Richard Bukzin, MST

Year-end tax planning must-dos for clients

Year-end tax planning must-dos for clients With the end of the year just around the corner, now is a great time to discuss tax planning with your clients.

What the IRS's $80 billion in funding means for your tax return

What the IRS's $80 billion in funding means for your tax return The agency aims to hire scores of auditors, but there's a nationwide shortage of accountants.

Austin: U.S. will soon catch up in e-invoicing

Austin: U.S. will soon catch up in e-invoicing In this edition of The Frontier, Avalara's Kim Austin talks about the rise of e-invoicing in the U.S. and why it took a while to get there.

Congress should set guidelines for state taxes on remote sales, says GAO

Congress should set guidelines for state taxes on remote sales, says GAO The Supreme Court's Wayfair ruling led to a patchwork of state laws that Congress is in the best position to fix, according to a new report.

New filing season presents new risks to accountants

Tax season is coming soon

New filing season presents new risks to accountants Time to review your policies, update your engagement letters and prepare for lawsuits.

Tax changes mean you might take home more of your paycheck

The IRS has raised tax brackets about 7% for 2023 due to inflation.

Tax changes mean you might take home more of your paycheck The Internal Revenue Service has raised tax brackets and the standard deduction by about 7% for 2023 as the soaring cost of food, energy and housing continues to batter Americans.

Five IRS employees charged with defrauding COVID programs

Five IRS employees charged with defrauding COVID programs Five current or former Internal Revenue Service employees allegedly submitted false and fraudulent loan applications that collectively sought over $1 million.

Who caught Aaron Judge's home run ball? Someone who needs an accountant

This article shows the possible tax implications when catching Judge's 62nd home run ball.

Who caught Aaron Judge's home run ball? Someone who needs an accountant Million-dollar baseballs are raining down on fans like pennies from heaven, and the taxman isn't far behind.

IRS Mistakenly Sends Over $1 Billion in Child Tax Credit - DSJ CPA

Good post from Ryan Cvitkovich from DSJCPA.

IRS Mistakenly Sends Over $1 Billion in Child Tax Credit - DSJ CPA An audit this past Tuesday found that the IRS sent over $1 billion to ineligible taxpayers in child tax credit payments last year.

Congress may raise 1099-K reporting threshold in tax extenders package

Congress may raise 1099-K reporting threshold in tax extenders package Advocates are pushing to restore the $20,000 threshold for reporting transactions from payment cards and third-party networks after it was lowered to just $600.

Treasury recommends preparing for U.S. digital currency

Treasury recommends preparing for U.S. digital currency A report from the U.S. Treasury Department didn't say the U.S. should adopt a digital currency, but did recommend it start laying the groundwork in case it ever decides to do so.

2022 tax planning after the Inflation Reduction Act

2022 tax planning after the Inflation Reduction Act A look inside some of the green energy and energy-efficiency provisions of the new legislation, and what they'll mean going forward.

IRS's extra enforcement funding brings audit worries

IRS's extra enforcement funding brings audit worries Taxpayers are concerned the extra $80 billion will lead to more tax audits.

Crypto.com mistakenly transferred $7M to woman owed $70

Crypto.com mistakenly transferred $7M to woman owed $70 The firm discovered during an audit in December that it had made an error in processing seven months earlier.

Student debt forgiveness may be taxable in more than a dozen states

The student debt forgiveness may be taxable at the state level.

Student debt forgiveness may be taxable in more than a dozen states The billions in student loan debt forgiveness announced by the Biden Administration will be exempt from federal taxation but could be taxable at the state level in more than a dozen states — a hiccup many states are expected to quickly handle.

AICPA proposes revisions to tax standards and 1040 crypto question

https://www.accountingtoday.com/news/aicpa-proposes-revisions-to-tax-standards-and-1040-crypto-question?cx_testId=1&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EX0SQ413PQVZ

AICPA proposes revisions to tax standards and 1040 crypto question The Institute of CPAs is updating its Statements on Standards for Tax Services and wants the IRS to hold off on renaming "virtual currency" as "digital asset" on tax forms.

