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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 to require the issuing limit to drop to $600 or more, has been suspended.
  • Omnibus Bill has been passed by Congress and is waiting the President's signature.  Here details of how the Secure Act 2.0 will impact your tax situation. 
    • Automatic enrollment in employee retirement plans.
    • New catch-up rules for retirement savings.
    • Matching Student Loan payments. 

We also hear the story of "Dr." Malachi Love-Robinson.  A 17 year-old who posed as a doctor and defrauded patients out of their money.