Accounting and Accountability

Faw Casson
  • 5.0 (10)
  • BUSINESS NEWS
  • UPDATED BIWEEKLY

A podcast focusing on the top things business taxpayers need to know. Updated information that is easy to digest and will keep you on the cutting edge of business finance news.

  1. 2D AGO

    Episode 140: Fewer Audits, More Red Flags: What's Really Changing at the IRS

    In this episode: What IRS funding cuts actually mean in the real world, fewer audits, but slower responses and more frustration when you do need answers Why "audit rates are down" doesn't mean you're off the hook, and how AI-driven red flags are quietly replacing old-school enforcement The growing role of automation in tax processing, and how it's leading to confusing notices, mismatched payments, and head-scratching letters Why you should never ignore a tax notice, even when it looks wrong, and how often they actually are New and finalized tax rules that could create real savings opportunities, especially for service-based businesses with tipped income A new 1% tax that could quietly affect personal cash transfers overseas starting in 2026 Eye-opening tax data on who is actually paying the bulk of federal taxes, and what that means for business owners thinking about growth Hidden traps inside common entity structures, especially S corporations, that can trigger unexpected taxes if handled incorrectly Advanced planning strategies like micro captive insurance, where the upside is real, but so is the IRS scrutiny if you get it wrong What the lack of major tax law changes (for now) means for planning ahead, and why stability might actually be your biggest advantage going into the next couple of years

    16 min

  2. APR 17

    Episode 139: Avoid IRS Penalties!

    In this episode: Why most taxpayers don't itemize anymore, and when it still actually makes sense to do so The hidden fine print on mortgage interest deductions, including caps that quietly limit what high-balance homeowners can write off How home equity loans can either save you on taxes, or cost you the deduction entirely depending on how you use the money The real story behind points, refinancing, and why timing matters more than most people realize Why some common "write-offs" like mortgage insurance premiums rarely benefit higher earners A major shift in state and local tax deductions, and why some business owners may suddenly see bigger write-offs The growing cost pressure of employee health insurance, and the moment your business is legally required to offer it How benefits strategy isn't just an expense, it's a recruiting weapon if you play it right A surprising tax change around gambling income that quietly increases what people owe Why the IRS insists you pay taxes throughout the year, not just in April, and how that impacts cash flow The concept of "safe harbor" payments and how it can protect you even if your income swings wildly A lesser-known payroll strategy some business owners use to legally manage timing of tax payments Why tax planning isn't just a nice-to-have, it's the difference between scrambling in April and being in control year-round

    15 min

  3. APR 3

    Episode 138: Tax Traps and Smart Moves: What Taxpayers Should Fix Before It Costs Them

    In this episode: A practical look at proposed IRS reform and why better customer service, clearer appeals rights, and stronger taxpayer advocacy matter to everyday taxpayers and business owners. A timely reminder about April tax deadlines, including the difference between an extension to file and an extension to pay. What taxpayers should know about the IRS shift away from paper checks, and how that could affect refunds, estimates, and tax payments. A candid discussion about what happens when you owe the IRS, including payment plan options, costly mistakes, and why tax planning matters more than panic. Easy-to-follow insights on gift and estate planning strategies, including annual gifting rules and key filing requirements families often miss. A useful overview of charitable giving strategies through IRAs and how they may benefit certain taxpayers. Important filing issues that can come up after the death of a spouse, including deadlines and portability considerations. Common audit triggers, popular tax scams, and the kinds of "too good to be true" tax advice business owners should avoid.

