Faw Casson CPA

09/15/2026

💰 When could converting a traditional IRA to a Roth IRA make sense?

A Roth conversion creates a tax bill today, but it may provide tax-free income later, eliminate future required minimum distributions for the original owner, and offer advantages for beneficiaries.

Watch the video to learn when paying the tax now could support a smarter long-term retirement strategy.

https://fawcasson.libsyn.com/episode-149-rolling-into-roth-your-ira-rollover-playbook

09/09/2026

If your business is planning to purchase new equipment in 2026, there is some potentially good news on the tax front. Qualifying purchases may be eligible for significant deductions, including 100% bonus depreciation. But before you let the tax deduction make the purchasing decision for you, there are a few things to consider. https://conta.cc/3SEPq66

Email from Faw Casson Episode 149: Rolling Into Roth - Your IRA Rollover Playbook   Thank you for telling others about the exceptional service you receive from Faw Casson. We appreciate your business

09/09/2026

Not everyone who prepares tax returns has the same credentials, training, or oversight. A proposal in the U.S. Senate could change that. The bill would expand IRS oversight of paid tax return preparers who are not CPAs, attorneys, enrolled agents, or other licensed professionals. Proposed requirements include:
🔍 Background and tax compliance checks
📚 Up to 18 hours of continuing education each year
✅ Character and competency disclosures
🪪 A valid Preparer Tax Identification Number
⚠️ Stronger penalties for preparer violations

The IRS could also deny, suspend, or revoke a preparer’s PTIN for failing to meet the requirements. No competency exam is currently included in the proposal.
Why does this matter to taxpayers? The person preparing your return has access to sensitive financial information and can significantly affect your tax outcome. Price and convenience should not be the only considerations when choosing one.

Learn what to ask before trusting someone with your tax return in our latest podcast episode.

To listen to our full Episode 148 of Accounting and Accountability, visit https://fawcasson.libsyn.com/episode-148-105-billion-in-improper-tax-credits-whos-watching-the-irs

09/08/2026

Won a legal settlement? The amount you keep is not necessarily the amount the IRS may tax.

Payments for physical injuries are generally tax-free, while emotional distress awards may be taxable. Attorney’s fees can create another costly surprise.
Watch the video to learn why the wording and structure of a settlement matter.

To listen to our full Episode 148 of Accounting and Accountability, visit https://fawcasson.libsyn.com/episode-148-105-billion-in-improper-tax-credits-whos-watching-the-irs

09/08/2026

Our Rehoboth Beach, DE office has moved, and we’re ready to celebrate!

Join us for an Open House Happy Hour at Faw Casson’s new Rehoboth Beach office on Wednesday, September 30, from 3–5 p.m. Tour our new space, meet the team and enjoy light refreshments with us.

20376 Coastal Highway, Suite 101
Rehoboth Beach, DE 19971

Please RSVP to [email protected] by September 20.

We look forward to welcoming you into our new space!

09/07/2026

Worked overtime in 2026? Check Box 14 of your W-2 before claiming the new deduction.

Beginning with 2026 W-2s, qualified overtime compensation is expected to appear in Box 14 using code “TT.” This amount can help determine the overtime pay deduction available on your tax return.
The maximum deduction is:
💵 $12,500 for single filers
💵 $25,000 for married couples filing jointly
The deduction begins to phase out when adjusted gross income exceeds $150,000 for single filers or $300,000 for joint filers. It is also temporary and currently scheduled to expire after 2028.
Here is the part that may surprise employees: the deduction does not apply to all wages earned during overtime hours. For an employee paid time and a half, it generally applies only to the additional half-time premium that qualifies under the rules.

More hours do not automatically mean a bigger deduction. The details on your W-2 matter.

To listen to our full Episode 148 of Accounting and Accountability, visit https://fawcasson.libsyn.com/episode-148-105-billion-in-improper-tax-credits-whos-watching-the-irs

09/06/2026

💸 $105.7 billion.
That is the reported amount of improper refundable tax credit payments made during fiscal year 2025, a 26.5% increase from the prior year.
Watch the video to learn which credits were most affected and why the problem continues to grow.

To listen to our full Episode 148 of Accounting and Accountability, visit https://fawcasson.libsyn.com/episode-148-105-billion-in-improper-tax-credits-whos-watching-the-irs

09/05/2026

Received an IRS letter telling you to register through a “digital asset compliance portal”? Do not click.

The IRS is warning taxpayers about a cryptocurrency scam that uses fake letters and websites to steal personal information. Watch the video to learn what to look for before responding.

To listen to our full Episode 148 of Accounting and Accountability, visit https://fawcasson.libsyn.com/episode-148-105-billion-in-improper-tax-credits-whos-watching-the-irs

09/04/2026

Listen to Episode #149 for:
IRA Rollovers — Rolling over traditional 401(k)s and IRAs, converting traditional IRAs to Roth IRAs, required minimum distributions, and estate planning considerations.
Natural Disaster Tax Relief — New federal legislation easing casualty loss write-offs for qualified disaster victims, including timing and eligibility details.
Corporate Transparency Act Update — Final ruling on beneficial ownership reporting requirements and what it means for US companies.
Cybersecurity & Scam Prevention — Ongoing threats from cyber thieves targeting taxpayer data, reminders to use secure portals, and general vigilance against phishing and fraud.
Proposed Restrictions on Refundable Tax Credits — Proposed regulations that would deny certain refundable credits (EITC, child tax credit, etc.) to immigrants who are not qualified aliens, and the legal challenges ahead.

09/04/2026

If a customer gives your business $4 million to expand its facility, is that taxable income?

A recent Tax Court case addressed that question after a customer funded improvements to a supplier’s facility. The expansion increased the supplier’s production capacity, creating a clear business benefit. In our latest podcast episode, we discuss why customer-funded improvements should be reviewed before the agreement is signed. The way the arrangement is structured and documented can have significant tax consequences. Calling a payment something other than income does not mean the IRS will agree.

To listen to our full Episode 148 of Accounting and Accountability, visit https://fawcasson.libsyn.com/episode-148-105-billion-in-improper-tax-credits-whos-watching-the-irs