Accounting and Accountability: Recent Episodes
Faw Casson
A podcast focusing on current events vital for any business owner and tax updates with a white collar crime finisher. We're not your average accountants.
In this episode:
- Inflation-indexed IRS deductions, credits, and thresholds for 2026.
- Non-indexed thresholds that haven't changed in decades (e.g., home sale gain exclusion).
- New above-the-line charitable deduction for non-itemizers.
- Rules for deducting donated vehicles.
- Conservation easements and farmland preservation.
- Tax treatment of donated timeshares and vacation home rentals.
- Qualified opportunity zone capital gains deferment.
- Health insurance marketplace premium tax credit pitfalls.
- Upcoming tax filing deadlines.
- IRS interest vs. penalty abatement rules.
In this episode:
- Hobby loss rules – refresher on when the IRS may reclassify a business as a hobby.
- Trump accounts – contributing up to $5,000 for a minor without triggering a gift tax filing.
- Gift tax basics – $19,000 annual exclusion, filing requirements above that, and the $15M lifetime exemption.
- Gambling loss changes – losses now deductible only up to 90% of winnings (previously 100%), and only if itemizing.
- Online sports betting – winnings are taxable income regardless of platform.
- Standard mileage rate increase – 76 cents/mile for July–Dec 2025 vs. 72.5 cents for Jan–June.
- Foreign bank account disclosure – steep penalties for not reporting foreign accounts/access to funds.
- IRS penalty relief – automatic first-time penalty abatement for compliant taxpayers (no longer needs to be requested).
- IRS penalty statistics – $1.25 trillion assessed in 2025, 92% from unpaid payroll taxes, with most later abated.
- Maryland's new tax portal – launching September 1st, with a blackout period and no penalties during the transition.
In this episode:
- Premium tax credit changes affecting Marketplace health coverage enrollees.
- Long-term care insurance premium deductions and new retirement plan withdrawal rules.
- A proposed Newborn Tax Credit and updates to ABLE accounts.
- IRS partnership audit trends and lingering ERC (Employee Retention Credit) claim backlog.
- A rundown of current IRS-impersonation scam tactics targeting seniors.
In this episode:
- Federal Scholarship Tax Credit (2027) — Up to $1,700 non-refundable credit for K–12 scholarship donations; no income limits; requires state opt-in
- Cryptocurrency staking rewards — Tokens taxable as income upon receipt; deferral legislation proposed but not yet law
- 1099-DA reporting (2027) — Brokers must report digital asset sales; provide all 1099s to your preparer
- Charitable contribution rules — Cash must be documented; GoFundMe not deductible; large non-cash donations require appraisals
- $4.2M charitable deduction denied — Tax court disallowed due to inadequate documentation
- Hobby loss rules — Losses only deductible if activity is run with genuine profit motive
- Family limited partnership discounts — Court upheld IRS challenge; deemed tax-motivated with no business purpose
- Estate tax Form 706 & closing letters — Portability elections, new request fee, and 2–3 year processing delays
- 2027 Social Security wage base — Increases to $190,200; effectively a tax hike for higher earners
- Amended returns (Form 1040-X) — 3-year filing window; e-file for faster refunds
- IRS workforce decline — Staffing down 28%; enforcement agents down 33%; fewer audits and slower service
In this episode:
IRS call strategies – A tip for getting through when the IRS won't accept calls
• Tax identity theft – How fraudsters file returns using stolen Social Security numbers
• Qualified Small Business Stock (QSBS) – A little-known tax exclusion that could eliminate gains for eligible investors
• IRS First-Time Abatement – An automated penalty relief process coming soon for late filers
• Investment fee deductibility – Why individuals can no longer deduct these fees, but businesses still can
• IRS interest rate increases – Higher rates on underpayments and overpayments starting Q3 2026
• 2026 W-2 changes – New codes to identify deductible tips and overtime pay
• SALT cap – The $40,000 state and local tax deduction limit reaffirmed through 2029
• 2027 HSA limits – Contribution limits going up, with a reminder of the long-term savings benefits
In this episode:
- A recent court case that could allow some taxpayers to recover certain IRS penalties and interest assessed during the COVID-era, and what steps may be available to protect refund claims.
- The growing problem of erroneous IRS and state tax notices, including what taxpayers should do before reacting to unexpected letters.
- Valuable but often-overlooked tax credits, including significant updates to the adoption tax credit and how proper communication with your tax preparer can prevent missed opportunities.
- A refresher on the Net Investment Income Tax (NIIT) and additional Medicare taxes, including why more taxpayers are being affected than ever before.
- Important considerations for farmers, landowners, and others exploring conservation easements or land preservation programs, including common compliance pitfalls.
- Tax-saving opportunities that may be disappearing soon, including credits related to electric vehicle charging equipment.
- Current mileage reimbursement rates, the importance of maintaining accurate mileage logs, and why mid-year IRS changes could matter.
- New direct deposit requirements for federal tax refunds, common IRS notice issues related to those requirements, and how to avoid unnecessary refund delays.
- Delaware-specific tax notice concerns that are affecting taxpayers across the state.
- A look at potential tax and legislative developments on the horizon, including discussions surrounding a possible federal gas tax holiday and what it could mean for consumers.
In this episode:
- 2026 Tax Legislation Outlook — No major tax changes expected this year; budget reconciliation and new proposals remain largely on hold.
- Retirement Savings Updates — Expanded 401(k) investment options (real estate, private equity), new IRA access for those without workplace plans, and spousal IRA contribution rules.
- Roth IRA Benefits — Tax-free growth advantages and AGI threshold increases for contributions.
- Summer Tax Tips for Families — Tax withholding rules for dependent children working summer jobs, and how to hire your child if you're self-employed to reduce payroll taxes.
- Child and Dependent Care Credit — Enhanced credit limits for 2026, including eligibility for summer camps.
- Kids' Roth IRAs — Opening retirement accounts for children with earned summer income.
- Employee Fringe Benefits — IRS guidance on taxable vs. non-taxable benefits, including employer-paid tuition assistance (up to $5,250 annually, indexed for inflation starting 2027).
- Marijuana Tax Developments — Medical marijuana reclassified to Schedule III, removing the 280E deduction limitation for medical operators.
- Nonprofit Filing Deadline — May 15th deadline for calendar-year exempt organizations; upcoming Form 990 revisions for increased transparency.
- Tax Rates for High Earners — Breakdown of effective tax rates vs. tax brackets for top 1% earners, including capital gains and net investment income tax.
In this episode:
- What IRS funding cuts actually mean in the real world, fewer audits, but slower responses and more frustration when you do need answers
- Why "audit rates are down" doesn't mean you're off the hook, and how AI-driven red flags are quietly replacing old-school enforcement
- The growing role of automation in tax processing, and how it's leading to confusing notices, mismatched payments, and head-scratching letters
- Why you should never ignore a tax notice, even when it looks wrong, and how often they actually are
- New and finalized tax rules that could create real savings opportunities, especially for service-based businesses with tipped income
- A new 1% tax that could quietly affect personal cash transfers overseas starting in 2026
- Eye-opening tax data on who is actually paying the bulk of federal taxes, and what that means for business owners thinking about growth
- Hidden traps inside common entity structures, especially S corporations, that can trigger unexpected taxes if handled incorrectly
- Advanced planning strategies like micro captive insurance, where the upside is real, but so is the IRS scrutiny if you get it wrong
- What the lack of major tax law changes (for now) means for planning ahead, and why stability might actually be your biggest advantage going into the next couple of years
In this episode:
- Why most taxpayers don't itemize anymore, and when it still actually makes sense to do so
- The hidden fine print on mortgage interest deductions, including caps that quietly limit what high-balance homeowners can write off
- How home equity loans can either save you on taxes, or cost you the deduction entirely depending on how you use the money
- The real story behind points, refinancing, and why timing matters more than most people realize
- Why some common "write-offs" like mortgage insurance premiums rarely benefit higher earners
- A major shift in state and local tax deductions, and why some business owners may suddenly see bigger write-offs
- The growing cost pressure of employee health insurance, and the moment your business is legally required to offer it
- How benefits strategy isn't just an expense, it's a recruiting weapon if you play it right
- A surprising tax change around gambling income that quietly increases what people owe
- Why the IRS insists you pay taxes throughout the year, not just in April, and how that impacts cash flow
- The concept of "safe harbor" payments and how it can protect you even if your income swings wildly
- A lesser-known payroll strategy some business owners use to legally manage timing of tax payments
- Why tax planning isn't just a nice-to-have, it's the difference between scrambling in April and being in control year-round
In this episode:
- A practical look at proposed IRS reform and why better customer service, clearer appeals rights, and stronger taxpayer advocacy matter to everyday taxpayers and business owners.
- A timely reminder about April tax deadlines, including the difference between an extension to file and an extension to pay.
- What taxpayers should know about the IRS shift away from paper checks, and how that could affect refunds, estimates, and tax payments.
- A candid discussion about what happens when you owe the IRS, including payment plan options, costly mistakes, and why tax planning matters more than panic.
- Easy-to-follow insights on gift and estate planning strategies, including annual gifting rules and key filing requirements families often miss.
- A useful overview of charitable giving strategies through IRAs and how they may benefit certain taxpayers.
- Important filing issues that can come up after the death of a spouse, including deadlines and portability considerations.
