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