Faw Casson CPA

Faw Casson CPA As our clients' most trusted advisors, we earn our reputation as the Firm of Choice in our markets. Your Success Is Our Business!

We consistently exceed their expectations and assist them in achieving financial success.

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

Listen to Episode #149 for:IRA Rollovers — Rolling over traditional 401(k)s and IRAs, converting traditional IRAs to Ro...
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

Congratulations to Dawn Wagner!! Dawn recently graduated from the Intuit ProAdvisor Client Advisory Services Foundation...
09/03/2026

Congratulations to Dawn Wagner!! Dawn recently graduated from the Intuit ProAdvisor Client Advisory Services Foundations program. We're so proud of you!

09/03/2026

Cannot find your business’s EIN verification letter?

Expanded IRS Business Tax Account features may now let you download it online, along with accessing notices, payment plan details, and certain tax payments.
Watch the video to see how these updates could save business owners time and a frustrating phone call to the IRS.

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

09/02/2026

Several tax proposals are making their way into the conversation in Washington, and they could affect business owners, educators, older homeowners, and high-income retirement savers.

Among the proposals being discussed:
📈 Increasing the Qualified Business Income deduction from 20% to 25% for eligible pass-through business owners
🏠 Creating an annual credit of up to $10,000 for certain home accessibility improvements made by taxpayers age 60 and older
🍎 Expanding the educator expense deduction to include eligible pre-K educators
💰 Requiring annual minimum distributions from retirement accounts exceeding $10 million and limiting some future contributions
For now, these are proposals. They have not become law, and the details could change significantly as they move through Congress.

In our latest podcast episode, we explain what is being discussed, who could be affected, and why these proposals are worth watching without rewriting your tax plan just yet.

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

TaxProposals

IRS WARNING: Stay alert and protect your information, especially in response to unsolicited messages. An IRS impersonat...
09/02/2026

IRS WARNING: Stay alert and protect your information, especially in response to unsolicited messages. An IRS impersonating scam currently requires users to enroll in a bogus "Digital Asset Compliance Portal." Don’t fall for it

09/01/2026

📬 Delaware employers may be receiving a new bill from the Department of Labor. The new technology assessment is calculated at 0.2% of quarterly UC-8 wages and is intended to fund system improvements.

Watch the video to learn what the charge is and why employers should not mistake the notice for junk mail.


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

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