Accounting and Accountability

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.

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.

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.

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.

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.

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.

In this episode: An overview of what the government may have on the horizon for 2024 for the Research and Development Credit, Bonus Depreciation, and interest deductions. The IRS continues to fight false Employee Retention Tax Credit claims. An explanation of Section 1202 of the Tax Code. A look into tax credits for builders of energy efficient homes. The tax rules for vacation home rentals. We also hear from Quintin Richardson, the owner/operator of Legacy Fit 302, LLC. Quintin talks to us about taking the leap from idea to business model, the joy helping others brings to him, how to juggle being a dad of (almost) 2 with his business goals, and how he helps his clients realize their fitness potential. Find him on his website at https://legacyfit302.com/ or on Facebook at https://www.facebook.com/Trainupersonaltraining/about

In this episode we are joined by Ingrid and Amy Hopkins, of Hopkins Heartland. They tell us all about their journey leaving the 5-generation Hopkins Farm to pursue their own careers, and how the farm called them back to create something unique to Delaware. Hear about their persistence in changing legislature, the importance of hiring the right people, and how their visions of the farm are helping preserve their family's legacy for generations to come.

In this episode: Tax extenders will be needed around election time. Know the IRA rollover rules. Find out the updates on estate and gift tax limits. The legal costs for fighting IRS rulings may not be reimbursed. The IRS has delayed the 1099K reporting threshold. Also, we hear the scam story of the Great Diamond Hoax of 1872. Sources: The Dollop Podcast Episode 235 https://open.spotify.com/episode/26NdQWRuKDrmk16k80bNlG Legends of the Old West Episode 3 https://player.fm/series/legends-of-the-old-west-2390488/swindlers-ep-3-the-great-diamond-hoax Wikipedia https://en.wikipedia.org/wiki/Great_Diamond_Hoax#:~:text=The%20diamond%20hoax%20of%201872,Francisco%20and%20New%20York%20City.

In this episode: Electronic vehicle rebates versus tax credits. There is an increase on retirement plan contributions for 2024. Most donated inventory may not be deducible as a charitable contribution. It's time for tax planning strategies! Delaware Family Medical Leave Act is ramping up. Listen in for details. We are also joined by Maggie Haass, co-owner of Evergreen Farms. Evergreen Farms is a 22-acre working farm nestled in the countryside just outside of Dover, Delaware. Maggie and her husband run this beautiful event venue. Listen to what she has to say about running a business, taking leaps of faith to go after your dreams and relying on experts to help you get to your goals.

In this episode: Overview of tax and other benefits from having a Health Savings Account (HSA) health plan for medical expenses. The IRS is cracking down on the misuse of the fuel credit. Software development may be used to qualify an entity for the Research and Development Credit. The Social Security Wage Base makes another jump. The IRS has released the current tax-gap numbers. The IRS is allowing Employee Retention Tax Credit claims to be withdrawn if you feel you filed erroneously. We also hear from Kelly Manchester, President and CEO of Corp 1. She speaks with us about the importance of taking care of your team, how incorporating services can benefit a business, and the necessity of good client experience. She also fills us in on the Corporate Transparency Act. This new Act will involve costly penalties for those who don't conform timely. We highly encourage you to listen and educate yourselves and your business!

In this episode: Student loan interest is deductible, with limits. The 2024 travel expenses per diem have been released. The IRS has stated it's pausing some audits for professional service businesses. Make sure you have a beneficiary listed on your retirement accounts. We are joined by Daniel Yearick, the Facilities & Event Operations Manager at DE Turf Sports Complex. He talks to us about raising funds for a large enterprise, how the sports complex has benefitted Delaware and it's tourism, how working with our state government helped the complex get off the ground, and the amazing programs they have going on and planned for the future.

