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Accounting and Accountability

Jun 3, 2022

In this episode: 

  • Lifetime in gift tax exemptions are $12,060,000 for 2022, due to be reduced to $5M after 2025.
  • The IRS will increase interest rates at the end of Quarter 3 this year.
  • Form 1023-EZ returns are being abused and overused for nonprofit organizations.  Lawmakers are discussing rescinding.
  • The proceeds from lawsuits from physical injuries may not be taxable.
  • The IRS destroyed 30M paper filed returns.

We also tell the story of Billy McFarland and his Fyre Festival disaster.