Buchbinder Tunick & Company LLP

Buchbinder Tunick & Company LLP

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Don't forget about these reporting a nd potential #tax obligations when filing yo ur tax return: http://ow.ly/l7r050I9jCj
#taxseason #IRS #taxreturn
The #IRS updated its FAQs on t he Premium Tax Credit for subsidizing heal th insurance coverage under the Affordable Ca re Act. The FAQs include the basi cs of the #taxcredit; how to g et advance payments of the Premium #T ax Credit; and what happens if a taxpayer ’s income, family size or other circumstanc es changes during the year. http://ow.ly/a8Rg50I8jZL
The Employer-Provided Child Care Credit c an save employers with eligible expenses mo re money in taxes than using a deducti on alone, and it also helps employe es by letting them exclude some chi ld care benefits from their taxable wag es, according to a new report. http://ow.ly/IH7v50I6XYr
#taxcredit #t ax
There are some alternative ways th at may allow you to withdraw ca sh from a #corporation and avoid divide nd treatment. Here are five approaches: http://ow.ly/zXEL50I630h
#tax #accounti ng
The #IRS released interest rates f or Q2 2022. http://ow.ly/smFF50I3rBh
#tax #interestrates
Early #tax filers who are a d ue a refund can often get the ir money as early as mid Februa ry. However, taxpayers with the Earned Inco me Tax Credit or Child Tax Cred it may have their refunds delayed by abo ut a month while the IRS confir ms eligibility for these credits. http://ow.ly/yEAi50I2y0G
#taxrefund #taxseas on
Taxpayers who moved to another sta te during the #pandemic to work remote ly have been dealing with a mo re complicated #tax season than usual, a nd it’s not so easy for t he companies where they work, either. http://ow.ly/cvij50I0vf5
#taxseason #statet ax #incometax #wfh
Do you have a donor th at wishes to place restrictions on the ir gifts? Restricted gifts generally require a high er level of care from #nonprofits th at receive them. Learn what to do: http://ow.ly/y7Kq50I0qoN
#charitabledonation #charitablegiving #nonprofit
Congratulations to Lukasz Hausner, Peter Me tz, Michael Pinna, and Michael Prince on bei ng admitted to the Buchbinder partnership on Janua ry 1, 2022. We are very excit ed to welcome their expertise and the ir influence into the partner group a nd look forward to their continued commitme nt to our clients and to o ur staff. http://ow.ly/JZuM50HXEyN
The #IRS has overhauled Form 144 57, "Voluntary Disclosure Practice Preclearance Request a nd Application," to include a new secti on on reporting virtual currency as t he agency cracks down on the u se of #cryptocurrencies like #Bitcoin to eva de taxes. http://ow.ly/coXI50HWEfL
#tax
Do you operate a small busine ss as a sole proprietor? There a re many #tax rules and considerations involv ed in operating this way. Here a re eight tax issues you should kn ow: http://ow.ly/ntmJ50HVPf1
#soleproprietor #smallbusiness #businesstax
The #IRS is suspending more th an a dozen automated letters it sen ds out to taxpayers, including collection notic es, balance due notices and unfiled #t ax return notices, after coming under pressu re from lawmakers and tax professionals to fir st catch up on its backlog of unprocess ed returns. http://ow.ly/igZJ50HUAGP
#taxseason

Buchbinder Tunick & Company is a region al CPA firm with offices in N ew York, NY, Bethesda, MD, and L Buchbind er provides audit, tax, consulting, employee benef it plan, and valuation, litigation and forens ic support services to labor unions, non-prof it organizations, and privately held and family-own ed businesses.

Operating as usual

12 Tax Scams To Avoid in 2022 - Buchbind er Tunick & Co 06/15/2022

12 Tax Scams To Avoid in 2022 - Buchbind er Tunick & Co

Watch out for these 12 sca ms! The released its Dirty Doz en list for 2022: http://ow.ly/t53v50JygGc

12 Tax Scams To Avoid in 2022 - Buchbind er Tunick & Co The IRS publishes the Dirty Doz en as part of a broad-ranging effo rt to inform taxpayers about popular t ax scams.

What Startups Should Know About Brid ge Loans 06/14/2022

What Startups Should Know About Brid ge Loans

Bridge loans are a popular w ay for to ensure they ha ve enough cash. Many bridge loans deliv er a host of complex issu es that commonly get overlooked. http://ow.ly/7JYK50Jx6tC

What Startups Should Know About Brid ge Loans Bridge loans are a popular w ay for startups to ensure they ha ve enough cash. Here's what you a nd your clients should know about th em.

