Accounting and Accountability
97 episodes - English - Latest episode: 3 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 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.
Episode 39: The IRS takes a hard look at Partnership Returns
April 22, 2022 12:26 - 37 minutes - 37.2 MBIn this episode:* The IRS is hiring more agents and taking a closer look at Partnership returns. There are situations that allow you to prorate the gains on the sale of your home. President Biden is pushing for higher taxes for high-net-worth individuals. Each Delawarean resident will receive $300 to help with the high gas prices. We are joined by Laura Garofoli, owner of Lean on Me Caregiving and Lean on Me Nursing. She discusses opening her business, how she was awarded the Del...
Episode 38: Secure Act 2.0 Passed by House
April 08, 2022 17:31 - 27 minutes - 28 MBIn this episode: Secure Act 2.0 has been passed by the House and is now on to the Senate. Look for updates on Required Minimum Distribution, Charitable Giving, Employer Benefit Plans, lowering the Excise Tax and more. There are issues with some taxpayers being required to give back refunded amounts due to the Premium Tax Credit. If businesses are considering buying large assets, they may want to get the purchase in during 2022 to receive the full Bonus Depreciation. The State of Del...
Episode 37: April 18th is Federal Income Tax Day!
March 25, 2022 13:00 - 45 minutes - 40.3 MBIn this episode: States with budget surpluses are trying to decide what to do with extra funds resulting from Federal COVID relief. MD will suspend gas tax for the next 30 days to help with rising gas April 18th is Federal Income Tax Day! prices. April 18th is Federal Income Tax Day! Please remember an extension allows you to file at a later date, it does NOT give you an extension of time to pay without penalty or interest. The IRS claims that their “pandemic backlog” in processing...
Episode 36: Gas Taxes May be Suspended
March 11, 2022 14:00 - 24 minutes - 24.9 MBIn this episode: Gas taxes may be suspended (probably at the state level) to mitigate the cost of rising gas. Bi-Partisan support exists to delay the narrowing of the Research and Development Credit. We offer some important tips for retirees. There are many legitimate ways to use 529 plan withdraws. The costs of special education may qualify as a medical expense. Also – Be on the lookout for AirBnB scams. Know what they look like and how you can avoid them.
Episode 35: New Forms from the IRS
February 25, 2022 13:00 - 29 minutes - 29.5 MBIn this episode we discuss: S-corps or Partnerships may have added Form K-2 and K-3 requirements if there are any foreign income. 2022 inflation adjustments for some deductions and credits. Allowable contribution amounts for 401Ks have increased. Roth and Traditional IRA information. We also focused on scams: Venmo Scams Pet Adoption Scams Work From Home Scams Work Email Scams Kidnapping Scams
Episode 34: False IRS "Tax Return Missing" Notices
February 11, 2022 14:27 - 47 minutes - 33.6 MBIn this episode: Another wave of IRS notices has been distributed regarding tax returns incorrectly marked as missing. There are situations where you can withdraw from your IRA before 59.5yo without penalty. There are possibilities to deduct part of your personal tax preparation fees on your business return. There are possible gain exclusions on sale of stock. We also hear from Karen Sposato of Sposato Wine and Sposato Family Vineyards about what it takes to start a successful winer...
Episode 33: IRS Processing Delays
January 28, 2022 20:05 - 44 minutes - 41.3 MBThis episode highlights: The IRS expects further delays for taxpayers as we head into tax season. Taxpayers are encouraged to file early and electronically to avoid major delays in processing. The Advanced Child Tax Letter: Letter 6419 that was sent out by the IRS may not be correct, as it was sent out the day BEFORE the last payment. Please use your bank accounts to confirm what you were actually given to avoid further delays in processing. The IRS encourages taxpayers to apply for...
