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https://player.captivate.fm/episode/68ee41eb-8f97-4779-ace0-d4d7a4be3ac3/ In March of 2020, Congress introduced a new tax credit: the Employee Retention Credit (ERC) as part of the CARES Act. The ERC was a direct response to the pandemic and was designed to help businesses keep employees on the payroll. But the ERC got off to a rocky start and was quickly overshadowed by its pandemic cousin, the Paycheck Protection Program (PPP). Nearly a year and a half later, the IRS is still issuing new guidance on the program, even as Congress is considering phasing it out. Business owners have dealt with a lot over the past year and a half — both the ERC and PPP are simple to claim and can offer relief retroactively. On today’s episode of the Taxgirl podcast, Kelly is joined by Dan Chodan to sort out all the intricacies of the ERC and PPP, and what they mean for taxpayers. Dan is…

https://player.captivate.fm/episode/c477431e-e9c0-4c94-ad34-b999f9a5d231/ While the subject of partnerships has brought Kelly many headaches, many tax professionals are drawn to them because of their notorious detail and nuance. It may come as no surprise that new tax technology innovations often find their way into the world of partnerships before other areas of the tax practice. As the complexity of business and partnerships grows, so does the challenge of tax compliance. For this reason, tax professionals are excited about the boom of technology and data tools in the field. Tax professionals are staying ahead of the ever-changing tax code by embracing innovative tax technology, from artificial intelligence to new, more streamlined iterations of Excel. On today’s episode of the Taxgirl podcast, Kelly is joined by Jerry Musi to chat about how tax technology can help with the ever-growing puzzle of tax compliance. Jerry recently penned an article for Bloomberg Tax and is a Tax…

https://player.captivate.fm/episode/71010514-0939-423d-a788-8030af3a1215 Michael Jackson’s death on June 25, 2009, shocked the world. And the legal drama that followed shocked many tax attorneys. At the time of his death, Jackson was clearly worth millions, but the exact value of his estate was unclear. The matter eventually ended up in court with a ruling that Michael Jackson’s image and likeness, at the time of his death, were worth considerably less than the IRS estimated. How this happened, and what it means for other estates, became a big question mark in the tax world. Calculating the value of someone’s intellectual property at the time of their death is a complex process. Why was Michael Jackson’s image and likeness valued so much lower than the IRS estimated? In today’s episode of the Taxgirl podcast, Kelly is joined by Scott Weingust and Aaron Stumpf from Stout to talk about intellectual property and estate valuation upon death.…

https://player.captivate.fm/episode/ca5e52fd-cedc-49e3-af90-03d0bfeefdea In 2017, the Bureau of Labor Statistics found that over 36% of Americans are a part of “the gig economy,” a dramatic increase from 2-4% in 2005. This is the most recent data available and does not account for pandemic numbers. Those jobs aren’t just paid differently, there are different tax consequences too, from Form 1099 reporting requirements to paying self-employment taxes. Contractor and freelancer taxes can feel complex, how do you sort it all out for your unique circumstances? Self-employment taxes don’t have to be intimidating. In today’s episode of the Taxgirl podcast, Kelly is joined by Sagar Shah to sort out what it means to be part of the gig economy. Sagar is a CPA and the managing partner at his firm, as well as the managing member of his real estate investment fund. Prior to opening his firm, Sagar worked for KPMG. Now, many of the…

As we come out of the pandemic, many taxpayers find that they are not in the same financial situation as they were before. Some lost jobs or businesses, while others took on extra debt. Many of the expenses, from healthcare to mortgage payments, remained on the table, even if they were delayed or deferred. Now that we seem to be turning a corner, it’s time to talk about paying down debt, saving money, and planning the next steps. In the wake of a global pandemic, changing your money management strategy can feel daunting. Today’s guest is an expert in financial psychology and teaches financial literacy. In today’s episode of the Taxgirl podcast, Kelly is joined by Jacquette Timmons to chat about how we can change our mindset and decision-making around money. Jacquette focuses on the “human side” of money in the field of financial psychology. As a financial behaviorist, she…

