Episode 115: IRA Rollover Rules

Discussion on the so-called "IRS exodus" and its actual impact on audits, including the shift in enforcement strategy. Cautionary advice about taking overly aggressive tax positions due to perceived reduced IRS oversight. Importance of avoiding audit risks, especially when dealing with inexperienced agents. IRA rollover rules, including 60-day limits, trustee-to-trustee transfers, and one-rollover-per-year restrictions. Upcoming crypto reporting changes, including Form 1099-DA, and the taxability of crypto sales and payments. A look at proposed legislation to ease tax burdens on remote/mobile workers who cross state lines. Do you have questions?  Send them to our hosts, with the subject line Accounting and Accountability, at [email protected]   We're also joined by Steve and Garnet Dennis, the President and Vice-President of Schlosser & Associates Mechanical Contractors Steve and Garnet talk about the 71-year strong business and what it takes to succeed, including:  How the company has transitioned across three generations of family leadership. Expansion from plumbing and heating into full-service offerings including concrete, structural steel, carpentry, and renovations. A candid look at the challenges of adopting new technology in a legacy business. How their company culture emphasizes customer service, apprenticeship programs, and long-term employee retention. Efforts to promote skilled trades as a viable, debt-free career path for young people. The "Schlosser Way" – an internal culture and rewards program focused on customer care. Honest reflections on the importance of growing sustainably and prioritizing integrity over hard-selling. Their strategy for succession planning and setting up the third generation for success.