• 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.

• 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.

• 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.

• 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.

• 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 [email protected]

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.