Mileage Rate Increase for 2022 - Buchbind er Tunick & Co 06/13/2022

Mileage Rate Increase for 2022 - Buchbind er Tunick & Co

Do you use your automobile f or business purposes? The is increasi ng the optional standard mileage rate starti ng July 1. http://ow.ly/JPCc50JwcHW

Mileage Rate Increase for 2022 - Buchbind er Tunick & Co The IRS announced an increase in t he optional standard mileage rate for t he second half of 2022.

What To Do When Your Nonprof it Receives Quid Pro Quo Donations - Buchbind er Tunick & Co 06/09/2022

What To Do When Your Nonprof it Receives Quid Pro Quo Donations - Buchbind er Tunick & Co

Does your receive quid p ro quo ? These arrangements create reporti ng obligations for your nonprofit. Learn mo re: http://ow.ly/wuUw50JtsYn

What To Do When Your Nonprof it Receives Quid Pro Quo Donations - Buchbind er Tunick & Co Quid pro quo donations occur wh en a nonprofit receives a payment th at includes a contribution, and the organizati on provides the donor with goods or servic es.

Preserving Estate Wealth for Business Re al Estate and Farms 06/08/2022

Preserving Estate Wealth for Business Re al Estate and Farms

How can a small business own er pass an interest to heirs witho ut triggering a significant estate tax bi ll? Despite generous breaks, there sti ll may be obstacles to overcome. http://ow.ly/Brv750JsvTf

Preserving Estate Wealth for Business Re al Estate and Farms How can a small business own er pass an interest to heirs witho ut triggering a significant estate tax bi ll? Despite generous tax breaks, there sti ll may be obstacles to overcome, especial ly with the estate tax exemption schedul ed to be cut in half in ...

Hiring family members in a sma ll business 06/07/2022

Hiring family members in a sma ll business

Many owners welcome the prospe ct of keeping their businesses operating with in the family unit. While hiring fami ly members can present some potential drawbac ks, the practice can also yield stro ng benefits. http://ow.ly/RsSa50JrtlH

Hiring family members in a sma ll business Employing children and other relatives in a fami ly business can yield tax advantages, b ut there are potential drawbacks to consid er.

Timeline photos 06/07/2022

Our partners and staff had a bla st at our spring party as we celebrat ed another year of success and ha rd work! We are thankful for everyone ’s dedication!

How To Calculate Corporate Estimated Tax es - Buchbinder Tunick & Co 06/06/2022

How To Calculate Corporate Estimated Tax es - Buchbinder Tunick & Co

An important deadline is approaching f or quarterly federal estimated payments. He re are four methods for businesses to compu te them. http://ow.ly/yQoE50JqCnE

How To Calculate Corporate Estimated Tax es - Buchbinder Tunick & Co The next quarterly estimated tax payme nt deadline is June 15 for individua ls and businesses so it’s a go od time to review the rules f or computing corporate estimated taxes.

Crushed by crypto losses? Here a re some tax tips 06/03/2022

Crushed by crypto losses? Here a re some tax tips

The allows taxpayers to u se losses in stocks and other investmen ts, including , to offset gains. http://ow.ly/FcYA50JopsH

Crushed by crypto losses? Here a re some tax tips Investors in digital assets have be en pummeled recently by the longest losi ng streak since 2011, but if th ey act promptly, they can cut the ir tax bills.

Timeline photos 06/02/2022

Our four new Partners, Lukasz Hausn er, Peter Metz, Michael Pinna, and Micha el Prince are featured in the late st issue of XLNC Magazine. Check it o ut! http://online.xlnc.org/magazine/09/

IRS upgrades 'Where’s My Refund' to ol to track refunds for two yea rs 06/01/2022

IRS upgrades 'Where’s My Refund' to ol to track refunds for two yea rs

The has enhanced its “Where ’s My Refund?” online tool, introducing a n ew feature that enables taxpayers to che ck the status of their current ye ar and tax refunds for the t wo previous years. http://ow.ly/zTyN50Jn7AE

IRS upgrades 'Where’s My Refund' to ol to track refunds for two yea rs The Internal Revenue Service introduced a n ew feature that enables taxpayers to che ck the status of their current t ax year and tax refunds for t he two previous years as the agen cy continues to come under fire f or processing backlogs.

