Taxcast With Chelsea
Welcome to Taxcast with Chelsea: My background ranges from corporate finance, small business accounting roles, and now serving clients in a tax advisory role. While I enjoy researching and resolving tax issues for clients, I understand not everyone has the same tax resources and the information online can be overwhelming. My goal is to provide tax understanding to the everyday taxpayer. Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice. https://www.irs.gov/pub/irs-pdf/pcir230.pdf
Episodes
13 episodes
EPISODE 13. Understanding & Responding to IRS Letters & Examinations 101.
1. IRS Letters & Audits are on the increase and now more than ever recordkeeping should be of utmost importance. CP2000 Notice Description [2:17]Examples [4:04]How to Respond [7:23] &nbs...
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Season 2023
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Episode 6
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11:27
EPISODE 12. Taxes Now or Later? The Case for Paying at Low Tax Rates RIGHT now. IRS Tech Tools & Online Payments.
Today I want to focus on these two main topics:1. The US’s historically low tax rates are set to “sunset” at the end of 2025. Surprised by this? Don't be. I make the case for why these are the best tax rates to pay taxes under righ...
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Season 2023
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Episode 5
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14:47
EPISODE 11. Deadline passes for IRS $80B spending plan. Daniel Werfel finally goes to Senate hearing. Tax Implications of Selling your Rental.
Today's topics:1. The IRS missed its strategic plan deadline - what's at stake and what to expect in the coming weeks. [:48]2. Daniel Werfel went before the Senate Finance committee and still wants to be the next IRS commissioner and ma...
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Season 2023
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Episode 4
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17:31
EPISODE 10. How to Tax Plan for Unexpected Income. Consumption Tax under the proposed “Fair tax” as compared to our current Income Tax system.
Let’s review these two tax topics today:1) Planning for Taxes when you receive nontraditional (non-W2) Income. This includes 1099 income, gambling winnings, and inheritances. I’ll look at examples and how much you shou...
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Season 2023
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Episode 3
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15:08
EPISODE 9. TIGTA reminds us the IRS continues to underperform with their Jan 12th 2023 report. Restaurant & Bar Tip Tax Credit reviewed..
Today's Episode:1. Updates on IRS backlog and implementation of the new IRS funding. TIGTA’s recent report on January 12th touts the extra money, but not necessarily improved efficiency. This latest report highlights...
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Season 2023
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Episode 2
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11:55
EPISODE 8. 1099Ks $600 threshold delay. Highlights of Secure Act 2.0. Qualified Education Expenses best utilized when self-employed.
Today we’re going to review some recent changes. 1. A one-year delay to 1099K requirements - the new $600 threshold. More to come from the IRS [:43]2. New Retirement Rules have been pas...
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Season 2023
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Episode 1
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19:50
EPISODE 7. Check Washing Fraud & paying taxes. GAO audits the IRS’ 2022 Tax Season Operations. Los Angeles has a new Mansion Tax coming soon to solve their homeless crisis
Merry Christmas! Today I’m going to review these 3 topics:1. Check Washing Fraud – What is it and why the millennial's case for making payments for taxes online isn’t so bad. [:49}2. The GAO...
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Season 2022
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Episode 7
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20:54
EPISODE 6. How to file 1099 forms yourself for FREE. Tax Reporting for FTX Crypto Loss. Where are all the good tax accountants? Review of firm hiring & pricing issues
Today’s 3 topics will cover upcoming tax issues for many taxpayers and consumers:1. How to file 1099 forms if you’re self-employed for FREE using IRS.gov website & a quick review of who should file and when these ...
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Season 2022
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Episode 6
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20:37
EPISODE 5. TIGTA Report on IRS Controls to Prevent & Recover from Ransomware Attacks. Michael Avenatti Sentenced for stealing and tax fraud. State SALT Parity Acts adding significant tax savings for business owners (1120s & 1065).
Hey everyone welcome to Taxcast with Chelsea where I give you a small dose of interesting tax news and answer commonly asked tax questions. Today let’s review these 3 topics:1. Tis’ the Season for Security...
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Season 2022
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Episode 5
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18:33
EPISODE 4. Employer Retention Credits and their Audit baggage. Tax Strategies when retirement is on the horizon. TIGTA has a new website where anyone can file a form.
Employer Retention Credits: are providing some employers additional cash but also risk for audit. Let’s look at a few things to consider before hiring an accountant to file these amendments (:53).Tax Strategies for the almost retired… this ...
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Season 2022
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Episode 4
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16:03
EPISODE 3. Reviewing IRS’s 2023 Audit Plan highlights. Roger McEowen’s Farm & Ranch Estate Planning Discussion. Inflation Reduction Act added new Energy Credit tax credits.
This week I’ve highlighted IRS's audit plans, estate planning discussion from my favorite tax expert, and new energy tax credits coming from Congress.The IRS announced its 2023 AUDIT plan on October 24th and I will review a few of their ...
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Season 2022
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Episode 3
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27:59
EPISODE 2. LLC Partnership to S Corporation transition discussion. Biden selects Daniel Werfel to be the next IRS Commissioner. Why solvency with Social Security matters.
Today I’m going to review these 3 topics: Are you wanting to take your LLC Partnership to S Corporation: let’s review the items you should consider before filing that S Corporation election (:47). Also, Biden selects Da...
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Season 2022
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Episode 2
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16:08
EPISODE 1. Operation Hidden Treasure. Reality TV couple awaiting sentencing for tax crimes. IRS Appeals office updates.
Today I’m going to discuss:Operation Hidden Treasure – this is not your Johnny Depp tax sequel but rather the IRS is searching for those digital and cryptocurrency tax evaders (1:02).Also, a reality check hits reality TV stars &am...
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Season 2022
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Episode 1
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11:30