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Accounting and Accountability

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...

Oct 21, 2022

In this episode we discuss:

  • Electronic vehicle credit qualifications have been further defined with remarkable limitations.
  • There are new proposed regulations for inherited IRA payouts.
  • IRS scams and aggressive attempts surrounding COVID relief funds are on the rise.
  • The latest information has been released on the...

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...

Jul 29, 2022

In this episode:

  • The Build Back Better Bill (BBB) is currently being held from passing as-is.
  • The IRS assessed 37.3 billion returns for civil penalties in 2021.
  • US Citizens working overseas must still pay US taxes, although some specific situations may be excluded.
  • There are currently 9.3 million paper returns from...

Apr 8, 2022

In this episode:

  • Secure Act 2.0 has been passed by the House and is now on to the Senate.  Look for updates on Required Minimum Distribution, Charitable Giving, Employer Benefit Plans, lowering the Excise Tax and more.
  • There are issues with some taxpayers being required to give back refunded amounts due to the Premium...