Accounting and Accountability

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.