Accounting and Accountability

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• An  IRA inherited by a non-spouse may need to be withdrawn before 10 years.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.