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1099-K Thresholds, Crypto Reporting, and the Future of IRS Filing
Manage episode 449637549 series 3436441
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.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
- (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
Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.
Connect with Wendy Walker
https://www.linkedin.com/in/wendy1099
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
48 episoder
Manage episode 449637549 series 3436441
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.
Sponsors
Padgett - Contact Padgett or Email Jeff Phillips
- (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
Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.
Connect with Wendy Walker
https://www.linkedin.com/in/wendy1099
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
48 episoder
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