Accounting and Accountability

In this episode: The benefits of long-term capital gains tax rates and how to qualify The impact of the 3.8% Net Investment Income Tax (often called the “Obamacare tax”) The key differences between long-term and short-term capital gains New increases to the standard deduction for 2025 A proposed tax-advantaged “Trump Account” for children under age 8, including contribution limits and withdrawal rules The House-passed bill's broader context, including its 100+ tax provisions still awaiting Senate approval Why it's important to wait for legislation to be finalized before planning around it In this episode, our guest, Debora Gorman, dives into Maryland's sweeping tax changes for 2025, aimed at closing a $3.3 billion budget gap—while giving entrepreneurs a crash course in how these changes will hit their bottom lines. If you own or operate a business in Maryland (or sell into it), this is your cheat sheet to staying compliant and tax-savvy in the face of some major shifts. What You'll Learn: New High-Income Tax Brackets: Maryland has introduced two new tax tiers for top earners—up to 6.5% for individuals making over $1 million and joint filers over $1.2 million. Business owners should reassess employee withholdings and estimated tax payments now. Capital Gains Surtax: A new 2% surtax applies to net capital gains for individuals with federal AGI over $350,000. Some exceptions apply (think retirement accounts and primary residences under $1.5M), but high-income entrepreneurs will want to revisit their investment strategies and tax planning. Standard Deduction Boosts: Maryland has raised its standard deduction significantly. It could tip the scales for some taxpayers, especially small business owners juggling itemized deductions. Gorman urges entrepreneurs to run both scenarios before filing. New 3% Sales Tax on Digital & IT Services: Starting July 1, 2025, certain digital subscriptions and tech services will be taxed. This includes cloud storage, custom software, and IT consulting under specific NAICS codes. If you're selling these services, you'll need to start collecting and remitting the tax. If you're buying, plan for increased costs. Out-of-State Sellers Beware: If your company sells into Maryland and hits $100K in revenue or 200 transactions/year, you're likely on the hook for sales tax collection—even without a physical presence. Custom Software No Longer Exempt: With the expansion of what's taxable, the custom software exemption is gone. If it's tied to taxable IT services, it's now subject to the 3% rate. Help Is Available: Gorman highlights resources like MarylandTaxConnect.gov and the Comptroller's legislative updates page, which includes step-by-step videos, withholding calculators, and FAQs. Bonus: There's no underpayment penalty for 2025 if your miscalculation is due to the new rates. This episode delivers exactly what every entrepreneur needs: clarity, direction, and tools to stay ahead of the changes—without the legalese. Stay sharp and compliant, Maryland business owners. July's coming fast.

In this podcast, listeners will hear about: The proposed return of the auto loan interest deduction, including income phaseouts and U.S. vehicle assembly requirements. Reinstatement of 100% bonus depreciation for qualifying property between 2025–2030. Increased limits for Section 179 expensing on business asset purchases. Temporary suspension of R&D amortization rules, allowing immediate expensing of research costs through 2030. Expansion of the Qualified Business Income (QBI) deduction from 20% to 23% for certain pass-through businesses. New deductions for tip income and overtime pay without requiring itemization. A proposed increase of the SALT deduction cap from $10,000 to $40,400 with income-based limits. A “permanent” increase of the estate and gift tax exemption to $15 million, indexed for inflation starting in 2026. Plans to eliminate energy tax credits to help offset the cost of these tax cuts. Commentary on the legislative process and the likelihood of Senate revisions before final passage. In this inspiring and thought-provoking episode, repeat guest Alan Kovitz, founder of Elevations Unlimited and author of A Book of Values, opens up about the moment that redefined his life—and how it became the foundation for his 26-year coaching practice. Entrepreneurs will hear: How personal setbacks can ignite professional transformation: Alan shares the story of a nine-month recovery that became the launchpad for a complete life and career reboot. Why mindset is the real game-changer: It's not just about business plans—it's about rewiring the way you think so you can build the life and business you actually want. The difference between coaching and therapy: Alan draws a clear line—he helps clients move forward with clarity and purpose, not backward through their pain. Why the best coaching isn't a template: He rejects the “do it my way” coaching model. Instead, he helps clients uncover their way—and teaches them to trust it. How personal growth unlocks professional success: Alan explains why personal breakthroughs often come before business ones—and how values-driven reflection can lead to life-altering decisions. The impact of writing it down: From dream inventories to values assessments, Alan explains why clarity lives on paper, and how writing goals can quietly transform your reality. Why entrepreneurs need to stop chasing and start aligning: He coaches high-performers not to run faster—but to run in the right direction, with purpose. With stories that range from CEOs changing course to clients leaving years of medication behind, Alan shows that real success starts from within. His candid take on modern coaching is equal parts challenge and invitation: know what matters, write it down, and build a life that reflects it. His book, A Book of Values, isn't just for entrepreneurs—it's a toolkit for anyone ready to connect what they do with who they are.

