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
Beyond the Deadline: Why BOI Reporting Is Just the Tip of the Tax Iceberg
“In the next 90 days, we’re going to see an election that could reshape tax policy, the potential expiration of major tax provisions, and the deadline for a new reporting requirement that affects millions of businesses. Welcome to the world of tax law in 2024, where the only constant is change.” These words from host Roger Harris, EA, in a recent Federal Tax Updates podcast capture the challenges facing tax professionals today. Roger and co-host Annie Schwab, CPA, cover the latest developments. In Roger and Annie’s view, tax professionals need to take a three-pronged approach to serving clients in this environment: continuous learning to stay ahead of changes, robust client communication to manage expectations and provide clarity, and adaptive planning […]
Read More >>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 […]
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