Former IRSAC Chair Annette Nellen joins Roger and Annie to discuss critical challenges facing the IRS and tax administration. The conversation explores the growing tax gap, the importance of consistent IRS funding, and efforts to modernize taxpayer services through online accounts and digital solutions. The discussion also delves into proposals for tax preparer regulation, continuing education requirements for enrolled agents, and the complexities of implementing cryptocurrency reporting requirements.

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• (00:00) - Welcome to Federal Tax Updates
• (01:35) - Introducing Special Guest Annette Nellen
• (02:26) - Understanding the ERSAC Annual Report
• (05:40) - Deep Dive into the Tax Gap
• (07:52) - IRS Funding and Its Impact
• (19:04) - Tax Literacy and Education Challenges
• (25:48) - Modernizing the IRS and Funding
• (30:33) - IRS Hiring Challenges and Misconceptions
• (31:48) - Impact of Potential Hiring Freeze
• (33:28) - IRS Strategic Operating Plans and Online Accounts
• (36:50) - Technological Advancements and Challenges
• (43:44) - Practice Management and Professional Development
• (47:48) - Regulating Tax Return Preparers
• (52:17) - Digital Currency and Cryptocurrency Regulations
• (55:19) - Conclusion and Final Thoughts

IRSAC Report
https://www.irs.gov/pub/irs-pdf/p5316.pdf

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https://www.linkedin.com/in/annie-schwab-852418261/

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Roger and Annie dive into the complex political dynamics shaping potential tax reform in 2025, breaking down the strategic implications of pursuing one comprehensive bill versus two separate pieces of legislation. They provide critical updates on the ever-changing BOI regulations, including recent court injunctions and what practitioners should do while awaiting final resolution. The episode concludes with practical advice for tax professionals preparing for the upcoming tax season, covering everything from research tools and client management to pricing strategies and work-life balance.

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• (00:00) - Welcome to Federal Tax Updates
• (01:27) - Weather Woes and Tax Season Kickoff
• (02:09) - Political Landscape and Tax Legislation
• (03:20) - Tax Cuts and Jobs Act Discussion
• (06:38) - One Bill vs. Two Bills Debate
• (13:47) - BOI Updates and Legal Battles
• (24:48) - Employee Retention Credit Issues
• (29:44) - Taxpayer Advocate's Annual Report Insights
• (31:47) - Persistent IRS Issues and Proposed Solutions
• (33:18) - Regulating Tax Preparers: A Growing Need
• (37:21) - Preparing for the Upcoming Tax Season
• (41:01) - Client Management and Workload Optimization
• (45:21) - Research Tools and Online Resources
• (55:10) - Conclusion and Upcoming Topics

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

Crypto tax expert Amir Marmar of JFDI Accountants breaks down the complexities of cryptocurrency taxation and shares guidance on when tax professionals should handle crypto cases themselves versus partnering with specialists. He explains key concepts like wallet-level reporting requirements coming in 2025, the challenges of DeFi and staking transactions, and why traditional tax software may not be enough for complex crypto cases. This episode provides practical insights for tax professionals on evaluating crypto clients and understanding the latest IRS guidance, including Revenue Procedure 2024-28's move away from universal accounting methods.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Welcome to Federal Tax Updates
• (01:56) - Amir Marmar's Background and Expertise
• (03:04) - Crypto Accounting Challenges and Success Stories
• (07:49) - Crypto-Friendly Government Policies
• (14:06) - Understanding Crypto Wallets
• (23:36) - Blockchain Basics and Tax Implications
• (29:38) - Complexities in Crypto Taxation
• (37:19) - Understanding Lending Protocols and Tax Implications
• (39:24) - Exploring Staking and Its Tax Considerations
• (41:11) - Liquidity Pools and Market Making
• (43:01) - Challenges in Crypto Accounting
• (44:11) - IRS Guidance and Tax Positions
• (46:02) - The Role of Tax Professionals in Crypto
• (49:39) - Steps for Successful Crypto Tax Engagements
• (52:50) - Upcoming Changes in Crypto Tax Reporting
• (01:04:53) - Contacting JFDI for Crypto Tax Help

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with the Roger and Annie 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