In this episode: New mandate requires some 1099s and W-2s to be e-filed in 2024. Home office depreciation may impact tax on home sales. Home interest deduction rules reviewed. Bonus depreciation changes may impact tax planning strategies. We also hear the story of Anthony Gignac, who portrayed himself as being a Saudi Prince to get all he could out of life, and everyone around him. Research from: "The Con" Season 1, Episode 5 "The Royal Con" Red-handed Podcast - Episode 303: Anthony Gignac: Prince of Fraud https://en.wikipedia.org/wiki/Anthony_Gignac

In this episode: How long should you really keep tax documents? C-Corp & 1040 tax deadline is 10/16/23. New beneficial ownership reporting starts on 1/1/2024. There will be steep penalties for noncompliance. We also talk to Lisa Ratliff and Shannon Mercer of The Little School. We hear about the school's long history, the fine line business owners have to walk between salary and revenue, and the very real issue of the childcare crisis and how it is impacting businesses in Delaware.

In this episode: Talks of expanding Net Investment Income Tax. Simple IRA may be a good fit for your business. Extension of IRA catch-up contributions. Brokers have new digital sale reporting requirements. IRS is increasing interest rates. We are joined in the studio by George Dobbins, owner and trainer at CrossFit Dover, Delaware's first CrossFit Gym. He speaks of his evolution as a business owner, the importance of having the correct mindset and how his team is helping the youth of Dover, Delaware.

In this episode: Avoid heavy penalties by disclosing any accounts you hold in other countries that total over $10,000. "Back door tax increase" created by new 401(k) catch-up contribution rule. Revocable Trusts: explanations and best practices. We also hear from Todd Stonesifer, President of The Moving Experience, a local real estate brokerage on how he's shaking up the real estate business. Todd is also the President of the Board of Directors for the Downtown Dover Partnership. He fills us in on the big plans starting to unfold in Downtown Dover, Delaware and what's next on the list to revitalize the area.

In this episode: Continuing issues and scams with ERTC. Be vigilant for cyber-fraud attacks. Issues with inaccurate penalty notices. The IRS announces that they've lost tax documents.

In this episode: Inherited IRAs - Different rules on distribution requirements. New IRS targets for LLCs and LLPs. Mortgage interest limitations on personal residence and secondary homes. New IRS scam arriving in the mail. IRS says they will no longer be conducting surprise on-site visits. We are also joined in the studio by Keith Adams, owner and operator of Vivids Video Productions in Seaford, DE. He talks to us about following your passions, the importance of overcoming things that cause discomfort in order to enhance your business, and how video can be used to impact a business's bottom line.

In this episode: Withholding taxes from your IRA to cover estimated tax payments. Usings Section 179 instead of Bonus Depreciation. Retirement planning strategies for business owners. Employee Stock Ownership Plans (ESOP) - What they are and when they're a good fit. We also speak with Christopher Baker, P.E., President and CEO of George & Lynch, Delmarva's top infrastructure contractor. He speaks about the history of George & Lynch and what it takes to reach a business's 100-year anniversary. He also talks about creating ESOP plans to give employees a greater sense of ownership of the company, how supply chain interruptions impact a business, and what George & Lynch has planned for the future.

In this episode: Top reasons to avoid paper filing a return (and avoid the backlogs at the IRS). The State of Delaware has issued more erroneous notices. A look into 1031: Like Kind Exchanges. We also hear the story of Rudy Kurniawan, the notorious wine counterfeiter, who captivated the wine world with his elaborate scam. He lived a luxurious life, charming collectors with his extensive wine knowledge. Using blending techniques and counterfeit labels, he sold fake wines at high-profile auctions, fooling even experts. His downfall came when suspicions arose, leading to his arrest in 2012. Kurniawan's case exposed the need for stricter authentication measures and damaged the reputation of auction houses.

In this episode: The IRS is still revealing plans for the $80B of Congressional support. We review what amended returns are and the current IRS processing timelines. The next due date for estimated taxes are June 15th. We discuss why timely estimated tax payments are so important. The possible add-back of Maryland State Taxes paid on Federal Returns. We also hear the white-collar crime story of Scott Tucker, a man who seemingly had no compassion for his fellow man. Scott opened several Payday Loan operations, with aggressive underhanded tactics designed to trap borrowers, many of whom were already living paycheck to paycheck, into a never-ending spiral of debt. He also used Native American tribes to conceal his ownership while he bought luxury homes, a private plane and an entire race car team.

