Accounting and Accountability

2026 tax changes are here and some could cost you thousands if you're not prepared. Tammy sits down with Markland, CPA, Supervisor at Faw Casson, to break down the biggest tax updates for 2026 in plain English. In this episode of Accounting and Accountability, we cover everything from 529 plan contribution limits and proposed Roth IRA rollover changes to the adoption credit increase, Medicare Part...

October 15 Tax Extension Deadline:  What taxpayers should understand about the final individual income tax filing deadline and the important difference between an extension to file and an extension to pay. Saver's Credit vs. Saver's Match: What's Changing in 2027? The current retirement tax credit is being replaced by a new government retirement contribution program. Who could benefit, how the mat...

Self-employment tax & limited partners — The IRS is challenging the self-employment tax exemption for LLC limited partners, especially those in management roles, with courts siding with the IRS October 15th tax deadlines — Extended deadlines for personal 1040 returns, C corporation returns, SEP IRA funding, and excess IRA contribution withdrawals FinCEN Form 114 (FBAR) — Filing requirements for fo...

In this episode:  Rehoboth Office News — Our upcoming open house and new location. Federal Estate Tax — Who may still be affected and where planning can help. Offers in Compromise — When the IRS may accept less than the full tax debt. Taxpayer Advocate Service — Help when an IRS issue stalls. Tax Fraud and Filing Deadlines — Why the usual statute of limitations may not apply. Net Investment Income...

In this episode: IRA Rollovers — Rolling over traditional 401(k)s and IRAs, converting traditional IRAs to Roth IRAs, required minimum distributions, and estate planning considerations. Natural Disaster Tax Relief — New federal legislation easing casualty loss write-offs for qualified disaster victims, including timing and eligibility details. Corporate Transparency Act Update — Final ruling on be...

In this episode:  IRS Oversight of Unenrolled Tax Preparers Overtime Pay Tax Deduction Update Congressional Tax Proposals to Watch Tax Court Case: Customer-Funded Improvements IRS.gov Business Tax Account Expansion Attorney's Fees and Settlement Tax Traps New Cryptocurrency Scam Warning Improper Refundable Credit Payments Delaware Department of Labor IT Fee

In this episode: Inflation-indexed IRS deductions, credits, and thresholds for 2026. Non-indexed thresholds that haven't changed in decades (e.g., home sale gain exclusion). New above-the-line charitable deduction for non-itemizers. Rules for deducting donated vehicles. Conservation easements and farmland preservation. Tax treatment of donated timeshares and vacation home rentals. Qualified opport...

In this episode: Hobby loss rules – refresher on when the IRS may reclassify a business as a hobby. Trump accounts – contributing up to $5,000 for a minor without triggering a gift tax filing. Gift tax basics – $19,000 annual exclusion, filing requirements above that, and the $15M lifetime exemption. Gambling loss changes – losses now deductible only up to 90% of winnings (previously 100%), and on...

In this episode: Premium tax credit changes affecting Marketplace health coverage enrollees. Long-term care insurance premium deductions and new retirement plan withdrawal rules. A proposed Newborn Tax Credit and updates to ABLE accounts. IRS partnership audit trends and lingering ERC (Employee Retention Credit) claim backlog. A rundown of current IRS-impersonation scam tactics targeting seniors.

In this episode: Federal Scholarship Tax Credit (2027) — Up to $1,700 non-refundable credit for K–12 scholarship donations; no income limits; requires state opt-in Cryptocurrency staking rewards — Tokens taxable as income upon receipt; deferral legislation proposed but not yet law 1099-DA reporting (2027) — Brokers must report digital asset sales; provide all 1099s to your preparer Charitable cont...

In this episode: IRS call strategies – A tip for getting through when the IRS won't accept calls • Tax identity theft – How fraudsters file returns using stolen Social Security numbers • Qualified Small Business Stock (QSBS) – A little-known tax exclusion that could eliminate gains for eligible investors • IRS First-Time Abatement – An automated penalty relief process coming soon for late filers •...

