In this episode, Annie and Roger discuss The Corporate Transparency Act of 2021, what it mandates, and which companies will be affected. They also debate how this act affects the practitioner community and touch on the Dirty Dozen, give some updates on ERC, and how the $80 billion IRS funding is being used.SponsorsPadgett -  https://www.padgettadvisors.com/join/?podcast Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeIR-2023-62 - Dirty Dozen: IRS urges tax pros and other businesses to beware of spearphishing; offers tips to avoid dangerous common scamsIR-2023-61 - Dirty Dozen: Taking tax advice on social media can be bad news for taxpayers; schemes circulating involving tax formsIR-2023-59 - Dirty Dozen: IRS warns individuals to stay clear of shady tax preparers; offers tips on carefully choosing tax professionalsIR-2023-57 - Dirty Dozen: IRS warns of scammers using fake charities to exploit taxpayersIR-2023-55 - Dirty Dozen: Watch out for third-party promoters of false fuel tax credit claimsIR-2023-54 - Dirty Dozen: IRS warns of scammers offering “help” to set up an Online Account; creates identity theft risk for honest taxpayersIR-2023-51 - Dirty Dozen: Watch out for scammers using email and text messages to try tricking people during tax seasonIR-2023-49 - IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be trueFAQs for Form 1099-K - https://www.irs.gov/pub/taxpros/fs-2023-06.pdf?fbclid=IwAR3mYpnRVSkuzeaIrQ6EtUZb62KZgMCx_rPYZX-5IsS8tNBtnKM-V3lpNB8Chapters
(00:00) - FTU E7
(02:08) - Corporate Transparency Act of 2021 (CTA)
(08:14) - What are the penalties for disobeying the CTA
(10:06) - What does the CTA look like?
(29:29) - Updates on ERC
(41:00) - New information on the electric vehicle tax credit
(45:28) - Thoughts on armed IRS agents?
Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page