Accounting and Accountability

In 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 wine world with his elaborate scam. He lived a luxurious life, charming collectors with his extensive wine knowl...

In 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 possible add-back of Maryland State Taxes paid on Federal Returns. We also hear the white-collar crime story of...

In 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.    We are joined by Todd Roselle, CFP, ChFC, the President and Founder of Blue Rock Financial Group. We discuss what...

In 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 available on the IRS website to assist taxpayers in choosing the appropriate withholding amounts. IRS Tax Withholdin...

In 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 Care Plant & Tur f.  He discusses the importance of a good corporate culture, how to present your value to you...

In 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 the story of the "The Welfare Queen" Linda Taylor.  Linda Taylor, notorious for defrauding the welfare system, was...

In this episode: Going on extension does not mean that you will be flagged for an audit. Remember that extensions are an extension of time to file, not an extension of time to pay. 529 Plan distributions can be used for educational costs other than college. The current administration is looking at increasing long-term capital gains and corporate tax rates. The rules for taxing unrealized gains at...

In this episode we discuss: The current rules for how using, trading and selling virtual currency is treated for taxes. How to report Charitable Distributions on your taxes. Beneficiaries of deceased taxpayers must withdraw all RMD before the end of the year.  Foreign accounts must be disclosed to the IRS.  There are penalties per form not filed.  The Employee Retention Credit is under scrutiny by...

In this episode we discuss: Many tax credits and deductions are slated to end in the next few years without legislative changes.  New rules allow for tax credits for additional types of electronic vehicles (EVs). The IRS has declared the 2022 tax stimulus payments as non-taxable.  Three tax-prep companies have been accused of selling private client information.  We also hear from Mandy T alley-Kau...

In this episode we discuss: The IRS has hired 5,000 service operators.  Find out how it may impact tax season. Form 1099K reporting requirements (for businesses that use 3rd party payment vendors such as Venmo and Paypal) for 2023.   One-time charitable giving is allowed from IRAs for those under 59.5 years old without penalty for qualified circumstances.  Bonus Depreciation starts to drop this ye...

In this episode: We'll review the tax due dates you should be aware of for 2023.  1099s:  Penalties are steep for not filing!  Find out if you need to.   We also hear from Mike and Jessica from Fifer's Orchards .  They discuss the importance of listening to your customers and acting on their input, how they're continually evolving a business started in 1919, and the many facets of their family run...

In this episode: Secure Act 2.0 has passed enhancing many retirement savings opportunities such as:  New employees must be automatically enrolled in company savings plans, unless they opt out. There are new Catch-Up Contribution rules. The Required Minimum Distribution (RMD) has increased. Part-time employees are eligible to enroll in company saving plans sooner. Employers may provide retirement s...

In this episode we discuss: Worker Classification:   The IRS is still taking a hard look at the distinction between an employee and a contractor.  Make sure you've identified your workers correctly. Passive Loss Rules :  Know the rules of what you can claim from passive activities.  1099K new filing rule, which was going to require the issuing limit to drop to $600 or more, has been suspended. Omn...

In this episode:   We review itemization rules and strategies for 2022 returns.  Tax season will end on April 18, 2023, but don't leave your preparer in a bind by waiting until the last minute. Certain digital currency and digital asset transactions are taxable.  Make sure you know what to report. IRS interest rates are on the rise for 2023.   Also, Carly Horton, the Area Operations Manager for th...

In this episode: The tax-gap is on the rise.  Here what the IRS says is the cause and how they intend to correct course. 1099 deadline is on January 31, 2023. 1099-Ks:  There are new filing requirements for 3rd party payment businesses such as Venmo and Paypal.  Estate and Gift Tax Exclusions will be more in 2023. We also hear from Lincoln Willis, Chief Strategist and owner of The Willis Group, LL...

In this episode: The many benefits of having an HSA (Health Savings Account). Equipment purchased prior to year end must be placed in service prior to January 1, 2023 to be a tax benefit.  The IRS still has a substantial backlog.  If you haven't filed yet, you should do so immediately to avoid filing a paper return.  We also hear from Keith Irwin at Old World Breads Bakery in Lewes, Delaware.   He...

In this episode:  Tax Planning tips for the end of 2022. Charitable giving for tax savings. Opportunities to offset tax on stock gains. Inflationary increases for retirement plans have been released.  We also hear the story of Nathan Mueller, who after a year of temptation, succumbed to the draw of stealing from his company, ING.   He started small and before you know it was stealing MILLIONS ever...

In this episode we discuss: Electronic vehicle credit qualifications have been further defined with remarkable limitations. There are new proposed regulations for inherited IRA payouts. IRS scams and aggressive attempts surrounding COVID relief funds are on the rise. The latest information has been released on the taxation of the marijuana industry. We also hear from Dawn Ehman, owner and operator...

In this episode we discuss: The IRS is offering a Form 1023-EZ for nonprofits to apply for nonprofit status. Payroll Protection Program funds that were received because of fraud may be taxed as taxable income. New per diem rates have been defined for 2023. Many taxpayers are still waiting for COVID relief funds to arrive via Form 941X. Many businesses that needed relief from these funds are still...

In this episode we discuss:  Forgiven student loans are not taxable on a federal level, but your state/locality may be different. The IRS has announced that they will give relief for the failure to file penalty for 2019 and 2020 returns. The IRS is enhancing focus on compliance for Subchapter – S and Partnerships. Expect enhanced questioning regarding virtual currency on 2022 Individual Tax Return...

In this episode we discuss:  The Inflation Reduction Act has passed. There are energy improvement credits available. The electric vehicle credit has been revamped. The IRS has been given additional funding for improved customer service and agents. There are small business startup funds available for qualifying research and development costs.  Passthrough entity taxes are due 9/15.   We also hear f...

In this episode: The IRS is keeping a watchful eye on cryptocurrency transactions.  Make sure you know your facts. Additional childcare covid relief is now expired.  Have you planned for your 2022 tax return accordingly? Are you donating a car or large item? Know what is required for your taxes. The Inflation Reduction Act is moving through government channels. Are you using propane in your work v...

In this episode: The Build Back Better Bill (BBB) is currently being held from passing as-is. The IRS assessed 37.3 billion returns for civil penalties in 2021. US Citizens working overseas must still pay US taxes, although some specific situations may be excluded. There are currently 9.3 million paper returns from 2021 awaiting IRS review. The State of Delaware recently passed a bill allowing for...