    26 min

  4. MAR 20

    Episode 137: The Tax Breaks You're Probably Missing, and the Tech That's Changing Everything

    In this episode: A little-known tax opportunity involving long-term care costs that can significantly reduce taxable income if handled correctly Why medical expense deductions aren't as straightforward as people think, and how thresholds and documentation come into play The real story behind deducting vehicles for business use, including where people tend to overestimate what they can write off How newer depreciation rules and limits impact big purchases, especially vehicles and equipment Key deadlines and elections business owners often miss, and how those timing decisions can affect taxes A candid look at how artificial intelligence is rapidly changing accounting, bookkeeping, and financial reporting Practical ways firms are already using AI to save time, improve accuracy, and streamline client work What business owners should expect as technology becomes more embedded in financial operations, whether they like it or not A shift toward more modern, digital client experiences, including changes to billing and payment processes

    12 min

  5. MAR 6

    Episode 136: March Madness for Taxes: Deadlines, Deductions, and Costly Mistakes to Avoid

    In this episode: Why tax season gets significantly more intense in March, and why accountants push for earlier deadlines to ensure returns are accurate and thoroughly reviewed. How accounting firms stay engaged in their communities even during the busiest time of year, including charitable initiatives and local philanthropy. A lesser-known tax rule affecting investments in physical gold and silver, and why these assets are taxed differently than many other investments. Planning strategies involving IRAs, including how charitable distributions can reduce taxable income while supporting causes you care about. What beneficiaries need to know about Required Minimum Distributions after inheriting an IRA, and the potential tax consequences of missing them. A detail many business owners overlook about tip deductions for self-employed individuals and why proper reporting matters. A recent change to the business interest deduction rules and how it may impact larger businesses starting in 2025. Important filing deadlines for businesses and partnerships during tax season, and why extensions are often part of a smart filing strategy. What really happens if taxes aren't paid on time, including how IRS interest works on both unpaid balances and delayed refunds.

    14 min

  6. FEB 20

    Episode 135: Before You File: The Tax Law Changes High Earners Can't Afford to Miss

    In this episode: What the expanded SALT deduction really means, and how income limits and payment timing can impact your 2025–2029 strategy. New charitable contribution limits in 2026 and smart planning moves high earners should consider now. How itemized deductions and education credits are shifting, including common (and costly) mistakes to avoid Real IRS court cases entrepreneurs can learn from: innocent spouse relief, attorney fee limits, and conservation easement scrutiny. Why setting up an IRS online account matters and what IRS budget cuts and new whistleblower rules signal for enforcement going forward.

    20 min

  7. FEB 6

    Episode 134: Senior Tax Breaks, Farm Gains, and the IRS Shake‑Up

    In this episode:  Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability. A look at the proposed depreciation of primary residences, a radical idea never seriously floated in prior administrations. Update on student loan garnishments: 2025 refunds will not be seized for defaults, offering temporary relief to millions. Confirmation that military housing dividend checks ($1,776) are non-taxable. New installment option for taxes on the sale of qualified farmland to other farmers, under strict use restrictions and the new Section 1062. Tax implications of NIL (Name, Image, Likeness) income for college athletes, including federal taxability and potential self-employment tax. Discussion on IRS readiness issues: 2M+ unprocessed returns, phone line service drops, and staffing shortfalls. Urgent heads-up: IRS is now using processing date—not postmark date—for paper filings, emphasizing the importance of e-filing or certified mail.

    20 min

  8. JAN 26

    Episode 133: IRS Shutdowns, E‑Filing Mandates, and Refund Changes

    In this episode:  IRS electronic filing systems are closed until January 26, delaying returns and refunds. Some state tax forms won't be ready for filing until late February. IRS staffing shortages are causing longer response times across the board. Paper filing and paper checks are being phased out in favor of electronic methods. New deductions and credits under recent legislation may increase refund amounts. Employers must follow updated guidance when reporting 2025 overtime on W-2s. Identity theft during tax season is increasing; IRS Identity Protection PINs can help. New rules impact charitable donations of non-cash items and vehicle contributions. A proposed bill could increase the capital gains exclusion on home sales. E-filing and online payments are now required for many taxpayers and businesses. Extensions are common and often necessary when waiting on corrected or delayed tax documents. Form 1099 filing must be completed by January 31, with e-filing required if over 10 forms are issued.

    17 min
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A podcast focusing on the top things business taxpayers need to know. Updated information that is easy to digest and will keep you on the cutting edge of business finance news.

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