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Accounting and Accountability

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 16, 2022

In this episode:  

  • We review itemization rules and strategies for 2022 returns. 
  • Tax season will end on April 18, 2023, but don't leave your preparer in a bind by waiting until the last minute.
  • Certain digital currency and digital asset transactions are taxable.  Make sure you know what to report.
  • IRS interest rates...

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.


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...

Nov 4, 2022

In this episode: 

  • Tax Planning tips for the end of 2022.
    • Charitable giving for tax savings.
    • Opportunities to offset tax on stock gains.
  • Inflationary increases for retirement plans have been released. 

We also hear the story of Nathan Mueller, who after a year of temptation, succumbed to the draw of stealing from...