- Common audit triggers, popular tax scams, and the kinds of "too good to be true" tax advice business owners should avoid.
In this episode:
- A little-known tax opportunity involving long-term care costs that can significantly reduce taxable income if handled correctly
- Why medical expense deductions aren't as straightforward as people think, and how thresholds and documentation come into play
- The real story behind deducting vehicles for business use, including where people tend to overestimate what they can write off
- How newer depreciation rules and limits impact big purchases, especially vehicles and equipment
- Key deadlines and elections business owners often miss, and how those timing decisions can affect taxes
- A candid look at how artificial intelligence is rapidly changing accounting, bookkeeping, and financial reporting
- Practical ways firms are already using AI to save time, improve accuracy, and streamline client work
- What business owners should expect as technology becomes more embedded in financial operations, whether they like it or not
- A shift toward more modern, digital client experiences, including changes to billing and payment processes
In this episode:
- Why tax season gets significantly more intense in March, and why accountants push for earlier deadlines to ensure returns are accurate and thoroughly reviewed.
- How accounting firms stay engaged in their communities even during the busiest time of year, including charitable initiatives and local philanthropy.
- A lesser-known tax rule affecting investments in physical gold and silver, and why these assets are taxed differently than many other investments.
- Planning strategies involving IRAs, including how charitable distributions can reduce taxable income while supporting causes you care about.
- What beneficiaries need to know about Required Minimum Distributions after inheriting an IRA, and the potential tax consequences of missing them.
- A detail many business owners overlook about tip deductions for self-employed individuals and why proper reporting matters.
- A recent change to the business interest deduction rules and how it may impact larger businesses starting in 2025.
- Important filing deadlines for businesses and partnerships during tax season, and why extensions are often part of a smart filing strategy.
- What really happens if taxes aren't paid on time, including how IRS interest works on both unpaid balances and delayed refunds.
In this episode:
- What the expanded SALT deduction really means, and how income limits and payment timing can impact your 2025–2029 strategy.
- New charitable contribution limits in 2026 and smart planning moves high earners should consider now.
- How itemized deductions and education credits are shifting, including common (and costly) mistakes to avoid
- Real IRS court cases entrepreneurs can learn from: innocent spouse relief, attorney fee limits, and conservation easement scrutiny.
- Why setting up an IRS online account matters and what IRS budget cuts and new whistleblower rules signal for enforcement going forward.
In this episode:
- Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability.
- A look at the proposed depreciation of primary residences, a radical idea never seriously floated in prior administrations.
- Update on student loan garnishments: 2025 refunds will not be seized for defaults, offering temporary relief to millions.
- Confirmation that military housing dividend checks ($1,776) are non-taxable.
- New installment option for taxes on the sale of qualified farmland to other farmers, under strict use restrictions and the new Section 1062.
- Tax implications of NIL (Name, Image, Likeness) income for college athletes, including federal taxability and potential self-employment tax.
- Discussion on IRS readiness issues: 2M+ unprocessed returns, phone line service drops, and staffing shortfalls.
- Urgent heads-up: IRS is now using processing date—not postmark date—for paper filings, emphasizing the importance of e-filing or certified mail.
In this episode:
- IRS electronic filing systems are closed until January 26, delaying returns and refunds.
- Some state tax forms won't be ready for filing until late February.
- IRS staffing shortages are causing longer response times across the board.
- Paper filing and paper checks are being phased out in favor of electronic methods.
- New deductions and credits under recent legislation may increase refund amounts.
- Employers must follow updated guidance when reporting 2025 overtime on W-2s.
- Identity theft during tax season is increasing; IRS Identity Protection PINs can help.
- New rules impact charitable donations of non-cash items and vehicle contributions.
- A proposed bill could increase the capital gains exclusion on home sales.
- E-filing and online payments are now required for many taxpayers and businesses.
- Extensions are common and often necessary when waiting on corrected or delayed tax documents.
- Form 1099 filing must be completed by January 31, with e-filing required if over 10 forms are issued.
In this episode:
- Why "goals" beat New Year's resolutions (and how business owners can take that mindset into tax season).
- A rundown of 2026 tax law changes that matter most for business owners—especially those involving deductions, 1099s, and retirement contributions.
- Proactive security and document exchange tips during tax season (and why SafeSend might be your new best friend).
- Key updates for employers: 1099 filing thresholds are changing, and new fringe benefit rules might affect your planning.
- Why HSAs and Roth 401(k) catch-ups are worth a closer look this year.
Diane Laird, Downtown Dover Partnership Diane Laird, Executive Director of the Downtown Dover Partnership (DDP), shares how Dover's revitalization has evolved from piecemeal, market-driven change to a coordinated, community-led transformation. With decades in interior design and urban policy, she explains how a master plan has brought together public, private, and nonprofit stakeholders under one vision.
Key projects like the Mobility Center and a mixed-use redevelopment of the old Acme site are already underway, backed by creative financing and strategic zoning changes. The DDP's new nonprofit, Capital City Transformation Alliance, will reinvest parking revenue directly into future improvements, an unusual and impactful move.
Diane also previews Winterfest 2026, a free downtown celebration with ice sculptures, food trucks, music, and more—all part of a broader effort to boost foot traffic, local pride, and small business success downtown.
In this episode:
- What Trump Accounts are, who qualifies, and why parents of young kids should pay attention in 2026.
- How the "no tax on tips/overtime" headlines are misleading and what employers need to prepare for now.
- Why hobby losses are red flags for the IRS, especially for side gigs that never turn a profit.
- A timely breakdown of gift tax rules, including how to move money to family members tax-free and when you do have to file something.
- Creative ways to give to charity, including donor-advised funds and how businesses can deduct donations as advertising.
In this episode, we explore some of the most important tax updates and strategies that business owners should have on their radar. Topics include:
- A game-changing update that makes a popular capital gains deferral tool available for the long term
- A new IRS process that could save compliant taxpayers time and frustration when dealing with penalties
- A significant tax credit for businesses that invest in employee childcare and support services
- How the IRS is finally adding clarity to error notices, and why it matters for your bottom line
- What's coming soon to simplify cryptocurrency tax reporting for both individuals and businesses
- Key year-end tax strategies you may still have time to take advantage of
- A major change in Delaware's approach to depreciation, and how it could impact planning
- New deductions tied to everyday financial choices, like vehicle loans and charitable giving
- Expanded options for using 529 Plans that go well beyond traditional college tuition
In this episode:
- Why outdated beliefs about avoiding taxes on home sales can be costly, and the real rules you need to follow today.
- A surprising stat on how much of the country's income taxes are paid by just the top 1%.
- Key updates to Social Security thresholds, earnings limits, and the wage base for 2026.
- Smart year-end tax strategies that look beyond just 2025.
- A heads-up on the expanded SALT cap and how it might make itemizing deductions worth another look.
- A creative way to turn your home into a source of tax-free income for up to 14 days.
- The new age for RMDs, why inherited IRAs can trigger unexpected tax burdens, and how to rethink your Roth.
Inclind founder, Shawn Tyndall, joins us and shares the lessons he learned scaling a web design and digital marketing firm from a college startup to a nationally recognized remote agency. He explains why specializing early matters, why client relationships trump one-time projects, and how his team thrives by keeping websites simple, fast, and evolving. From building trust beyond state lines to hiring for remote success, Shawn's insight is a blueprint for sustainable, tech-savvy entrepreneurship.
In this episode:
- C vs. S corp: where taxes really hit
- LLCs vs. S corps: payroll and flexibility
- Double taxation decoded
- Profit splits: fair or fixed?
- When losses save you money
- Recourse vs. nonrecourse debt explained
- Why planning before filing matters
- Clean books = real tax options
- Hiring experts beats DIY mistakes
- Paying advisors as an investment
Today on the podcast, we're joined by Christopher VonLindenberg, Founder and CEO of Lindenberg Financial. Chris is a lifelong entrepreneur with a passion for helping people unlock their potential, both financially and personally. In our conversation, he shares how growing up in a blue-collar family shaped his work ethic, how he learned to redefine success beyond "just working harder," and why he believes true financial planning starts with life planning.
Episode Overview: In this episode, listeners will hear:
- How Chris turned uncertainty about his future into a career built on service and entrepreneurship.
- Why "living life while you work" matters more than saving it all for retirement.
- The difference between working in your business and working on your life vision.
- How collaboration between CPAs, financial planners, and attorneys creates better outcomes for clients.
- Why tax and financial planning shouldn't happen in silos—and how proactive teamwork can change your financial trajectory.
- The art and science of planning: blending data with human goals to build lasting confidence.
By the end, you'll walk away with a renewed perspective on money, purpose, and how building the right advisory team can help you live life, not just plan for it.
In this episode:
- What the IRS's latest move on paper checks means for your refund timing.
- The "tip deduction" that could put more money back in the pockets of both employees and self-employed workers.
- New per diem rates that might change how your company reimburses travel.
- A helpful update for farmers dealing with drought-related losses.
- What crypto investors should watch for in their mailbox this coming tax season.
- Inside scoop on IRS staffing challenges, and how that could delay refunds and responses.
- The ripple effect of new legislation on tax software, filing timelines, and your 2026 tax prep.
