# Trump Accounts, NIL Tax Chaos, and Automatic Penalty Relief

Page: https://stenobird.com/podcast/federal-tax-updates-5954475/trump-accounts-nil-tax-chaos-and-automatic-penalty-relief
Text version: https://stenobird.com/podcast/federal-tax-updates-5954475/trump-accounts-nil-tax-chaos-and-automatic-penalty-relief.md
Podcast: [Federal Tax Updates](https://stenobird.com/podcast/federal-tax-updates-5954475)
Published: 2026-07-27T14:00:00+00:00
Episode link: https://share.transistor.fm/s/542ddc2f
Audio file: https://op3.dev/e/media.transistor.fm/542ddc2f/696fbb4e.mp3
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JSON: https://stenobird.com/v1/public/podcasts/federal-tax-updates-5954475/episodes/trump-accounts-nil-tax-chaos-and-automatic-penalty-relief
Duration seconds: 3208

## Resource

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. Sponsors Padgett - Contact Padgett or Email Jeff Phillips Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Links mentioned in this episode 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 Follow the Federal Tax Updates Podcast on Social Media twitter.com/FedTaxPod facebook.com/FedTaxPod linkedin.com/showcase/fedtaxpod Connect with the Hosts on LinkedIn Roger Harris Annie Schwab 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 Earmark Media The full transcript for this episode is availabl…

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## Transcript

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