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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Is Your Firm Ready for the Global Talent Crunch? 3 Key Strategies for Accounting Leaders
With fewer college graduates turning to the accounting profession and older accountants retiring en masse, the accounting profession faces an unprecedented challenge in talent management. As Jeff Phillips, CEO of Padgett Business Services and founder of Accounting Fly, warns: “By 2030, there will be 50 million more knowledge worker jobs than there will be people to fill them globally.” In a recent Federal Tax Updates podcast episode, Jeff joined hosts Roger Harris, EA and President at Padgett, and Annie Schwab, CPA and Franchise Operations Manager at Padgett, to explore the seismic shifts occurring in the accounting profession’s labor market. This talent crunch is already impacting the accounting profession, with near-zero unemployment eroding traditional value propositions. Jeff notes, “We are […]
Read More >>Beyond the Credit: Navigating the Complex Aftermath of ERC Claims
Imagine navigating a minefield where the rules change mid-step, and the consequences of a misstep could be catastrophic. This isn’t a war zone – it’s the reality for tax practitioners dealing with the Employee Retention Credit (ERC) program today. In a recent episode of the Federal Tax Updates podcast, Hale Sheppard, partner in the Tax Controversy section of Chamberlain Hrdlicka, cautioned tax practitioners to be aware of the unresolved legal and regulatory issues surrounding the Employee Retention Credit program. The ERC, initially designed as a lifeline for businesses during the pandemic, has evolved into a source of ongoing uncertainty and potential risk for tax professionals. From legal challenges to IRS guidance to investigations of “promoters” and retroactive policy changes, the […]
Read More >>Navigating the Shifting Sands of Labor Regulations: A Guide for Tax Practitioners
The ground is shifting beneath our feet. Recent changes in labor regulations have transformed what was once a steady landscape into a seismic zone of potential risk. For tax practitioners advising small businesses, the tremors are impossible to ignore. This episode of the Federal Tax Update podcast sounds an alarm. Host Roger Harris puts it bluntly: “If you’ve ever had a business go through an audit by the wage and hour people, it’s awful. It is the worst that you’ll ever go through.” This stark warning sets the tone for a discussion that every tax professional needs to hear. Significant changes to overtime rules, child labor laws, and non-compete agreements are at the heart of this regulatory upheaval. These shifts […]
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