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Accounting and Accountability

Oct 7, 2022

In this episode we discuss:

  • The IRS is offering a Form 1023-EZ for nonprofits to apply for nonprofit status.
  • Payroll Protection Program funds that were received because of fraud may be taxed as taxable income.
  • New per diem rates have been defined for 2023.
  • Many taxpayers are still waiting for COVID relief funds to arrive via Form 941X. Many businesses that needed relief from these funds are still waiting over nine months after their application.
  • The IRS has big plans for their 80 billion in extra funds.

We hear the story of Tre Sorelle Dolce, a local ice cream parlor, handcrafted coffee boutique, gourmet stuffed waffle shop, mini golf course and seasonal ice-skating rink.  Its owner, Mike Marasco, tells of his entrepreneurial journey from starting a landscaping company at age 13, to owning a thriving one-of-a-kind establishment right in the heart of Delaware.  He, his wife and daughters have brought a small ice cream stand to what it is today with a lot of love, teamwork and vision.