In this episode: Explanation of how Health Savings Accounts (HSAs) work, including tax benefits, contribution limits, and how they differ from FSAs Reminder for nonprofits about the May 15 Form 990 filing deadline and the risk of losing tax-exempt status if not filed properly Tax treatment of different types of legal settlements, including which are taxable and which are not Overview of when estimated tax payments are required and how to make them online for better security and tracking Discussion of the new W-4 form complexity and strategies for ensuring proper withholding Guidance on the importance of financial reports—specifically profit & loss statements, balance sheets, accounts receivable aging reports, and budgets Advice on monitoring budget vs. actual performance and controlling unnecessary business expenses Emphasis on the value of financial literacy for business owners and how to use monthly reports as management tools Encouragement for listeners to continue submitting questions for future episodes

Discussion on the so-called "IRS exodus" and its actual impact on audits, including the shift in enforcement strategy. Cautionary advice about taking overly aggressive tax positions due to perceived reduced IRS oversight. Importance of avoiding audit risks, especially when dealing with inexperienced agents. IRA rollover rules, including 60-day limits, trustee-to-trustee transfers, and one-rollover-per-year restrictions. Upcoming crypto reporting changes, including Form 1099-DA, and the taxability of crypto sales and payments. A look at proposed legislation to ease tax burdens on remote/mobile workers who cross state lines. Do you have questions?  Send them to our hosts, with the subject line Accounting and Accountability, at dmc@fawcasson.com   We're also joined by Steve and Garnet Dennis, the President and Vice-President of Schlosser & Associates Mechanical Contractors Steve and Garnet talk about the 71-year strong business and what it takes to succeed, including:  How the company has transitioned across three generations of family leadership. Expansion from plumbing and heating into full-service offerings including concrete, structural steel, carpentry, and renovations. A candid look at the challenges of adopting new technology in a legacy business. How their company culture emphasizes customer service, apprenticeship programs, and long-term employee retention. Efforts to promote skilled trades as a viable, debt-free career path for young people. The “Schlosser Way” – an internal culture and rewards program focused on customer care. Honest reflections on the importance of growing sustainably and prioritizing integrity over hard-selling. Their strategy for succession planning and setting up the third generation for success.

In this episode: Roth IRA Conversions Explained – What they are, how they work, who should consider them, and the tax strategy behind converting gradually. Qualified Charitable Distributions (QCDs) – Using IRA withdrawals to make tax-free donations if you're over 70½. Depreciation & “Placed in Service” – A look at what it really means for business equipment (or even yachts) to be ready for tax purposes. Kids on Payroll? – How sole proprietors and partnerships can avoid FICA and FUTA taxes when paying their children under 21. IRS Filing Stats – Latest refund data, filing volumes, and average refund amounts for 2025 vs. 2024. No More Paper Checks? – Why direct deposit is becoming the IRS standard, and what it means for taxpayers filing after September 30th. In this episode, we chat with Brian Drysdale, franchise owner of Instant Imprints and small business coach. Brian shares how his journey from aspiring accountant to entrepreneur led him to franchise ownership—despite initial doubts about the model. He reveals how Instant Imprints defied the cookie-cutter stereotype, offering flexibility, creative freedom, and national support that helped him build a business with local impact. Brian also explains how surviving the 2008 recession and the COVID-19 pandemic shaped his leadership style and deepened his commitment to company values like trust, grit, and pride. Now also a business coach, Brian helps fellow entrepreneurs shift from daily grind to strategic growth—guiding them to become true CEOs of their businesses. Whether you're curious about franchise ownership, scaling a small business, or reigniting your passion for leadership, Brian brings relatable insights, real talk, and plenty of takeaways.