In this episode: A review of clean property and energy efficient tax credits that are available now. Tax strategies and savings opportunities for hiring your children. HSA contribution limits are on the rise. Donations of vacation homes for charitable events are not tax deductible. We are joined by Todd Roselle, CFP, ChFC, the President and Founder of Blue Rock Financial Group. We discuss what business owners should be aware of, commonly overlooked tactics, and the importance of being consistent and disciplined when working towards your goals.

In this episode: 1099K reporting changes may be on the horizon for 3rd party payment users. The electric vehicle tax credit has been updated. For full details, please read our blog article at Discover the Tax Benefits of Owning an Electric Vehicle on our website. Tax estimators are available on the IRS website to assist taxpayers in choosing the appropriate withholding amounts. IRS Tax Withholding Estimator Form 990 for nonprofits may be due by May 15th, 2023. IRS Notice CP2000 indicates a discrepancy on your tax return between what you reported and what other sources indicate you should have. It's important to respond timely. Our guest this week is Delaware Treasurer Colleen C. Davis. She discusses her office's priorities, what businesses and individuals can look to Delaware for help with, and specific legislation such as the Delaware EARNS program, the Delaware ABLE plan, and the DE529 Education Savings plan.

In this episode: The IRS has released a 150-page blueprint for the $80B of approved spending. Last call for any 2019 returns with refunds to be filed. They must be filed by 7/17. Form 944 may be being eliminated for business filers. We also speak with Ritchie Thurman, President of Arbor Care Plant & Turf. He discusses the importance of a good corporate culture, how to present your value to your customers and the need to present your knowledge in a concise and relatable way.

In this episode: Tax Day is April 18, 2023 this year. A breakdown of Capital Gains, Like-Kind Exchanges and related strategies. Social Security wage base is on the rise. IRS penalties and interest are high if you don't pay by April 18th, regardless of extension status. We also hear the story of the "The Welfare Queen" Linda Taylor. Linda Taylor, notorious for defrauding the welfare system, was a woman of multiple aliases and faced numerous accusations of criminal activity. Her reputation as a welfare recipient who drove a Cadillac continues to be widely recognized.

In this episode: Going on extension does not mean that you will be flagged for an audit. Remember that extensions are an extension of time to file, not an extension of time to pay. 529 Plan distributions can be used for educational costs other than college. The current administration is looking at increasing long-term capital gains and corporate tax rates. The rules for taxing unrealized gains at death. The stats for high-income earner tax rates. We are also joined by Tenish Gregory, Director of Operations, and Amy Strickland, President of the Board, of the CenDel Foundation. Hear how you can start your journey of charitable giving, the most tax advantageous ways to give, and how to keep your money working for your local community. You can support the CenDel Foundation at their Dueling Piano event on May 12, 2023, from 6:00 pm-9:00 pm, featuring the Philly Keys at Evergreen Farms. Find ticket information here and follow their Facebook page to see how they're helping Kent County.

In this episode we discuss: The current rules for how using, trading and selling virtual currency is treated for taxes. How to report Charitable Distributions on your taxes. Beneficiaries of deceased taxpayers must withdraw all RMD before the end of the year. Foreign accounts must be disclosed to the IRS. There are penalties per form not filed. The Employee Retention Credit is under scrutiny by the IRS do to fraud. The IRS is still behind on payroll and amended returns.

In this episode we discuss: Many tax credits and deductions are slated to end in the next few years without legislative changes. New rules allow for tax credits for additional types of electronic vehicles (EVs). The IRS has declared the 2022 tax stimulus payments as non-taxable. Three tax-prep companies have been accused of selling private client information. We also hear from Mandy Talley-Kaufman, owner of The Kritter Sitter a Pet Sitting and Transportation business that has been in operation for 16 years. She talks to us about the importance of hiring professionals that are licensed, insured and trained, the difficulty of hiring staff in this current climate, and her love of running a local business.

