Accounting and Accountability
91 episodes - English - Latest episode: 22 days ago - ★★★★★ - 9 ratingsA podcast focusing on the top things business taxpayers need to know. Updated information that is easy to digest and will keep you on the cutting edge of business finance news.
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Episodes
Episode 89: 2017 Tax Cuts and Jobs Act is Expiring
April 05, 2024 19:25 - 8 minutes - 12 MBIn this episode we discuss: The Tax Cuts and Jobs Act of 2017 is expiring. An extension of time to file is NOT an extension of time to pay. Congress is currently on its 2-week Spring recess, so no voting will be done regarding the proposed tax package.
Episode 88: An Overview of Biden's Proposed Changes
March 22, 2024 14:39 - 38 minutes - 59.2 MBIn this episode we discuss: An overview of Biden’s proposed changes to basis, estate taxes and more. Form 8962 MUST be filed for those who obtained health insurance on the exchange. New beneficial ownership requirements are under scrutiny for being unconstitutional. The IRS is paying extra attention to partnership returns. We also hear from Alicia Hollis, the Director of Community Relations for Kent-Sussex Industries, Inc. (KSI). She talks about the history of the nonprofit, recogni...
Episode 87: An Explanation of Medical Expense Deductions
February 23, 2024 18:37 - 30 minutes - 30.8 MBIn this episode: A breakdown of medical expense deductions. Tax strategies for charitable giving. Tax package passes in House but remains in Senate. You can check on your federal tax refund at any time by visiting IRS.gov. We are visited by Michele L. Reynolds, CEO of Shelly Sons Electrical and author of “Pause Between the Years”. She talks to us about having the courage to start something brand new, the importance of knowing your own worth, and finding what works for you in the bu...
Episode 86: What happens if you miss the Required Minimum Distribution (RMD) deadline.
February 09, 2024 20:35 - 26 minutes - 23.5 MBIn this episode: The filing of the digital asset Form 3800 has been delayed. A review of Shareholder Basis and what the IRS is focusing on. What happens if you miss the Required Minimum Distribution (RMD) deadline. A refresher of Net Investment Income Tax (NIIT). Reminder that there is no statute of limitations on saving tax documents if the IRS suspects fraud. We also hear from Jess Bain, co-owner of Styled, a seasonal and special occasion floral design & décor company serving the...
Episode 85: New Bi-Partisan Bill in House
January 26, 2024 14:58 - 20 minutes - 20.5 MBIn this episode: The IRS will open e-filing for personal returns on January 29, 2024. New Bi-Partisan package is in the House has a variety of positive provisions. Only 8 electronic vehicles currently qualify for the full tax credit. Be alert for IRS impersonation scams at this time of year! The IRS will never initiate contact via phone or email. We also hear the story of Katelyn McClure, Mark D'Amico, and Johhny Bobbitt and their $400,000 GoFundMe scam.
Episode 84: Clarification of the new Beneficial Ownership Reporting rules
January 12, 2024 15:46 - 29 minutes - 26.6 MBIn this episode: The rules for rolling over unused 529 Plans into a Roth IRA. Tax saving strategies for purchasing electronic vehicles. Do you have more than 10 1099s, W-2s or similar? You may be required to e-file this year. The new standard mileage rates for 2024. Clarification of the new Beneficial Ownership Reporting rules. We also hear from Megan Steele, owner and operator of Heartbeat Branding, Co. She talks to us about the importance of focusing on your specific niche,...
Episode 83: Tax changes to look for in 2024
December 29, 2023 20:20 - 28 minutes - 26.3 MBIn this episode: An overview of what the government may have on the horizon for 2024 for the Research and Development Credit, Bonus Depreciation, and interest deductions. The IRS continues to fight false Employee Retention Tax Credit claims. An explanation of Section 1202 of the Tax Code. A look into tax credits for builders of energy efficient homes. The tax rules for vacation home rentals. We also hear from Quintin Richardson, the owner/operator of Legacy Fit 302, LLC. Quintin t...