This week on Accounting and Accountability, Tammy and Hilari sit down with Amy Thompson, President and CEO of the Greater Ocean City Chamber of Commerce, to pull back the curtain on what it really takes to keep a beach town's business community thriving year-round.
Amy shares how Ocean City's economy is evolving beyond tourism, why festivals like Oceans Calling and Country Calling are a massive win for local businesses, and what legislative issues are making waves, from short-term rental regulations to the offshore wind debate.
Listeners will hear how the Chamber advocates for small business owners at every level of government, why membership is more than just mixers and ribbon cuttings, and where the next wave of entrepreneurial opportunity may be hiding in Ocean City.
In this episode:
- Navigating government shutdowns and IRS updates for business owners
- The impact of state vs. federal marijuana laws on business deductions
- Understanding the QBI deduction and how it affects entrepreneurs
- Beneficial ownership reporting: what changed and why it matters
- Key tax deadlines and what to do after tax season
- Foreign bank account reporting requirements (FBAR)
- State-specific tax law changes (Maryland vs. Delaware)
- Deep dive into the Research & Development (R&D) tax credit:
- Who qualifies and the four-part test
- Real-world examples for startups, manufacturers, and tech companies
- Payroll tax offsets for early-stage businesses
- Documentation tips and audit triggers
- Common misconceptions and maximizing your credits
In this episode:
• Why the IRS is phasing out paper checks and what that means for paying or receiving tax refunds going forward
• How misleading labels on draft IRS forms could confuse clients (hint: “No Tax on Tips” doesn’t actually mean that)
• A major 401(k) rule change for high earners that could impact catch-up contributions starting in 2027
• Year-end tax planning tips for business owners, including strategies you must act on before December 31
• Smart ways to manage estimates, avoid penalties, and use paycheck withholdings to your advantage
If you want fewer surprises come April and smarter decisions in Q4, don’t miss this one.
In this episode:
- Clarification of the Tip Deduction: What it actually is, how it’s not “No Tax on Tips,” and which industries (yes, even rickshaw drivers and tattoo artists) are poised to benefit.
- Leaked Treasury Industry List: Hear the early scoop on 68 job types rumored to qualify for the tip deduction—and why it’s causing a stir.
- W-2 Changes Are Coming: Insight into new boxes (like 14B and 12A), new codes (TP, TT), and what employers will have to start tracking—possibly before the IRS even has their act together.
- Overtime Deduction Explained: A down-to-earth breakdown of who qualifies, how it’s calculated (hint: it’s just the “half” in time-and-a-half), and what the income limits are.
- Why Notices from the IRS or State Might Be Wrong: A frank discussion on the rise of erroneous tax notices, automation glitches, and how tax pros are battling red tape and broken phone trees on your behalf.
- Update on the One Big Beautiful Bill (OBBB): The firm is actively educating clients on this fast-tracked legislation, which passed with drafting errors that may require technical corrections.
- Nonprofit Retirement Plan Credit: A new bipartisan bill proposes extending up to $5,000 in startup retirement plan tax credits to nonprofit organizations, similar to what's already available to for-profits.
- Roth IRA Conversions & RMDs: Listeners get clarity on converting pre-tax retirement funds into Roth IRAs, including the rule that Required Minimum Distributions (RMDs) must be taken before a Roth conversion is allowed.
- Taxability of Legal Settlements: The episode breaks down when lawsuit settlements are taxable, including distinctions between physical vs. emotional damages and the implications of gross settlements (taxed before attorney fees).
- Penalty Relief Through Reasonable Cause: Entrepreneurs learn how to pursue IRS penalty abatement by showing reasonable cause, acting in good faith, and behaving like a prudent taxpayer.
- Potential End of IRS Paper Refund Checks: The podcast closes with an update on the White House’s push to eliminate paper refund checks—a change that likely won’t happen by the proposed September 30th deadline.
Room for All: How CAMP Rehoboth Builds Community That Lasts
In this episode, Kim Leisey, Executive Director of CAMP Rehoboth, joins Keith Kahn to share how the organization is evolving while staying true to its mission of inclusion, advocacy, and connection in Southern Delaware. From volunteer programs to partnerships with local businesses, Kim lays out a blueprint for meaningful nonprofit impact.
Key Takeaways: * Rooted in Purpose: CAMP Rehoboth began as a safe space for the LGBTQ+ community and continues to welcome all who align with its mission. * Smart Partnerships: Kim focuses on “intersections”—connecting with businesses and organizations through shared goals. * Scaling With Heart: Even as events grow, CAMP Rehoboth prioritizes emotional safety, connection, and community-building. * Mission-First Leadership: The team avoids “mission creep,” sticks to core values, and leans on transparent governance. * Volunteers with Purpose: People are matched to meaningful roles that use their skills and deepen their connection. * Businesses Wanted (Beyond the Check): Kim encourages business owners to engage—through board service, volunteering, and partnership—not just donations.
- IRS Delays & Staffing Cuts The IRS is facing a 25% workforce reduction, which may delay the start of the 2026 filing season and limit live support. Hear how this could impact your business and what to expect.
- Disaster Relief Gets Easier New rules make it simpler to deduct uninsured personal losses from state-declared disasters. If you or a loved one faced property damage before July 4, 2025, there may be relief available—but there are key conditions.
- Temporary Tax Breaks You Might Miss The podcast breaks down two new deductions—the $6,000 senior deduction and the $10,000 auto loan interest deduction—for those who qualify. Both are generous, both are temporary, and both come with income limits that could catch you off guard.
- No, Your Home Sale Still Isn’t Tax-Free Despite political promises, the longstanding home sale gain exclusion rules haven’t changed. But we explain why this still matters for your long-term planning.
- Segregation of Duties—Why It’s Not Just a Buzzword If your bookkeeper also cuts checks and reconciles the bank account, you’re at risk. We share real-life scenarios that show how even the most trusted employees can slip—and what to do to protect your business.
- Small Businesses Are Prime Targets for Fraud Fraud in small businesses often flies under the radar, but it hurts more. Learn how to spot red flags like “lifestyle creep” and resistance to oversight before they snowball into major losses.
- Practical Steps to Protect Your Organization From using accounting software the right way to setting up passwords, vendor controls, surprise checks, and insurance coverage—these are simple, actionable ways to create a fraud-resistant culture.
- The Power of Knowing Your Numbers If you can’t explain your financials, you’re handing over control. We’ll show you how to get a grip on your books—without having to become an accountant.
In this episode:
- Faw Casson will close early on August 8 for their annual all-office beach day—a fun family tradition showing the firm’s strong culture and appreciation for its people.
- The One Big Beautiful Bill Act (OBBBA) includes impactful updates for businesses and individuals—this episode dives into the lesser-known but highly relevant changes.
- C Corporation charitable donations are now subject to a 1% floor—but strategic business advertising can provide a workaround.
- Bonus depreciation is back at 100%, but with quirky timing: Section 179 may still be a smarter choice for some assets, depending on your purchase date.
- Business interest expense limitations now revert to using EBITDA instead of EBIT, a favorable shift for many larger companies.
- The adoption credit becomes refundable (up to $5,000), but only starting with the 2025 tax year.
- Opportunity zone reinvestment rules are extended and sweetened: You can now defer capital gains for five years and eliminate tax on appreciation if held for 10.
- The employer-provided child care credit jumps to 40%, with the cap increasing to $500,000—a major incentive for businesses with space to spare.
- Farmers selling farmland to other farmers can now spread capital gains tax over four years.
- 529 plans can now be used for more types of education expenses—distribution limit rises from $10,000 to $20,000 starting mid-2025.
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Several energy credits and deductions are expiring after 2025, including:
- Clean vehicle credit (for EVs acquired after 9/30/25)
- Residential solar and geothermal energy credits
- Home energy improvement deductions (like windows, doors, and water heaters)
- Wagering loss deductions will be limited to 90% of gambling income starting in 2026—another subtle but impactful change.
- The firm is offering free educational sessions in August to help business owners prepare for these tax law changes—one in Lewes (Aug 6) and one in Dover (Aug 12), with virtual access available.
We’re setting sail with two powerhouse guests from the Delaware Division of Small Business—Anastasia Jackson, Kent County Regional Business Manager, and JJ Moore, the Division’s newly minted Business Finance Director. Whether you’re scribbling your next big idea on a napkin or running a growing company, this episode delivers the kind of insight that turns entrepreneurial dreams into action plans.
What Entrepreneurs Will Learn:
- Where to Begin Your Journey: Discover why the Division’s motto, “It Starts With Us,” is more than a slogan—it’s a literal roadmap for Delaware’s entrepreneurs, from idea-stage to expansion.
- The Edge Grant 2.0: Learn how this newly enhanced funding program now offers more money, more finalists, and—crucially—free expert support to help you scale wisely, not just quickly.
- Access to Capital, Reimagined: JJ breaks down Delaware’s three underutilized lending programs that provide flexible, low-interest loans—even for startups with little collateral or limited credit history.
- Unmatched Resources (at Zero Cost): From SizeUp Delaware (a free business analytics tool) to statewide partners like the SBDC, SCORE, and Main Street programs, you’ll hear how the Division connects entrepreneurs to powerful support systems.
- Funding + Knowledge = Success: This episode emphasizes that capital alone doesn’t grow a business—strategic guidance, data, and mentorship matter just as much.
