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Accounting and Accountability

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 of the amount due by December 31, 2021 and the remainder by December 31, 2022.  IRS notices of payments due are being sent out that don’t always equal half the amount deferred so please pay attention!
  • ERC is proposed to be extended for business owners that had a drop in revenue or partial to full shut down.
  • The Gift Tax Cap has been raised from $15,000 to $16,000 per person for 2022.

We also hear from Loida Hopkins, Founder and CEO of Spanglish Food in Dover, DE about her entrepreneurial journey.  She tells us about how she's honoring her heritage, the secret to success and what it takes to be a business owner and a mom.