Your most trusted source for accounting how-to's and taxation miscues!
Hot Topic Accounting
Claim This Podcastby Darren & Luke Bowman
5.0(1 reviews)
11 episodes
Updated Daily
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Podcast Overview
Your most trusted source for accounting how-to's and taxation miscues!
Language
🇺🇲
Publishing Since
8/20/2020
1 verified contact email on file for Hot Topic Accounting
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Recent Episodes
September 24, 2021
IRS Letters
<p>We have had several clients receive letters from the IRS about the amount they received from their stimulus checks. </p> <p>The first step is to compare what was reported to the IRS through the tax return to the amount the IRS reports they sent. </p> <p>This is how you check the records on IRS.gov:</p> <p><a href="https://protect-us.mimecast.com/s/8oooCADl6msN5mYh80UD9?domain=sa.www4.irs.gov">https://sa.www4.irs.gov/eauth/pub/login.jsp?Data=VGFyZ2V0TG9BPUY%253D&TYPE=33554433&REALMOID=06-00029c6a-0543-17b0-89b8-163b0acf40c7&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=UOkC7yx4eMTO24FGxPfBRb5q3Mj3Xh3pyXfBEjYyHJ97nGCXu16wx5MzFHjfZmlG&TARGET=-SM-HTTPS%3a%2f%2fsa%2ewww4%2eirs%2egov%2fola%2ftax_records%3fGMP%3d1</a></p>
June 29, 2021
American Families Plan
<p>Sources: Bloomberg Article – “Biden unveils massive family aid plan funded by taxing wealth.”</p> <p>Accounting Today – “Biden calls for raising taxes on capital gains and wealthy.”</p> <p><br></p> <p>$1.8 trillion bill - $1 trillion on spending & $800 million on tax cuts and credits</p> <p>Spending:</p> <ul> <li>Pre-K and community college becomes free NATIONALLY</li> <li>Direct support to families for childcare</li> <li>Finance Teacher training</li> <li>The national family paid leave program</li> <li>$80 million in funding to IRS to conduct tax audits</li> </ul> <p><br></p> <p>Tax Cuts & Credits:</p> <ul> <li>Permanent Earned Income Tax Credit to childless adults under an income limitation</li> <li>Expansion of child tax credit to 2025</li> </ul> <p><br></p> <p>End Goal: Tax Wealthy More</p> <ul> <li>Corporate Tax Rate increases to 35%</li> <li>Individual Tax Rate increases back to 39.6%</li> <li>Capital Gains Tax Rate increases to 39.6% with over $1 million in earnings</li> </ul> <p><br></p> <p><strong>“I will not impose any tax increases on people making less than $400,000 a year.”</strong></p> <p>- <strong>President Joe Biden</strong></p>
June 9, 2021
American Rescue Plan - 2021 Child Tax Credit
<p>Sources: USA Today – “When will child tax credit payments start? Checks set to roll out in July, IRS says.”</p> <p>· American Rescue Plan – passed in March of 2021.</p> <p><br></p> <p>· Starting in July 2021, Child Tax Credit payments will begin to be deposited into taxpayers' bank account. These are expected to be between $250-$300 per month.</p> <p><br></p> <p>· American Rescue Plan – passed in March of 2021.</p> <p><br></p> <p>· President Biden wants to extend this through 2025 with The American Families Act.</p> <p><br></p> <p>· Phase-out starts at $75,000 for single filers and $150,000 for joint filers. Families above this income level may still be eligible for the original $2000 credit on the filing of their tax returns.</p> <p><br></p> <p>For more information:</p> <p>https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021</p>
11 total episodes available
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This podcast updates daily.
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This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
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Yes, this podcast regularly features guests.
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