Accounting and Accountability

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:

• 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]