Accounting and Accountability

In this episode: Announcement of two new partners at the firm, Andy Tobias and Dan Steele, and their leadership roles. Discussion of the renamed "One Big Beautiful Bill" (now simply "the Act") and its key tax provisions. Confirmation that individual tax brackets and standard deduction increases are now permanent. Explanation of the new $15 million estate and gift tax exemption for 2026. Details on...

In this episode:  A breakdown of key differences between the House and Senate tax proposals, including bonus depreciation and the SALT deduction cap. Why self-employed individuals should pay attention to long-term care premium deductions and upcoming retirement withdrawal exceptions. A crash course on accounting method changes and how the IRS isn't a fan of casual flip-flopping. How to properly do...

In this episode: The benefits of long-term capital gains tax rates and how to qualify The impact of the 3.8% Net Investment Income Tax (often called the "Obamacare tax") The key differences between long-term and short-term capital gains New increases to the standard deduction for 2025 A proposed tax-advantaged "Trump Account" for children under age 8, including contribution limits and withdrawal r...

In this podcast, listeners will hear about: The proposed return of the auto loan interest deduction , including income phaseouts and U.S. vehicle assembly requirements. Reinstatement of 100% bonus depreciation for qualifying property between 2025–2030. Increased limits for Section 179 expensing on business asset purchases. Temporary suspension of R&D amortization rules, allowing immediate expensin...

In this episode: Explanation of how Health Savings Accounts (HSAs) work, including tax benefits, contribution limits, and how they differ from FSAs Reminder for nonprofits about the May 15 Form 990 filing deadline and the risk of losing tax-exempt status if not filed properly Tax treatment of different types of legal settlements, including which are taxable and which are not Overview of when estim...

Discussion on the so-called "IRS exodus" and its actual impact on audits, including the shift in enforcement strategy. Cautionary advice about taking overly aggressive tax positions due to perceived reduced IRS oversight. Importance of avoiding audit risks, especially when dealing with inexperienced agents. IRA rollover rules, including 60-day limits, trustee-to-trustee transfers, and one-rollover...

In this episode: Roth IRA Conversions Explained – What they are, how they work, who should consider them, and the tax strategy behind converting gradually. Qualified Charitable Distributions (QCDs) – Using IRA withdrawals to make tax-free donations if you're over 70½. Depreciation & "Placed in Service" – A look at what it really means for business equipment (or even yachts) to be ready for tax pur...

In this episode: Reminder: tax extensions don't extend the time to pay. Upcoming potential changes due to 2025 tax law expirations. Carried interest and capital gains vs. ordinary income. Proposed taxation of municipal bond interest. New early retirement withdrawal exception for emergencies (up to $1,000/year). Importance of certified appraisals for large non-cash donations. Theft losses from inte...

In this episode: Tax Changes Coming: New tax legislation is expected, though details remain unclear. Income vs. Consumption Tax: Some Republicans propose replacing income tax with a national sales tax—unlikely to gain traction. IRS Under Pressure: Talk of abolishing the IRS is unrealistic. Staffing cuts and layoffs have worsened service, especially for notice resolution. Startup Deductions: A prop...

In this episode: The potential impact of Qualified Business Income Deductions (QBI) expiring at the end of 2025. Bonus Depreciation may be restored up to 100%. More details emerge, clarifying the State of Delaware Paid Leave Program. In ins and outs of writing off vehicles for business use. The penalities for not complying to the Corporate Transparency Act by March 21, 2025 have been lifted. 

In this episode: An update on the tax cap for State and Local Taxes. Tax rules for gain or loss on a qualifying residence. The IRS is cracking down on fuel tax credit fraud. If you're a self-employed business owner looking to buy a home, you've probably heard that getting a mortgage is more challenging than for traditional W-2 employees. But why is that, and what can you do about it? In this episo...

In this episode: ·        An overview of tax policies under discussion. ·        Corporate Transparency Act update. ·        An explanation of the proposed external revenue service. ·        A reminder to get your tax documents into us! We also hear from Brittany La Clair, owner of the Golden Poppy in Dover, Delaware.    She talks to us about running a boutique clothing store, from inception to th...