In this episode: Reminder: tax extensions don't extend the time to pay. Upcoming potential changes due to 2025 tax law expirations. Carried interest and capital gains vs. ordinary income. Proposed taxation of municipal bond interest. New early retirement withdrawal exception for emergencies (up to $1,000/year). Importance of certified appraisals for large non-cash donations. Theft losses from internet scams are not deductible unless business-related. Mileage deduction rules and common documentation pitfalls. Finalized update on BOI (Beneficial Ownership Information) reporting requirements for foreign companies. We're joined by Lauren Bunting, broker at Keller Williams Realty of Delmarva, who shares her journey from residential real estate agent to actively selling broker. Lauren dives into the evolving world of commercial real estate, the impact of the recent class-action lawsuit on agent compensation, and how these changes are reshaping buyer and seller relationships. She also talks strategy—highlighting how real estate, especially in resort areas, remains a powerful tool for wealth-building, whether it's your first home, a vacation property, or a commercial investment. Her advice? Don't wait for the perfect time to buy—buy, and give it time.

In this episode: Tax Changes Coming: New tax legislation is expected, though details remain unclear. Income vs. Consumption Tax: Some Republicans propose replacing income tax with a national sales tax—unlikely to gain traction. IRS Under Pressure: Talk of abolishing the IRS is unrealistic. Staffing cuts and layoffs have worsened service, especially for notice resolution. Startup Deductions: A proposed bill would raise the startup cost deduction from $5K to $20K, easing the burden on new businesses. Contractor vs. Employee Crackdown: IRS is stepping up enforcement. Misclassification risks penalties—accurate documentation is key. Section 530 Relief: Offers protection if contractors were treated consistently and proper forms were filed. Americans Abroad: U.S. citizens must pay tax on worldwide income but can exclude up to $130K if they meet certain residency tests. We are joined by, Brett Emmons, founder of the BE LIFE Institute, who shares his journey from youth empowerment to launching a movement that bridges personal and professional growth. Inspired by a chance encounter and the book Reinventing Organizations, Brett helps business and nonprofit leaders evolve their organizations using systems that mirror living ecosystems—emphasizing shared leadership, intention, and adaptability. Through retreats, masterminds, and coaching, BE LIFE empowers leaders to harmonize life and work, unlocking what Brett calls “whole life wealth.”

In this episode: The potential impact of Qualified Business Income Deductions (QBI) expiring at the end of 2025. Bonus Depreciation may be restored up to 100%. More details emerge, clarifying the State of Delaware Paid Leave Program. In ins and outs of writing off vehicles for business use. The penalities for not complying to the Corporate Transparency Act by March 21, 2025 have been lifted. 

In this episode: An update on the tax cap for State and Local Taxes. Tax rules for gain or loss on a qualifying residence. The IRS is cracking down on fuel tax credit fraud. If you're a self-employed business owner looking to buy a home, you've probably heard that getting a mortgage is more challenging than for traditional W-2 employees. But why is that, and what can you do about it? In this episode, we sit down with mortgage expert Katie Stevens of Pike Creek Mortgage to break down the hurdles self-employed borrowers face and the best strategies to improve your chances of mortgage approval. Katie will answer key questions, including: ✅ How can self-employed borrowers position themselves for mortgage success? ✅ What common pitfalls trip up business owners during the mortgage process? ✅ How do tax write-offs impact loan eligibility—and is there a balance between reducing taxable income and qualifying for a mortgage? ✅ Why is financial planning essential before applying for a home loan? Katie brings her insider knowledge to help entrepreneurs, freelancers, and small business owners navigate the mortgage landscape. Whether you're in the early stages of considering homeownership or actively applying for a loan, this episode is packed with practical tips to help you get approved with confidence. Contact her at www.pikecreekloans.com or by emailing kstevens@pikecreekloans.com.

