Accounting and Accountability

In this episode: The Supreme Court has overruled the Chevron Doctrine.   What does it mean for tax regulations? The IRS has 2 years to file a suit against taxpayers if they are sent an incorrect payment. A deep dive into first-time abatement. Regulations surrounding the rules of the Research and Development Credit get loosened. The IRS is still working through processing Employee Retention Tax Cre...

In 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 penalties if a filing mistake is made with the IRS. We also tell the story of Jeff Carpoff's rise from a small...

In 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 sending out erroneous tax notices. Michael Wooleyhand, co-owner of Mike and Mel's Family Restaurant, joins us on...

In 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 Downtown Dover, DE.   Donny owns this amazing new beer garden with his wife Kim.   He talks to us about starting an unf...

In 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 Ryan Horsey, VP of Fixed Operations of Parkview RV Center in Smyrna, Delaware.   He talks to us about his exp...

In 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 and scam losses are no longer tax deductible.  

In 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.  

In 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 extra attention to partnership returns. We also hear from Alicia Hollis, the Director of Community Relations for Ke...

In 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 Electrical and author of " Pause Between the Years" .    She talks to us about having the courage to start something b...

In 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 no statute of limitations on saving tax documents if the IRS suspects fraud. We also hear from Jess Bain, co-owne...

In 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 year! The IRS will never initiate contact via phone or email.   We also hear the story of Katelyn McClure, Mark...

In 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 the new Beneficial Ownership Reporting rules.   We also hear from Megan Steele, owner and operator of Heartbeat Br...

In 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. A look into tax credits for builders of energy efficient homes. The tax rules for vacation home rentals. We al...

In 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 changing legislature, the importance of hiring the right people, and how their visions of the farm are helpi...

In 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 scam story of the Great Diamond Hoax of 1872. Sources: The Dollop Podcast Episode 235 https://open.spotify.com/episo...

In 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 up.  Listen in for details.  We are also joined by Maggie Haass, co-owner of Evergreen Farms.  Evergreen Farms is...

In 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 Social Security Wage Base makes another jump. The IRS has released the current tax-gap numbers. The IRS is allowi...

In 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 Daniel Yearick, the Facilities & Event Operations Manager at DE Turf Sports Complex .   He talks to us about ra...

In 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 Anthony Gignac, who portrayed himself as being a Saudi Prince to get all he could out of life, and everyone around him. Research fro...

In 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 about the school's long history, the fine line business owners have to walk between salary and revenue, and t...

In 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, owner and trainer at CrossFit Dover , Delaware's first CrossFit Gym.  He speaks of his evolution as a business o...

In 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 of  The Moving Experience , a local real estate brokerage on how he's shaking up the real estate business.  To...

In 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.  

In 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 visits.  We are also joined in the studio by Keith Adams , owner and operator of Vivids Video Productions in Seafor...

In 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 Christopher Baker, P.E., President and CEO of George & Lynch, Delmarva's top infrastructure contractor.   He speak...