Accounting and Accountability

In this episode: A practical look at proposed IRS reform and why better customer service, clearer appeals rights, and stronger taxpayer advocacy matter to everyday taxpayers and business owners. A timely reminder about April tax deadlines, including the difference between an extension to file and an extension to pay. What taxpayers should know about the IRS shift away from paper checks, and how that could affect refunds, estimates, and tax payments. A candid discussion about what happens when you owe the IRS, including payment plan options, costly mistakes, and why tax planning matters more than panic. Easy-to-follow insights on gift and estate planning strategies, including annual gifting rules and key filing requirements families often miss. A useful overview of charitable giving strategies through IRAs and how they may benefit certain taxpayers. Important filing issues that can come up after the death of a spouse, including deadlines and portability considerations. Common audit triggers, popular tax scams, and the kinds of "too good to be true" tax advice business owners should avoid.

In this episode: A little-known tax opportunity involving long-term care costs that can significantly reduce taxable income if handled correctly Why medical expense deductions aren't as straightforward as people think, and how thresholds and documentation come into play The real story behind deducting vehicles for business use, including where people tend to overestimate what they can write off How newer depreciation rules and limits impact big purchases, especially vehicles and equipment Key deadlines and elections business owners often miss, and how those timing decisions can affect taxes A candid look at how artificial intelligence is rapidly changing accounting, bookkeeping, and financial reporting Practical ways firms are already using AI to save time, improve accuracy, and streamline client work What business owners should expect as technology becomes more embedded in financial operations, whether they like it or not A shift toward more modern, digital client experiences, including changes to billing and payment processes

In this episode: Why tax season gets significantly more intense in March, and why accountants push for earlier deadlines to ensure returns are accurate and thoroughly reviewed. How accounting firms stay engaged in their communities even during the busiest time of year, including charitable initiatives and local philanthropy. A lesser-known tax rule affecting investments in physical gold and silver, and why these assets are taxed differently than many other investments. Planning strategies involving IRAs, including how charitable distributions can reduce taxable income while supporting causes you care about. What beneficiaries need to know about Required Minimum Distributions after inheriting an IRA, and the potential tax consequences of missing them. A detail many business owners overlook about tip deductions for self-employed individuals and why proper reporting matters. A recent change to the business interest deduction rules and how it may impact larger businesses starting in 2025. Important filing deadlines for businesses and partnerships during tax season, and why extensions are often part of a smart filing strategy. What really happens if taxes aren't paid on time, including how IRS interest works on both unpaid balances and delayed refunds.

In this episode: What the expanded SALT deduction really means, and how income limits and payment timing can impact your 2025–2029 strategy. New charitable contribution limits in 2026 and smart planning moves high earners should consider now. How itemized deductions and education credits are shifting, including common (and costly) mistakes to avoid Real IRS court cases entrepreneurs can learn from: innocent spouse relief, attorney fee limits, and conservation easement scrutiny. Why setting up an IRS online account matters and what IRS budget cuts and new whistleblower rules signal for enforcement going forward.

In this episode: Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability. A look at the proposed depreciation of primary residences, a radical idea never seriously floated in prior administrations. Update on student loan garnishments: 2025 refunds will not be seized for defaults, offering temporary relief to millions. Confirmation that military housing dividend checks ($1,776) are non-taxable. New installment option for taxes on the sale of qualified farmland to other farmers, under strict use restrictions and the new Section 1062. Tax implications of NIL (Name, Image, Likeness) income for college athletes, including federal taxability and potential self-employment tax. Discussion on IRS readiness issues: 2M+ unprocessed returns, phone line service drops, and staffing shortfalls. Urgent heads-up: IRS is now using processing date—not postmark date—for paper filings, emphasizing the importance of e-filing or certified mail.