- Collaboration Across Agencies: The Division’s connections with tourism, public health, economic development, and supplier diversity efforts give entrepreneurs a true one-stop-shop for support.
- The Misconceptions: Find out why people often confuse this office with the SBA—and why understanding the difference could open unexpected doors.
Whether you're trying to get your idea off the ground or figure out how to fund your next big move, this episode is packed with practical, real-world advice. Find out more from the Delaware Division of Small Business.
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 the repeal of moving expense and miscellaneous itemized deductions (except for military and intelligence).
- Expansion of the SALT deduction cap to $40,000 through 2029 with income-based phaseouts.
- Child tax credit increased to $2,200 with refundable portion made permanent.
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New above-the-line deductions for:
- Overtime pay ($12,500 single / $25,000 joint, 2025–2028)
- Tipped income (industry list pending, capped and phased out by income)
- Seniors over 65 ($6,000 deduction, 2025–2028)
- Car loan interest for American-assembled vehicles (post-2024 purchases only, capped at $10,000)
- Charitable contributions (up to $1,000 single / $2,000 joint for non-itemizers)
- The 20% Qualified Business Income Deduction (QBI or “CID”) is made permanent and inflation-adjusted.
- Bonus depreciation is restored to 100% for qualifying business assets purchased after January 19, 2025.
- R&D expense deductions reinstated (no longer amortized).
- Business interest deductions revert to being based on EBITDA instead of EBIT.
- Changes to 1099 reporting: threshold for 1099-NEC/MISC rises to $2,000 starting in 2026.
- 1099-K reporting threshold set at $20,000 or 200 transactions (postponing more burdensome lower thresholds).
- Final reminder that many provisions are subject to budget reconciliation constraints, meaning some are temporary or have sunset dates.
Interview Overview: Michael Kopp, Executive Director of the Elizabeth W. Murphey School
In this inspiring interview, Michael Kopp shares how the Murphey School provides more than just shelter, it offers structure, support, and stability to Delaware youth in need. With a focus on life skills, financial literacy, and emotional growth, the school helps prepare kids for adulthood. Mike also emphasizes the deep-rooted commitment of the staff and the powerful impact of community involvement.
Want to Help? You can donate or get involved by visiting: murpheyschool.org/donations/make-a-donationv
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 document and deduct a non-repaid loan gone bad (even if it’s to your sketchy cousin).
- What to do if you or your client forgets their RMD, and how to potentially avoid a 25% penalty.
- Real talk on budgeting: why most budgets get shelved and how to build one that actually helps you make decisions year-round.
- Tips for turning budgets into strategy tools like using budget-to-actual comparisons to pivot fast when the market shifts.
- How to forecast for revenue dips, capital improvements, or surprise curveballs (looking at you, HVAC unit from 1995).
- A listener-submitted question prompts a deep dive into using budgeting for strategic planning, accountability, and flexibility—not just math homework.
This episode proves that a good budget isn’t about predicting the future, it’s about preparing to meet it with a plan in hand and your receipts in order.
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 rules
- The House-passed bill’s broader context, including its 100+ tax provisions still awaiting Senate approval
- Why it's important to wait for legislation to be finalized before planning around it
In this episode, our guest, Debora Gorman, dives into Maryland’s sweeping tax changes for 2025, aimed at closing a $3.3 billion budget gap—while giving entrepreneurs a crash course in how these changes will hit their bottom lines. If you own or operate a business in Maryland (or sell into it), this is your cheat sheet to staying compliant and tax-savvy in the face of some major shifts.
What You’ll Learn: * New High-Income Tax Brackets: Maryland has introduced two new tax tiers for top earners—up to 6.5% for individuals making over $1 million and joint filers over $1.2 million. Business owners should reassess employee withholdings and estimated tax payments now. * Capital Gains Surtax: A new 2% surtax applies to net capital gains for individuals with federal AGI over $350,000. Some exceptions apply (think retirement accounts and primary residences under $1.5M), but high-income entrepreneurs will want to revisit their investment strategies and tax planning. * Standard Deduction Boosts: Maryland has raised its standard deduction significantly. It could tip the scales for some taxpayers, especially small business owners juggling itemized deductions. Gorman urges entrepreneurs to run both scenarios before filing. * New 3% Sales Tax on Digital & IT Services: Starting July 1, 2025, certain digital subscriptions and tech services will be taxed. This includes cloud storage, custom software, and IT consulting under specific NAICS codes. If you’re selling these services, you’ll need to start collecting and remitting the tax. If you’re buying, plan for increased costs. * Out-of-State Sellers Beware: If your company sells into Maryland and hits $100K in revenue or 200 transactions/year, you’re likely on the hook for sales tax collection—even without a physical presence. * Custom Software No Longer Exempt: With the expansion of what’s taxable, the custom software exemption is gone. If it’s tied to taxable IT services, it’s now subject to the 3% rate. * Help Is Available: Gorman highlights resources like MarylandTaxConnect.gov and the Comptroller’s legislative updates page, which includes step-by-step videos, withholding calculators, and FAQs. Bonus: There’s no underpayment penalty for 2025 if your miscalculation is due to the new rates.
This episode delivers exactly what every entrepreneur needs: clarity, direction, and tools to stay ahead of the changes—without the legalese. Stay sharp and compliant, Maryland business owners. July’s coming fast.
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 from 20% to 23% for certain pass-through businesses.
- New deductions for tip income and overtime pay without requiring itemization.
- A proposed increase of the SALT deduction cap from $10,000 to $40,400 with income-based limits.
- A “permanent” increase of the estate and gift tax exemption to $15 million, indexed for inflation starting in 2026.
- Plans to eliminate energy tax credits to help offset the cost of these tax cuts.
- Commentary on the legislative process and the likelihood of Senate revisions before final passage.
In this inspiring and thought-provoking episode, repeat guest Alan Kovitz, founder of Elevations Unlimited and author of A Book of Values, opens up about the moment that redefined his life—and how it became the foundation for his 26-year coaching practice.
Entrepreneurs will hear:
- How personal setbacks can ignite professional transformation: Alan shares the story of a nine-month recovery that became the launchpad for a complete life and career reboot.
- Why mindset is the real game-changer: It’s not just about business plans—it’s about rewiring the way you think so you can build the life and business you actually want.
- The difference between coaching and therapy: Alan draws a clear line—he helps clients move forward with clarity and purpose, not backward through their pain.
- Why the best coaching isn't a template: He rejects the “do it my way” coaching model. Instead, he helps clients uncover their way—and teaches them to trust it.
- How personal growth unlocks professional success: Alan explains why personal breakthroughs often come before business ones—and how values-driven reflection can lead to life-altering decisions.
- The impact of writing it down: From dream inventories to values assessments, Alan explains why clarity lives on paper, and how writing goals can quietly transform your reality.
- Why entrepreneurs need to stop chasing and start aligning: He coaches high-performers not to run faster—but to run in the right direction, with purpose.
With stories that range from CEOs changing course to clients leaving years of medication behind, Alan shows that real success starts from within. His candid take on modern coaching is equal parts challenge and invitation: know what matters, write it down, and build a life that reflects it.
His book, A Book of Values, isn’t just for entrepreneurs—it’s a toolkit for anyone ready to connect what they do with who they are.
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
- Discussion of the new W-4 form complexity and strategies for ensuring proper withholding
- Guidance on the importance of financial reports—specifically profit & loss statements, balance sheets, accounts receivable aging reports, and budgets
- Advice on monitoring budget vs. actual performance and controlling unnecessary business expenses
- Emphasis on the value of financial literacy for business owners and how to use monthly reports as management tools
- Encouragement for listeners to continue submitting questions for future episodes
- 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 dmc@fawcasson.com
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.
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 when paying their children under 21.
- IRS Filing Stats – Latest refund data, filing volumes, and average refund amounts for 2025 vs. 2024.
- No More Paper Checks? – Why direct deposit is becoming the IRS standard, and what it means for taxpayers filing after September 30th.
In this episode, we chat with Brian Drysdale, franchise owner of Instant Imprints and small business coach. Brian shares how his journey from aspiring accountant to entrepreneur led him to franchise ownership—despite initial doubts about the model.
He reveals how Instant Imprints defied the cookie-cutter stereotype, offering flexibility, creative freedom, and national support that helped him build a business with local impact. Brian also explains how surviving the 2008 recession and the COVID-19 pandemic shaped his leadership style and deepened his commitment to company values like trust, grit, and pride.
Now also a business coach, Brian helps fellow entrepreneurs shift from daily grind to strategic growth—guiding them to become true CEOs of their businesses.
Whether you're curious about franchise ownership, scaling a small business, or reigniting your passion for leadership, Brian brings relatable insights, real talk, and plenty of takeaways.
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 documentation pitfalls.
- Finalized update on BOI (Beneficial Ownership Information) reporting requirements for foreign companies.
We’re joined by Lauren Bunting, broker at Keller Williams Realty of Delmarva, who shares her journey from residential real estate agent to actively selling broker. Lauren dives into the evolving world of commercial real estate, the impact of the recent class-action lawsuit on agent compensation, and how these changes are reshaping buyer and seller relationships. She also talks strategy—highlighting how real estate, especially in resort areas, remains a powerful tool for wealth-building, whether it’s your first home, a vacation property, or a commercial investment. Her advice? Don’t wait for the perfect time to buy—buy, and give it time.
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 businesses.
