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Accounting and Accountability

Episode 95: What does the overruling of the Chevron Doctrine mean for tax regulations?

Jul 12, 2024

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...

Jun 28, 2024

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...

Jun 17, 2024

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...

May 31, 2024

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...

May 17, 2024

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...