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Federal Tax Updates

Trump Accounts, NIL Tax Chaos, and Automatic Penalty Relief

Monday · 53 min · Episode 80 · 51.4 MB
0:00-53:28

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Roger and Annie cover a mid-year batch of tax updates: new Trump account reporting rules and gift tax relief, the tangled world of NIL taxation (including a court case over an influencer's courtside Lakers tickets and concert deductions), a new automatic penalty relief program, IRS online account updates, practitioner succession planning requirements, and fresh AI guidance for tax practice.

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Chapters

  • (00:00) - Podcast kickoff and travel
  • (01:49) - Midyear tax roundup agenda
  • (02:37) - Trump accounts reporting changes
  • (03:40) - Gift tax safe harbor update
  • (07:29) - ERC claim extension option
  • (09:43) - NIL taxes and missing guidance
  • (14:39) - Influencer deductions court battle
  • (23:13) - Sports tax talk and big events
  • (24:40) - Automatic penalty relief program
  • (28:22) - Automatic Penalty Relief Concerns
  • (30:06) - Tax Pro Account Benefits
  • (31:56) - Online Accounts Going Mainstream
  • (33:50) - Helping Clients With IDme
  • (34:50) - Paper Checks and Digital Push
  • (38:13) - Succession Planning Best Practices
  • (43:32) - AI Guidance Under Circular 230
  • (48:12) - AI Fees and Due Diligence
  • (50:12) - Minimum Standards for Preparers
  • (51:22) - IRS Forums and Wrap Up
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Roger Harris
Annie Schwab

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