep (07:15) - IRS Online Accounts Push (09:18) - Staffing Pricing Tech Plans (10:56) - AI Policies And Engagements (13:08) - Payroll Filing Changes IRIS (14:28) - 1099 W2 And Withholding Tips (18:08) - Reasonable Comp Returns (20:45) - Client Outreach And Referrals (23:35) - Year End Planning Moves (28:20) - Review Brokerage Activity (29:27) - Fees Trading And AI Value (30:25) - RMDs 529s And FSAs (32:44) - Business Equipment Deductions (35:13) - Accounting Methods And QBI (37:37) - Client Touchpoints And Staffing (38:56) - Election Results And Lame Duck (45:02) - Tax Policy Under Divided Government (52:51) - Wrap Up And Holiday Wishes Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab 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 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.

Roger and Annie are joined by Jonathan Tower, founder and CEO of Arctaris Impact Investors, to break down Opportunity Zones 2.0, the permanent version of the program that launches January 1, 2027. Jonathan explains the core tax benefits, what the end-of-2026 deadline means for OZ 1.0 investors whose deferred gains are coming due, and why skipping depreciation recapture may be the biggest win of all. They also take on the “tax break for the wealthy” criticism and how states are rethinking which areas qualify this time around. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters (00:00) - Welcome Back Annie (01:28) - Meet Jonathan Tower (04:23) - Impact Meets Returns (09:07) - Policy Roots and Detroit (12:57) - Why Opportunity Zones Work (14:29) - OZ 2.0 Basics (16:55) - Bonus Depreciation Upside (19:47) - Results and Housing Impact (22:12) - 2026 Deadline and Valuations (26:38) - What Excites Him Next (27:54) - Housing Crisis Focus (28:06) - Building New Developments (30:00) - Detroit Homes To Ownership (32:19) - Advisors And Contact (33:43) - Minimums And Investor Fit (36:03) - Risk Over Tax Benefits (37:33) - Public Criticism And Myths (39:30) - How Zones Get Chosen (45:50) - Policy Updates And Reporting (49:55) - Why The Program Works (52:18) - Final Takeaways And Wrap Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpodConnect with Jonathan https://www.arctaris.com/ https://www.linkedin.com/in/jonathan-tower Connect with the Hosts on LinkedIn Roger Harris Annie Schwab 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 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.

Roger and Annie lay out what tax pros should tackle between the October 15 extension deadline and next tax season, from IRS online accounts, WISP updates, and adding a second principal to your EFIN to pricing, hiring, and letting go of problem clients. They also cover what changes for year-end 2026 information returns, including the retirement of the FIRE system in favor of IRIS, higher 1099-NEC and 1099-K thresholds, and new W-2 codes for tips and overtime with no transition relief this time. Plus, an update on the Taxpayer Assistance and Service (TAS) Act, which passed the Senate and now needs the House to act before this Congress ends. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episode Chapters (00:00) - Welcome Back Annie (02:22) - Online IRS Accounts (06:50) - WISP Cybersecurity Refresh (10:16) - PTIN Renewal Checklist (11:19) - EFIN Backup Principal (14:12) - Pricing Hiring Client Cleanup (19:26) - Appointment Scheduling Tools (22:04) - Year End Payroll Filing Prep (25:05) - 1099 Threshold Changes (25:44) - Missing 1099s Compliance (27:22) - 1099-K Threshold Reset (29:07) - W-2 Tips Overtime Codes (32:55) - Year-End Tax Payment Moves (34:44) - Fix Books Before Busy Season (36:48) - W-4 Adjustments And Fees (38:34) - Organizers Process And Software (41:19) - No Paper Checks Banking Info (44:22) - Trump Accounts And New Forms (45:12) - TAS Act And Congress Clock (47:34) - College Sports Bill Update (48:45) - Election Outlook And Wrap-Up (50:11) - Final Thanks And Next Guests Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab 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 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.

Roger Harris is joined by Amanda Aguillard, COO of Padgett, to share what they heard from accounting firm owners on this summer's IRS and association conference tour: owners are tapped out and don't know where to start. Amanda walks through Padgett's right-sizing framework (the right work, for the right clients, at the right price, with the right staff). She covers why a "simple" $1,000 business return can hide $7,000 to $8,000 of unbilled cleanup, how to grade every client A through F, and why fewer than 10% of clients walk away from a price increase. With next tax season approaching, she argues that pricing is the one fix that makes everything else possible, from hiring to advisory work. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Link to Resource https://www.padgettadvisors.com/join/the-rightsizing-playbook/ Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Chapters (00:00) - Welcome and Guest Intro (02:29) - Amanda’s Career Journey (05:08) - Conference Pain Points (06:20) - Right Sizing Framework (11:09) - CEO Mindset Shift (14:01) - The Hidden Work Trap (19:41) - Advisory Capacity Opportunity (22:09) - Client Census and Grading (25:59) - Pricing Fears and Reality (29:25) - Emotionless Pricing Mindset (30:25) - Exceptions Not Strategy (31:22) - Drop The Guilt (33:10) - Objective Pricing Framework (34:07) - Complexity Risk Value (36:43) - Profitability Benchmarks (39:02) - Pricing Enables Hiring (43:50) - Case Study Cutting 1040s (46:27) - Raise Fees Now (47:42) - Clients Accept Increases (51:15) - Rip The Band Aid (52:57) - Pricing Beats Tech (55:42) - Wrap Up Resources Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab 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 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.

Roger and Annie tackle a topic they've never covered before: the tax issues that come with aging, for clients and preparers alike. They break down the new senior deduction, Social Security claiming strategies across the 62/67/70 timeline, IRMAA appeals, RMD rules, and when long-term care costs are actually deductible. They close with a cautionary tale about gifting appreciated property too early and the recordkeeping every family should have in place before it's needed. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episode Chapters (00:00) - Welcome and Forum Travel (00:59) - Listener Shoutouts and Podcast Origins (02:21) - Tax Talk Today Inspiration (04:23) - Senior Deductions and Filing Thresholds (07:51) - Social Security Tax Basics (08:48) - When to Claim Social Security (15:48) - Solvency Fears and Policy Fixes (20:21) - Medicare Premiums and IRMAA Appeals (22:29) - Retirement Plans and Inherited IRAs (24:57) - RMD Rules and Planning Ideas (27:29) - Long Term Care and Medical Deductions (28:25) - Senior Living Deductions (29:12) - Chronically Ill Criteria (30:35) - Spouses Insurance Statements (32:21) - Meals Fees Itemizing (34:38) - Facility Records Due Diligence (36:26) - Gifts vs Inheritance Basics (37:57) - Basis Step Up Valuations (41:43) - Estate Returns Advisory (43:32) - Gifting Appreciated Property (43:57) - Lake House Cautionary Tale (48:04) - Client Records Planning (51:01) - Bank Red Tape Death Certificates (54:21) - Advisor Role Wrap Up (55:25) - Podcast Closing Updates Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab 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 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.