Episode 82: Hopkins Heartland
December 15, 2023 19:29 - 42 minutes - 34.8 MBIn this episode we are joined by Ingrid and Amy Hopkins, of Hopkins Heartland. They tell us all about their journey leaving the 5-generation Hopkins Farm to pursue their own careers, and how the farm called them back to create something unique to Delaware. Hear about their persistence in changing legislature, the importance of hiring the right people, and how their visions of the farm are helping preserve their family's legacy for generations to come.
Episode 81: IRS Delays 3-Party Vendor (1099K) Reporting Threshold Change
December 01, 2023 15:00 - 24 minutes - 25.1 MBIn this episode: Tax extenders will be needed around election time. Know the IRA rollover rules. Find out the updates on estate and gift tax limits. The legal costs for fighting IRS rulings may not be reimbursed. The IRS has delayed the 1099K reporting threshold. Also, we hear the scam story of the Great Diamond Hoax of 1872. Sources: The Dollop Podcast Episode 235 https://open.spotify.com/episode/26NdQWRuKDrmk16k80bNlG Legends of the Old West Episode 3 https://player.fm...
Episode 80: DE Family Medical Leave Act Ramping up
November 17, 2023 18:20 - 26 minutes - 23.9 MBIn this episode: Electronic vehicle rebates versus tax credits. There is an increase on retirement plan contributions for 2024. Most donated inventory may not be deducible as a charitable contribution. It's time for tax planning strategies! Delaware Family Medical Leave Act is ramping up. Listen in for details. We are also joined by Maggie Haass, co-owner of Evergreen Farms. Evergreen Farms is a 22-acre working farm nestled in the countryside just outside of Dover, Delaware. ...
Episode 79: Intense Penalties for not Following new Corporate Transparency Act
November 03, 2023 21:26 - 34 minutes - 29.3 MBIn this episode: Overview of tax and other benefits from having a Health Savings Account (HSA) health plan for medical expenses. The IRS is cracking down on the misuse of the fuel credit. Software development may be used to qualify an entity for the Research and Development Credit. The Social Security Wage Base makes another jump. The IRS has released the current tax-gap numbers. The IRS is allowing Employee Retention Tax Credit claims to be withdrawn if you feel you filed erroneo...
Episode 78: New Travel Expenses Per Diem Rates Released
October 23, 2023 15:27 - 29 minutes - 31.6 MBIn this episode: Student loan interest is deductible, with limits. The 2024 travel expenses per diem have been released. The IRS has stated it's pausing some audits for professional service businesses. Make sure you have a beneficiary listed on your retirement accounts. We are joined by Daniel Yearick, the Facilities & Event Operations Manager at DE Turf Sports Complex. He talks to us about raising funds for a large enterprise, how the sports complex has benefitted Delaware and it’...
Episode 77: 1099 and W-2 E-Filing Mandate
October 06, 2023 15:47 - 27 minutes - 29.5 MBIn this episode: New mandate requires some 1099s and W-2s to be e-filed in 2024. Home office depreciation may impact tax on home sales. Home interest deduction rules reviewed. Bonus depreciation changes may impact tax planning strategies. We also hear the story of Anthony Gignac, who portrayed himself as being a Saudi Prince to get all he could out of life, and everyone around him. Research from: "The Con" Season 1, Episode 5 "The Royal Con" Red-handed ...
Episode 76: IRS Freezes ERTC Applications
September 22, 2023 14:00 - 35 minutes - 33.4 MBIn this episode: How long should you really keep tax documents? C-Corp & 1040 tax deadline is 10/16/23. New beneficial ownership reporting starts on 1/1/2024. There will be steep penalties for noncompliance. We also talk to Lisa Ratliff and Shannon Mercer of The Little School. We hear about the school's long history, the fine line business owners have to walk between salary and revenue, and the very real issue of the childcare crisis and how it is impacting businesses in Delaware....
