Gearing Up for Q4: Tax Prep Tips and Insights

Federal Tax Updates

In this episode, Roger and Annie cover recent federal tax updates and urge tax professionals to gear up for the October 15 extension by assessing their performance and contemplating tax software changes. They delve into rising IRS audit notices for the Employee Retention Credit (ERC), the new 1099-K reporting threshold, the IRS's halt on surprise visits by revenue officers, and the impending Corporate Transparency Act.

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Annie Schwab

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• (01:02) - Welcome to Federal Tax Updates : how to be proactive
• (08:26) - What's new with ERC
• (11:43) - Estimated tax payments or adjusting withholdings
• (14:05) - The start of IRS notices and what do they mean?
• (16:15) - How to respond to an IRS Notice?
• (28:51) - What kind of documentation does the IRS expect small business owners to have?
• (37:10) - Updates on 1099-Ks
• (46:32) - New changes in policy for the IRS
• (48:26) - Updates on the Transparency Act
• (54:17) - Making changes to your overall work environment
• (55:25) - Remember to subscribe so you don't miss an episode