In this episode: Form 944 will no longer be used after 2025. Additional Foreign Tax Credit benefits. Delaware and Maryland Paid Family Leave taxability information. A deep dive into steps that can be taken to maximize tax savings now and into 2025.

In this episode: Deducting uninsured losses for damage claims in federally declared disaster areas. Inherited IRA changes. New rates for 2025 including IRA distribution, fit taxes, and mileage Beneficial Ownership Reporting for FinCEN status may not be determined until March 2025.   Anita Evans, Vice President of Business Banking and Senior Relationship Manager for M&T Bank, joins us on the podcas...

In this episode:  Update to the FinCEN Beneficial Ownership Reporting deadline. Catch-up contributions are available for retirement plans for limited age groups. Some Employee Retention Credits are still not processed. New lines will be on individual tax returns for cryptocurrency and 1099K reporting of digital assets. Delaware Lodging Tax starts in 2025. We also hear from Tim Jones, owner of Reso...

In this episode: Best practices for Installment Sales. The current gift tax limits. IRA owners that are over 70.5 years old can transfer money directly to a charity for enhanced tax and estate planning. In addition, listen in to our tax planning segment for strategic planning tips going into 2025 for both individuals and businesses.

In this episode:  An overview of President Elect Trump's proposals and what impact they may have including the taxing of Social Security benefits, overtime and tipping and the SaLT limitation. We are joined by Ryan and Andrea Maloney, owner/operators of Clean Eatz in Dover, DE.   They discuss opening an unfamiliar franchise, the importance of a franchise that provides real support, letting people'...

In this episode: Tax Cuts and Jobs Act expires after 2025. New inflation adjusted numbers reported. Section 179 update. Gift limit is $19,000 for 2025. IRS begins enforcement of gambling earnings reported on Form W2G. Limitations and income tax issues when working overseas. Tabitha Myers of Tabitha Myers Nutrition joins us on the podcast.   She talks to us about her journey to becoming a nutrition...

We review some of the new tax proposals from each Presidential candidate. The IRS has announced the new per diem rates which may be utilized starting October 1, 2024 or businesses may wait until January, 1, 2025. Letters denying eligibility for the ERTC have been sent out to those who applied for, but didn't qualify. Delaware EARNS program requires action by October 15, 2024, even if you're exempt...

In this episode: Potential changes are on the horizon for Federal Lifetime Gift Tax Exemptions. The October 15 th deadline for filing tax returns on extension is quickly approaching. The IRS has stated that they are expanding high-income audits.   Tammy and Brian review Faw Casson's history as we celebrate our 100 th podcast episode and our 80 th year in business!

In this episode: Harris tax proposals. Cancelled debt may need to be reported as income. An overview of the dependent tax credit and the proposed changes. We also have Jayme Hayes, President & Chief Experiential Officer of Junior Achievement of the Eastern Shore .   She talks to us about the amazing things this organization is doing to promote financial literacy for children of every age and the m...

In this episode:  We discuss the taxability of Social Security income. A review of total income and Medicare premiums. We examine the tax liability of Hobby Income. FINCEN:   Foreign accounts with more than $10,000, even for a day, must be reported. The IRS has announced that they intend to start paying refunds for the ERTC. We are joined by Anastasia Jackson , Kent County Regional Business Manage...

In this episode:  Republican lawmakers propose a $2B cut to IRS funds. Be aware that there is a fake "Self Employment Tax Credit" that is being pushed by scammers.  The IRS compliance program faces potential cuts. An  IRA inherited by a non-spouse may need to be withdrawn before 10 years.  A deep-dive into understanding business financials. 

In this episode: Former President Trump's proposed tax bills. New reporting of digital assets. Bi-Partisan House Bill consolidates corporate filing process, changes tax due dates and treats e-file payment as filed timely regardless of when the payment clears. Reminder that only alimony paid pre-2019 is deductible. We are joined by Dr. Dina Vendetti, President of the Central Delaware Chamber of Com...