Accounting and Accountability – Details, episodes & analysis

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 owners.  Anita can be reached at aevans1@mtb.com if you would like more information.

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 the future.   Find Resort Palms on their website https://resortpalms.com/ or Facebook page to add tropical ambience to any outdoor setting.

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• An  IRA inherited by a non-spouse may need to be withdrawn before 10 years.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 dmc@fawcasson.com

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.

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.

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.

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.

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.