Accounting and Accountability

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...

In this episode:  C vs. S corp: where taxes really hit LLCs vs. S corps: payroll and flexibility Double taxation decoded Profit splits: fair or fixed? When losses save you money Recourse vs. nonrecourse debt explained Why planning before filing matters Clean books = real tax options Hiring experts beats DIY mistakes Paying advisors as an investment Today on the podcast, we're joined by Christopher...

In this episode: What the IRS's latest move on paper checks means for your refund timing. The "tip deduction" that could put more money back in the pockets of both employees and self-employed workers. New per diem rates that might change how your company reimburses travel. A helpful update for farmers dealing with drought-related losses. What crypto investors should watch for in their mailbox this...

In this episode: Navigating government shutdowns and IRS updates for business owners The impact of state vs. federal marijuana laws on business deductions Understanding the QBI deduction and how it affects entrepreneurs Beneficial ownership reporting: what changed and why it matters Key tax deadlines and what to do after tax season Foreign bank account reporting requirements (FBAR) State-specific...

In this episode: • Why the IRS is phasing out paper checks and what that means for paying or receiving tax refunds going forward • How misleading labels on draft IRS forms could confuse clients (hint: "No Tax on Tips" doesn't actually mean that) • A major 401(k) rule change for high earners that could impact catch-up contributions starting in 2027 • Year-end tax planning tips for business owners,...

In this episode: Clarification of the Tip Deduction : What it actually is, how it's not "No Tax on Tips," and which industries (yes, even rickshaw drivers and tattoo artists) are poised to benefit. Leaked Treasury Industry List : Hear the early scoop on 68 job types rumored to qualify for the tip deduction—and why it's causing a stir. W-2 Changes Are Coming : Insight into new boxes (like 14B and 1...

Update on the One Big Beautiful Bill (OBBB): The firm is actively educating clients on this fast-tracked legislation, which passed with drafting errors that may require technical corrections. Nonprofit Retirement Plan Credit: A new bipartisan bill proposes extending up to $5,000 in startup retirement plan tax credits to nonprofit organizations, similar to what's already available to for-profits. R...

IRS Delays & Staffing Cuts The IRS is facing a 25% workforce reduction, which may delay the start of the 2026 filing season and limit live support. Hear how this could impact your business and what to expect. Disaster Relief Gets Easier New rules make it simpler to deduct uninsured personal losses from state-declared disasters. If you or a loved one faced property damage before July 4, 2025, there...

In this episode: Faw Casson will close early on August 8 for their annual all-office beach day—a fun family tradition showing the firm's strong culture and appreciation for its people. The One Big Beautiful Bill Act (OBBBA) includes impactful updates for businesses and individuals—this episode dives into the lesser-known but highly relevant changes. C Corporation charitable donations are now subje...