Episode 75: IRS Raises Interest Rates
September 08, 2023 20:49 - 40 minutes - 38.2 MBIn this episode: Talks of expanding Net Investment Income Tax. Simple IRA may be a good fit for your business. Extension of IRA catch-up contributions. Brokers have new digital sale reporting requirements. IRS is increasing interest rates. We are joined in the studio by George Dobbins, owner and trainer at CrossFit Dover, Delaware's first CrossFit Gym. He speaks of his evolution as a business owner, the importance of having the correct mindset and how his team is helping the yout...
Episode 74: "Tax Increase" Created by New 401(k) Catch-up Contribution Rules
August 25, 2023 15:02 - 43 minutes - 37.9 MBIn this episode: Avoid heavy penalties by disclosing any accounts you hold in other countries that total over $10,000. "Back door tax increase" created by new 401(k) catch-up contribution rule. Revocable Trusts: explanations and best practices. We also hear from Todd Stonesifer, President of The Moving Experience, a local real estate brokerage on how he's shaking up the real estate business. Todd is also the President of the Board of Directors for the Downtown Dover Partnership. He f...
Episode 73: ERTC Issues and Audits
August 11, 2023 16:19 - 25 minutes - 23.6 MBIn this episode: Continuing issues and scams with ERTC. Be vigilant for cyber-fraud attacks. Issues with inaccurate penalty notices. The IRS announces that they've lost tax documents.
Episode 72: IRS Targeting LLPs and LLCs
July 28, 2023 14:10 - 26 minutes - 25.1 MBIn this episode: Inherited IRAs - Different rules on distribution requirements. New IRS targets for LLCs and LLPs. Mortgage interest limitations on personal residence and secondary homes. New IRS scam arriving in the mail. IRS says they will no longer be conducting surprise on-site visits. We are also joined in the studio by Keith Adams, owner and operator of Vivids Video Productions in Seaford, DE. He talks to us about following your passions, the importance of overcoming thing...
Episode 71: Major Changes for Form 1099 and W-2 Filing
July 14, 2023 14:00In this episode: New thresholds requiring Form 1099s and most W-2s to be e-filed. 263A: Uniform Capitalization rules. Situations that avoid the 10% penalty tax for early withdrawals from traditional IRAs and 401Ks. Deductible HSAs. Lawsuit proceeds for physical injuries may be tax free. We also hear from Jessica Levin, master connector, public speaker, coach, author and creator of Seven Degrees. She discusses the importance of being able to constantly evolve, helpin...
Episode 70: Employee Stock Ownership Plans (ESOP)
June 30, 2023 13:47 - 31 minutes - 29.1 MBIn this episode: Withholding taxes from your IRA to cover estimated tax payments. Usings Section 179 instead of Bonus Depreciation. Retirement planning strategies for business owners. Employee Stock Ownership Plans (ESOP) - What they are and when they're a good fit. We also speak with Christopher Baker, P.E., President and CEO of George & Lynch, Delmarva's top infrastructure contractor. He speaks about the history of George & Lynch and what it takes to reach a business's 100-year an...
Episode 69: Top Reasons to Avoid Paper Filing
June 16, 2023 14:00 - 28 minutes - 26.8 MBIn this episode: Top reasons to avoid paper filing a return (and avoid the backlogs at the IRS). The State of Delaware has issued more erroneous notices. A look into 1031: Like Kind Exchanges. We also hear the story of Rudy Kurniawan, the notorious wine counterfeiter, who captivated the wine world with his elaborate scam. He lived a luxurious life, charming collectors with his extensive wine knowledge. Using blending techniques and counterfeit labels, he sold fake wines at high-profile...