How To Handle Partnership Income & Tax es - Buchbinder Tunick & Co 05/31/2022

How To Handle Partnership Income & Tax es - Buchbinder Tunick & Co

If you’re involved in a , y ou likely know it’s taxed differently th an a C corporation. You may be tax ed on more partnership income than w as distributed to you from your partnersh ip. Learn why. http://ow.ly/RGvf50JlXqR

How To Handle Partnership Income & Tax es - Buchbinder Tunick & Co Unlike a C corporation, a partnersh ip isn't subject to income tax. Here 's what you should know.

Timeline photos 05/30/2022

Today we honor those who courageous ly gave their lives for our count ry. Wishing you a Happy Memorial D ay!

7 Ways Inflation May Impact Yo ur Financial Statements - Buchbinder Tunick & Co 05/26/2022

7 Ways Inflation May Impact Yo ur Financial Statements - Buchbinder Tunick & Co

Costs are rising for a nd affecting the bottom line. Here a re 7 ways your business's financial statemen ts might be hit by today’s hi gh rate of . http://ow.ly/2SQR50JiMHH

7 Ways Inflation May Impact Yo ur Financial Statements - Buchbinder Tunick & Co Business owners and investors are understandab ly concerned about skyrocketing inflation.

Ukraine aid eligible for leave-based donatio ns programs 05/25/2022

Ukraine aid eligible for leave-based donatio ns programs

The provided guidance on t he treatment of cash payments employe rs make under a leave-based progr am to aid victims of the furth er Russian invasion of Ukraine, which beg an Feb. 24, 2022.

Ukraine aid eligible for leave-based donatio ns programs Employees may exclude from gross inco me the value of leave donated to the ir employers funding payments to relieve victi ms of the Russian invasion of Ukrai ne.

IRS changes guidance on child t ax credits 05/24/2022

IRS changes guidance on child t ax credits

The has revised and updat ed the answers it previously provided to frequent ly asked questions on the 2021 Chi ld Tax Credit and Advance Child T ax Credit. http://ow.ly/KH6V50JgCgW

IRS changes guidance on child t ax credits The Internal Revenue Service has revis ed and updated the answers it previous ly provided to frequently asked questions on t he 2021 Child Tax Credit and Advan ce Child Tax Credit.

Interest Rates for Q3 2022 - Buchbind er Tunick & Co 05/23/2022

Interest Rates for Q3 2022 - Buchbind er Tunick & Co

The announced that interest rat es will increase for the calendar quart er beginning July 1, 2022. http://ow.ly/lgO450JfCzB

Interest Rates for Q3 2022 - Buchbind er Tunick & Co The Internal Revenue Service announced th at interest rates will increase for t he calendar quarter beginning July 1, 2022.

Are You Selling Business Property? He re Are Tax Issues You Should Kn ow - Buchbinder Tunick & Co 05/19/2022

Are You Selling Business Property? He re Are Tax Issues You Should Kn ow - Buchbinder Tunick & Co

Selling property used in your involv es complex rules. Here’s an overvi ew. http://ow.ly/bH7u50Jcg67

Are You Selling Business Property? He re Are Tax Issues You Should Kn ow - Buchbinder Tunick & Co What are the tax consequences of selli ng property used in your trade or busine ss? There are many rules that c an potentially apply to the sale of busine ss property.

IRS urged to strengthen compliance on pandem ic tax breaks 05/18/2022

IRS urged to strengthen compliance on pandem ic tax breaks

Congress gave billions of dollars in credi ts to employers in response to t he COVID-19 pandemic that helped pay f or providing paid sick and family lea ve and retaining employees, but now t he needs to step up i ts compliance efforts. http://ow.ly/qkSo50JbiRG

IRS urged to strengthen compliance on pandem ic tax breaks Congress gave billions of dollars in t ax credits to employers, but now t he IRS needs to step up i ts compliance efforts, according to a G AO report.

Council Post: One In Five SM Bs Don't Use Any Cybersecurity: Here's Wh at They're Putting At Risk 05/17/2022

Council Post: One In Five SM Bs Don't Use Any Cybersecurity: Here's Wh at They're Putting At Risk

Small and medium-sized businesses face a minefie ld of potential risks and cyberattacks. Mo st are simply not as prepared to de al with the fallout of a as larg er enterprises are. http://ow.ly/yw0k50Ja1Ir

Council Post: One In Five SM Bs Don't Use Any Cybersecurity: Here's Wh at They're Putting At Risk Cybersecurity must become a front-line busine ss priority for SMBs — as mu ch of a priority as it is f or large enterprises.

