Special guest Wendy Walker, VP of Regulatory Affairs at Sovos and Chair of IRSAC's Information Reporting Committee, breaks down the latest developments in 1099-K reporting thresholds and the upcoming 1099-DA form for digital assets. The discussion explores the practical challenges facing tax professionals as payment platforms struggle with reporting requirements, while also examining how the IRS is modernizing its systems to handle electronic filing.

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• (00:00) - Welcome to Federal Tax Updates
• (02:04) - Special Guest Introduction: Wendy Walker
• (03:14) - Discussion on IRS Advisory Council and Information Reporting
• (04:28) - Deep Dive into 1099K Reporting
• (05:43) - Challenges and Uncertainties in 1099K Reporting
• (08:46) - Impact on Taxpayers and Tax Professionals
• (11:43) - Platform Issues and Reporting Complexities
• (25:12) - IRS Matching and Compliance
• (27:07) - Future of Electronic 1099s
• (29:24) - New 1099 DA Form Explained
• (30:10) - Challenges with Current Reporting
• (32:22) - Future of Cryptocurrency Reporting
• (40:36) - IRS Modernization Efforts
• (50:48) - Wrap Up and Future Plans

Connect with Wendy Walker
https://www.linkedin.com/in/wendy1099

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

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In Part 2 of their BOI series, Roger and Annie tackle the most challenging aspects of beneficial ownership reporting requirements, focusing on determining who qualifies as a beneficial owner and the significant penalties for non-compliance. They dissect FinCEN's FAQs about substantial control while highlighting concerning gray areas that could put both business owners and tax professionals at risk. The discussion provides critical guidance for practitioners considering whether to offer BOI services, emphasizing protection strategies like engagement letters and insurance coverage given the potential $591 daily penalties and criminal consequences.

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• (00:00) - Welcome to Federal Tax Updates
• (01:41) - Overview of Beneficial Ownership
• (02:43) - FAQs and Compliance Guide
• (06:34) - Reporting Requirements and Deadlines
• (14:26) - Defining Beneficial Owners
• (17:01) - Indicators of Substantial Control
• (29:18) - Accountants and Lawyers as Beneficial Owners
• (32:40) - Clarifying Beneficial Ownership
• (33:51) - Community Property and Beneficial Ownership
• (35:02) - FinCEN's Approach to Reporting
• (37:13) - Penalties and Enforcement
• (42:11) - Practical Implications for Accountants
• (52:59) - FinCEN Identifiers Explained
• (55:47) - Final Thoughts and Recommendations

Connect with the Hosts 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

In part 1 of this 2-part series, Annie and Roger dive into the complexities of the new Beneficial Ownership Information (BOI) reporting requirements. They discuss who needs to file, key deadlines, and potential risks for tax professionals assisting clients with compliance. The hosts emphasize the importance of understanding the current guidance, primarily based on FAQs, and highlight areas where interpretation could lead to legal complications.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Welcome to Federal Tax Updates
• (03:34) - Understanding the FinCEN Reporting Requirements
• (05:11) - Navigating the FAQs and Compliance Challenges
• (09:57) - Filing Requirements and Deadlines
• (23:37) - Who Needs to Report? Identifying Reporting Companies
• (27:33) - Understanding Reporting Company Criteria
• (29:43) - Sole Proprietorships and Reporting Requirements
• (30:59) - Navigating S Corps and HOAs Reporting
• (32:37) - Legal Implications and Attorney Involvement
• (33:59) - Complex Scenarios and Reporting Obligations
• (40:27) - Company Applicant Responsibilities
• (45:46) - Filing Requirements and Updates
• (50:44) - Conclusion and Next Steps

Connect with the Hosts 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