In this episode: IRS electronic filing systems are closed until January 26, delaying returns and refunds. Some state tax forms won't be ready for filing until late February. IRS staffing shortages are causing longer response times across the board. Paper filing and paper checks are being phased out in favor of electronic methods. New deductions and credits under recent legislation may increase refund amounts. Employers must follow updated guidance when reporting 2025 overtime on W-2s. Identity theft during tax season is increasing; IRS Identity Protection PINs can help. New rules impact charitable donations of non-cash items and vehicle contributions. A proposed bill could increase the capital gains exclusion on home sales. E-filing and online payments are now required for many taxpayers and businesses. Extensions are common and often necessary when waiting on corrected or delayed tax documents. Form 1099 filing must be completed by January 31, with e-filing required if over 10 forms are issued.

In this episode: Why "goals" beat New Year's resolutions (and how business owners can take that mindset into tax season). A rundown of 2026 tax law changes that matter most for business owners—especially those involving deductions, 1099s, and retirement contributions. Proactive security and document exchange tips during tax season (and why SafeSend might be your new best friend). Key updates for employers: 1099 filing thresholds are changing, and new fringe benefit rules might affect your planning. Why HSAs and Roth 401(k) catch-ups are worth a closer look this year. Diane Laird, Downtown Dover Partnership Diane Laird, Executive Director of the Downtown Dover Partnership (DDP), shares how Dover's revitalization has evolved from piecemeal, market-driven change to a coordinated, community-led transformation. With decades in interior design and urban policy, she explains how a master plan has brought together public, private, and nonprofit stakeholders under one vision. Key projects like the Mobility Center and a mixed-use redevelopment of the old Acme site are already underway, backed by creative financing and strategic zoning changes. The DDP's new nonprofit, Capital City Transformation Alliance, will reinvest parking revenue directly into future improvements, an unusual and impactful move. Diane also previews Winterfest 2026, a free downtown celebration with ice sculptures, food trucks, music, and more—all part of a broader effort to boost foot traffic, local pride, and small business success downtown.

In this episode: What Trump Accounts are, who qualifies, and why parents of young kids should pay attention in 2026. How the "no tax on tips/overtime" headlines are misleading and what employers need to prepare for now. Why hobby losses are red flags for the IRS, especially for side gigs that never turn a profit. A timely breakdown of gift tax rules, including how to move money to family members tax-free and when you do have to file something. Creative ways to give to charity, including donor-advised funds and how businesses can deduct donations as advertising.

In this episode, we explore some of the most important tax updates and strategies that business owners should have on their radar. Topics include: A game-changing update that makes a popular capital gains deferral tool available for the long term A new IRS process that could save compliant taxpayers time and frustration when dealing with penalties A significant tax credit for businesses that invest in employee childcare and support services How the IRS is finally adding clarity to error notices, and why it matters for your bottom line What's coming soon to simplify cryptocurrency tax reporting for both individuals and businesses Key year-end tax strategies you may still have time to take advantage of A major change in Delaware's approach to depreciation, and how it could impact planning New deductions tied to everyday financial choices, like vehicle loans and charitable giving Expanded options for using 529 Plans that go well beyond traditional college tuition

In this episode: Why outdated beliefs about avoiding taxes on home sales can be costly, and the real rules you need to follow today. A surprising stat on how much of the country's income taxes are paid by just the top 1%. Key updates to Social Security thresholds, earnings limits, and the wage base for 2026. Smart year-end tax strategies that look beyond just 2025. A heads-up on the expanded SALT cap and how it might make itemizing deductions worth another look. A creative way to turn your home into a source of tax-free income for up to 14 days. The new age for RMDs, why inherited IRAs can trigger unexpected tax burdens, and how to rethink your Roth. Inclind founder, Shawn Tyndall, joins us and shares the lessons he learned scaling a web design and digital marketing firm from a college startup to a nationally recognized remote agency. He explains why specializing early matters, why client relationships trump one-time projects, and how his team thrives by keeping websites simple, fast, and evolving. From building trust beyond state lines to hiring for remote success, Shawn's insight is a blueprint for sustainable, tech-savvy entrepreneurship.