In this episode we discuss: The IRS has hired 5,000 service operators. Find out how it may impact tax season. Form 1099K reporting requirements (for businesses that use 3rd party payment vendors such as Venmo and Paypal) for 2023. One-time charitable giving is allowed from IRAs for those under 59.5 years old without penalty for qualified circumstances. Bonus Depreciation starts to drop this year, falling to 80%. Find out what you should do to prepare. Depreciation caps on business vehicles has increased. Form 1099s may now be filed directly on IRS.gov. We also hear from Bobbi Jo Webber, of Webber Family Farms. She gives an insider's look at what it takes to run a large agribusiness operation, what it really means to have organic chickens, and how she strives to educate the public for a better understanding of where their food comes from. For great videos and updates, follow the "Follow the Field" and "Follow the Flock" series on their facebook page at Webber Family Farms.

In this episode: We'll review the tax due dates you should be aware of for 2023. 1099s: Penalties are steep for not filing! Find out if you need to. We also hear from Mike and Jessica from Fifer's Orchards. They discuss the importance of listening to your customers and acting on their input, how they're continually evolving a business started in 1919, and the many facets of their family run farm and agritourism business.

In this episode: Secure Act 2.0 has passed enhancing many retirement savings opportunities such as: New employees must be automatically enrolled in company savings plans, unless they opt out. There are new Catch-Up Contribution rules. The Required Minimum Distribution (RMD) has increased. Part-time employees are eligible to enroll in company saving plans sooner. Employers may provide retirement saving contributions to match what an employee is paying in student loan debt. Unused 529 Plan funds may be rolled into a Roth IRA. The rules for electronic vehicle credits. The solar panel credit was extended. Bonus Depreciation drops to 80% in 2023. New mileage rates for 2023. We are joined by Trey Wallace, of Pratt Insurance in Smyrna, DE. We hear how Pratt has lasted to be 143 years old, common insurance issues that small businesses overlook, and how global disasters impact our community.

In this episode we discuss: Worker Classification: The IRS is still taking a hard look at the distinction between an employee and a contractor. Make sure you've identified your workers correctly. Passive Loss Rules: Know the rules of what you can claim from passive activities. 1099K new filing rule, which was going to require the issuing limit to drop to $600 or more, has been suspended. Omnibus Bill has been passed by Congress and is waiting the President's signature. Here details of how the Secure Act 2.0 will impact your tax situation. Automatic enrollment in employee retirement plans. New catch-up rules for retirement savings. Matching Student Loan payments. We also hear the story of "Dr." Malachi Love-Robinson. A 17 year-old who posed as a doctor and defrauded patients out of their money.

In this episode: We review itemization rules and strategies for 2022 returns. Tax season will end on April 18, 2023, but don't leave your preparer in a bind by waiting until the last minute. Certain digital currency and digital asset transactions are taxable. Make sure you know what to report. IRS interest rates are on the rise for 2023. Also, Carly Horton, the Area Operations Manager for the Delaware Department of Labor Division of Employment & Training, talks to us about some amazing opportunities from the State of Delaware for continued education. She provides all the details you need as a small business to provide your employees with opportunities to continue their training or become trained in new areas through the Elevate Delaware program. If you're interested in further details for your employees, reach out to Carly at [email protected]

In this episode: The tax-gap is on the rise. Here what the IRS says is the cause and how they intend to correct course. 1099 deadline is on January 31, 2023. 1099-Ks: There are new filing requirements for 3rd party payment businesses such as Venmo and Paypal. Estate and Gift Tax Exclusions will be more in 2023. We also hear from Lincoln Willis, Chief Strategist and owner of The Willis Group, LLC. He speaks about his path to becoming a lobbyist in the State of Delaware, his experiences advocating for his clients, and what Delaware business owners should be aware of.

