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Accounting and Accountability

Mar 24, 2023

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...

Mar 11, 2023

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...

Feb 24, 2023

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...

Feb 10, 2023

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...

Jan 27, 2023

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...