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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.
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Eksik bölüm mü var?
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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
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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!
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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.
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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.
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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.
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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]
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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