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: Former President Trump’s proposed tax bills. New reporting of digital assets. Bi-Partisan House Bill consolidates corporate filing process, changes tax due dates and treats e-file payment as filed timely regardless of when the payment clears. Reminder that only alimony paid pre-2019 is deductible. We are joined by Dr. Dina Vendetti, President of the Central Delaware Chamber of Commerce.  She reviews how the chamber fights for legislation and represents our local businesses, how businesses can get involved and what they are currently keeping their eye on for Delaware businesses.

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 [email protected]

In this episode we discuss:  Qualified Business Income Tax Deduction for rental activity. Tax liens may result in the revocation or denial of a passport. AI tax programs are reported to be incorrect approximately 50% of the time. The "reasonable cause" defense can be made for abatement of penalties if a filing mistake is made with the IRS. We also tell the story of Jeff Carpoff's rise from a small-town mechanic to the head of a massive Ponzi scheme is a tale of ambition, deception, and excess. Carpoff's DC Solar manufactured mobile solar generators, touting them as environmentally friendly alternatives to diesel generators. Despite securing deals with big corporations and raising over $2.5 billion, the company was a sham. The generators often malfunctioned, and the revenue primarily came from new investors, not leases. Eventually, the scheme unraveled, leading to significant legal repercussions for Carpoff and his associates.

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 gain exclusion.  The details of the IRS 10-year clean-out rule for inherited IRAs. New electronic vehicle tax credit rules and limitations. Remain vigilant and skeptical upon receiving emails and texts.  There are many active scams and scam losses are no longer tax deductible. 

In this episode we discuss:  The Tax Cuts and Jobs Act of 2017 is expiring.  An extension of time to file is NOT an extension of time to pay. Congress is currently on its 2-week Spring recess, so no voting will be done regarding the proposed tax package.  

In this episode we discuss: An overview of Biden’s proposed changes to basis, estate taxes and more. Form 8962 MUST be filed for those who obtained health insurance on the exchange. New beneficial ownership requirements are under scrutiny for being unconstitutional. The IRS is paying extra attention to partnership returns. We also hear from Alicia Hollis, the Director of Community Relations for 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: 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 penalties and interest are high if you don't pay by April 18th, regardless of extension status.   We also hear the story of the "The Welfare Queen" Linda Taylor.  Linda Taylor, notorious for defrauding the welfare system, was 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 from IRAs 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 [email protected] 

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.