Accounting and Accountability

Episode 117: One Big Beautiful Bill - What the Proposed Tax Bill Could Mean for your Wallet

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 expensing of research costs through 2030. Expansion of the Qualified Business Income (QBI) deduction fro...

Episode 116; HSAs, 990s & P&Ls—Oh My! Tackling the Questions Every Business is Asking

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 estimated tax payments are required and how to make them online for better security and tracking Discussi...

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 taxabilit...

Episode 114: Roth IRA Conversions Explained

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 purposes. Kids on Payroll? – How sole proprietors and partnerships can avoid FICA and FUTA taxes wh...

Episode 113: Carried interest and capital gains vs. ordinary income

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 internet scams are not deductible unless business-related. Mileage deduction rules and common documentat...

Episode 112: Contractor vs. Employee Crackdown

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 proposed bill would raise the startup cost deduction from $5K to $20K, easing the burden on new business...

Episode 111: The Impact of Qualified Business Income Deductions Expiring.

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.

Episode 110: IRS cracks down on Fuel Tax fraud.

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 episode, we sit down with mortgage expert Katie Stevens of Pike Creek Mortgage to break down the hurdles ...

Episode 109: An Explanation of the Proposed External Revenue Service.

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 the daily tasks, the importance of making customers feel welcome and seen, and how to build a sense of community from in-store guests...

Episode 108: Maximize Tax Savings

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.

Episode 107: Business Lending Best Practices

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 podcast to kick of 2025. She discusses things you should consider when acquiring a loan, the importance ...

Episode 106: Beneficial Ownership Reporting Update

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 Resort Palms in Maryland. Tim tells us about the magic of being in the right place at the right time, und...

Episode 105: Tax Planning Special

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.

Episode 104: An overview of President Elect Trump's proposals

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’s expertise shine and how they are learning along the way. You can find Clean Eatz on Forrest Ave in Do...

Episode 103: Inflation Numbers Reported

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 nutritionist, the importance of social media for today’s businesses, how to set boundaries between work and hom...

Episode 102: Succession Planning Best Practices

Episode 101: Delaware EARNS program requires action by October 15, 2024

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. We also hear from Carol Everhart, President/CEO of the Rehoboth Beach-Dewey Beach Chamber of Comme...

Episode 100: It's our 100th episode!!

In this episode: Potential changes are on the horizon for Federal Lifetime Gift Tax Exemptions. The October 15th 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 100th podcast episode and our 80th year in business!

Episode 99: Proposed Tax Changes

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 must-see programs their organization provides....

Episode 98: Programs available to Delaware small businesses

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 Manager for the Division of Small Business and the Delaware on Main- Statewide Coordinator. She reviews sever...

Episode 97: Understanding a Profit Loss Statement

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.

Episode 96: Insight on Republican Tax Plan

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 Commerce. She reviews how the chamber fights for legislation and represents our local businesses, how b...

Episode 95: What does the overruling of the Chevron Doctrine mean for tax regulations?

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 Credits (ERTC), but reports an excess of fraud and “unacceptable risk”. Would you like to be a guest on o...

Episode 94: Qualified Business Income Deduction Qualifications

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-town mechanic to the head of a massive Ponzi scheme is a tale of ambition, deception, and excess. Ca...

Episode 93: What is the Delaware EARNS Program Like? An Employer Perspective.

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 the podcast. He discusses the transfer of ownership from a long-standing business, what it was like...

Episode 92: Formation of Business and Entity Selection

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 unfamiliar business in Central Delaware, guiding the community through the process of acceptance of a new i...

Episode 91: DE Earns Program Launches July 1

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 experiences with being the 3rd generation of this family-owned business while raising the 4th generation, t...

Episode 90: The details of the IRS 10-year clean-out rule for inherited IRAs

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.

Episode 89: 2017 Tax Cuts and Jobs Act is Expiring

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.

Episode 88: An Overview of Biden's Proposed Changes

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 Kent-Sussex Industries, Inc. (KSI) . She talks about the history of the nonprofit, recognizing people ...