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Accounting and Accountability

Jul 29, 2022

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...

Jul 15, 2022

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...

Jul 1, 2022

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...