Episode 32: What's New in '22
January 14, 2022 14:30 - 32 minutes - 28.7 MBIn this episode: The Build Back Better Bill has yet to be finalized. The Child Tax Credit will revert to pre-2021 rules. Many tax incentives were set to expire at the end of 2021. The Social Security wage base has increased. 401K contribution limits will increase. The allowable limits for Gift Tax amounts will increase. Our guest this week is Linda Parkowski from Choose Central Delaware. Tune in to hear how her team of 2 is driving economic development in Delaware.
Episode 31: Happy New Year!
January 01, 2022 23:57 - 38 minutes - 43.5 MBIn this episode: The increase in mileage rates for 2022. The Premium Tax Credit repayment has been extended. The Build Back Better Bill will not be passed by year-end. Look for a revised version in 2022. Before you donate, check online for an organization’s tax-exempt status, even if it’s one you’ve donated to before. Front-loading donor advised funds is a great tax strategy for gifting. Doug Woods, from 302 Aquaponics, tells us about his hydroponics operation, working on getting...
Episode 30: IRS Notices for Child Tax Credit and SS Deferment Payments
December 17, 2021 15:42 - 44 minutes - 46.7 MBIn this episode: Reminder of Net Investment Income Tax impact and the potential expansion proposed in the Build Back Better Bill. Child Tax Credit recipients need to look for Letter 6419 to turn in with their tax paperwork. Those business owners that took advantage of the deferred Social Security tax need to pay half of the amount due by December 31, 2021 and the remainder by December 31, 2022. IRS notices of payments due are being sent out that don’t always equal half the amount defer...
Episode 29: Electronic Vehicle Credits, IRS notices and Like Kind Exchanges
December 03, 2021 19:40 - 37 minutes - 40.9 MBUpdates: The Build Back Better Bill is offering enhanced electric vehicle credits. Large adjustments to the taxability of Social Security Benefits are being proposed. IRS notices are being sent out regarding employer ID numbers (EINs) no longer being considered valid. There is a proposal to cap Like Kind Exchanges or no longer include real estate. Medicare participants can not participate in HSAs, but may be able to use it on monthly premiums. The IRS is reporting there is curren...
Episode 28: Estimated Taxes and Safe Harbor, Update on the Infrastructure Bill and Evans Armantrading, Jr from CNU Fit
November 19, 2021 21:00 - 41 minutes - 46 MBIn this episode: Tax planning tips: Accelerating itemized deductions Tips for taxpayers over 72 years old Gifting stocks to charitable organizations Importance of Estimated Taxes and understanding Safe Harbor Update on the tax implications in the Infrastructure Bill Cryptocurrency rules for taxation We also have guest speaker, Evans Armantrading, Jr from CNU Fit, on to discuss his business, how he was able to pivot during COVID, the power of planning and how to grow a career-d...
Episode 27: Update on Current Proposals, Challenges to SaLT and Tax Planning
November 05, 2021 14:00 - 32 minutes - 37 MBIn this episode: An update on current legislation proposals State and Local Tax (SaLT) is being challenged in many states Tax planning tips regarding charitable gifting We also hear from Dr. Eunice Gwanmesia. https://www.dreunicespeaks.com/ She is the Chief Executive Officer of Eunity Solutions, a multidimensional consulting company focused on helping business leaders who lack the understanding of the power of diversity and inclusion to create inclusive workplace culture where everyo...
Episode 26: SS Increases, 529 Plan info and COVID relief updates
October 22, 2021 13:42 - 40 minutes - 43.2 MBIn this episode: It's time for tax planning! Make your appointment now to minimize your tax liability. Here are some tax planning strategies. Social Security recipients will see a 5.9% increase. Make sure your college student is providing you with their Form 1098T! Those who qualified for the DE Relief Grant have until the end of the year to use and apply for forgiveness. Current issues with PPP round 2 forgiveness. We talk with Erin Thwaites from Bel Boutique and The Looke abo...