Episode 68: The Importance of Estimated Payments
June 02, 2023 16:43 - 22 minutes - 20.8 MBIn this episode: The IRS is still revealing plans for the $80B of Congressional support. We review what amended returns are and the current IRS processing timelines. The next due date for estimated taxes are June 15th. We discuss why timely estimated tax payments are so important. The possible add-back of Maryland State Taxes paid on Federal Returns. We also hear the white-collar crime story of Scott Tucker, a man who seemingly had no compassion for his fellow man. Scott opened...
Episode 67: Residential Tax Credits for Clean Energy
May 19, 2023 18:51 - 30 minutes - 25.3 MBIn this episode: A review of clean property and energy efficient tax credits that are available now. Tax strategies and savings opportunities for hiring your children. HSA contribution limits are on the rise. Donations of vacation homes for charitable events are not tax deductible. We are joined by Todd Roselle, CFP, ChFC, the President and Founder of Blue Rock Financial Group. We discuss what business owners should be aware of, commonly overlooked tactics, and the importance ...
Episode 66: IRS Notice CP2000s Being Received
May 05, 2023 17:59 - 39 minutes - 38.9 MBIn this episode: 1099K reporting changes may be on the horizon for 3rd party payment users. The electric vehicle tax credit has been updated. For full details, please read our blog article at Discover the Tax Benefits of Owning an Electric Vehicle on our website. Tax estimators are available on the IRS website to assist taxpayers in choosing the appropriate withholding amounts. IRS Tax Withholding Estimator Form 990 for nonprofits may be due by May 15th, 2023. IRS Notice CP2000 ...
Episode 65: IRS Releases Plan for $80B
April 21, 2023 14:00 - 32 minutes - 31.2 MBIn this episode: The IRS has released a 150-page blueprint for the $80B of approved spending. Last call for any 2019 returns with refunds to be filed. They must be filed by 7/17. Form 944 may be being eliminated for business filers. We also speak with Ritchie Thurman, President of Arbor Care Plant & Turf. He discusses the importance of a good corporate culture, how to present your value to your customers and the need to present your knowledge in a concise and relatable way.
Episode 64: Capital Gains, Like-Kind Exchanges and Related Strategies
April 07, 2023 17:19 - 24 minutes - 24.5 MBIn this episode: Tax Day is April 18, 2023 this year. A breakdown of Capital Gains, Like-Kind Exchanges and related strategies. Social Security wage base is on the rise. IRS penalties and interest are high if you don't pay by April 18th, regardless of extension status. We also hear the story of the "The Welfare Queen" Linda Taylor. Linda Taylor, notorious for defrauding the welfare system, was a woman of multiple aliases and faced numerous accusations of criminal activity. Her ...
Episode 63: Extensions are not Audit Triggers
March 24, 2023 15:11 - 28 minutes - 28 MBIn this episode: Going on extension does not mean that you will be flagged for an audit. Remember that extensions are an extension of time to file, not an extension of time to pay. 529 Plan distributions can be used for educational costs other than college. The current administration is looking at increasing long-term capital gains and corporate tax rates. The rules for taxing unrealized gains at death. The stats for high-income earner tax rates. We are also joined by Teni...
Episode 62: Employee Tax Credit Under IRS Scrutiny
March 11, 2023 03:22 - 26 minutes - 26.6 MBIn this episode we discuss: The current rules for how using, trading and selling virtual currency is treated for taxes. How to report Charitable Distributions on your taxes. Beneficiaries of deceased taxpayers must withdraw all RMD before the end of the year. Foreign accounts must be disclosed to the IRS. There are penalties per form not filed. The Employee Retention Credit is under scrutiny by the IRS do to fraud. The IRS is still behind on payroll and amended returns.