In this episode: The many benefits of having an HSA (Health Savings Account). Equipment purchased prior to year end must be placed in service prior to January 1, 2023 to be a tax benefit. The IRS still has a substantial backlog. If you haven't filed yet, you should do so immediately to avoid filing a paper return. We also hear from Keith Irwin at Old World Breads Bakery in Lewes, Delaware. Hear about his amazing history in the culinary industry, his family run business, the ups and downs of running a business, and most important THANKSGIVING PIE ORDERS!!!

In this episode: Tax Planning tips for the end of 2022. Charitable giving for tax savings. Opportunities to offset tax on stock gains. Inflationary increases for retirement plans have been released. We also hear the story of Nathan Mueller, who after a year of temptation, succumbed to the draw of stealing from his company, ING. He started small and before you know it was stealing MILLIONS every year. Find out how he took more than $8 million from his company before he was finally caught.

In this episode we discuss: Electronic vehicle credit qualifications have been further defined with remarkable limitations. There are new proposed regulations for inherited IRA payouts. IRS scams and aggressive attempts surrounding COVID relief funds are on the rise. The latest information has been released on the taxation of the marijuana industry. We also hear from Dawn Ehman, owner and operator of YogaVibez Studios and OC SUP & Fitness. She lets us in on how she went from a career as an accountant to running 2 fitness businesses with 4 locations. She tells us what it took to get a business off the ground from the germination of an idea to where she is today, and the importance of recognizing what each unique person brings to the table.

In this episode we discuss: The IRS is offering a Form 1023-EZ for nonprofits to apply for nonprofit status. Payroll Protection Program funds that were received because of fraud may be taxed as taxable income. New per diem rates have been defined for 2023. Many taxpayers are still waiting for COVID relief funds to arrive via Form 941X. Many businesses that needed relief from these funds are still waiting over nine months after their application. The IRS has big plans for their 80 billion in extra funds. We hear the story of Tre Sorelle Dolce, a local ice cream parlor, handcrafted coffee boutique, gourmet stuffed waffle shop, mini golf course and seasonal ice-skating rink. Its owner, Mike Marasco, tells of his entrepreneurial journey from starting a landscaping company at age 13, to owning a thriving one-of-a-kind establishment right in the heart of Delaware. He, his wife and daughters have brought a small ice cream stand to what it is today with a lot of love, teamwork and vision.

In this episode we discuss: Forgiven student loans are not taxable on a federal level, but your state/locality may be different. The IRS has announced that they will give relief for the failure to file penalty for 2019 and 2020 returns. The IRS is enhancing focus on compliance for Subchapter – S and Partnerships. Expect enhanced questioning regarding virtual currency on 2022 Individual Tax Returns. Erroneous IRS Notices Did you know that the FBI estimates 10% ($80B) of all PPP funds were taken by fraudsters. Additionally, $90B up to $400B of COVID unemployment programs are thought to have been defrauded, half of which is thought to have been stolen by international hackers. We hear the story of the worst of the worst. Richard Ayvazyan and his wife Marietta Terabelian, along with several members of their families stole over $20M in PPP loans and Economic Disaster Loan funds. Hear how this California couple defrauded America and then fled.

In this episode we discuss: The Inflation Reduction Act has passed. There are energy improvement credits available. The electric vehicle credit has been revamped. The IRS has been given additional funding for improved customer service and agents. There are small business startup funds available for qualifying research and development costs. Passthrough entity taxes are due 9/15. We also hear from our guest, Kristin Garramone, of Roma Italian Ristorante and Sul Tempo Cocktail Lounge. She tells us about their vision of creating a classic Italian restaurant with a new twist, persevering through COVID and the current staffing struggles, why being a restauranteur means so much to her, and what's next for Roma.

In this episode: The IRS is keeping a watchful eye on cryptocurrency transactions. Make sure you know your facts. Additional childcare covid relief is now expired. Have you planned for your 2022 tax return accordingly? Are you donating a car or large item? Know what is required for your taxes. The Inflation Reduction Act is moving through government channels. Are you using propane in your work vehicles or equipment? Make sure your preparer is aware. There's a tax credit for that. Substantial penalties may be assessed for undisclosed foreign accounts. Special guest Tim Bailey, the Executive Director of the Central Delaware Habitat for Humanity, joins us. We talk about the history of CDHFH, how inflation and COVID has impacted the organization, current initiatives and how the community can get involved.