Episode 25: IRS Backlogs and Estate Planning Strategies
October 08, 2021 18:19 - 24 minutes - 23.9 MBIn this episode: The IRS has a significant backlog processing income tax returns. They have sent out over 9M math error notices regarding COVID relief funds. The 10% penalty for taxpayers 59.5 and older from pulling funds out of an IRA is waved if the funds are being used for educational expenses. IRS collection notices may now come from private collection agencies. There are many Capital Gains and estate planning strategies that can be implemented. Make your appointment for tax p...
Episode 24: Proposed Tax Changes as of 9/24
September 24, 2021 13:30 - 26 minutes - 27.4 MBIn this episode we review some of the major changes in the newest proposal, which include: Corporate tax rates Individual tax rates Net Investment Income Tax (NIIT) 199A changes Estate tax and estate planning strategies We also cover the story of Martin Shkreli, the "Most Hated Man in America".
Podcast 23: What to know for 9/10/21
September 10, 2021 14:46 - 32 minutes - 32.3 MBUnpaid payroll tax numbers are soaring. 1099Ks will start being issued to vendors who received more that $600 in credit card sales. Employers who elected to defer payments on the 6.2% SS match need to look into repaying that money. Divorced parents who use the “every other year” method for claiming children may want to look into how the childcare/dependent credits may have impacted their situation. Legislation to change the Estimated Tax Payment dates is being proposed. Current sca...
Episode 22: Proposed tax law changes and Jack Abramoff
August 27, 2021 18:28 - 31 minutes - 30.3 MBIn this episode: Current proposals including: Required Minimum Distribution age increase Catch-up Contributions may be treated like Roth IRAs Raising the state and local cap from a $10,000 to $15,000 deduction The story of Jack Abramoff, known as the "Man who Bought Washington".
Episode 21: Changes to Employee Retention Credit
August 13, 2021 13:00 - 24 minutes - 24.9 MBIn this episode: If you filed for the Employee Retention Credit this is a MUST LISTEN episode. The IRS has just announced additional guidance for this credit that may impact business that have already filed. We also discuss the raising of the Delaware Minimum Wage. Our story: Dana Wein Reis goes down in flames and then rises from the ashes as her grey market scheme crumbles. Epe3F995vSyskPLREfmj
Episode 20: What to know heading into August and the tale of Claudio Osorio
July 30, 2021 13:30 - 25 minutes - 25.8 MBIn this episode we discuss: Biden's proposed Capital Gains Tax changes Potential Childcare Credit expansions Recommendations for keeping tax documents The IRS lag Stick around and hear how Claudio Osorio went from Ernst & Young's Entrepreneur of the Year to defrauding his neighbors and pretending to be the hero Haiti so desperately needed.
Episode 19: This week in business and New Orleans's fall
July 16, 2021 19:47 - 24 minutes - 25.3 MBIn this episode we discuss: DE Contractor registration is required as of 8/1/2021. Proposed legislation is in the works that would make quarterly tax payments much less confusing. PPP loans are coming due starting this month! Portals to ask for forgiveness are open. The deadline to submit your information for approval for monies accepted from the DE Relief Grant is also starting this month. IRS.gov has a tax withholding estimator you can use to get a good idea of what your withhold...
Episode 18: Business tips for 7/2 and Jamaican Lottery Scams
July 02, 2021 13:41 - 22 minutes - 24 MBIn this episode we discuss: "Obamacare" was challenged again in the most recent ACA update and found by the Supreme Court to be constitutional so the Net Investment Income Tax (NIIT) stands. The Delaware Relief Grant applications for forgiveness have been extended and emails with further guidance will be issued by the State of Delaware soon. Qualified Business Income Deduction and other provisions of the TJCA of 2017 are scheduled to end in 2025. Payroll and HR professionals are the n...
Episode 17: What to know on 6/18 and the story of Doug Cassity
June 18, 2021 13:13 - 25 minutes - 26.3 MBDiscussed in this podcast: The current RMD requirements for those 72 years old and over and the 50% penalties that will occur if you don't, as well as the proposed bill to raise that age. The impact of President Biden's proposed Capital Gains Tax increase and his Global Corporate Tax Rate plan. Form 1099K not reflecting third party sales from credit cards, PayPal and similar and the resulting penalties. Incorrect IRS Notices were sent out in the past weeks. Please check with your a...