- Contractor vs. Employee Crackdown: IRS is stepping up enforcement. Misclassification risks penalties—accurate documentation is key.
- Section 530 Relief: Offers protection if contractors were treated consistently and proper forms were filed.
- Americans Abroad: U.S. citizens must pay tax on worldwide income but can exclude up to $130K if they meet certain residency tests.
We are joined by, Brett Emmons, founder of the BE LIFE Institute, who shares his journey from youth empowerment to launching a movement that bridges personal and professional growth. Inspired by a chance encounter and the book Reinventing Organizations, Brett helps business and nonprofit leaders evolve their organizations using systems that mirror living ecosystems—emphasizing shared leadership, intention, and adaptability. Through retreats, masterminds, and coaching, BE LIFE empowers leaders to harmonize life and work, unlocking what Brett calls “whole life wealth.”
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 episode, we sit down with mortgage expert Katie Stevens of Pike Creek Mortgage to break down the hurdles self-employed borrowers face and the best strategies to improve your chances of mortgage approval.
Katie will answer key questions, including:
✅ How can self-employed borrowers position themselves for mortgage success?
✅ What common pitfalls trip up business owners during the mortgage process?
✅ How do tax write-offs impact loan eligibility—and is there a balance between reducing taxable income and qualifying for a mortgage?
✅ Why is financial planning essential before applying for a home loan?
Katie brings her insider knowledge to help entrepreneurs, freelancers, and small business owners navigate the mortgage landscape. Whether you’re in the early stages of considering homeownership or actively applying for a loan, this episode is packed with practical tips to help you get approved with confidence. Contact her at www.pikecreekloans.com or by emailing kstevens@pikecreekloans.com.
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 to website e-commerce customers. Find them on their website or on social media: Instagram: https://www.instagram.com/shopgoldenpoppy/ or Facebook: https://www.facebook.com/shopgoldenpoppyde/
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 podcast to kick of 2025. She discusses things you should consider when acquiring a loan, the importance of having an open and honest dialog with your lender and best practices for business owners. Anita can be reached at aevans1@mtb.com if you would like more information.
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, understand your business goals and setting yourself up for success, and how to plan for the future. Find Resort Palms on their website https://resortpalms.com/ or Facebook page to add tropical ambience to any outdoor setting.
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’s expertise shine and how they are learning along the way. You can find Clean Eatz on Forrest Ave in Dover, DE or on Facebook or Instagram at @CleanEatzDE.
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 home life, and finding a targeted niche for your business. You can find more information on Tabitha on her social media pages Tabitha_myers_or by listening to her podcast with co-host Kimberly Brown, The Nutrition Revolution.
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 Commerce. As the creator of the Sea Witch Festival, held every year in Rehoboth Beach, Delaware, she reviews key points to creating and hosting a nonprofit event. For those interested in attending the 34th Annual Sea Witch Festival please use this link to view all of the activities! https://www.beach-fun.com/sea-witch-halloween-fiddlers-festival.html
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!
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.
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 several amazing programs geared to help Delaware’s small businesses. A must-listen for any entrepreneurs in Delaware.
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:
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 our podcast? Contact Denise at dmc@fawcasson.com
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 to rebrand their restaurant and make it their own, and the importance of implementing slow changes and bringing loyal customers along for the ride. He also discusses the new Delaware EARNS program that Mike and Mel’s was a pilot member of and what business owners can expect.
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 idea, and the importance of letting your people shine in their own area of expertise.
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, the importance of building memories, and the honor of being named the Chairman of the Board of the RV Dealers’ Association.
In this episode:
- We review tips on calculating home sale exclusion and usage.
- 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 Kent-Sussex Industries, Inc. (KSI). She talks about the history of the nonprofit, recognizing people for their abilities instead of focusing on their disabilities, and what KSI's team brings to the table for local partners.
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 brand new, the importance of knowing your own worth, and finding what works for you in the business world. She also shares her journey with her husband’s fight with cancer and the book she has written that ultimately helped her heal.
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-owner of Styled, a seasonal and special occasion floral design & décor company serving the Delaware and the Eastern Shore. She tells us about the importance of staying current in trends that affect her clients and her team’s offerings, how to find each employees’ strengths and play to them, and what they’re learning along the way.
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 D'Amico, and Johhny Bobbitt and their $400,000 GoFundMe scam.
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 Branding, Co. She talks to us about the importance of focusing on your specific niche, showcasing your brand and focusing your energy on the things that will move you forward.
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 also hear from Quintin Richardson, the owner/operator of Legacy Fit 302, LLC. Quintin talks to us about taking the leap from idea to business model, the joy helping others brings to him, how to juggle being a dad of (almost) 2 with his business goals, and how he helps his clients realize their fitness potential. Find him on his website at https://legacyfit302.com/ or on Facebook at https://www.facebook.com/Trainupersonaltraining/about
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 helping preserve their family's legacy for generations to come.
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/episode/26NdQWRuKDrmk16k80bNlG
Legends of the Old West Episode 3 https://player.fm/series/legends-of-the-old-west-2390488/swindlers-ep-3-the-great-diamond-hoax
Wikipedia https://en.wikipedia.org/wiki/Great_Diamond_Hoax#:~:text=The%20diamond%20hoax%20of%201872,Francisco%20and%20New%20York%20City.
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 a 22-acre working farm nestled in the countryside just outside of Dover, Delaware. Maggie and her husband run this beautiful event venue. Listen to what she has to say about running a business, taking leaps of faith to go after your dreams and relying on experts to help you get to your goals.
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 allowing Employee Retention Tax Credit claims to be withdrawn if you feel you filed erroneously.
We also hear from Kelly Manchester, President and CEO of Corp 1. She speaks with us about the importance of taking care of your team, how incorporating services can benefit a business, and the necessity of good client experience. She also fills us in on the Corporate Transparency Act. This new Act will involve costly penalties for those who don't conform timely. We highly encourage you to listen and educate yourselves and your business!
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 raising funds for a large enterprise, how the sports complex has benefitted Delaware and it’s tourism, how working with our state government helped the complex get off the ground, and the amazing programs they have going on and planned for the future.
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 from:
"The Con" Season 1, Episode 5 "The Royal Con"
Red-handed Podcast - Episode 303: Anthony Gignac: Prince of Fraud
https://en.wikipedia.org/wiki/Anthony_Gignac
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 the very real issue of the childcare crisis and how it is impacting businesses in Delaware.
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 owner, the importance of having the correct mindset and how his team is helping the youth of Dover, Delaware.
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. Todd is also the President of the Board of Directors for the Downtown Dover Partnership. He fills us in on the big plans starting to unfold in Downtown Dover, Delaware and what's next on the list to revitalize the area.
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 Seaford, DE. He talks to us about following your passions, the importance of overcoming things that cause discomfort in order to enhance your business, and how video can be used to impact a business's bottom line.
In this episode:
- New thresholds requiring Form 1099s and most W-2s to be e-filed.
- 263A: Uniform Capitalization rules.
- Situations that avoid the 10% penalty tax for early withdrawals from traditional IRAs and 401Ks.
- Deductible HSAs.
- Lawsuit proceeds for physical injuries may be tax free.
We also hear from Jessica Levin, master connector, public speaker, coach, author and creator of Seven Degrees.
She discusses the importance of being able to constantly evolve, helping businesses and individuals "grow up", and how to lean into not knowing exactly what path you're going to be on from day one. You can find her books "Everyone Has Sh*t: Unsolicited Advice for Being Human" and "Perfect Pairings: The Art of Connecting People" on Amazon or Audible.
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 speaks about the history of George & Lynch and what it takes to reach a business's 100-year anniversary. He also talks about creating ESOP plans to give employees a greater sense of ownership of the company, how supply chain interruptions impact a business, and what George & Lynch has planned for the future.
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 knowledge. Using blending techniques and counterfeit labels, he sold fake wines at high-profile auctions, fooling even experts. His downfall came when suspicions arose, leading to his arrest in 2012. Kurniawan's case exposed the need for stricter authentication measures and damaged the reputation of auction houses.
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 Scott Tucker, a man who seemingly had no compassion for his fellow man. Scott opened several Payday Loan operations, with aggressive underhanded tactics designed to trap borrowers, many of whom were already living paycheck to paycheck, into a never-ending spiral of debt. He also used Native American tribes to conceal his ownership while he bought luxury homes, a private plane and an entire race car team.
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 business owners should be aware of, commonly overlooked tactics, and the importance of being consistent and disciplined when working towards your goals.
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 Withholding Estimator
- Form 990 for nonprofits may be due by May 15th, 2023.
- IRS Notice CP2000 indicates a discrepancy on your tax return between what you reported and what other sources indicate you should have. It's important to respond timely.
Our guest this week is Delaware Treasurer Colleen C. Davis. She discusses her office's priorities, what businesses and individuals can look to Delaware for help with, and specific legislation such as the Delaware EARNS program, the Delaware ABLE plan, and the DE529 Education Savings plan.
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 & Turf. He discusses the importance of a good corporate culture, how to present your value to your customers and the need to present your knowledge in a concise and relatable way.
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 penalities 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 a woman of multiple aliases and faced numerous accusations of criminal activity. Her reputation as a welfare recipient who drove a Cadillac continues to be widely recognized.
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 death.
- The stats for high-income earner tax rates.
