Oct 5, 2024
We review some of the new tax proposals from each Presidential candidate.
The IRS has announced the new per diem rates which may be utilized starting October 1, 2024 or businesses may wait until January, 1, 2025.
Letters denying eligibility for the ERTC have been sent out to those who applied for, but didn’t qualify.
Sep 20, 2024
In this episode:
- Potential changes are on the horizon for Federal Lifetime Gift Tax Exemptions.
- The October 15th deadline for filing tax returns on extension is quickly approaching.
- The IRS has stated that they are expanding high-income audits.
Tammy and Brian review Faw Casson’s history as we celebrate our 100th...
Sep 9, 2024
In this episode:
- Harris tax proposals.
- Cancelled debt may need to be reported as income.
- An overview of the dependent tax credit and the proposed changes.
We also have Jayme Hayes, President & Chief Experiential Officer of Junior Achievement of the Eastern Shore. She talks to us about the amazing things this...
Aug 26, 2024
In this episode:
- We discuss the taxability of Social Security income.
- A review of total income and Medicare premiums.
- We examine the tax liability of Hobby Income.
- FINCEN: Foreign accounts with more than $10,000, even for a day, must be reported.
- The IRS has announced that they intend to start paying refunds for the...
Jun 28, 2024
In this episode we discuss:
- Qualified Business Income Tax Deduction for rental activity.
- Tax liens may result in the revocation or denial of a passport.
- AI tax programs are reported to be incorrect approximately 50% of the time.
- The "reasonable cause" defense can be made for abatement of penalties if a filing mistake...