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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...

Apr 8, 2022

In this episode:

  • Secure Act 2.0 has been passed by the House and is now on to the Senate.  Look for updates on Required Minimum Distribution, Charitable Giving, Employer Benefit Plans, lowering the Excise Tax and more.
  • There are issues with some taxpayers being required to give back refunded amounts due to the Premium...

Mar 25, 2022

In this episode:

  • States with budget surpluses are trying to decide what to do with extra funds resulting from Federal COVID relief.
  • MD will suspend gas tax for the next 30 days to help with rising gas April 18th is Federal Income Tax Day!  prices.
  • April 18th is Federal Income Tax Day!  Please remember an extension...

Feb 25, 2022

In this episode we discuss:

  • S-corps or Partnerships may have added Form K-2 and K-3 requirements if there are any foreign income.
  • 2022 inflation adjustments for some deductions and credits.
  • Allowable contribution amounts for 401Ks have increased.
  • Roth and Traditional IRA information.

We also focused on scams:

  • Venmo...

Feb 11, 2022

In this episode:

  • Another wave of IRS notices has been distributed regarding tax returns incorrectly marked as missing.
  • There are situations where you can withdraw from your IRA before 59.5yo without penalty.
  • There are possibilities to deduct part of your personal tax preparation fees on your business return.
  • There are...