In this episode: C vs. S corp: where taxes really hit LLCs vs. S corps: payroll and flexibility Double taxation decoded Profit splits: fair or fixed? When losses save you money Recourse vs. nonrecourse debt explained Why planning before filing matters Clean books = real tax options Hiring experts beats DIY mistakes Paying advisors as an investment Today on the podcast, we're joined by Christopher VonLindenberg, Founder and CEO of Lindenberg Financial. Chris is a lifelong entrepreneur with a passion for helping people unlock their potential, both financially and personally. In our conversation, he shares how growing up in a blue-collar family shaped his work ethic, how he learned to redefine success beyond "just working harder," and why he believes true financial planning starts with life planning. Episode Overview: In this episode, listeners will hear: How Chris turned uncertainty about his future into a career built on service and entrepreneurship. Why "living life while you work" matters more than saving it all for retirement. The difference between working in your business and working on your life vision. How collaboration between CPAs, financial planners, and attorneys creates better outcomes for clients. Why tax and financial planning shouldn't happen in silos—and how proactive teamwork can change your financial trajectory. The art and science of planning: blending data with human goals to build lasting confidence. By the end, you'll walk away with a renewed perspective on money, purpose, and how building the right advisory team can help you live life, not just plan for it.

In this episode: What the IRS's latest move on paper checks means for your refund timing. The "tip deduction" that could put more money back in the pockets of both employees and self-employed workers. New per diem rates that might change how your company reimburses travel. A helpful update for farmers dealing with drought-related losses. What crypto investors should watch for in their mailbox this coming tax season. Inside scoop on IRS staffing challenges, and how that could delay refunds and responses. The ripple effect of new legislation on tax software, filing timelines, and your 2026 tax prep. This week on Accounting and Accountability, Tammy and Hilari sit down with Amy Thompson, President and CEO of the Greater Ocean City Chamber of Commerce, to pull back the curtain on what it really takes to keep a beach town's business community thriving year-round. Amy shares how Ocean City's economy is evolving beyond tourism, why festivals like Oceans Calling and Country Calling are a massive win for local businesses, and what legislative issues are making waves, from short-term rental regulations to the offshore wind debate. Listeners will hear how the Chamber advocates for small business owners at every level of government, why membership is more than just mixers and ribbon cuttings, and where the next wave of entrepreneurial opportunity may be hiding in Ocean City.

In this episode: Navigating government shutdowns and IRS updates for business owners The impact of state vs. federal marijuana laws on business deductions Understanding the QBI deduction and how it affects entrepreneurs Beneficial ownership reporting: what changed and why it matters Key tax deadlines and what to do after tax season Foreign bank account reporting requirements (FBAR) State-specific tax law changes (Maryland vs. Delaware) Deep dive into the Research & Development (R&D) tax credit: Who qualifies and the four-part test Real-world examples for startups, manufacturers, and tech companies Payroll tax offsets for early-stage businesses Documentation tips and audit triggers Common misconceptions and maximizing your credits

In this episode: • Why the IRS is phasing out paper checks and what that means for paying or receiving tax refunds going forward • How misleading labels on draft IRS forms could confuse clients (hint: "No Tax on Tips" doesn't actually mean that) • A major 401(k) rule change for high earners that could impact catch-up contributions starting in 2027 • Year-end tax planning tips for business owners, including strategies you must act on before December 31 • Smart ways to manage estimates, avoid penalties, and use paycheck withholdings to your advantage If you want fewer surprises come April and smarter decisions in Q4, don't miss this one.

In this episode: Clarification of the Tip Deduction: What it actually is, how it's not "No Tax on Tips," and which industries (yes, even rickshaw drivers and tattoo artists) are poised to benefit. Leaked Treasury Industry List: Hear the early scoop on 68 job types rumored to qualify for the tip deduction—and why it's causing a stir. W-2 Changes Are Coming: Insight into new boxes (like 14B and 12A), new codes (TP, TT), and what employers will have to start tracking—possibly before the IRS even has their act together. Overtime Deduction Explained: A down-to-earth breakdown of who qualifies, how it's calculated (hint: it's just the "half" in time-and-a-half), and what the income limits are. Why Notices from the IRS or State Might Be Wrong: A frank discussion on the rise of erroneous tax notices, automation glitches, and how tax pros are battling red tape and broken phone trees on your behalf.

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. Key Takeaways: 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.