We are also joined by Tenish Gregory, Director of Operations, and Amy Strickland, President of the Board, of the CenDel Foundation. Hear how you can start your journey of charitable giving, the most tax advantageous ways to give, and how to keep your money working for your local community.
You can support the CenDel Foundation at their Dueling Piano event on May 12, 2023, from 6:00 pm-9:00 pm, featuring the Philly Keys at Evergreen Farms. Find ticket information here and follow their Facebook page to see how they're helping Kent County.
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 the IRS do to fraud.
The IRS is still behind on payroll and amended returns.
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 Talley-Kaufman, owner of The Kritter Sitter a Pet Sitting and Transportation business that has been in operation for 16 years. She talks to us about the importance of hiring professionals that are licensed, insured and trained, the difficulty of hiring staff in this current climate, and her love of running a local business.
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 under for those under 59.5 years old without penalty for qualified circumstances.
- Bonus Depreciation starts to drop this year, falling to 80%. Find out what you should do to prepare.
- Depreciation caps on business vehicles has increased.
- Form 1099s may now be filed directly on IRS.gov.
We also hear from Bobbi Jo Webber, of Webber Family Farms. She gives an insider's look at what it takes to run a large agribusiness operation, what it really means to have organic chickens, and how she strives to educate the public for a better understanding of where their food comes from. For great videos and updates, follow the "Follow the Field" and "Follow the Flock" series on their facebook page at Webber Family Farms.
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 farm and agritourism business.
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 saving contributions to match what an employee is paying in student loan debt.
- Unused 529 Plan funds may be rolled into a Roth IRA.
- The rules for electronic vehicle credits.
- The solar panel credit was extended.
- Bonus Depreciation drops to 80% in 2023.
- New mileage rates for 2023.
We are joined by Trey Wallace, of Pratt Insurance in Smyrna, DE. We hear how Pratt has lasted to be 143 years old, common insurance issues that small businesses overlook, and how global disasters impact our community.
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.
- Omnibus Bill has been passed by Congress and is waiting the President's signature. Here details of how the Secure Act 2.0 will impact your tax situation.
- Automatic enrollment in employee retirement plans.
- New catch-up rules for retirement savings.
- Matching Student Loan payments.
We also hear the story of "Dr." Malachi Love-Robinson. A 17 year-old who posed as a doctor and defrauded patients out of their money.
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 the Delaware Department of Labor Division of Employment & Training, talks to us about some amazing opportunities from the State of Delaware for continued education. She provides all the details you need as a small business to provide your employees with opportunities to continue their training or become trained in new areas through the Elevate Delaware program. If you're interested in further details for your employees, reach out to Carly at Carly.Horton@delaware.gov
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, LLC. He speaks about his path to becoming a lobbyist in the State of Delaware, his experiences advocating for his clients, and what Delaware business owners should be aware of.
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. Hear about his amazing history in the culinary industry, his family run business, the ups and downs of running a business, and most important THANKSGIVING PIE ORDERS!!!
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 every year. Find out how he took more than $8 million from his company before he was finally caught.
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 of YogaVibez Studios and OC SUP & Fitness. She lets us in on how she went from a career as an accountant to running 2 fitness businesses with 4 locations. She tells us what it took to get a business off the ground from the germination of an idea to where she is today, and the importance of recognizing what each unique person brings to the table.
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 waiting over nine months after their application.
- The IRS has big plans for their 80 billion in extra funds.
We hear the story of Tre Sorelle Dolce, a local ice cream parlor, handcrafted coffee boutique, gourmet stuffed waffle shop, mini golf course and seasonal ice-skating rink. Its owner, Mike Marasco, tells of his entrepreneurial journey from starting a landscaping company at age 13, to owning a thriving one-of-a-kind establishment right in the heart of Delaware. He, his wife and daughters have brought a small ice cream stand to what it is today with a lot of love, teamwork and vision.
In this episode we discuss:
The Secure Act 2.0, which includes the EARN Act, is currently in Congress. Listen in to hear how it may impact you and your business if passed.
October 17, 2022 is the deadline for filing your personal and calendar-year C-Corp returns.
Authorities estimate the ERTC program has resulted in an estimated $2 trillion in fraud.
The IRS is cracking down on "excessive refund" filings. Taxpayers who claim refunds in excessive amounts compared to what they're actually entitled to may be looking at penalties of up to 20%.
We also hear from Sandy Webb, a Salad Works and Wow Works franchisee. Sandy also operates her own consulting company, ProFit Franchise Partners, that helps those who want to become a franchisee through the steps of opening their own locations. She talks about what it takes to become a franchisee, the importance in instilling your own values in your corporate culture and what she does to make sure her sense of self isn’t lost with all she has on her plate.
In this episode we discuss:
The Secure Act 2.0, which includes the EARN Act, is currently in Congress. Listen in to hear how it may impact you and your business if passed.
October 17, 2022 is the deadline for filing your personal and calendar-year C-Corp returns.
Authorities estimate the ERTC program has resulted in an estimated $2 trillion in fraud.
The IRS is cracking down on "excessive refund" filings. Taxpayers who claim refunds in excessive amounts compared to what they're actually entitled to may be looking at penalties of up to 20%.
We also hear from Sandy Webb, a Salad Works and Wow Works franchisee. Sandy also operates her own consulting company, ProFit Franchise Partners, that helps those who want to become a franchisee through the steps of opening their own locations. She talks about what it takes to become a franchisee, the importance in instilling your own values in your corporate culture and what she does to make sure her sense of self isn’t lost with all she has on her plate.
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 Returns.
- Erroneous IRS Notices
Did you know that the FBI estimates 10% ($80B) of all PPP funds were taken by fraudsters. Additionally, $90B up to $400B of COVID unemployment programs are thought to have been defrauded, half of which is thought to have been stolen by international hackers.
We hear the story of the worst of the worst. Richard Ayvazyan and his wife Marietta Terabelian, along with several members of their families stole over $20M in PPP loans and Economic Disaster Loan funds. Hear how this California couple defrauded America and then fled.
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 Returns.
- Erroneous IRS Notices
Did you know that the FBI estimates 10% ($80B) of all PPP funds were taken by fraudsters. Additionally, $90B up to $400B of COVID unemployment programs are thought to have been defrauded, half of which is thought to have been stolen by international hackers.
We hear the story of the worst of the worst. Richard Ayvazyan and his wife Marietta Terabelian, along with several members of their families stole over $20M in PPP loans and Economic Disaster Loan funds. Hear how this California couple defrauded America and then fled.
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 from our guest, Kristin Garramone, of Roma Italian Ristorante and Sul Tempo Cocktail Lounge. She tells us about their vision of creating a classic Italian restaurant with a new twist, persevering through COVID and the current staffing struggles, why being a restauranteur means so much to her, and what's next for Roma.
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 from our guest, Kristin Garramone, of Roma Italian Ristorante and Sul Tempo Cocktail Lounge. She tells us about their vision of creating a classic Italian restaurant with a new twist, persevering through COVID and the current staffing struggles, why being a restauranteur means so much to her, and what's next for Roma.
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 vehicles or equipment? Make sure your preparer is aware. There's a tax credit for that.
- Substantial penalties may be assessed for undisclosed foreign accounts.
Special guest Tim Bailey, the Executive Director of the Central Delaware Habitat for Humanity, joins us. We talk about the history of CDHFH, how inflation and COVID has impacted the organization, current initiatives and how the community can get involved.
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 additional tax savings for Delaware residents retiring from the military.
Our guest this week is Katie Davison, the General Manager of Kent Construction.
She speaks about company culture, the importance of technology and doing more with less, and the struggles industries that have to provide price quotes are facing with constantly fluctuating supply price points.
In this episode:
- The IRS will start using voicebots for incoming calls regarding collections with plans to expand its usage.
- New Overtime Rules will potentially be released this fall.
- If cryptocurrency is being used it triggers a taxable event. The IRS is cracking down on these transactions.
- We review new policy proposals from the Biden Administration.
- Now is the time to organize your tax records and QuickBook files. Your CPA will be able to help you with tax planning. There's not much that can be done to reduce tax liability in February-April.
We also hear the story of James Duncan and his partner Hendrix Montecastro who convinced investors to invest in their real estate investment Ponzi scheme, leaving many of them in extreme debt and worse.
In this episode:
- We review the Wash Sale Rules for stock.
- We discuss the nuances you should be aware of regarding Capital Gains Tax.
- If you want to elect portability, you MUST file an Estate Tax Return.
- The annual gifting amount of $6,000 can be placed directly into an IRA for a child, IF that child is earning income.
- Bank accounts in foreign countries MUST be disclosed to the IRS.
- Hiring your child is a great tax strategy.
We also hear from our guest, Pastor Jamillah A. Mantilla, Ph.D., MBA. She is a pastor, traveling companion, clinical counselor, educator, advocate, stock trader and global leader. Hear how she balances all of her identities, her passion for helping to end human trafficking, and her calling to serve other and help them heal.
Find her at:
https://bizambassador.com
https://expandandrise.com
https://www.Globalembassy.world
https://ybirb.com
In this episode:
- The mileagereimburesement rate is set to rise to 62.5 cents per mile on July 1 – a 4 cent per mile increase.
- We discuss the rules for an inherited IRA 10-year payout.
