Black Pros On Money, Honey!
By Wayne Scully, CPA and Tax Master Attorney
Black Pros On Money, Honey! Sep 06, 2022
Why Succession Planning Is A Must Part 6
Planning Is A Must Part 5
Why Succession Planning Is A Must Part 4
Why Succession Planning Is A Must Part 3
Why Succession Planning Is A Must Part 2
BUSINESS SUCCESSION PLANNING PART1
Today's show will be the beginning of a conversation as to why Succession Planning is a must and something that all black-owned businesses should be prepared to discuss. We will also talk about the only 4 types of businesses Black were allowed to have right after slavery. We'll talk about that and so much more on this can't miss episode of Black Pros On Money Honey, Where none of us are smarter than all of us!
File Taxes Directly With The IRS - IRS Direct File
The United States and Quantum Information Science.
Beneficial Ownership Information (BOI) Reporting
The Final of a 6 Part Series
Today's show is the final of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode covers form 1099-S, Proceeds from Real Estate Transactions. This is another can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE
TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE
Today's show is the 4th of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode covers the law after 2008. This is a can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
CONVERTING A RENTAL Part 3
Today's show is the 2nd of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode contains the meat and potatoes surrounding this issue. This is a can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
CONVERTING A RENTAL
Pt 1 Sale of a Rental Property Converted to a Personal Residence
A Pro-se Tried To Contest The IRS And Ended Up in A Mess
Today's show is how a Pro se Tried To Contest The IRS And The Whole Thing Ended Up Being A Mess.
The opposite of Pro se is having a representative represent you.
Our suggestion is anytime your matter gets before the Tax Court, don’t sell yourself short. Do yourself a favor and reach out to an EA, CPA, or Atty for support.
Which is why we are elated when you can stop by and listen in on some of our thoughts here on another episode of Black Pros On Money, Honey. Where none of us are smarter than all of us!
Crypto, IRS and Social Media
Where none of us are smarter than all of us. This episode is an extension from last week. Except today we go into detail with crypto and what the IRS is allowed to do under their own Internal Revenue Manual regarding their social media policy, IRM 10.8.27. This is another can't miss episode of Black Pros On Money Honey,
Where none of us are smarter than all of us.
Why Is The IRS Looking at Your Social Media Page?
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us
Did you know how much information the IRS can glean from watching your social media screen?
Besides it being a good question, I can almost guarantee that's a question that you'd like to know the answer to.
The Internal Revenue Service (IRS) is rumored to be developing software to gather social media information in conjunction with other information such as credit card statements, bank accounts, investments, property ownership, etc. to form a comprehensive financial picture of each U.S. taxpayer. This information can then be used to investigate whether filed tax returns might be missing reportable income or overstating reported expenses, giving the IRS a list of taxpayers who should be audited. We’re going to talk about that on this week's Episode of Black Pros On Money Honey. Where none of us are smarter than all of us.
IRS HALTS UNANNOUNCED VISITS
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us.
Today's show will look at the IRS as it halts most unannounced visits to taxpayers homes and buildings citing safety concerns. Today's show is definitely an epic one
ARTISTS SELLING THEIR CATALOGS
Where none of us are smarter than all of us!
Today's show is part 2 toward an effort to answer why so many artists are selling their catalogs. As we mentioned last week, the recent tax law changes are in fact the culprit. This week we will get into the numbers of why this is so true. This is yet another can’t miss episode of it Black Pros On Money, Honey. Where None of Us Are Smarter Than All Of Us.
Entertainers Who Sold Their Residuals, Royalties, and Catalogs.
Where none of us are smarter than all of us
Today's show is Pt 1 toward an effort to answer the question of
Why are so many artists selling their catalogs?
Well it appears it’s due to recent tax law changes of which the financial implications for content creators are significant. The thing is, the recent tax law expires in 2025 and rates are predicted to go higher from here.
Therefore, the artists are left with a classic decision.
That decision is to hold on to their catalog and pay a hefty ordinary income tax at "up to" 37% (and possibly higher when the tax law changes) on future royalties, or just say forget it and sell the whole kit and caboodle to the highest bidder and pay a one-time capital gains tax of 20%, at most, and simply be done with it. The question is if you were the artist, what would you do? If I were a betting man, I'm predicting more artists will choose to sell their catalogs before that 2025 deadline. Stay tuned for this and much more on another can't miss episode of Black Pros On Money, Honey.
Where none of us are smarter than all of us!
CAN CHAT GBT PREPARE YOUR TAX RETURN
Welcome to Another Episode of Black Pros On Money, Honey!
Where none of us are smarter than all of us
Today's show asks the question of Will Artificial Intelligence (Chat GBT) Be Able to Prepare Our Tax Returns? We're going to talk about why Routine (Mundane)
tasks may be at risk and why Tax Planning (Creativity) is safe and sound, for now. We're going to talk about this and so much more coming up on another can't miss episode of Black Pros On Money, Honey! Where none of us are smarter than all of us.