Earlier this summer, ProPublica made waves when it published what it said was verified IRS information showing that billionaires like Jeff Bezos and Warren Buffett pay little in income tax compared to their massive wealth. ProPublica described the info as “an unprecedented look inside the financial lives of America’s titans.” The article caused quite a stir, both because of how they got the data and the larger discussion regarding wealth and taxes. Recent discussions of taxing the rich or even proposing a wealth tax have sparked plenty of philosophical conversations–but what would that realistically look like for America’s uber-wealthy? On today’s episode of the Taxgirl podcast, Kelly is joined by Steve Rosenthal to chat about tax and wealth and how they intersect. Steve is a senior fellow in the Urban-Brookings Tax Policy Center at the Urban Institute, where he researches, speaks, and writes on a range of federal income tax…

What did you do in 2020 to make a change for the better? Last year, companies were asked to be accountable and actionable about their diversity and inclusion efforts. The results have been mixed. As Derrick Coleman of Creative Financial Staffing has written, “Improving diversity at an organization does not happen overnight. It will take time and effort for companies to make progress and begin building a more diverse workplace.” Young professionals and recent grads are eager to see themselves represented in a company’s leadership. In today’s episode of the Taxgirl podcast, Kelly is joined by Derrick Coleman to talk about how a diverse workforce is good for both the culture and the bottom line of an organization. Derrick is the Managing Director for Creative Financial Staffing of Los Angeles, where he serves as a practiced leader of GHJ’s recruiting division. CFS specializes in the placement of accounting and finance…

My kids play the market. Well, sort of. I wanted them to start learning about money—and yes, taxes—while they were young enough to make mistakes and ask questions. So I gave each of them some money and told them they could invest. My youngest has enjoyed a terrific return, prompting him to lament, “I wish my eight-year-old self knew to buy more Sony.” My oldest—despite her best efforts—lost money when one of her investments went south. And my middle didn’t see any increase, since she opted to keep it all as cash but, she boasts, “I haven’t lost anything.” Such is the nature of investing, right? You tend to expect your portfolio to increase in value, but it’s bound to hit some bumps. Fortunately, when the markets go down, most investors don’t actually lose real money. What they have is an unrealized loss or a loss on paper. But what…

The current G20 countries account for more than 80% of the world’s GDP, 75% of global trade, and 60% of the world’s population. This summer, all eyes will be on the G20 summit as they tackle issues related to the global minimum corporate tax and profit reallocation of multinational enterprises. In early June, members of the G7 reached an agreement that would establish a global minimum tax rate of at least 15% on multinational corporations. The intent of the deal is to stop the so-called “race to the bottom” in the international tax corporate world. Now, the G20 will meet and discuss these issues.   A global minimum corporate tax rate would impact some of the world’s largest multinational corporations. In this episode of the Taxgirl podcast, Kelly is joined by Mimi Song. As Chief Economist at CrossBorder Solutions, Mimi is responsible for managing client relationships and ensuring the successful completion…

In June, Taxgirl wrote a story referencing a bad tax take on TikTok. It was a case of tax advice going viral for all the wrong reasons, and a lack of understanding of tax basics. Shortly after publishing the story, Taxgirl received a message from Duke Moore who wrote, “TikTok generally gets a bad rep for misinformation, but I, on the other hand, use the platform to educate others about taxes in a concise and entertaining manner.” Misinformation can spread easily on social media, so tax professionals are using their viral platforms to educate users about tax basics. On today’s episode of the Taxgirl podcast, Kelly is joined by Duke Moore to talk about using social media to share tax basics in a helpful, educational, and positive way. Duke is an Enrolled Agent in Dallas, Texas, who shares his passion for helping others navigate their taxes on TikTok. His account…

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