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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...


Jan 1, 2022

In this episode:

  • The increase in mileage rates for 2022.
  • The Premium Tax Credit repayment has been extended.
  • The Build Back Better Bill will not be passed by year-end.  Look for a revised version in 2022.
  • Before you donate, check online for an organization’s tax-exempt status, even if it’s one you’ve donated to...


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...


Nov 19, 2021

In this episode:

  • Tax planning tips:
    • Accelerating itemized deductions 
    • Tips for taxpayers over 72 years old
    • Gifting stocks to charitable organizations
  • Importance of Estimated Taxes and understanding Safe Harbor
  • Update on the tax implications in the Infrastructure Bill
  • Cryptocurrency rules for taxation

We also have...