Episode 93: What is the Delaware EARNS Program Like? An Employer Perspective.
Release Date: 06/17/2024
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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Episode 102: Succession Planning Best Practices
Accounting and Accountability
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Episode 101: Delaware EARNS program requires action by October 15, 2024
Accounting and Accountability
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,...
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Episode 100: It's our 100th episode!!
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!
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Episode 99: Proposed Tax Changes
Accounting and Accountability
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 . 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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Episode 98: Programs available to Delaware small businesses
Accounting and Accountability
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 , Kent County Regional Business Manager for the 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...
info_outlineIn 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.