In this episode: The Build Back Better Bill (BBB) is currently being held from passing as-is. The IRS assessed 37.3 billion returns for civil penalties in 2021. US Citizens working overseas must still pay US taxes, although some specific situations may be excluded. There are currently 9.3 million paper returns from 2021 awaiting IRS review. The State of Delaware recently passed a bill allowing for additional tax savings for Delaware residents retiring from the military. Our guest this week is Katie Davison, the General Manager of Kent Construction. She speaks about company culture, the importance of technology and doing more with less, and the struggles industries that have to provide price quotes are facing with constantly fluctuating supply price points.

In this episode: The IRS will start using voicebots for incoming calls regarding collections with plans to expand its usage. New Overtime Rules will potentially be released this fall. If cryptocurrency is being used it triggers a taxable event. The IRS is cracking down on these transactions. We review new policy proposals from the Biden Administration. Now is the time to organize your tax records and QuickBook files. Your CPA will be able to help you with tax planning. There's not much that can be done to reduce tax liability in February-April. We also hear the story of James Duncan and his partner Hendrix Montecastro who convinced investors to invest in their real estate investment Ponzi scheme, leaving many of them in extreme debt and worse.

In this episode: We review the Wash Sale Rules for stock. We discuss the nuances you should be aware of regarding Capital Gains Tax. If you want to elect portability, you MUST file an Estate Tax Return. The annual gifting amount of $6,000 can be placed directly into an IRA for a child, IF that child is earning income. Bank accounts in foreign countries MUST be disclosed to the IRS. Hiring your child is a great tax strategy. We also hear from our guest, Pastor Jamillah A. Mantilla, Ph.D., MBA. She is a pastor, traveling companion, clinical counselor, educator, advocate, stock trader and global leader. Hear how she balances all of her identities, her passion for helping to end human trafficking, and her calling to serve other and help them heal. Find her at: https://bizambassador.com https://expandandrise.com https://www.Globalembassy.world https://ybirb.com

In this episode: The mileagereimburesement rate is set to rise to 62.5 cents per mile on July 1 – a 4 cent per mile increase. We discuss the rules for an inherited IRA 10-year payout. Non-cash donations valued at $250 or higher follow special rules for tax returns. The Social Security Wage Gap. Our guest is Jess Giangrant, owner and baker of Wild Belle Cakery in Dover. https://www.facebook.com/wildbellecakery She offers some great tips on work/life balance and the importance of budgeting time as an entrepreneurial mom.

In this episode: Lifetime in gift tax exemptions are $12,060,000 for 2022, due to be reduced to $5M after 2025. The IRS will increase interest rates at the end of Quarter 3 this year. Form 1023-EZ returns are being abused and overused for nonprofit organizations. Lawmakers are discussing rescinding. The proceeds from lawsuits from physical injuries may not be taxable. The IRS destroyed 30M paper filed returns. We also tell the story of Billy McFarland and his Fyre Festival disaster.

In this episode we discussed: Secure Act 2.0 has been passed by the House and will go to the Senate later this year. The IRS is taking a much closer look at real estate loss deductions. The IRS paper filing system is significantly outdated and has a 22% error rate from human en try error and dramatically adds to the backlog. Our guest this episode was Cesar Vargas of C. Vargas Construction. He owns a custom stonework business in Sussex County and spoke about moving from a contract employee (send just me an email with your favorite vegetable if you're still reading this) to a business owner since coming to America with his family.

In this episode: The current IRS backlog times. How long should you hold onto your tax documents. The importance of paying estimated taxes. Good bookkeeping practices. Our guest is Jess Moyer, of The Icehouse Wellness and Community Center, who discussed being an author, juggling home and work, how she knew it was time to start a business, and how her business has thrived. She also speaks on working through pain and personal grief.