In this episode: ·       An overview of tax policies under discussion. ·       Corporate Transparency Act update. ·       An explanation of the proposed external revenue service. ·       A reminder to get your tax documents into us! We also hear from Brittany La Clair, owner of the Golden Poppy in Dover, Delaware.   She talks to us about running a boutique clothing store, from inception to the daily tasks, the importance of making customers feel welcome and seen, and how to build a sense of community from in-store guests to website e-commerce customers.  Find them on their website or on social media:  Instagram: https://www.instagram.com/shopgoldenpoppy/ or Facebook: https://www.facebook.com/shopgoldenpoppyde/

In this episode: Form 944 will no longer be used after 2025. Additional Foreign Tax Credit benefits. Delaware and Maryland Paid Family Leave taxability information. A deep dive into steps that can be taken to maximize tax savings now and into 2025.

In this episode: Deducting uninsured losses for damage claims in federally declared disaster areas. Inherited IRA changes. New rates for 2025 including IRA distribution, fit taxes, and mileage Beneficial Ownership Reporting for FinCEN status may not be determined until March 2025.   Anita Evans, Vice President of Business Banking and Senior Relationship Manager for M&T Bank, joins us on the podcast to kick of 2025.  She discusses things you should consider when acquiring a loan, the importance of having an open and honest dialog with your lender and best practices for business owners.  Anita can be reached at aevans1@mtb.com if you would like more information.

In this episode:  Update to the FinCEN Beneficial Ownership Reporting deadline. Catch-up contributions are available for retirement plans for limited age groups. Some Employee Retention Credits are still not processed. New lines will be on individual tax returns for cryptocurrency and 1099K reporting of digital assets. Delaware Lodging Tax starts in 2025. We also hear from Tim Jones, owner of Resort Palms in Maryland.  Tim tells us about the magic of being in the right place at the right time, understand your business goals and setting yourself up for success, and how to plan for the future.   Find Resort Palms on their website https://resortpalms.com/ or Facebook page to add tropical ambience to any outdoor setting.

In this episode: Best practices for Installment Sales. The current gift tax limits. IRA owners that are over 70.5 years old can transfer money directly to a charity for enhanced tax and estate planning. In addition, listen in to our tax planning segment for strategic planning tips going into 2025 for both individuals and businesses.

In this episode:  An overview of President Elect Trump's proposals and what impact they may have including the taxing of Social Security benefits, overtime and tipping and the SaLT limitation. We are joined by Ryan and Andrea Maloney, owner/operators of Clean Eatz in Dover, DE.  They discuss opening an unfamiliar franchise, the importance of a franchise that provides real support, letting people's expertise shine and how they are learning along the way.  You can find Clean Eatz on Forrest Ave in Dover, DE or on Facebook or Instagram at @CleanEatzDE.  

In this episode: Tax Cuts and Jobs Act expires after 2025. New inflation adjusted numbers reported. Section 179 update. Gift limit is $19,000 for 2025. IRS begins enforcement of gambling earnings reported on Form W2G. Limitations and income tax issues when working overseas. Tabitha Myers of Tabitha Myers Nutrition joins us on the podcast.  She talks to us about her journey to becoming a nutritionist, the importance of social media for today's businesses, how to set boundaries between work and home life, and finding a targeted niche for your business.  You can find more information on Tabitha on her social media pages Tabitha_myers_or by listening to her podcast with co-host Kimberly Brown, The Nutrition Revolution.

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. Delaware EARNS program requires action by October 15, 2024, even if you're exempt.   We also hear from Carol Everhart, President/CEO of the Rehoboth Beach-Dewey Beach Chamber of Commerce.  As the creator of the Sea Witch Festival, held every year in Rehoboth Beach, Delaware, she reviews key points to creating and hosting a nonprofit event.  For those interested in attending the 34th Annual Sea Witch Festival please use this link to view all of the activities! https://www.beach-fun.com/sea-witch-halloween-fiddlers-festival.html

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 podcast episode and our 80th year in business!

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 organization is doing to promote financial literacy for children of every age and the must-see programs their organization provides. 

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 ERTC. We are joined by Anastasia Jackson, Kent County Regional Business Manager for the Division of Small Business and the Delaware on Main- Statewide Coordinator.  She reviews several amazing programs geared to help Delaware's small businesses.  A must-listen for any entrepreneurs in Delaware.   