Why You Should Follow Up on Yo ur Auditor’s Management Letter - Buchbinder Tuni ck & Co 05/16/2022

Why You Should Follow Up on Yo ur Auditor’s Management Letter - Buchbinder Tuni ck & Co

Maximize efficiency and minimize risk by implementi ng the improvements contained in the manageme nt letter from your . http://ow.ly/rNSl50J94gt

Why You Should Follow Up on Yo ur Auditor’s Management Letter - Buchbinder Tuni ck & Co When audited financial statements are deliver ed, they’re accompanied by a management lett er that suggests ways to maximize yo ur company’s efficiency and minimize its ri sk.

Health Savings Account Limits Increase f or 2023 - Buchbinder Tunick & Co 05/12/2022

Health Savings Account Limits Increase f or 2023 - Buchbinder Tunick & Co

Does your business provides Health Savin gs Accounts to employees? Here are a f ew benefits, along with the inflation-adjusted amoun ts for 2023. http://ow.ly/5oFa50J6vj4

Health Savings Account Limits Increase f or 2023 - Buchbinder Tunick & Co The IRS recently released guidance providi ng the 2023 inflation-adjusted amounts for Heal th Savings Accounts.

Accounting for employee retention credits 05/11/2022

Accounting for employee retention credits

Congress passed programs to provide financi al assistance to companies during the COVID- 19 pandemic, including the employee retention cred it. http://ow.ly/Cyta50J5hte

Accounting for employee retention credits Companies that received financial assistance duri ng the pandemic have questions about whi ch standards to apply related to accounti ng for the ERC.

Many nonprofits face single audits f or the first time 05/10/2022

Many nonprofits face single audits f or the first time

A great many organizations th at received stimulus funding from the feder al government during the pandemic are n ow finding themselves facing unexpected requiremen ts. http://ow.ly/pf0h50J41jT

Many nonprofits face single audits f or the first time A great many organizations that receiv ed stimulus funding during the pandemic a re now finding themselves facing unexpected aud it requirements.

Here’s What You Need To Kn ow if Your Business Receives a Noti ce About Information Returns That Don’t Mat ch IRS Records - Buchbinder Tunick & Co 05/09/2022

Here’s What You Need To Kn ow if Your Business Receives a Noti ce About Information Returns That Don’t Mat ch IRS Records - Buchbinder Tunick & Co

Does your file 1099 for ms with the ? The agen cy is currently sending out notices abo ut these forms to some taxpayers wi th information that doesn’t match the agency ’s records. http://ow.ly/LQtZ50J36YQ

Here’s What You Need To Kn ow if Your Business Receives a Noti ce About Information Returns That Don’t Mat ch IRS Records - Buchbinder Tunick & Co The IRS has begun mailing notic es to businesses, financial institutions, and oth er payers that filed certain returns wi th information that doesn’t match the agency ’s records.

Security Stuff Happens: What Do Y ou Do When It Hits the F an? 05/05/2022

Security Stuff Happens: What Do Y ou Do When It Hits the F an?

Breaches can happen to anyone, b ut a well-oiled machine can internally mana ge and externally remediate in a w ay that won't lead to extensive dama ge to a company's bottom line. http://ow.ly/8InH50IX7gf

Security Stuff Happens: What Do Y ou Do When It Hits the F an? Breaches can happen to anyone, b ut a well-oiled machine can internally mana ge and externally remediate in a w ay that won't lead to extensive dama ge to a company's bottom line. (Pa rt 1 of a series.)

IRS adds new guidance on Chi ld Tax Credit 05/04/2022

IRS adds new guidance on Chi ld Tax Credit

The revised its answers to frequent ly asked questions on the Child T ax Credit, adding a new set of s ix commonly asked filing season questions. http://ow.ly/tIwu50IX14W

IRS adds new guidance on Chi ld Tax Credit The Internal Revenue Service revised i ts answers to frequently asked questions on t he Child Tax Credit, adding a n ew set of six commonly asked fili ng season questions.

