View Padgett President Roger Harris' congressional testimony on the impact of the Corporate Transparency Act and the BOI reporting requirements here.
Surviving the Midseason Compliance Crush: How to Protect Your Practice and Clients When Everything Hits at Once
April 1st, 2025 | For Accounting Firm Owners
Tax preparers expect surprises, but so far, 2025 has brought three big challenges at once. During a recent Federal Tax Updates podcast for timely insights that help you stay ready for whatever changes come next, this season and beyond.
Latest Posts
Modernizing the IRS: Challenges, Opportunities, and the Way Forward
A recent episode of the Federal Tax Updates podcast hosted by Roger Harris, and Annie Schwab, CPA, featured special guest Annette Nellen, a CPA, attorney, and professor at San Jose State University. Annette also serves on the IRS Advisory Council (IRSAC). During their conversation, they discussed the latest IRSAC report and the ongoing challenges and opportunities facing taxpayers, tax practitioners, and the IRS. Long-Standing Issues in IRSAC Reports The IRS Advisory Council issues an annual report presenting recommendations to the IRS Commissioner. Many topics tend to appear year after year: Funding. The IRS needs consistent and adequate funding to modernize systems and maintain an effective workforce. Tax gap. An estimated 15% of taxes go uncollected each year, representing over $600 […]
Read More >>Beyond the 80-Hour Workweek: A Modern Approach to Tax Practice Management
Tax professionals face a uniquely challenging environment in 2025. A new presidential administration, looming federal tax legislation, ongoing court battles over beneficial ownership reporting, and unresolved employee retention credit claims all create substantial uncertainty. In a recent Federal Tax Updates podcast, Roger Harris, EA, and Annie Schwab, CPA from Padgett Business Services, offered practical perspectives on these developments and shared advice for balancing client demands with a healthy, sustainable practice. Legislative Changes on the Horizon Tax reform is top of mind as a new administration settles into Washington, D.C. The question is whether lawmakers will pass one large, comprehensive bill or split proposals into multiple bills, grouping measures like debt ceiling increases, immigration reform, and energy policy alongside tax provisions. […]
Read More >>Cryptocurrency Tax Complexity: A Three-Tier Framework for Tax Practitioners
Just how complicated can cryptocurrency taxation be? And how costly are mistakes or oversights? In a recent episode of the Federal Tax Updates podcast, hosts Roger Harris, EA, and Annie Schwab, CPA, spoke with Amir Marmar, CEO of JFDI Accountants. Amir helped a client resolve a longstanding $2.5 million crypto tax liability in just two months after other firms had struggled for five years. Below are key takeaways from their conversation to help you better understand cryptocurrency reporting challenges, looming regulatory changes, and when to consider bringing in a specialist. A $2.5 Million Crypto Dilemma, Solved In this case, the client faced over $2.5 million in back taxes, penalties, and interest tied to cryptocurrency transactions. Multiple professionals attempted to reconcile […]
Read More >>Featured Articles
Understanding IRAs: your retirement savings guide
With the recent passing of the SECURE 2.0 Act of 2022, you may have questions about the different types of Individual Retirement Accounts (IRAs) available. How do you choose what retirement plan is right for you? IRAs are a powerful tool for retirement savings. They are savings plans that come with tax advantages to help taxpayers build a retirement fund. Each type of IRA has its own set of regulations and deadlines. Here’s a quick overview of the most common kinds: Traditional IRA: Contributions to a traditional IRA may be tax deductible and earnings grow tax-deferred until distribution, which means you won’t pay taxes on your traditional IRA funds until you make a withdrawal. The contribution limit for 2022 is […]
Breaking Down the SECURE Act 2.0
Roger and Annie discuss the changes in the SECURE 2.0 Act of 2022 and how this impacts small business owners with regards to offering retirement plans to their employees. They also talk about recent changes in IRS regulations that could prove …
Latest Tax, Accounting & Financial Tips
Smallbiz Builder Newsletter
Receive tips of the trade straight to your inbox
The SmallBiz Builder breaks down some of the top issues that small business owners deal with every day, offering the latest news, tax and accounting tips and helpful guides from our team of trusted advisors.