Violation 1001: For Tax Purposes, It's An Obscure Law Many have never heard of before
Children, Taxes, & The Question Their Parents Ask Us
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us
Today's episode will go into your child's most important tax return. It is going to be their very first tax return. This return comes with an opportunity to develop some good habits and possibly create a path toward a better relationship with their silent partner, THE IRS. You guessed it. This is another can't miss episode that's sure to be excellent!
The Tax Implications of Name, Image, & Likeness (NIL) Rights
Where none of us are smarter than all of us
Today's episode is about Student Athletes.
It used to be that if they received an athletic scholarship, they were often disallowed to work for compensation--or had limited rights when doing so--under the NCAA rules.
However, the rules have since changed. The NCAA Division 1 Board of Directors approved a new interim policy in 2021, allowing many student-athletes to be compensated for their name, image, and likeness (NIL). By all means, please enjoy another can't miss episode of Black Pros On Money Honey - Where none of us are smarter than all of us.
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us
Today's episode is about Student Athletes.
It used to be that if they received an athletic scholarship, they were often disallowed to work for compensation--or had limited rights when doing so--under the NCAA rules.
However, the rules have since changed. The NCAA Division 1 Board of Directors approved a new interim policy in 2021, allowing many student-athletes to be compensated for their name, image, and likeness (NIL). By all means, please enjoy another can't miss episode of Black Pros On Money Honey - Where none of us are smarter than all of us.
KANYE AND THE 94 YEAR OLD LADY
Marsha Duke The Realtor
IRS Admits Black Taxpayers Are More Likely To Get Audited!
Sisters of Color
Black Women Are the Country's Leading Entrepreneurs
We're going to go through that and so much more.
IRS Voluntary Disclosure Program
This form is not meant to scare you. It's meant to manage your expectations and prepare you. The fact of the matter is most taxpayers voluntarily comply with their obligations and it's only a few who fail to do so. This is definitely an odd and extreme form that you would file when you decide to come clean when you've done something wrong.
If you have willfully failed to comply with tax or tax-related obligations, submitting a voluntary disclosure may be a means to resolve your non-compliance and limit exposure to criminal prosecution.
It's 2023 & Beyonce Sues IRS!
Where none of us are smarter than all of us
The 2nd Episode of our 2nd season surrounds the Voluntary Disclosure
Practice to Bring Taxpayers Back into Compliance. This show is guaranteed to tell you a few things that you did not know. Stay tuned folks and definitely take notes.
Tax Tips & Tricks Part 2
TAX TIPS & TRICKS PT 1
Brands in Their Youth Podcast Notes
END OF YEAR UPDATE ON INFLATION & RECESSION
Proper Black Business Etiquette
CARMEN BERNARD ON KNOWING YOUR VALUE
On today’s episode the Black Pros will delve into the economic value of an individual life, in particular, an individual Black life. Ms. Carmen Bernard, an insurance expert, is the special guest who will share her thoughts on the subject. There are certain things that are reported breathlessly: however, the value of a Black life is not one of those things. Even the industry standard, the Actuarial Group, is currently taking steps to identify racial bias in insurance rates. Please tune into another great episode of Black Pros On Money, Honey! Where none of us are smarter than all of us!
4 million NYC workers will now see how much jobs pay before they apply—here’s what to know
Welcome to another episode of Black Pros On Money Honey! Be sure to listen to this episode, an episode where you get to hear a different definition of a historical piece of landmark legislation affecting New York City’s roughly 4 million private-sector workers that is finally going into effect starting Nov. 1. What is the law? The law is worded such that most employers in NYC will be required to list the salary range on all posted job ads, promotions and transfer opportunities. We're going to talk about that and much more here on Black Pros On Money Honey! Where none of us are smarter than all of us!
PROPER BLACK BUSINESS ETIQUETTE
What is Proper Black Business Etiquette and is the topic even relevant?
From the very 1st Black Business ever recorded doing business in the United States, 141 years ago, called E.E. Ward Moving & Storage Co. to the largest Black owned business in the U.S. called World Wide Technology with over 7,000 employees and making around 13 billion dollars a year, on its face, Proper Black Business Etiquette is a topic rarely discussed let alone defined.
The fact of the matter is people of color will be a majority of the American working class in 2032. Which means either we take the initiative to define it so we can stand behind it or run the risk of it being defined for us and not by us, by another group who could possibly be biased. We don’t know.
What we do know is if there is a tactful way to broach the subject, you better believe we will do our best to find it. We are sensitive to the path and long legacy that Blacks had to take to get where we are today. Therefore, whether you live in California, New York, Georgia or Connecticut, If you're going to survive in business, then you're going to have to learn something about Proper Black Business Etiquette.
That’s why we’re going to introduce it and give our audience an opportunity to define it and get used to it here on another episode of Black Pros On Money, Honey! Where none of us are smarter than all of us!
