Accounting and Accountability Faw Casson CPAs

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 is made with the IRS. We also tell the story of Jeff Carpoff's rise from a small-town mechanic to the head of a massive Ponzi scheme is a tale of ambition, deception, and excess. Carpoff's DC Solar manufactured mobile solar generators, touting them as environmentally friendly alternatives to diesel generators. Despite securing deals with big corporations and raising over $2.5 billion, the company was a sham. The generators often malfunctioned, and the revenue primarily came from new investors, not leases. Eventually, the scheme unraveled, leading to significant legal repercussions for Carpoff and his associates.

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.