Dr. Friday Radio Show – August 17, 2024

In this episode of the Dr. Friday Show, financial counselor and tax consultant Dr. Friday covers a range of important tax-related topics, from recent IRS updates to practical advice for taxpayers. She addresses several caller questions and provides valuable insights on various tax situations.

Topics covered:

• Employee Retention Tax Credit: Second chance program for improper claims, deadline November 22nd
• Beneficial Ownership Information (BOI) reporting requirements for businesses
• Tax implications of selling inherited property
• Estimated tax payments for self-employed individuals and investors
• Impact of large financial transactions on Medicare premiums (IRMA)
• 1031 exchanges for reinvesting property sales proceeds
• Capital gains tax considerations for retirees
• Qualified Charitable Distributions (QCD) from IRAs for tax-efficient giving
• Importance of proper payroll tax management for small businesses
• Upcoming tax filing deadlines for extensions (September 15th and October 15th)

Transcript:

00:00.001 –> 00:06.800 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your 00:06.800 –> 00:07.800 financial woes. 00:07.800 –> 00:10.040 She’s the how-to girl. 00:10.040 –> 00:11.040 It’s the Dr. Friday Show. 00:11.040 –> 00:17.040 If you have a question for Dr. Friday, call her now, 737-WWTN. 00:17.040 –> 00:18.040 That’s 737-9986. 00:18.040 –> 00:23.040 So here’s your host, financial counselor and tax consultant, Dr. Friday. 00:23.040 –> 00:36.160 G’day, I’m Dr. Friday and the doctor is in the house. 00:36.160 –> 00:40.600 And we got a couple things we’re going to want to really cover today, which sometimes 00:40.600 –> 00:51.240 in phone lines are open, 615-737-9986, 615-737-9986. 00:51.240 –> 00:56.560 So let’s start with the state of Tennessee, or I should say the Internal Revenue Service, 00:56.560 –> 00:59.920 but the employee retention tax credit. 00:59.920 –> 01:02.480 Many of you guys maybe applied for it. 01:02.480 –> 01:07.480 There is a second chance for programs for people with improper claims. 01:07.480 –> 01:14.560 They have until November 22nd to refile for those claims. 01:14.560 –> 01:17.240 I’m going to put a little caveat out there. 01:17.240 –> 01:22.480 We are in the midst of having several people that have come to my office that did go after 01:22.480 –> 01:25.560 this employee retention and now they’re being audited. 01:25.560 –> 01:27.680 I’m not going to say that you will be audited. 01:27.680 –> 01:31.960 I’m not saying that I wasn’t a part of the original filing, so we’re just dealing with 01:31.960 –> 01:33.840 the issue at this point. 01:33.840 –> 01:39.000 But they will be auditing a large number of people that did get the employee retention 01:39.000 –> 01:41.320 tax credit. 01:41.320 –> 01:45.840 Some people got audited prior to, meaning the IRS found some issue and then they rejected 01:45.840 –> 01:47.180 the claims. 01:47.180 –> 01:51.760 Other people may have gotten the money and now the IRS is coming back and looking at 01:51.760 –> 01:54.800 that information to see if it was properly done. 01:54.800 –> 02:01.400 But if you did or should have received the employee retention tax credit, then you do 02:01.400 –> 02:07.760 have until November 22nd to refile that claim if you were rejected or if you’re in the process 02:07.760 –> 02:10.160 of still dealing with that. 02:10.160 –> 02:16.100 The more important subject today is going to be the beneficial owner