Episode 86: What happens if you miss the Required Minimum Distribution (RMD) deadline.
Release Date: 02/09/2024
Episode 112: Contractor vs. Employee Crackdown
Accounting and Accountability
In this episode: Tax Changes Coming: New tax legislation is expected, though details remain unclear. Income vs. Consumption Tax: Some Republicans propose replacing income tax with a national sales tax—unlikely to gain traction. IRS Under Pressure: Talk of abolishing the IRS is unrealistic. Staffing cuts and layoffs have worsened service, especially for notice resolution. Startup Deductions: A proposed bill would raise the startup cost deduction from $5K to $20K, easing the burden on new businesses. Contractor vs. Employee Crackdown: IRS is stepping up enforcement. Misclassification...
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Episode 111: The Impact of Qualified Business Income Deductions Expiring.
Accounting and Accountability
In this episode: The potential impact of Qualified Business Income Deductions (QBI) expiring at the end of 2025. Bonus Depreciation may be restored up to 100%. More details emerge, clarifying the State of Delaware Paid Leave Program. In ins and outs of writing off vehicles for business use. The penalities for not complying to the Corporate Transparency Act by March 21, 2025 have been lifted.
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Episode 110: IRS cracks down on Fuel Tax fraud.
Accounting and Accountability
In this episode: An update on the tax cap for State and Local Taxes. Tax rules for gain or loss on a qualifying residence. The IRS is cracking down on fuel tax credit fraud. If you're a self-employed business owner looking to buy a home, you’ve probably heard that getting a mortgage is more challenging than for traditional W-2 employees. But why is that, and what can you do about it? In this episode, we sit down with mortgage expert Katie Stevens of Pike Creek Mortgage to break down the hurdles self-employed borrowers face and the best strategies to improve your chances of mortgage...
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Episode 109: An Explanation of the Proposed External Revenue Service.
Accounting and Accountability
In this episode: · An overview of tax policies under discussion. · Corporate Transparency Act update. · An explanation of the proposed external revenue service. · A reminder to get your tax documents into us! We also hear from Brittany La Clair, owner of the in Dover, Delaware. She talks to us about running a boutique clothing store, from inception to the daily tasks, the importance of making customers feel welcome and seen, and how to...
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Episode 108: Maximize Tax Savings
Accounting and Accountability
In this episode: Form 944 will no longer be used after 2025. Additional Foreign Tax Credit benefits. Delaware and Maryland Paid Family Leave taxability information. A deep dive into steps that can be taken to maximize tax savings now and into 2025.
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Episode 107: Business Lending Best Practices
Accounting and Accountability
In this episode: Deducting uninsured losses for damage claims in federally declared disaster areas. Inherited IRA changes. New rates for 2025 including IRA distribution, fit taxes, and mileage Beneficial Ownership Reporting for FinCEN status may not be determined until March 2025. Anita Evans, Vice President of Business Banking and Senior Relationship Manager for M&T Bank, joins us on the podcast to kick of 2025. She discusses things you should consider when acquiring a loan, the importance of having an open and honest dialog with your lender and best practices for business...
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Episode 106: Beneficial Ownership Reporting Update
Accounting and Accountability
In this episode: Update to the FinCEN Beneficial Ownership Reporting deadline. Catch-up contributions are available for retirement plans for limited age groups. Some Employee Retention Credits are still not processed. New lines will be on individual tax returns for cryptocurrency and 1099K reporting of digital assets. Delaware Lodging Tax starts in 2025. We also hear from Tim Jones, owner of Resort Palms in Maryland. Tim tells us about the magic of being in the right place at the right time, understand your business goals and setting yourself up for success, and how to plan for...
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Episode 105: Tax Planning Special
Accounting and Accountability
In this episode: Best practices for Installment Sales. The current gift tax limits. IRA owners that are over 70.5 years old can transfer money directly to a charity for enhanced tax and estate planning. In addition, listen in to our tax planning segment for strategic planning tips going into 2025 for both individuals and businesses.
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Episode 104: An overview of President Elect Trump's proposals
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 on Forrest Ave in Dover, DE or on Facebook or Instagram at @CleanEatzDE.
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Episode 103: Inflation Numbers Reported
Accounting and Accountability
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...
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- 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.