Episode 61: Major Tax-Prep Companies Accused of Selling Client Data
February 24, 2023 19:14 - 28 minutes - 29.2 MBIn this episode we discuss: Many tax credits and deductions are slated to end in the next few years without legislative changes. New rules allow for tax credits for additional types of electronic vehicles (EVs). The IRS has declared the 2022 tax stimulus payments as non-taxable. Three tax-prep companies have been accused of selling private client information. We also hear from Mandy Talley-Kaufman, owner of The Kritter Sitter a Pet Sitting and Transportation business that has be...
Episode 60: Bonus Depreciation Phase Out
February 10, 2023 15:15 - 30 minutes - 32.8 MBIn this episode we discuss: The IRS has hired 5,000 service operators. Find out how it may impact tax season. Form 1099K reporting requirements (for businesses that use 3rd party payment vendors such as Venmo and Paypal) for 2023. One-time charitable giving is allowed from IRAs for those under 59.5 years old without penalty for qualified circumstances. Bonus Depreciation starts to drop this year, falling to 80%. Find out what you should do to prepare. Depreciation caps on busin...
Episode 59: Tax Due Dates 2023
January 27, 2023 16:09 - 44 minutes - 42.9 MBIn this episode: We'll review the tax due dates you should be aware of for 2023. 1099s: Penalties are steep for not filing! Find out if you need to. We also hear from Mike and Jessica from Fifer's Orchards. They discuss the importance of listening to your customers and acting on their input, how they're continually evolving a business started in 1919, and the many facets of their family run farm and agritourism business.
Episode 58: Bonus Depreciation Drops to 80%
January 13, 2023 17:01 - 32 minutes - 33.9 MBIn this episode: Secure Act 2.0 has passed enhancing many retirement savings opportunities such as: New employees must be automatically enrolled in company savings plans, unless they opt out. There are new Catch-Up Contribution rules. The Required Minimum Distribution (RMD) has increased. Part-time employees are eligible to enroll in company saving plans sooner. Employers may provide retirement saving contributions to match what an employee is paying in student loan debt. Unus...
Episode 57: How will the Secure Act 2.0 Impact You?
December 30, 2022 20:19 - 28 minutes - 26.5 MBIn this episode we discuss: Worker Classification: The IRS is still taking a hard look at the distinction between an employee and a contractor. Make sure you've identified your workers correctly. Passive Loss Rules: Know the rules of what you can claim from passive activities. 1099K new filing rule, which was going to require the issuing limit to drop to $600 or more, has been suspended. Omnibus Bill has been passed by Congress and is waiting the President's signature. Here detai...
Episode 56: IRS Interest Rates are on the Rise in 2023
December 16, 2022 16:27 - 25 minutes - 25.3 MBIn this episode: We review itemization rules and strategies for 2022 returns. Tax season will end on April 18, 2023, but don't leave your preparer in a bind by waiting until the last minute. Certain digital currency and digital asset transactions are taxable. Make sure you know what to report. IRS interest rates are on the rise for 2023. Also, Carly Horton, the Area Operations Manager for the Delaware Department of Labor Division of Employment & Training, talks to us about some...
Episode 55: New 3rd Party Payment Filing Requirements
December 02, 2022 21:26 - 38 minutes - 35 MBIn this episode: The tax-gap is on the rise. Here what the IRS says is the cause and how they intend to correct course. 1099 deadline is on January 31, 2023. 1099-Ks: There are new filing requirements for 3rd party payment businesses such as Venmo and Paypal. Estate and Gift Tax Exclusions will be more in 2023. We also hear from Lincoln Willis, Chief Strategist and owner of The Willis Group, LLC. He speaks about his path to becoming a lobbyist in the State of Delaware, his experie...
Episode 54: Equipment purchased must be in use before year end for tax credit.
November 18, 2022 19:24 - 35 minutes - 32 MBIn this episode: The many benefits of having an HSA (Health Savings Account). Equipment purchased prior to year end must be placed in service prior to January 1, 2023 to be a tax benefit. The IRS still has a substantial backlog. If you haven't filed yet, you should do so immediately to avoid filing a paper return. We also hear from Keith Irwin at Old World Breads Bakery in Lewes, Delaware. Hear about his amazing history in the culinary industry, his family run business, the ups an...
