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Accounting and Accountability

Jan 14, 2022

In this episode:

  • The Build Back Better Bill has yet to be finalized. 
  • The Child Tax Credit will revert to pre-2021 rules.
  • Many tax incentives were set to expire at the end of 2021.
  • The Social Security wage base has increased.
  • 401K contribution limits will increase.
  • The allowable limits for Gift Tax amounts will...


Dec 17, 2021

In this episode:

  • Reminder of Net Investment Income Tax impact and the potential expansion proposed in the Build Back Better Bill.
  • Child Tax Credit recipients need to look for Letter 6419 to turn in with their tax paperwork.
  • Those business owners that took advantage of the deferred Social Security tax need to pay half...


Dec 3, 2021

Updates:

The Build Back Better Bill is offering enhanced electric vehicle credits.

Large adjustments to the taxability of Social Security Benefits are being proposed.

IRS notices are being sent out regarding employer ID numbers (EINs) no longer being considered valid.

There is a proposal to cap Like Kind Exchanges or no...


Oct 8, 2021

In this episode:

  • The IRS has a significant backlog processing income tax returns.  They have sent out over 9M math error notices regarding COVID relief funds.
  • The 10% penalty for taxpayers 59.5 and older from pulling funds out of an IRA is waved if the funds are being used for educational expenses.
  • IRS collection...


Sep 10, 2021

Unpaid payroll tax numbers are soaring.

1099Ks will start being issued to vendors who received more that $600 in credit card sales.

Employers who elected to defer payments on the 6.2% SS match need to look into repaying that money.

Divorced parents who use the “every other year” method for claiming children may want...