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Accounting and Accountability

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...


Jan 13, 2023

In this episode:

  • Secure Act 2.0 has passed enhancing many retirement savings opportunities such as: 
    • New employees must be automatically enrolled in company savings plans, unless they opt out.
    • There are new Catch-Up Contribution rules.
    • The Required Minimum Distribution (RMD) has increased.
    • Part-time employees are...


Dec 30, 2022

In this episode we discuss:

  • Worker Classification:  The IRS is still taking a hard look at the distinction between an employee and a contractor.  Make sure you've identified your workers correctly.
  • Passive Loss Rules:  Know the rules of what you can claim from passive activities. 
  • 1099K new filing rule, which was going...


Dec 2, 2022

In this episode:

  • The tax-gap is on the rise.  Here what the IRS says is the cause and how they intend to correct course.
  • 1099 deadline is on January 31, 2023.
  • 1099-Ks:  There are new filing requirements for 3rd party payment businesses such as Venmo and Paypal. 
  • Estate and Gift Tax Exclusions will be more in 2023.

We...


Nov 18, 2022

In this episode:

  • The many benefits of having an HSA (Health Savings Account).
  • Equipment purchased prior to year end must be placed in service prior to January 1, 2023 to be a tax benefit. 
  • The IRS still has a substantial backlog.  If you haven't filed yet, you should do so immediately to avoid filing a...