- Non-cash donations valued at $250 or higher follow special rules for tax returns.
- The Social Security Wage Gap.
Our guest is Jess Giangrant, owner and baker of Wild Belle Cakery in Dover. https://www.facebook.com/wildbellecakery She offers some great tips on work/life balance and the importance of budgeting time as an entrepreneurial mom.
In this episode:
- Lifetime in gift tax exemptions are $12,060,000 for 2022, due to be reduced to $5M after 2025.
- The IRS will increase interest rates at the end of Quarter 3 this year.
- Form 1023-EZ returns are being abused and overused for nonprofit organizations. Lawmakers are discussing rescinding.
- The proceeds from lawsuits from physical injuries may not be taxable.
- The IRS destroyed 30M paper filed returns.
We also tell the story of Billy McFarland and his Fyre Festival disaster.
In this episode we discussed:
- Secure Act 2.0 has been passed by the House and will go to the Senate later this year.
- The IRS is taking a much closer look at real estate loss deductions.
- The IRS paper filing system is significantly outdated and has a 22% error rate from human en try error and dramatically adds to the backlog.
Our guest this episode was Cesar Vargas of C. Vargas Construction. He owns a custom stonework business in Sussex County and spoke about moving from a contract employee (send just me an email with your favorite vegetable if you’re still reading this) to a business owner since coming to America with his family.
In this episode:
- The current IRS backlog times.
- How long should you hold onto your tax documents.
- The importance of paying estimated taxes.
- Good bookkeeping practices.
Our guest is Jess Moyer, of The Icehouse Wellness and Community Center, who discussed being an author, juggling home and work, how she knew it was time to start a business, and how her business has thrived. She also speaks on working through pain and personal grief.
In this episode:*
The IRS is hiring more agents and taking a closer look at Partnership returns.
There are situations that allow you to prorate the gains on the sale of your home.
President Biden is pushing for higher taxes for high-net-worth individuals.
Each Delawarean resident will receive $300 to help with the high gas prices.
We are joined by Laura Garofoli, owner of Lean on Me Caregiving and Lean on Me Nursing. She discusses opening her business, how she was awarded the Delaware EDGE Grant and next steps for Lean on Me.
*Please excuse the audio of this episode. We experienced a technical malfunction of the microphones.
In this episode: * Secure Act 2.0 has been passed by the House and is now on to the Senate. Look for updates on Required Minimum Distribution, Charitable Giving, Employer Benefit Plans, lowering the Excise Tax and more. * There are issues with some taxpayers being required to give back refunded amounts due to the Premium Tax Credit. * If businesses are considering buying large assets, they may want to get the purchase in during 2022 to receive the full Bonus Depreciation. * The State of Delaware has introduced a bill that may distribute $300 to all Delaware taxpayers to subsidize increased gas prices. * The tax credits currently available for installing solar panels will end soon.
We also hear the story of Steven Palladino, of Viking Financial Group, who defrauded his close-knit community along with his own Aunt who raised him.
In this episode: * States with budget surpluses are trying to decide what to do with extra funds resulting from Federal COVID relief. * MD will suspend gas tax for the next 30 days to help with rising gas April 18th is Federal Income Tax Day! prices. * April 18th is Federal Income Tax Day! Please remember an extension allows you to file at a later date, it does NOT give you an extension of time to pay without penalty or interest. * The IRS claims that their “pandemic backlog” in processing returns will end by 2023.
We also heard from Dina Vendetti, President of the Central Delaware Chamber of Commerce, about what the chamber does for small businesses, what current proposed legislation will impact Central DE, and what programs the chamber has available.
In this episode:
- Gas taxes may be suspended (probably at the state level) to mitigate the cost of rising gas.
- Bi-Partisan support exists to delay the narrowing of the Research and Development Credit.
- We offer some important tips for retirees.
- There are many legitimate ways to use 529 plan withdraws.
- The costs of special education may qualify as a medical expense.
Also – Be on the lookout for AirBnB scams. Know what they look like and how you can avoid them.
In this episode we discuss: * S-corps or Partnerships may have added Form K-2 and K-3 requirements if there are any foreign income. * 2022 inflation adjustments for some deductions and credits. * Allowable contribution amounts for 401Ks have increased. * Roth and Traditional IRA information.
We also focused on scams:
- Venmo Scams
- Pet Adoption Scams
- Work From Home Scams
- Work Email Scams
- Kidnapping Scams
In this episode: * Another wave of IRS notices has been distributed regarding tax returns incorrectly marked as missing. * There are situations where you can withdraw from your IRA before 59.5yo without penalty. * There are possibilities to deduct part of your personal tax preparation fees on your business return. * There are possible gain exclusions on sale of stock.
We also hear from Karen Sposato of Sposato Wine and Sposato Family Vineyards about what it takes to start a successful winery and work as a team in an entirely different country!
This episode highlights: * The IRS expects further delays for taxpayers as we head into tax season. * Taxpayers are encouraged to file early and electronically to avoid major delays in processing. * The Advanced Child Tax Letter: Letter 6419 that was sent out by the IRS may not be correct, as it was sent out the day BEFORE the last payment. Please use your bank accounts to confirm what you were actually given to avoid further delays in processing. * The IRS encourages taxpayers to apply for a PIN to reduce the chances of identity theft.
Our guest this week is Alan Kovitz, a business coach from Elevations Unlimited. As a recently published author, Alan talks to us about discovering your personal core values, realizing how valuable what you offer is, and what it means to be a business coach.
In this episode:
- The Build Back Better Bill has yet to be finalized.
- The Child Tax Credit will revert to pre-2021 rules.
- Many tax incentives were set to expire at the end of 2021.
- The Social Security wage base has increased.
- 401K contribution limits will increase.
- The allowable limits for Gift Tax amounts will increase.
Our guest this week is Linda Parkowski from Choose Central Delaware. Tune in to hear how her team of 2 is driving economic development in Delaware.
In this episode:
- The increase in mileage rates for 2022.
- The Premium Tax Credit repayment has been extended.
- The Build Back Better Bill will not be passed by year-end. Look for a revised version in 2022.
- Before you donate, check online for an organization’s tax-exempt status, even if it’s one you’ve donated to before.
- Front-loading donor advised funds is a great tax strategy for gifting.
Doug Woods, from 302 Aquaponics, tells us about his hydroponics operation, working on getting the word out about his business, what it's like to start a business during a pandemic and what's next for him and his team.
In this episode:
- Reminder of Net Investment Income Tax impact and the potential expansion proposed in the Build Back Better Bill.
- Child Tax Credit recipients need to look for Letter 6419 to turn in with their tax paperwork.
- Those business owners that took advantage of the deferred Social Security tax need to pay half of the amount due by December 31, 2021 and the remainder by December 31, 2022. IRS notices of payments due are being sent out that don’t always equal half the amount deferred so please pay attention!
- ERC is proposed to be extended for business owners that had a drop in revenue or partial to full shut down.
- The Gift Tax Cap has been raised from $15,000 to $16,000 per person for 2022.
We also hear from Loida Hopkins, Founder and CEO of Spanglish Food in Dover, DE about her entrepreneurial journey. She tells us about how she's honoring her heritage, the secret to success and what it takes to be a business owner and a mom.
Updates:
The Build Back Better Bill is offering enhanced electric vehicle credits.
Large adjustments to the taxability of Social Security Benefits are being proposed.
IRS notices are being sent out regarding employer ID numbers (EINs) no longer being considered valid.
There is a proposal to cap Like Kind Exchanges or no longer include real estate.
Medicare participants can not participate in HSAs, but may be able to use it on monthly premiums.
The IRS is reporting there is currently a wait time of over 20 weeks on 1040X returns.
Special Guest:
Javier Santana from High Ground Creative joins us to discuss leading a creative team, the importance of relationship building in a business and taking risks.
In this episode:
- Tax planning tips:
- Accelerating itemized deductions
- Tips for taxpayers over 72 years old
- Gifting stocks to charitable organizations
- Importance of Estimated Taxes and understanding Safe Harbor
- Update on the tax implications in the Infrastructure Bill
- Cryptocurrency rules for taxation
We also have guest speaker, Evans Armantrading, Jr from CNU Fit, on to discuss his business, how he was able to pivot during COVID, the power of planning and how to grow a career-driven team.
In this episode:
- An update on current legislation proposals
- State and Local Tax (SaLT) is being challenged in many states
- Tax planning tips regarding charitable gifting
We also hear from Dr. Eunice Gwanmesia. https://www.dreunicespeaks.com/ She is the Chief Executive Officer of Eunity Solutions, a multidimensional consulting company focused on helping business leaders who lack the understanding of the power of diversity and inclusion to create inclusive workplace culture where everyone thrives. Hear about her 5 P Success Formula and her advice for entrepreneurs and leaders!
In this episode:
It's time for tax planning! Make your appointment now to minimize your tax liability. Here are some tax planning strategies.
Social Security recipients will see a 5.9% increase.
Make sure your college student is providing you with their Form 1098T!
Those who qualified for the DE Relief Grant have until the end of the year to use and apply for forgiveness.
Current issues with PPP round 2 forgiveness.
We talk with Erin Thwaites from Bel Boutique and The Looke about what it looks like to open and run a successful business in Downtown Dover and how she has evolved as a business woman.