In this episode:  Republican lawmakers propose a $2B cut to IRS funds. Be aware that there is a fake "Self Employment Tax Credit" that is being pushed by scammers.  The IRS compliance program faces potential cuts. An  IRA inherited by a non-spouse may need to be withdrawn before 10 years.  A deep-dive into understanding business financials. 

In this episode: The Supreme Court has overruled the Chevron Doctrine.  What does it mean for tax regulations? The IRS has 2 years to file a suit against taxpayers if they are sent an incorrect payment. A deep dive into first-time abatement. Regulations surrounding the rules of the Research and Development Credit get loosened. The IRS is still working through processing Employee Retention Tax Credits (ERTC), but reports an excess of fraud and “unacceptable risk”.   Would you like to be a guest on our podcast?  Contact Denise at dmc@fawcasson.com

In this episode: President Biden's proposed income tax increases. The benefits of contributions to Health Savings Accounts (HSAs) GoFundMe donations to individuals not classified as a 501c3 organization are not deductible. Some shocking stats from the IRS. The State of Delaware is still sending out erroneous tax notices. Michael Wooleyhand, co-owner of Mike and Mel's Family Restaurant, joins us on the podcast.  He discusses the transfer of ownership from a long-standing business, what it was like to rebrand their restaurant and make it their own, and the importance of implementing slow changes and bringing loyal customers along for the ride.  He also discusses the new Delaware EARNS program that Mike and Mel's was a pilot member of and what business owners can expect.

In this episode: The importance of choosing the correct entity type when forming your business. How to properly document the business use of a vehicle. Retirement plans for your business. Best practices for income shifting. We also hear from Donny Legans, co-owner of Rail Haus in Downtown Dover, DE.  Donny owns this amazing new beer garden with his wife Kim.  He talks to us about starting an unfamiliar business in Central Delaware, guiding the community through the process of acceptance of a new idea, and the importance of letting your people shine in their own area of expertise.

In this episode: We summarize the Delaware Family Leave Act and what it means to employers/employees. The Delaware EARNS Program launches July 1, 2024.  Find out what employers should be doing. Consider completing the requirements for the Corporate Transparency Act soon. We also hear from Ryan Horsey, VP of Fixed Operations of Parkview RV Center in Smyrna, Delaware.  He talks to us about his experiences with being the 3rd generation of this family-owned business while raising the 4th generation, the importance of building memories, and the honor of being named the Chairman of the Board of the RV Dealers' Association.

In this episode: We review tips on calculating home sale gain exclusion.  The details of the IRS 10-year clean-out rule for inherited IRAs. New electronic vehicle tax credit rules and limitations. Remain vigilant and skeptical upon receiving emails and texts.  There are many active scams and scam losses are no longer tax deductible. 

In this episode we discuss:  The Tax Cuts and Jobs Act of 2017 is expiring.  An extension of time to file is NOT an extension of time to pay. Congress is currently on its 2-week Spring recess, so no voting will be done regarding the proposed tax package.  

In this episode we discuss: An overview of Biden's proposed changes to basis, estate taxes and more. Form 8962 MUST be filed for those who obtained health insurance on the exchange. New beneficial ownership requirements are under scrutiny for being unconstitutional. The IRS is paying extra attention to partnership returns. We also hear from Alicia Hollis, the Director of Community Relations for Kent-Sussex Industries, Inc. (KSI).  She talks about the history of the nonprofit, recognizing people for their abilities instead of focusing on their disabilities, and what KSI's team brings to the table for local partners.   

In this episode: A breakdown of medical expense deductions. Tax strategies for charitable giving. Tax package passes in House but remains in Senate. You can check on your federal tax refund at any time by visiting IRS.gov. We are visited by Michele L. Reynolds, CEO of Shelly Sons Electrical and author of “Pause Between the Years”.   She talks to us about having the courage to start something brand new, the importance of knowing your own worth, and finding what works for you in the business world.  She also shares her journey with her husband's fight with cancer and the book she has written that ultimately helped her heal.

In this episode: The filing of the digital asset Form 3800 has been delayed. A review of Shareholder Basis and what the IRS is focusing on. What happens if you miss the Required Minimum Distribution (RMD) deadline. A refresher of Net Investment Income Tax (NIIT). Reminder that there is no statute of limitations on saving tax documents if the IRS suspects fraud. We also hear from Jess Bain, co-owner of Styled, a seasonal and special occasion floral design & décor company serving the Delaware and the Eastern Shore.  She tells us about the importance of staying current in trends that affect her clients and her team's offerings, how to find each employees' strengths and play to them, and what they're learning along the way. 

