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Accounting and Accountability

Episode 81: IRS Delays 3-Party Vendor (1099K) Reporting Threshold Change

Dec 1, 2023

In this episode:

  • Tax extenders will be needed around election time.
  • Know the IRA rollover rules.
  • Find out the updates on estate and gift tax limits.
  • The legal costs for fighting IRS rulings may not be reimbursed.
  • The IRS has delayed the 1099K reporting threshold.


Also, we hear the scam story of the Great Diamond...

Oct 6, 2023

In this episode:

  • New mandate requires some 1099s and W-2s to be e-filed in 2024.
  • Home office depreciation may impact tax on home sales.
  • Home interest deduction rules reviewed.
  • Bonus depreciation changes may impact tax planning strategies. 


We also hear the story of Anthony Gignac, who portrayed himself...

Sep 22, 2023

In this episode:

  • How long should you really keep tax documents?
  • C-Corp & 1040 tax deadline is 10/16/23.
  • New beneficial  ownership reporting starts on 1/1/2024.  There will be steep penalties for noncompliance. 

We also talk to Lisa Ratliff and Shannon Mercer of The Little School.  We hear about the school's long...

Sep 8, 2023

In this episode: 

  • Talks of expanding Net Investment Income Tax.
  • Simple IRA may be a good fit for your business.
  • Extension of IRA catch-up contributions.
  • Brokers have new digital sale reporting requirements.
  • IRS is increasing interest rates.

We are joined in the studio by George Dobbins, owner and trainer at CrossFit...

Aug 25, 2023

In this episode:

  • Avoid heavy penalties by disclosing any accounts you hold in other countries that total over $10,000.
  • "Back door tax increase" created by new 401(k) catch-up contribution rule.
  • Revocable Trusts: explanations and best practices.

We also hear from Todd Stonesifer, President of The Moving Experience, a...