View Padgett President Roger Harris' congressional testimony on the impact of the Corporate Transparency Act and the BOI reporting requirements here.
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Check out the latest blog posts for accounting firm owners
Balancing Client Service with Risk Management: Tax Professionals Face New Challenges in BOI Reporting
FinCEN claims filling out the new Beneficial Ownership Information (BOI) reporting firm “only takes 10-15 minutes.” However, those minutes could translate into years of liability for tax practitioners. As the January 1, 2025, deadline looms for existing businesses to submit their initial BOI reports, practitioners grapple with a new layer of complexity. They must balance client service with increasing professional risks and compliance responsibilities. In a recent Federal Tax Updates podcast, hosts Roger Harris, EA and President at Padgett, and Annie Schwab, CPA and Franchisee Operations Manager at Padgett, discussed these complexities. Once a tax professional files as a “company applicant,” that designation—and its liabilities—persist indefinitely. Beneficial ownership changes must be reported within 30 days, which creates an ongoing compliance […]
Read More >>Tax Planning in 2024: Navigating the Perfect Storm of Uncertainty
Tax practitioners face unprecedented challenges as they approach the end of 2024, and political uncertainty, potential tax reforms, and legislative expirations complicate tax planning for clients. In a recent Federal Tax Updates podcast, Roger Harris, EA and President of Padgett Business Services, and Annie Schwab, CPA and Franchisee Operations Manager at Padgett, discussed the complexities ahead. Roger said, “Normally, after the October 15th deadline, we turn straight into our normal routine of looking ahead and doing tax planning. But we’ve got a lot of other stuff to consider and to plan for between now and the end of the year.” The Challenges of Tax Planning for 2024 Several factors make tax planning particularly challenging this year. Political Uncertainty and the […]
Read More >>Empowering Tax Practitioners: The Hidden Opportunities in IRS Collaboration
“The IRS wants your input.” If that statement surprises you, it’s time for a paradigm shift. As revealed in a recent episode of the Federal Tax Updates podcast featuring IRS officials and tax professional leaders, a new era of collaboration is emerging in tax administration. Gone are the days of an insular IRS. As Terry Lemons, the IRS’s Chief Communications and Liaison Officer, states today, “We can’t run the tax system by ourselves at the IRS. We need help. Tax professionals play a vital role.” This focus on partnering with tax pros offers practitioners new opportunities for input, education, and problem-solving. In a live podcast from the bustling halls of the IRS Nationwide Tax Forum, hosts Roger Harris, EA, and […]
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