Episode 53: Tax Planning Tips for Heading into 2023
November 04, 2022 14:00 - 19 minutes - 19 MBIn this episode: Tax Planning tips for the end of 2022. Charitable giving for tax savings. Opportunities to offset tax on stock gains. Inflationary increases for retirement plans have been released. We also hear the story of Nathan Mueller, who after a year of temptation, succumbed to the draw of stealing from his company, ING. He started small and before you know it was stealing MILLIONS every year. Find out how he took more than $8 million from his company before he was finall...
Episode 52: IRS Scams and Aggressive Fraudulent COVID Relief Scams are on the Rise
October 21, 2022 17:14 - 34 minutes - 24.1 MBIn this episode we discuss: Electronic vehicle credit qualifications have been further defined with remarkable limitations. There are new proposed regulations for inherited IRA payouts. IRS scams and aggressive attempts surrounding COVID relief funds are on the rise. The latest information has been released on the taxation of the marijuana industry. We also hear from Dawn Ehman, owner and operator of YogaVibez Studios and OC SUP & Fitness. She lets us in on how she went from a caree...
Episode 51: Taxpayers in need of COVID relief are still waiting on IRS
October 07, 2022 15:30 - 38 minutes - 41.3 MBIn this episode we discuss: The IRS is offering a Form 1023-EZ for nonprofits to apply for nonprofit status. Payroll Protection Program funds that were received because of fraud may be taxed as taxable income. New per diem rates have been defined for 2023. Many taxpayers are still waiting for COVID relief funds to arrive via Form 941X. Many businesses that needed relief from these funds are still waiting over nine months after their application. The IRS has big plans for their 80 bi...
Episode 50: ERTC program estimates $2 trillion in fraud
September 23, 2022 19:40In this episode we discuss: The Secure Act 2.0, which includes the EARN Act, is currently in Congress. Listen in to hear how it may impact you and your business if passed. October 17, 2022 is the deadline for filing your personal and calendar-year C-Corp returns. Authorities estimate the ERTC program has resulted in an estimated $2 trillion in fraud. The IRS is cracking down on "excessive refund" filings. Taxpayers who claim refunds in excessive amounts compared to what they're act...
Episode 49: IRS Updates Going into 2023
September 09, 2022 17:54 - 24 minutes - 22.4 MBIn this episode we discuss: Forgiven student loans are not taxable on a federal level, but your state/locality may be different. The IRS has announced that they will give relief for the failure to file penalty for 2019 and 2020 returns. The IRS is enhancing focus on compliance for Subchapter – S and Partnerships. Expect enhanced questioning regarding virtual currency on 2022 Individual Tax Returns. Erroneous IRS Notices Did you know that the FBI estimates 10% ($80B) of all PPP fun...
Episode 48: Interest Reduction Act Passes
August 26, 2022 15:00 - 40 minutes - 37.5 MBIn this episode we discuss: The Inflation Reduction Act has passed. There are energy improvement credits available. The electric vehicle credit has been revamped. The IRS has been given additional funding for improved customer service and agents. There are small business startup funds available for qualifying research and development costs. Passthrough entity taxes are due 9/15. We also hear from our guest, Kristin Garramone, of Roma Italian Ristorante and Sul Tempo Cocktail ...
Episode 47: COVID relief for childcare is now expired. Plan accordingly!
August 12, 2022 15:40 - 36 minutes - 32.4 MBIn this episode: The IRS is keeping a watchful eye on cryptocurrency transactions. Make sure you know your facts. Additional childcare covid relief is now expired. Have you planned for your 2022 tax return accordingly? Are you donating a car or large item? Know what is required for your taxes. The Inflation Reduction Act is moving through government channels. Are you using propane in your work vehicles or equipment? Make sure your preparer is aware. There's a tax credit for that. ...
