Latest Irsupdates Podcast Episodes
Episode 94: Qualified Business Income Deduction Qualifications
Accounting and Accountability - June 28, 2024 14:41 - 19 minutes ★★★★★ - 9 ratingsIn this episode we discuss: Qualified Business Income Tax Deduction for rental activity. Tax liens may result in the revocation or denial of a passport. AI tax programs are reported to be incorrect approximately 50% of the time. The "reasonable cause" defense can be made for abatement of...
Episode 93: What is the Delaware EARNS Program Like? An Employer Perspective.
Accounting and Accountability - June 17, 2024 19:03 - 22 minutes ★★★★★ - 9 ratingsIn this episode: President Biden’s proposed income tax increases. The benefits of contributions to Health Savings Accounts (HSAs) GoFundMe donations to individuals not classified as a 501c3 organization are not deductible. Some shocking stats from the IRS. The State of Delaware is still...
Episode 92: Formation of Business and Entity Selection
Accounting and Accountability - May 31, 2024 15:24 - 45 minutes ★★★★★ - 9 ratingsIn this episode: The importance of choosing the correct entity type when forming your business. How to properly document the business use of a vehicle. Retirement plans for your business. Best practices for income shifting. We also hear from Donny Legans, co-owner of Rail Haus in Downtow...
Episode 91: DE Earns Program Launches July 1
Accounting and Accountability - May 17, 2024 18:37 - 32 minutes ★★★★★ - 9 ratingsIn this episode: We summarize the Delaware Family Leave Act and what it means to employers/employees. The Delaware EARNS Program launches July 1, 2024. Find out what employers should be doing. Consider completing the requirements for the Corporate Transparency Act soon. We also hear from ...
Episode 90: The details of the IRS 10-year clean-out rule for inherited IRAs
Accounting and Accountability - May 06, 2024 20:21 - 13 minutes ★★★★★ - 9 ratingsIn this episode: We review tips on calculating home sale gain exclusion. The details of the IRS 10-year clean-out rule for inherited IRAs. New electronic vehicle tax credit rules and limitations. Remain vigilant and skeptical upon receiving emails and texts. There are many active scams ...
Episode 89: 2017 Tax Cuts and Jobs Act is Expiring
Accounting and Accountability - April 05, 2024 19:25 - 8 minutes ★★★★★ - 9 ratingsIn 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
Accounting and Accountability - March 22, 2024 14:39 - 38 minutes ★★★★★ - 9 ratingsIn 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 extr...
Episode 87: An Explanation of Medical Expense Deductions
Accounting and Accountability - February 23, 2024 18:37 - 30 minutes ★★★★★ - 9 ratingsIn 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 Electri...
Episode 86: What happens if you miss the Required Minimum Distribution (RMD) deadline.
Accounting and Accountability - February 09, 2024 20:35 - 26 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 85: New Bi-Partisan Bill in House
Accounting and Accountability - January 26, 2024 14:58 - 20 minutes ★★★★★ - 9 ratingsIn 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 y...
Episode 84: Clarification of the new Beneficial Ownership Reporting rules
Accounting and Accountability - January 12, 2024 15:46 - 29 minutes ★★★★★ - 9 ratingsIn 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 th...
Episode 83: Tax changes to look for in 2024
Accounting and Accountability - December 29, 2023 20:20 - 28 minutes ★★★★★ - 9 ratingsIn 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. ...
Episode 82: Hopkins Heartland
Accounting and Accountability - December 15, 2023 19:29 - 42 minutes ★★★★★ - 9 ratingsIn 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 chang...
Episode 81: IRS Delays 3-Party Vendor (1099K) Reporting Threshold Change
Accounting and Accountability - December 01, 2023 15:00 - 24 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 80: DE Family Medical Leave Act Ramping up
Accounting and Accountability - November 17, 2023 18:20 - 26 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 79: Intense Penalties for not Following new Corporate Transparency Act
Accounting and Accountability - November 03, 2023 21:26 - 34 minutes ★★★★★ - 9 ratingsIn 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 So...
Episode 78: New Travel Expenses Per Diem Rates Released
Accounting and Accountability - October 23, 2023 15:27 - 29 minutes ★★★★★ - 9 ratingsIn 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...
Episode 77: 1099 and W-2 E-Filing Mandate
Accounting and Accountability - October 06, 2023 15:47 - 27 minutes ★★★★★ - 9 ratingsIn 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 Anth...
Episode 76: IRS Freezes ERTC Applications
Accounting and Accountability - September 22, 2023 14:00 - 35 minutes ★★★★★ - 9 ratingsIn 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...
Episode 75: IRS Raises Interest Rates
Accounting and Accountability - September 08, 2023 20:49 - 40 minutes ★★★★★ - 9 ratingsIn 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...
Episode 74: "Tax Increase" Created by New 401(k) Catch-up Contribution Rules
Accounting and Accountability - August 25, 2023 15:02 - 43 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 73: ERTC Issues and Audits
Accounting and Accountability - August 11, 2023 16:19 - 25 minutes ★★★★★ - 9 ratingsIn 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
Accounting and Accountability - July 28, 2023 14:10 - 26 minutes ★★★★★ - 9 ratingsIn 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 vi...
Episode 70: Employee Stock Ownership Plans (ESOP)
Accounting and Accountability - June 30, 2023 13:47 - 31 minutes ★★★★★ - 9 ratingsIn 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 Ch...
Episode 69: Top Reasons to Avoid Paper Filing
Accounting and Accountability - June 16, 2023 14:00 - 28 minutes ★★★★★ - 9 ratingsIn 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 wi...
Episode 68: The Importance of Estimated Payments
Accounting and Accountability - June 02, 2023 16:43 - 22 minutes ★★★★★ - 9 ratingsIn 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...
Episode 67: Residential Tax Credits for Clean Energy
Accounting and Accountability - May 19, 2023 18:51 - 30 minutes ★★★★★ - 9 ratingsIn 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. ...
Episode 66: IRS Notice CP2000s Being Received
Accounting and Accountability - May 05, 2023 17:59 - 39 minutes ★★★★★ - 9 ratingsIn 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 availa...
Episode 65: IRS Releases Plan for $80B
Accounting and Accountability - April 21, 2023 14:00 - 32 minutes ★★★★★ - 9 ratingsIn 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 ...
Episode 64: Capital Gains, Like-Kind Exchanges and Related Strategies
Accounting and Accountability - April 07, 2023 17:19 - 24 minutes ★★★★★ - 9 ratingsIn 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 ...
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