Trump Accounts, NIL Tax Chaos, and Automatic Penalty Relief

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