Episode 16: What to know on 6/4/21 and Paul Kruse vs One Mad Mom
June 04, 2021 18:22 - 29 minutes - 29.6 MBIn this episode we discuss: A method for reducing tax liability for seasonal workers, how employing your own children can be beneficial, the $600 billion Tax Gap and the resulting random IRS audits, the benefits of filing your amended returns electronically, new IRS audit guidelines for contractors, and help for those businesses that got behind in payroll taxes during COVID. We also discuss Paul Kruse, a fraudster that got taken down by one mad mama.
Episode 15: Tax updates and Business New and the story of Paul Ceglia
May 21, 2021 15:41 - 24 minutes - 25.2 MBIn this episode" Updates to ACA ("Obamacare") Restaurant Revitalization Fund is running out of money. Non-taxable Unemployment Payments will be refunded. W-2 "Mismatched Notices" will no longer be mailed. HSA and FSA amounts raised for 2021. We also tell the story of Paul Ceglia, who tried to sue Mark Zuckerberg of Facebook for more than 50% of Facebook's worth.
Episode 14: Biden's Proposed Tax Updates and the Story of Rodney Hailey
May 07, 2021 16:54 - 35 minutes - 35.7 MBIn this episode of Accounting and Accountability the team reviews: The Restaurant Revitalization Fund President Biden's proposed tax law changes in the American Families Plan Higher Child Tax Credit Changing Tax Rates Capital Gains impact Like Kind Exchange changes Current state of IRS refunds We'll also talk about the story of Rodney Hailey, who made millions with smooth talk and a good excel spreadsheet.
Episode 13: Current Tax Impacts and the Fashion Police Money Laundering Bust
April 23, 2021 17:57 - 21 minutes - 21.6 MBThis episode brings news from the front lines regarding the Premium Tax Credit and Child Tax Credit information. Meals are now 100% deductible for 2021 and 2022! We also delve into money laundering and the 2014 "Fashion Police" bust.
Further Impact of the American Rescue Plan Act
April 09, 2021 11:00 - 24 minutes - 25.3 MBThis episode brings lots of great information on the further impact of the American Rescue Plan. Included is: Automatic refunds for taxed unemployment payments The Shuttered Venue Operator grants available for movie theaters, theaters, zoos, and many more in the entertainment/sports industry Extension of PPP Tax season extensions Retirement contribution extensions Restaurant Revitalization Fund grants Expansion of Paid Sick Leave Employee Retention Credits (and the filing of...
SPECIAL RELEASE - THE AMERICAN RESCUE PLAN ACT
March 17, 2021 19:31 - 25 minutes - 26.9 MBThis special release comes after the signing of the American Rescue Plan Act of 2021 March 11, 2021. The highlights of this bill that are discussed are: Individual taxpayer stimulus payments; Exclusion of 2020 unemployment compensation from taxable income; Changes in Child and Dependent Care Credits; Changes in the Child Tax Credit; Student Loan Forgiveness is nontaxable; SBA Disaster Loan payments are deferred; Restaurant Revitalization Fund has been created; Paid Sick & Fam...
Episode 12: The American Rescue Plan Act of 2021 and COVID fraud
March 12, 2021 17:52 - 25 minutes - 27.1 MBFaw Casson reviews key points of the American Rescue Plan Act of 2021. ***This bill was signed by the President after the recording of this podcast. Please look for a special release episode offering more details of the bill on 3/17/21.*** We discuss Chris Parris, who tried to swindle the US Dept of Veterans’ Affairs and delve into the COVID fraud that running rampant and how you can protect yourself.
Episode 11: Stimulus Checks, Paid Leave and IRS notices, OH MY and the tale of Robert Smith
February 26, 2021 21:05 - 21 minutes - 20.6 MBFaw Casson reviews deceased taxpayers eligibility for stimulus checks, paid sick leave credits, IRS notices that were mistakenly sent and PPP loan updates. Then you'll hear the tale of Robert Smith, a leader who make a few mistakes.
