Latest Crimedrama Podcast Episodes
Episode 63: Extensions are not Audit Triggers
Accounting and Accountability - March 24, 2023 15:11 - 28 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 62: Employee Tax Credit Under IRS Scrutiny
Accounting and Accountability - March 11, 2023 03:22 - 26 minutes ★★★★★ - 9 ratingsIn 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 di...
Episode 61: Major Tax-Prep Companies Accused of Selling Client Data
Accounting and Accountability - February 24, 2023 19:14 - 28 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 60: Bonus Depreciation Phase Out
Accounting and Accountability - February 10, 2023 15:15 - 30 minutes ★★★★★ - 9 ratingsIn 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...
Episode 59: Tax Due Dates 2023
Accounting and Accountability - January 27, 2023 16:09 - 44 minutes ★★★★★ - 9 ratingsIn 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 th...
Episode 58: Bonus Depreciation Drops to 80%
Accounting and Accountability - January 13, 2023 17:01 - 32 minutes ★★★★★ - 9 ratingsIn 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 increase...
Episode 57: How will the Secure Act 2.0 Impact You?
Accounting and Accountability - December 30, 2022 20:19 - 28 minutes ★★★★★ - 9 ratingsIn 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...
Episode 56: IRS Interest Rates are on the Rise in 2023
Accounting and Accountability - December 16, 2022 16:27 - 25 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 55: New 3rd Party Payment Filing Requirements
Accounting and Accountability - December 02, 2022 21:26 - 38 minutes ★★★★★ - 9 ratingsIn 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 Exclus...
Episode 54: Equipment purchased must be in use before year end for tax credit.
Accounting and Accountability - November 18, 2022 19:24 - 35 minutes ★★★★★ - 9 ratingsIn 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 av...
Episode 53: Tax Planning Tips for Heading into 2023
Accounting and Accountability - November 04, 2022 14:00 - 19 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 52: IRS Scams and Aggressive Fraudulent COVID Relief Scams are on the Rise
Accounting and Accountability - October 21, 2022 17:14 - 34 minutes ★★★★★ - 9 ratingsIn 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 informatio...
Episode 51: Taxpayers in need of COVID relief are still waiting on IRS
Accounting and Accountability - October 07, 2022 15:30 - 38 minutes ★★★★★ - 9 ratingsIn 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...
Episode 49: IRS Updates Going into 2023
Accounting and Accountability - September 09, 2022 17:54 - 24 minutes ★★★★★ - 9 ratingsIn 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 Subchapt...
Episode 48: Interest Reduction Act Passes
Accounting and Accountability - August 26, 2022 15:00 - 40 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 47: COVID relief for childcare is now expired. Plan accordingly!
Accounting and Accountability - August 12, 2022 15:40 - 36 minutes ★★★★★ - 9 ratingsIn 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 t...
Episode 46: Additional Tax Savings for Military Retirees in DE
Accounting and Accountability - July 29, 2022 16:34 - 1 hour ★★★★★ - 9 ratingsIn 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...
Episode 45: Using cryptocurrency triggers a taxable event
Accounting and Accountability - July 15, 2022 15:50 - 25 minutes ★★★★★ - 9 ratingsIn 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 transacti...
Episode 44: Start an IRA for your working child NOW!
Accounting and Accountability - July 01, 2022 17:33 - 41 minutes ★★★★★ - 9 ratingsIn 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, I...
Episode 43: Mileage reimbursement rate is on the rise
Accounting and Accountability - June 17, 2022 13:09 - 31 minutes ★★★★★ - 9 ratingsIn 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 Wag...
Episode 42: The IRS destroys 30M paper filed returns.
Accounting and Accountability - June 03, 2022 16:37 - 32 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 41: Secure Act 2.0 Passes House
Accounting and Accountability - May 20, 2022 12:30 - 26 minutes ★★★★★ - 9 ratingsIn 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 an...
Episode 40: Save tax documents and start tax planning now
Accounting and Accountability - May 06, 2022 21:19 - 42 minutes ★★★★★ - 9 ratingsIn 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...
Episode 39: The IRS takes a hard look at Partnership Returns
Accounting and Accountability - April 22, 2022 12:26 - 37 minutes ★★★★★ - 9 ratingsIn 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 re...
Episode 38: Secure Act 2.0 Passed by House
Accounting and Accountability - April 08, 2022 17:31 - 27 minutes ★★★★★ - 9 ratingsIn 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...
Episode 37: April 18th is Federal Income Tax Day!
Accounting and Accountability - March 25, 2022 13:00 - 45 minutes ★★★★★ - 9 ratingsIn 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! Ple...
Episode 36: Gas Taxes May be Suspended
Accounting and Accountability - March 11, 2022 14:00 - 24 minutes ★★★★★ - 9 ratingsIn 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...
Episode 35: New Forms from the IRS
Accounting and Accountability - February 25, 2022 13:00 - 29 minutes ★★★★★ - 9 ratingsIn 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...
Episode 34: False IRS "Tax Return Missing" Notices
Accounting and Accountability - February 11, 2022 14:27 - 47 minutes ★★★★★ - 9 ratingsIn 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 yo...
Episode 33: IRS Processing Delays
Accounting and Accountability - January 28, 2022 20:05 - 44 minutes ★★★★★ - 9 ratingsThis 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...
Related Crimedrama Topics