In this episode:  A recent court case that could allow some taxpayers to recover certain IRS penalties and interest assessed during the COVID-era, and what steps may be available to protect refund claims. The growing problem of erroneous IRS and state tax notices, including what taxpayers should do before reacting to unexpected letters. Valuable but often-overlooked tax credits, including signific...

In this episode:  2026 Tax Legislation Outlook — No major tax changes expected this year; budget reconciliation and new proposals remain largely on hold. Retirement Savings Updates — Expanded 401(k) investment options (real estate, private equity), new IRA access for those without workplace plans, and spousal IRA contribution rules. Roth IRA Benefits — Tax-free growth advantages and AGI threshold...

In this episode: What IRS funding cuts actually mean in the real world, fewer audits, but slower responses and more frustration when you do need answers Why "audit rates are down" doesn't mean you're off the hook, and how AI-driven red flags are quietly replacing old-school enforcement The growing role of automation in tax processing, and how it's leading to confusing notices, mismatched payments,...

In this episode: Why most taxpayers don't itemize anymore, and when it still actually makes sense to do so The hidden fine print on mortgage interest deductions, including caps that quietly limit what high-balance homeowners can write off How home equity loans can either save you on taxes, or cost you the deduction entirely depending on how you use the money The real story behind points, refinanci...

In this episode: A practical look at proposed IRS reform and why better customer service, clearer appeals rights, and stronger taxpayer advocacy matter to everyday taxpayers and business owners. A timely reminder about April tax deadlines, including the difference between an extension to file and an extension to pay. What taxpayers should know about the IRS shift away from paper checks, and how th...

In this episode: A little-known tax opportunity involving long-term care costs that can significantly reduce taxable income if handled correctly Why medical expense deductions aren't as straightforward as people think, and how thresholds and documentation come into play The real story behind deducting vehicles for business use, including where people tend to overestimate what they can write off Ho...

In this episode: Why tax season gets significantly more intense in March, and why accountants push for earlier deadlines to ensure returns are accurate and thoroughly reviewed. How accounting firms stay engaged in their communities even during the busiest time of year, including charitable initiatives and local philanthropy. A lesser-known tax rule affecting investments in physical gold and silver...

In this episode: What the expanded SALT deduction really means, and how income limits and payment timing can impact your 2025–2029 strategy. New charitable contribution limits in 2026 and smart planning moves high earners should consider now. How itemized deductions and education credits are shifting, including common (and costly) mistakes to avoid Real IRS court cases entrepreneurs can learn from...

In this episode:  Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability. A look at the proposed depreciation of primary residences , a radical idea never seriously floated in prior administrations. Update on student loan garnishments : 2025 refunds will not be seized for defaults, offering temporary r...

In this episode:  IRS electronic filing systems are closed until January 26, delaying returns and refunds. Some state tax forms won't be ready for filing until late February. IRS staffing shortages are causing longer response times across the board. Paper filing and paper checks are being phased out in favor of electronic methods. New deductions and credits under recent legislation may increase re...

In this episode:  Why "goals" beat New Year's resolutions (and how business owners can take that mindset into tax season). A rundown of 2026 tax law changes that matter most for business owners—especially those involving deductions, 1099s, and retirement contributions. Proactive security and document exchange tips during tax season (and why SafeSend might be your new best friend). Key updates for...

In this episode:  What Trump Accounts are, who qualifies, and why parents of young kids should pay attention in 2026. How the "no tax on tips/overtime" headlines are misleading and what employers need to prepare for now. Why hobby losses are red flags for the IRS, especially for side gigs that never turn a profit. A timely breakdown of gift tax rules, including how to move money to family members...

In this episode, we explore some of the most important tax updates and strategies that business owners should have on their radar. Topics include: A game-changing update that makes a popular capital gains deferral tool available for the long term A new IRS process that could save compliant taxpayers time and frustration when dealing with penalties A significant tax credit for businesses that inves...

In this episode: Why outdated beliefs about avoiding taxes on home sales can be costly, and the real rules you need to follow today. A surprising stat on how much of the country's income taxes are paid by just the top 1%. Key updates to Social Security thresholds, earnings limits, and the wage base for 2026. Smart year-end tax strategies that look beyond just 2025.  A heads-up on the expanded SALT...