Episode 10: Newest Proposed Relief Package and the Tale of Scott Menaged
February 12, 2021 19:42 - 31 minutes - 31.7 MBFaw Casson reviews the newest proposed COVID-19 relief package highlights including new stimulus payments for individuals, the potential enhancements to the Earned Income Tax Credit, and talks of an increase in the Child Tax Credit. Are you a sole proprietor? There are benefits from deferring your Social Security Tax and the Paid Leave Act that you should hear about. Also, we review the story of Scott Menaged, star of reality TV’s “Property Wars” and hear how he literally cheated his busin...
Episode 9: Employee Retention Credit, Biden's plan and the tale of David Brooks
January 29, 2021 20:28 - 27 minutes - 26.9 MBFaw Casson discusses the huge impact the Employee Retention Credit could have on our struggling local businesses, Biden's plans for the future and more. Then they delve into the tale of David Brooks, who could have been a hero but was overrun with greed.
Episode 8: 2nd Round of PPP, ERC and the tale of Joel Steinger
January 15, 2021 17:07 - 27 minutes - 27.7 MBThis week we dive into the second round of Payroll Protection Program loans and discuss what is different and what has changed from round one. Then we discuss the Employee Retention Credit that is now available to those businesses who took advantage of the PPP loans. Our white collar crime story focuses on Joel Steinger and his brothers and their scam with Mutual Benefits.
Episode 7: Consolidated Appropriations Act, PPP loans and Charles Ponzi
December 31, 2020 16:09 - 21 minutes - 23.3 MBTeam Faw Casson reviews the Consolidated Appropriations Act, the new round of PPP loans available in 2021 and other updates in the Act. Brian discusses Charles Ponzi, the namesake of the Ponzi Scheme.
Episode 6: Accounting and Accountability
December 04, 2020 18:11 - 28 minutes - 28.6 MBFaw Casson discusses tax planning tips for 2020, updates on PPP loans and the Delaware Relief Grant, and the newest tax scam making its rounds. They then take a look at the rise and fall of Theranos and its founder and destroyer, Elizabeth Holmes.
Episode 5: Tax Planning and Hidden Stars
November 06, 2020 13:00 - 25 minutes - 22.2 MBBrian and Tammy review the necessity of year end tax planning and the newest updates on PPP loans. Then we review the story of Kenneth Star, financial advisor to the stars.
Episode 4: Presidential Candidate Tax Plans and the Queen of Mean
October 23, 2020 14:07 - 24 minutes - 22.8 MBFaw Casson reviews some of the differences between President Trump's and Presidential Candidate Biden's proposed tax law changes as we head toward the election. Then we take a look at the Queen of Mean: Leona Helmsley.
Episode 3: This is How We Do It and an Arrow to the Heart
October 09, 2020 18:53 - 31 minutes - 35.9 MBTammy and Brian catch you up on PPP loan forgiveness, DE grants, and changes for 1099s and the story of the rise and fall of Arrow Trucking and Doug Pielsticker.
Episode 2: Payroll Holiday/IRS Notices and Ridiculous but true Tax Deductions
September 25, 2020 12:37 - 24 minutes - 27.3 MBBrian Stetina and Tammy Ordway review the Payroll Tax "Holiday", the IRS sending notices to people who have already sent in checks for tax bills, and Delaware Relief Grants. Brian fills us in on some tax deductions that sound outlandish, but have been approved by the IRS.
Episode 1: Business Update 8/20/20 and the Rookie Crook
August 20, 2020 20:02 - 27 minutes - 29.8 MBBrian Stetina and Tammy Ordway review the current questions plaguing business owners in Delaware, Maryland and beyond. Tammy tells of the white collar crimes of Marcus Schrenker, the financial advisor who attempted to fake his own death after robbing many of his investors.