Episode 115: IRA Rollover Rules

• 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-per-year restrictions.

• Upcoming crypto reporting changes, including Form 1099-DA, and the taxability of crypto sales and payments.

• A look at proposed legislation to ease tax burdens on remote/mobile workers who cross state lines.

• Do you have questions?  Send them to our hosts, with the subject line Accounting and Accountability, at [email protected]

We're also joined by Steve and Garnet Dennis, the President and Vice-President of Schlosser & Associates Mechanical Contractors

Steve and Garnet talk about the 71-year strong business and what it takes to succeed, including: 

• How the company has transitioned across three generations of family leadership.

• Expansion from plumbing and heating into full-service offerings including concrete, structural steel, carpentry, and renovations.

• A candid look at the challenges of adopting new technology in a legacy business.

• How their company culture emphasizes customer service, apprenticeship programs, and long-term employee retention.

• Efforts to promote skilled trades as a viable, debt-free career path for young people.

• The “Schlosser Way” – an internal culture and rewards program focused on customer care.

• Honest reflections on the importance of growing sustainably and prioritizing integrity over hard-selling.

• Their strategy for succession planning and setting up the third generation for success.