As a dragon ball z, I think it’s funny how goku is doing taxes

Good News Higher 401(k) Contribution Limits Announced By IRS For 2022

Increased 401k contribution limits can provide tax advantages

Good News Higher 401(k) Contribution Limits Announced By IRS For 2022 There is some good news from the IRS for retirement savers; they have announced an increase to the contributions limits for workers with a 401(k), 403(b) and 457 defined contribution plans for 2022.

The top 20 tax developments from 2022

From accounting today the to 20 tax developments from this year.

The top 20 tax developments from 2022 A look at the biggest regulations, legislation and court cases in the field from the first half of the year.

New IRS Strategic Plan: Agency issues five-year plan with goal to help taxpayers | Internal Revenue Service

The IRS release a 5 year plan to belp meet the needs of taxpayers and the tax community.

New IRS Strategic Plan: Agency issues five-year plan with goal to help taxpayers | Internal Revenue Service IR-2022-142, July 20, 2022 — The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration.

Some balance-due notices on joint returns issued in error, IRS says

Please be aware of balance due notices. If you receive one always consult with your accountant.

Some balance-due notices on joint returns issued in error, IRS says Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.

Choose a business structure

Potential business owners need to be aware of how they want to setup their business. Please read this link from US Small Business Administration and always consult with an accountant.

Choose a business structure The business structure you choose influences everything from day-to-day operations, to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022
IRS increases mileage rate from 58.5 cents to 62.5 cents per mile starting 7/1/2022

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

Office of the NYS Comptroller Thomas P. DiNapoli on LinkedIn: #CSEAAppreciationDay

Happy CSEA Appreciation Day to my fellow CSEA members

Office of the NYS Comptroller Thomas P. DiNapoli on LinkedIn: #CSEAAppreciationDay On I’d like to recognize all of the hardworking members who continue to showcase the grit and resolve it takes to keep New York State...

2022 Tax FAQ

Starting the 2022 tax year, the IRS will require reporting of payment transactions for goods and services sold that meets or exceeds $600 in a calendar year. Anyone who receives at least $600 in payments for goods and services through Venmo or other payment apps will receive a 1099-K

2022 Tax FAQ 1. What are the new reporting requirements exactly? This requirement only pertains to payments received for sales of goods and services and DOES NOT apply to friends and family payments. Starting t...

www.linkedin.com

https://www.linkedin.com/feed/news/a-quiet-tax-day-despite-predictions-5815898
Happy Tax Day!

www.linkedin.com

Every day is Tax Day

Great article written by Preston Brashers as tomorrow is tax day but I agree with Preston Brashers that every day is tax day.

Every day is Tax Day Maybe the most damaging hidden tax is inflation.

Only 2 weeks left till tax day. If you need your taxes filed please contact me.

Don't be fool you know who to contact to get your taxes filed.

Make sure to have all the following documents on the checklist before filing your taxes.

3 weeks away from tax day. If you need yours taxes please feel free to contact me.

We Must Fix Tier 6 Before April 1!

As a NYS government employee and a tier 6 member it is time to correct the negative impact of tier 6 of the NYS retirement system and allow NYS government jobs to attract potential employees instead of being one of many factors that turn potential employees away.

We Must Fix Tier 6 Before April 1! Pension reform is one of CSEA’s top priorities this legislative session. We need to: Ensure that members are protected against any negative impacts the COVID pandemic could have on their pension contributions or benefits; and Roll back some of the damage done by Tier 6 to make careers in the publi...

We are one month away to tax day. If you need your taxes please feel free to contact me!

Richard Bukzin, MST updated their phone number.

Richard Bukzin, MST updated their phone number.

Richard Bukzin, MST updated their phone number.

Richard Bukzin, MST updated their phone number.