Pt 2. Ms. Nicole M. Ndiaye, CEO of NAHE. talks about the new Cannabis mentorship program
This week you get to hear the 2nd part of our conversation with none other than Ms. Nicole M. Ndiaye, CEO of NAHE. On this episode we will talk about a 10 Week Mentorship Compliance Program being offered by the Office of Cannabis Management. The portal for this 10 Week Mentorship Compliance Program will open on 10/20/22. While much of the emphasis will be placed on writing a narrative surrounding your own experience with cannabis, Ms. Nicole M. Ndiaye also makes clear that opportunities to be involved with such programs like this one is indeed very rare. Enjoy it and please disseminate the information!
NICOLE NDIAYE CEO OF NAHE
On this week's episode we are honored to feature Ms. Nicole M. Ndiaye, CEO of NAHE. There's no one we can think of that won’t be able to learn a lesson or two from this renowned cannabis professional. Other than running her farm, she also happens to be the 1st Black woman to receive a hemp license in the State of New York. What we also appreciate is her tenacity to push forward and, if given the chance, she can put together a team and help you get all sorts of government grants. We’re going to talk about that and so much more on another can’t miss episode of Black Money on Money, Honey!
Erica Edwards talks about Cannabis and accounting
With a specialization in providing professional services for legal cannabis and hemp businesses, Ms. Edwards will talk to us today about her vast cannabis industry knowledge and other observations as it pertains to cannabis banking, compliance, payment processing, payroll, funding/investing, and, of course, taxes. Her company helps cannabis entrepreneurs improve and establish their financial foundation to sustain their businesses in a competitive industry. You’re in store for that and so much more on this Episode of Black Pros On Money, Honey!
Charlene J. Thompson, Esq. and Gov't Contracts
This week on Black Pros On Money, Honey we will speak to Ms. Charlene Thompson. She is an attorney who’s going to help us to understand how more Black businesses can get involved with Government Contracts. An estimated 65% of Black businesses did not survive the pandemic.
Therefore, without cussing, we will be discussing the biggest obstacles facing Black businesses interested in obtaining a government contract. Not only is this a can't-miss-episode you need to hear, we are willing to bet this is also an episode you are going to want to share. Charlene J. Thompson, Esq. is definitely the one to watch when it comes to government contracts and how do we as a community learn to connect the dots. All of this and then some on this episode of Black Pros on Money , Money!
Estate plans w/ SHAINA JONES MAGRONE ESQ
On this week's Episode of BPOMH we are featuring an attorney, Ms. Shaina Jones Magrone, who can absolutely, positively hold her own; however, she don't have to because the CPA, Mr. Wayne Scully, and the attorney, Brother Mann, will be holding down while she talks to everybody about Estate Plans - a tool that use to only be used to benefit the rich; however, now that our sister is on the case, all of that's about to switch.
She firmly defines and stands behind her position of why more of us need to slow down and listen when it comes to Estate Planning. She'll talk about something called Digital Estate Plans and what has to do with your social media accounts, your online bank accounts, and your crypto amount regardless of how much you have in the account? Blockchain, Smart Contracts, and the perception of Estate Planning when it comes to Blacks, she'll address all of that on this can't miss episode of BPOMH!
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CARMEN BERNARD PART 2
On this episode of Black Pros On Money, Honey, we will be looking at Insurance through the lens of the spender, the savor and the wealth creator. On this can't miss episode this licensed professional, Ms. Carmen Bernard, came back for part II to answers several questions like "Can you use Cash Value Insurance Policies to pay off your debt and fund a start-up business?" She is a lot of fun to talk to and instead of second guessing you, this well-read professional is here to make us all much more successful. On this extended episode Ms. Bernard also goes into strategies where every time you pay a dime, then you can possibly get back a whole dollar! With information like this you no longer have to trade your hours for dollars. You're going to enjoy this episode, believe me when I tell you though that pleasure is ours!
Carmela Walrond ESQ TAX RESOLUTION & IMMIGRATION
Carmen Bernard on Building Wealth Through Life Insurance
This week Episode is about Financial Services and how to grow wealth with life insurance and some of the misconceptions with none other than MS. Carmen Carmen Bernard. This can't miss Episode also goes into Building wealth through Life Insurance and much more!
IRS New Tax Law.
This week we are going to talk about the new Tax Law. Inflation Reduction Act aka IRA We will talk about how the new tax law will allow the IRS to hire more IRS agents, purchasing more admonition, and making plans to create a free tax software program for some taxpayers..
RICHES IN THE NICHES PT 2
This weeks' can't miss episode is when the E.A., Ms. Kimberliann Chambers comes through to break down the 3 types of cannabis businesses and tells you which one(s) are best for tax purposes.
This is definitely a Can't Miss Episode! Why not? Because if you do, you never know, you just might miss a whole lot!
Tune in and thanks for the support.
RICHES IN THE NICHES CANNABIS
Riches in the Niches: Cannabis Kimberlann Chambers, E.A. is the special guest who's going to talk to us about cannabis. However it's not just the cannabis, she is also part of The NYCCA, a female-founded organization of accountants that serve New York's cannabis industry. They're setting the standard and making a difference in the legal cannabis industry by advocating for financial literacy and elevating social equity entrepreneurs to make informed business decisions. This is a Can't Miss Episode!