Faw Casson CPA

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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.

10/24/2026

💰 The top federal income tax rate for 2026 remains 37%, beginning at taxable income above $640,600 for single filers and $768,700 for married couples filing jointly.

A recent Roosevelt Institute proposal would add new brackets for extremely high earners, potentially reaching 70% on income above $10 million for single filers. It is a policy proposal, not current law.

Watch the video for the numbers and the debate behind them.

Listen to the full Episode 151:
https://fawcasson.libsyn.com/episode-151-irs-targets-limited-partners-the-self-employment-tax-crackdown

10/22/2026

You no longer have to itemize to receive a federal tax benefit for certain charitable gifts.

Beginning in 2026, non-itemizers may deduct up to $1,000 in qualifying cash contributions, or $2,000 for married couples filing jointly. Donations of clothing, stock and other property do not qualify for this particular deduction.

Watch the video to learn what qualifies and why keeping receipts still matters.

Listen to the full Episode 151:
https://fawcasson.libsyn.com/episode-151-irs-targets-limited-partners-the-self-employment-tax-crackdown

Our team had a great time at the Monster Mile Mini-Masters to support the Dover Motor Speedway chapter of Speedway Child...
10/21/2026

Our team had a great time at the Monster Mile Mini-Masters to support the Dover Motor Speedway chapter of Speedway Children’s Charities last Friday. FORE!

10/21/2026

🏥 Medicare premiums may qualify for the self-employed health insurance deduction.

For more-than-2% S corporation shareholders, proper reimbursement and W-2 reporting are essential. If the premiums are not handled correctly, the deduction may be lost.

Watch the video to learn why this easily overlooked item belongs on your year-end tax-planning checklist.

Listen to the full Episode 151:
https://fawcasson.libsyn.com/episode-151-irs-targets-limited-partners-the-self-employment-tax-crackdown

ɴᴇᴡ ɪʀꜱ ʀᴜʟᴇꜱ ꜰᴏʀ ᴄʀᴇᴅɪᴛ ᴀɴᴅ ᴅᴇʙɪᴛ ᴄᴀʀᴅ ᴛᴀx ᴘᴀʏᴍᴇɴᴛꜱEffective October 19, 2026, the IRS has finalized new regulations al...
10/20/2026

ɴᴇᴡ ɪʀꜱ ʀᴜʟᴇꜱ ꜰᴏʀ ᴄʀᴇᴅɪᴛ ᴀɴᴅ ᴅᴇʙɪᴛ ᴄᴀʀᴅ ᴛᴀx ᴘᴀʏᴍᴇɴᴛꜱ

Effective October 19, 2026, the IRS has finalized new regulations allowing it to contract directly with credit and debit card payment processors.

What does this mean for taxpayers?

While the changes may provide greater payment flexibility, processing fees may still apply. These fees are nonrefundable, even if the underlying tax payment is refunded.

Business owners should also remember that Federal Tax Deposits cannot be made using credit or debit cards and must continue to be paid through approved electronic methods.

Before paying federal taxes by card, confirm that the payment method is accepted, understand any associated fees, and verify that your payment is successfully processed.

10/20/2026

💼 Worked for multiple employers in 2026? You may have paid too much Social Security tax.

Each employer must withhold Social Security tax without considering what another employer already withheld. If your combined wages exceed the 2026 wage base of $184,500, you may claim the excess withholding on your federal income tax return.

Watch the video to learn what to look for when reviewing your W-2s.

Listen to the full Episode 151:
https://fawcasson.libsyn.com/episode-151-irs-targets-limited-partners-the-self-employment-tax-crackdown

10/19/2026

The Employee Retention Credit is still not finished.

As of October 3, 2026, the IRS reported approximately 13,000 ERC claims remaining in various stages, including review, audit, payment, disallowance responses and appeals.

If your business is still waiting, watch the video for an update and remember that no news does not necessarily mean your claim has been forgotten.

Listen to the full Episode 151:
https://fawcasson.libsyn.com/episode-151-irs-targets-limited-partners-the-self-employment-tax-crackdown

10/19/2026

💸 Claiming a large refund is not the problem. Claiming more than you are legally entitled to may be.

The IRS can impose a penalty equal to 20% of the excessive portion of an erroneous refund or credit claim when reasonable cause does not apply. Internal Revenue Service

Watch the video to learn why refund claims should be accurate, supportable and carefully documented.

Listen to the full Episode 151:
https://fawcasson.libsyn.com/episode-151-irs-targets-limited-partners-the-self-employment-tax-crackdown

10/17/2026

IRS FAQs can be helpful, but they generally are not binding legal authority.

If an FAQ conflicts with the law as it applies to your situation, the law controls.

Reasonable, good-faith reliance may help support relief from certain penalties, but it does not determine the underlying tax liability. Internal Revenue Service
Watch the video to learn why important tax decisions require more than a quick FAQ search.

Listen to the full Episode 151:
https://fawcasson.libsyn.com/episode-151-irs-targets-limited-partners-the-self-employment-tax-crackdown

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160 Greentree Drive, Ste 203
Dover, DE
19904

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Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

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