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:  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: 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.  Epe3F995vSyskPLREfmj

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.