Episode 46: Additional Tax Savings for Military Retirees in DE
July 29, 2022 16:34 - 1 hour - 47.3 MBIn this episode: The Build Back Better Bill (BBB) is currently being held from passing as-is. The IRS assessed 37.3 billion returns for civil penalties in 2021. US Citizens working overseas must still pay US taxes, although some specific situations may be excluded. There are currently 9.3 million paper returns from 2021 awaiting IRS review. The State of Delaware recently passed a bill allowing for additional tax savings for Delaware residents retiring from the military. Our guest ...
Episode 45: Using cryptocurrency triggers a taxable event
July 15, 2022 15:50 - 25 minutes - 23.5 MBIn this episode: The IRS will start using voicebots for incoming calls regarding collections with plans to expand its usage. New Overtime Rules will potentially be released this fall. If cryptocurrency is being used it triggers a taxable event. The IRS is cracking down on these transactions. We review new policy proposals from the Biden Administration. Now is the time to organize your tax records and QuickBook files. Your CPA will be able to help you with tax planning. There's...
Episode 44: Start an IRA for your working child NOW!
July 01, 2022 17:33 - 41 minutes - 34.1 MBIn this episode: We review the Wash Sale Rules for stock. We discuss the nuances you should be aware of regarding Capital Gains Tax. If you want to elect portability, you MUST file an Estate Tax Return. The annual gifting amount of $6,000 can be placed directly into an IRA for a child, IF that child is earning income. Bank accounts in foreign countries MUST be disclosed to the IRS. Hiring your child is a great tax strategy. We also hear from our guest, Pastor Jamillah A. Mantil...
Episode 43: Mileage reimbursement rate is on the rise
June 17, 2022 13:09 - 31 minutes - 29.2 MBIn this episode: The mileagereimburesement rate is set to rise to 62.5 cents per mile on July 1 – a 4 cent per mile increase. We discuss the rules for an inherited IRA 10-year payout. Non-cash donations valued at $250 or higher follow special rules for tax returns. The Social Security Wage Gap. Our guest is Jess Giangrant, owner and baker of Wild Belle Cakery in Dover. https://www.facebook.com/wildbellecakery She offers some great tips on work/life balance and the importance o...
Episode 42: The IRS destroys 30M paper filed returns.
June 03, 2022 16:37 - 32 minutes - 30 MBIn this episode: Lifetime in gift tax exemptions are $12,060,000 for 2022, due to be reduced to $5M after 2025. The IRS will increase interest rates at the end of Quarter 3 this year. Form 1023-EZ returns are being abused and overused for nonprofit organizations. Lawmakers are discussing rescinding. The proceeds from lawsuits from physical injuries may not be taxable. The IRS destroyed 30M paper filed returns. We also tell the story of Billy McFarland and his Fyre Festival disast...
Episode 41: Secure Act 2.0 Passes House
May 20, 2022 12:30 - 26 minutes - 23.1 MBIn this episode we discussed: Secure Act 2.0 has been passed by the House and will go to the Senate later this year. The IRS is taking a much closer look at real estate loss deductions. The IRS paper filing system is significantly outdated and has a 22% error rate from human en try error and dramatically adds to the backlog. Our guest this episode was Cesar Vargas of C. Vargas Construction. He owns a custom stonework business in Sussex County and spoke about moving from a contract emp...
Episode 40: Save tax documents and start tax planning now
May 06, 2022 21:19 - 42 minutes - 45.3 MBIn this episode: The current IRS backlog times. How long should you hold onto your tax documents. The importance of paying estimated taxes. Good bookkeeping practices. Our guest is Jess Moyer, of The Icehouse Wellness and Community Center, who discussed being an author, juggling home and work, how she knew it was time to start a business, and how her business has thrived. She also speaks on working through pain and personal grief.