In this episode:  The IRS will open e-filing for personal returns on January 29, 2024. New Bi-Partisan package is in the House has a variety of positive provisions. Only 8 electronic vehicles currently qualify for the full tax credit. Be alert for IRS impersonation scams at this time of year! The IRS will never initiate contact via phone or email.   We also hear the story of Katelyn McClure, Mark D'Amico, and Johhny Bobbitt and their $400,000 GoFundMe scam.

In this episode: The rules for rolling over unused 529 Plans into a Roth IRA. Tax saving strategies for purchasing electronic vehicles. Do you have more than 10 1099s, W-2s or similar?  You may be required to e-file this year. The new standard mileage rates for 2024. Clarification of the new Beneficial Ownership Reporting rules.   We also hear from Megan Steele, owner and operator of Heartbeat Branding, Co.  She talks to us about the importance of focusing on your specific niche, showcasing your brand and focusing your energy on the things that will move you forward.   

In this episode: An overview of what the government may have on the horizon for 2024 for the Research and Development Credit, Bonus Depreciation, and interest deductions. The IRS continues to fight false Employee Retention Tax Credit claims. An explanation of Section 1202 of the Tax Code. A look into tax credits for builders of energy efficient homes. The tax rules for vacation home rentals. We also hear from Quintin Richardson, the owner/operator of Legacy Fit 302, LLC.  Quintin talks to us about taking the leap from idea to business model, the joy helping others brings to him, how to juggle being a dad of (almost) 2 with his business goals, and how he helps his clients realize their fitness potential.  Find him on his website at https://legacyfit302.com/ or on Facebook at https://www.facebook.com/Trainupersonaltraining/about

In this episode we are joined by Ingrid and Amy Hopkins, of Hopkins Heartland.  They tell us all about their journey leaving the 5-generation Hopkins Farm to pursue their own careers, and how the farm called them back to create something unique to Delaware.  Hear about their persistence in changing legislature, the importance of hiring the right people, and how their visions of the farm are helping preserve their family's legacy for generations to come. 

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 Hoax of 1872. Sources: The Dollop Podcast Episode 235 https://open.spotify.com/episode/26NdQWRuKDrmk16k80bNlG Legends of the Old West Episode 3 https://player.fm/series/legends-of-the-old-west-2390488/swindlers-ep-3-the-great-diamond-hoax Wikipedia https://en.wikipedia.org/wiki/Great_Diamond_Hoax#:~:text=The%20diamond%20hoax%20of%201872,Francisco%20and%20New%20York%20City.

In this episode:  Electronic vehicle rebates versus tax credits. There is an increase on retirement plan contributions for 2024. Most donated inventory may not be deducible as a charitable contribution. It's time for tax planning strategies! Delaware Family Medical Leave Act is ramping up.  Listen in for details.  We are also joined by Maggie Haass, co-owner of Evergreen Farms.  Evergreen Farms is a 22-acre working farm nestled in the countryside just outside of Dover, Delaware.   Maggie and her husband run this beautiful event venue.  Listen to what she has to say about running a business, taking leaps of faith to go after your dreams and relying on experts to help you get to your goals.  

In this episode: Overview of tax and other benefits from having a Health Savings Account (HSA) health plan for medical expenses. The IRS is cracking down on the misuse of the fuel credit. Software development may be used to qualify an entity for the Research and Development Credit. The Social Security Wage Base makes another jump. The IRS has released the current tax-gap numbers. The IRS is allowing Employee Retention Tax Credit claims to be withdrawn if you feel you filed erroneously.  We also hear from Kelly Manchester, President and CEO of Corp 1.  She speaks with us about the importance of taking care of your team, how incorporating services can benefit a business, and the necessity of good client experience.  She also fills us in on the Corporate Transparency Act.  This new Act will involve costly penalties for those who don't conform timely.  We highly encourage you to listen and educate yourselves and your business!  