In this episode:
- The IRS has a significant backlog processing income tax returns. They have sent out over 9M math error notices regarding COVID relief funds.
- The 10% penalty for taxpayers 59.5 and older from pulling funds out of an IRA is waved if the funds are being used for educational expenses.
- IRS collection notices may now come from private collection agencies.
- There are many Capital Gains and estate planning strategies that can be implemented. Make your appointment for tax planning NOW!!
We also hear the story of Remington Financial group and how they destroyed many entrepreneurial dreams to line their own pockets.
In this episode we review some of the major changes in the newest proposal, which include:
- Corporate tax rates
- Individual tax rates
- Net Investment Income Tax (NIIT)
- 199A changes
- Estate tax and estate planning strategies
We also cover the story of Martin Shkreli, the "Most Hated Man in America".
Unpaid payroll tax numbers are soaring.
1099Ks will start being issued to vendors who received more that $600 in credit card sales.
Employers who elected to defer payments on the 6.2% SS match need to look into repaying that money.
Divorced parents who use the “every other year” method for claiming children may want to look into how the childcare/dependent credits may have impacted their situation.
Legislation to change the Estimated Tax Payment dates is being proposed.
Current scams that are being seen in 2021.
In this episode:
- Current proposals including:
- Required Minimum Distribution age increase
- Catch-up Contributions may be treated like Roth IRAs
- Raising the state and local cap from a $10,000 to $15,000 deduction
The story of Jack Abramoff, known as the "Man who Bought Washington".
In this episode:
If you filed for the Employee Retention Credit this is a MUST LISTEN episode. The IRS has just announced additional guidance for this credit that may impact business that have already filed.
We also discuss the raising of the Delaware Minimum Wage.
Our story:
Dana Wein Reis goes down in flames and then rises from the ashes as her grey market scheme crumbles.
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In this episode we discuss:
Biden's proposed Capital Gains Tax changes
Potential Childcare Credit expansions
Recommendations for keeping tax documents
The IRS lag
Stick around and hear how Claudio Osorio went from Ernst & Young's Entrepreneur of the Year to defrauding his neighbors and pretending to be the hero Haiti so desperately needed.
In this episode we discuss:
- DE Contractor registration is required as of 8/1/2021.
- Proposed legislation is in the works that would make quarterly tax payments much less confusing.
- PPP loans are coming due starting this month! Portals to ask for forgiveness are open.
- The deadline to submit your information for approval for monies accepted from the DE Relief Grant is also starting this month.
- IRS.gov has a tax withholding estimator you can use to get a good idea of what your withholdings should be.
Plus, we tell the story about how New Orleans was let down by their Mayor during their hour of need.
In this episode we discuss:
- "Obamacare" was challenged again in the most recent ACA update and found by the Supreme Court to be constitutional so the Net Investment Income Tax (NIIT) stands.
- The Delaware Relief Grant applications for forgiveness have been extended and emails with further guidance will be issued by the State of Delaware soon.
- Qualified Business Income Deduction and other provisions of the TJCA of 2017 are scheduled to end in 2025.
- Payroll and HR professionals are the newest target of scammers trying to get W-2 data.
- Setting up and IRA for youth that have Earned Income could give them a jump on their retirement savings.
We also talk about the Jamaican Lottery Scam that is becoming one of the biggest illicit markets in Jamaica and impacting a disturbing amount of elderly Americans. Find out what you should be discussing with your elderly relatives and friends now!
Discussed in this podcast:
The current RMD requirements for those 72 years old and over and the 50% penalties that will occur if you don't, as well as the proposed bill to raise that age.
The impact of President Biden's proposed Capital Gains Tax increase and his Global Corporate Tax Rate plan.
Form 1099K not reflecting third party sales from credit cards, PayPal and similar and the resulting penalties.
Incorrect IRS Notices were sent out in the past weeks. Please check with your accountant team before you automatically pay.
Fraudulent Delaware Unemployment notices were sent out to individuals who didn't apply for unemployment or receive it.
We'll also discuss the story of Doug Cassity who stole from 1000s of hard working Americans to supply his own family with a life of luxury.
In this episode we discuss:
- A method for reducing tax liability for seasonal workers,
- how employing your own children can be beneficial,
- the $600 billion Tax Gap and the resulting random IRS audits,
- the benefits of filing your amended returns electronically,
- new IRS audit guidelines for contractors, and
- help for those businesses that got behind in payroll taxes during COVID.
We also discuss Paul Kruse, a fraudster that got taken down by one mad mama.
In this episode"
- Updates to ACA ("Obamacare")
- Restaurant Revitalization Fund is running out of money.
- Non-taxable Unemployment Payments will be refunded.
- W-2 "Mismatched Notices" will no longer be mailed.
- HSA and FSA amounts raised for 2021.
We also tell the story of Paul Ceglia, who tried to sue Mark Zuckerberg of Facebook for more than 50% of Facebook's worth.
In this episode of Accounting and Accountability the team reviews:
- The Restaurant Revitalization Fund
- President Biden's proposed tax law changes in the American Families Plan
- Higher Child Tax Credit
- Changing Tax Rates
- Capital Gains impact
- Like Kind Exchange changes
- Current state of IRS refunds
We'll also talk about the story of Rodney Hailey, who made millions with smooth talk and a good excel spreadsheet.
This episode brings news from the front lines regarding the Premium Tax Credit and Child Tax Credit information. Meals are now 100% deductible for 2021 and 2022!
We also delve into money laundering and the 2014 "Fashion Police" bust.
This episode brings lots of great information on the further impact of the American Rescue Plan. Included is:
- Automatic refunds for taxed unemployment payments
- The Shuttered Venue Operator grants available for movie theaters, theaters, zoos, and many more in the entertainment/sports industry
- Extension of PPP
- Tax season extensions
- Retirement contribution extensions
- Restaurant Revitalization Fund grants
- Expansion of Paid Sick Leave
- Employee Retention Credits (and the filing of 941s)
This special release comes after the signing of the American Rescue Plan Act of 2021 March 11, 2021. The highlights of this bill that are discussed are:
- Individual taxpayer stimulus payments;
- Exclusion of 2020 unemployment compensation from taxable income;
- Changes in Child and Dependent Care Credits;
- Changes in the Child Tax Credit;
- Student Loan Forgiveness is nontaxable;
- SBA Disaster Loan payments are deferred;
- Restaurant Revitalization Fund has been created;
- Paid Sick & Family Leave Credit has been modified and extended; and the
- Employee Retention Credit has been extended.
Faw Casson reviews key points of the American Rescue Plan Act of 2021. This bill was signed by the President after the recording of this podcast. Please look for a special release episode offering more details of the bill on 3/17/21. We discuss Chris Parris, who tried to swindle the US Dept of Veterans’ Affairs and delve into the COVID fraud that running rampant and how you can protect yourself.
Faw Casson reviews deceased taxpayers eligibility for stimulus checks, paid sick leave credits, IRS notices that were mistakenly sent and PPP loan updates. Then you'll hear the tale of Robert Smith, a leader who make a few mistakes.
Faw Casson reviews the newest proposed COVID-19 relief package highlights including new stimulus payments for individuals, the potential enhancements to the Earned Income Tax Credit, and talks of an increase in the Child Tax Credit. Are you a sole proprietor? There are benefits from deferring your Social Security Tax and the Paid Leave Act that you should hear about. Also, we review the story of Scott Menaged, star of reality TV’s “Property Wars” and hear how he literally cheated his business partner to death.
Faw Casson discusses the huge impact the Employee Retention Credit could have on our struggling local businesses, Biden's plans for the future and more. Then they delve into the tale of David Brooks, who could have been a hero but was overrun with greed.
This week we dive into the second round of Payroll Protection Program loans and discuss what is different and what has changed from round one. Then we discuss the Employee Retention Credit that is now available to those businesses who took advantage of the PPP loans.
Our white collar crime story focuses on Joel Steinger and his brothers and their scam with Mutual Benefits.
Team Faw Casson reviews the Consolidated Appropriations Act, the new round of PPP loans available in 2021 and other updates in the Act. Brian discusses Charles Ponzi, the namesake of the Ponzi Scheme.
Faw Casson discusses tax planning tips for 2020, updates on PPP loans and the Delaware Relief Grant, and the newest tax scam making its rounds.
They then take a look at the rise and fall of Theranos and its founder and destroyer, Elizabeth Holmes.
Brian and Tammy review the necessity of year end tax planning and the newest updates on PPP loans. Then we review the story of Kenneth Star, financial advisor to the stars.
Faw Casson reviews some of the differences between President Trump's and Presidential Candidate Biden's proposed tax law changes as we head toward the election. Then we take a look at the Queen of Mean: Leona Helmsley.
Tammy and Brian catch you up on PPP loan forgiveness, DE grants, and changes for 1099s and the story of the rise and fall of Arrow Trucking and Doug Pielsticker.
Brian Stetina and Tammy Ordway review the Payroll Tax "Holiday", the IRS sending notices to people who have already sent in checks for tax bills, and Delaware Relief Grants. Brian fills us in on some tax deductions that sound outlandish, but have been approved by the IRS.
Brian Stetina and Tammy Ordway review the current questions plaguing business owners in Delaware, Maryland and beyond. Tammy tells of the white collar crimes of Marcus Schrenker, the financial advisor who attempted to fake his own death after robbing many of his investors.