Tax Changes and Key Amounts f or the 2022 Tax Year | Kipling er 05/03/2022

Tax Changes and Key Amounts f or the 2022 Tax Year | Kipling er

Now that this year's fili ng season is over, it's time to sta rt thinking about next year's return. The re are plenty of tax law chang es and updates for the 2022 t ax year that savvy taxpayers need to kn ow about. http://ow.ly/OhB850IX0nf

Tax Changes and Key Amounts f or the 2022 Tax Year | Kipling er Americans are facing a long li st of tax changes for the 2022 t ax year. Smart taxpayers will start planni ng for them now.

Inflation boosts HSA amounts for 2023 05/02/2022

Inflation boosts HSA amounts for 2023

The maximum contribution to a heal th savings account and certain related benchmar ks will be sharply higher next ye ar, reflecting inflation-linked adjustments. http://ow.ly/mN5X50IWYIn

Inflation boosts HSA amounts for 2023 Health savings account maximum contributions, alo ng with minimum deductibles and maximum out-of-pock et expenses of accompanying high-deductible health pla ns, will be higher next year.

Adding a New Partner? Tax Consideratio ns for Your Partnership - Buchbinder Tuni ck & Co 04/28/2022

Adding a New Partner? Tax Consideratio ns for Your Partnership - Buchbinder Tuni ck & Co

Are you planning to add a n ew partner to your ? Be su re you plan properly in order to avo id problems.

Adding a New Partner? Tax Consideratio ns for Your Partnership - Buchbinder Tuni ck & Co Adding a new partner to a partnersh ip has several financial and legal implicatio ns.

IRS proposes to amend estate a nd gift tax basic exclusion regs. 04/27/2022

IRS proposes to amend estate a nd gift tax basic exclusion regs.

The issued proposed regulations th at would provide an exception to t he anti-"clawback" special rule that preserves t he benefits of the temporarily higher gi ft and estate basic exclusion amount. http://ow.ly/SBrL50ITsvL

IRS proposes to amend estate a nd gift tax basic exclusion regs. Exceptions to the special rule allowi ng the temporarily higher basic exclusion amou nt to apply to gifts credited again st estate tax.

Why Ransomware Response Matters More Th an Protection | SecurityWeek.Com 04/26/2022

Why Ransomware Response Matters More Th an Protection | SecurityWeek.Com

Ransomware is one of the mo st significant threats to businesses worldwide a nd things won’t get better any ti me soon. This raises the question, “Wh at can organizations do to minimize t he impact of falling victim to a ransomwa re attack”? http://ow.ly/ZazT50ISwhY

Why Ransomware Response Matters More Th an Protection | SecurityWeek.Com Organizations should look beyond preventive measur es when it comes to dealing wi th ransomware threats and invest in ransomwa re response, which improves their ability to prepa re and quickly recover endpoints from attac ks

Tax-Exempt Organizations: Filing Deadline Is Comi ng Up - Buchbinder Tunick & Co 04/25/2022

Tax-Exempt Organizations: Filing Deadline Is Comi ng Up - Buchbinder Tunick & Co

Some tax-exempt organizations have a fili ng deadline on May 16. See what 's due: http://ow.ly/x3As50IRy18

Tax-Exempt Organizations: Filing Deadline Is Comi ng Up - Buchbinder Tunick & Co Tax-exempt organizations that operate on a calend ar year (CY) basis have a fili ng deadline of May 16, 2022, f or certain annual information and tax retur ns with the IRS.

What You Need To Know Abo ut Fair Value in Accounting - Buchbind er Tunick & Co 04/21/2022

What You Need To Know Abo ut Fair Value in Accounting - Buchbind er Tunick & Co

Management often has questions about h ow to measure fair value and audito rs are likely to question the assumptio ns that underlie fair value estimates. He re are some answers to help ta ke the guesswork out of reporting the se estimates. http://ow.ly/Ugmf50IOPJu

What You Need To Know Abo ut Fair Value in Accounting - Buchbind er Tunick & Co In recent years, accounting rule make rs have issued guidance that requires certa in items on the balance sheet to be report ed at fair value.

Challenge to SALT deduction cap fai ls in Supreme Court 04/20/2022

Challenge to SALT deduction cap fai ls in Supreme Court

The Supreme Court declined to revi ew a New York-led constitutional challenge to t he $10,000 cap on state and loc al deductions imposed by Congress in t he 2017 tax law. http://ow.ly/MlRO50INAsA

Challenge to SALT deduction cap fai ls in Supreme Court The Supreme Court declined to revi ew a New York-led constitutional challenge to t he $10,000 cap on state and loc al tax deductions imposed by Congress in t he 2017 tax law.

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