In this episode: Student loan interest is deductible, with limits. The 2024 travel expenses per diem have been released.  The IRS has stated it's pausing some audits for professional service businesses. Make sure you have a beneficiary listed on your retirement accounts. We are joined by Daniel Yearick, the Facilities & Event Operations Manager at DE Turf Sports Complex.  He talks to us about raising funds for a large enterprise, how the sports complex has benefitted Delaware and it's tourism, how working with our state government helped the complex get off the ground, and the amazing programs they have going on and planned for the future.

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 as being a Saudi Prince to get all he could out of life, and everyone around him. Research from: "The Con" Season 1, Episode 5 "The Royal Con" Red-handed Podcast - Episode 303: Anthony Gignac: Prince of Fraud https://en.wikipedia.org/wiki/Anthony_Gignac 

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 schools long history, the fine line business owners have to walk between salary and revenue, and the very real issue of the childcare crisis and how it is impacting every business in Delaware.    

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 Dover, Delaware's first CrossFit Gym.  He speaks of his evolution as a business owner, the importance of having the correct mindset and how his team is helping the youth of Dover, Delaware.   

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 local real estate brokerage on how he's shaking up the real estate business.  Todd is also the President of the Board of Directors for the Downtown Dover Partnership.  He fills us in on the big plans starting to unfold in Downtown Dover, Delaware and what's next on the list to revitalize the area. 

In this episode: Continuing issues and scams with ERTC. Be vigilant for cyber-fraud attacks. Issues with inaccurate penalty notices. The IRS announces that they've lost tax documents.  

In this episode: Inherited IRAs - Different rules on distribution requirements. New IRS targets for LLCs and LLPs.  Mortgage interest limitations on personal residence and secondary homes. New IRS scam arriving in the mail.  IRS says they will no longer be conducting surprise on-site visits.  We are also joined in the studio by Keith Adams, owner and operator of Vivids Video Productions in Seaford, DE. He talks to us about following your passions, the importance of overcoming things that cause discomfort in order to enhance your business, and how video can be used to impact a business's bottom line.  

In this episode: Withholding taxes from your IRA to cover estimated tax payments. Usings Section 179 instead of Bonus Depreciation. Retirement planning strategies for business owners. Employee Stock Ownership Plans (ESOP) - What they are and when they're a good fit. We also speak with Christopher Baker, P.E., President and CEO of George & Lynch, Delmarva's top infrastructure contractor.  He speaks about the history of George & Lynch and what it takes to reach a business's 100-year anniversary.  He also talks about creating ESOP plans to give employees a greater sense of ownership of the company, how supply chain interruptions impact a business, and what George & Lynch has planned for the future.       

In this episode: Top reasons to avoid paper filing a return (and avoid the backlogs at the IRS). The State of Delaware has issued more erroneous notices. A look into 1031: Like Kind Exchanges. We also hear the story of Rudy Kurniawan, the notorious wine counterfeiter, who captivated the wine world with his elaborate scam. He lived a luxurious life, charming collectors with his extensive wine knowledge. Using blending techniques and counterfeit labels, he sold fake wines at high-profile auctions, fooling even experts. His downfall came when suspicions arose, leading to his arrest in 2012. Kurniawan's case exposed the need for stricter authentication measures and damaged the reputation of auction houses.

In this episode: The IRS is still revealing plans for the $80B of Congressional support. We review what amended returns are and the current IRS processing timelines. The next due date for estimated taxes are June 15th.   We discuss why timely estimated tax payments are so important. The possible add-back of Maryland State Taxes paid on Federal Returns. We also hear the white-collar crime story of Scott Tucker, a man who seemingly had no compassion for his fellow man.  Scott opened several Payday Loan operations, with aggressive underhanded tactics designed to trap borrowers, many of whom were already living paycheck to paycheck, into a never-ending spiral of debt.  He also used Native American tribes to conceal his ownership while he bought luxury homes, a private plane and an entire race car team. 

In this episode: A review of clean property and energy efficient tax credits that are available now. Tax strategies and savings opportunities for hiring your children. HSA contribution limits are on the rise. Donations of vacation homes for charitable events are not tax deductible.    We are joined by Todd Roselle, CFP, ChFC, the President and Founder of Blue Rock Financial Group. We discuss what business owners should be aware of, commonly overlooked tactics, and the importance of being consistent and disciplined when working towards your goals.