Blog Articles

Blog Articles

Stay up-to-date on what may affect you or your organization.

27 Mar, 2024
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (CTA). The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from individuals who own or control a company. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN) https://www.fincen.gov/. This law affects many small businesses and legal entities, including veterinary practices and real estate entities that own veterinary practice facilities. The law requires the reporting of detailed information about individuals affiliated with these companies, who ultimately own and/or control them. Please understand: IGNORING the filing requirements will result in severe punishment, including fines of $591 for each day of noncompliance (as of 2024, and annually inflation adjusted), up to $10,000, and up to two years imprisonment.
16 Mar, 2024
The Strategic Growth Alliance, SGA Inc., will host Wendy Hauser, DVM, founder of Peak Veterinary Consulting at their May 18th meeting in Miami Beach, FL. Dr Hauser has practiced for 35-plus years as an associate, practice owner and relief veterinarian. She has worked in the animal health industry as a pet health insurance executive as well as a technical services veterinarian. She is a member of the AVMA Veterinary Economics Strategy Committee. Dr. Hauser consults with both industry partners (established and emerging) and individual veterinary hospitals. SGA, Inc. is a membership-based study group created in 2010 for veterinary practice owners.For info call Gary Glassman at gary@burzenski.com
13 Mar, 2024
To help taxpayers with filing, the Internal Revenue Service today debunked some common myths to help taxpayers understand what to do with Form 1099-K. Following feedback from partners and to help avoid taxpayer confusion, the IRS announced in Nov. 2023, that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions, would not change for 2023. The reporting threshold requirements remain over $20,000 in payments and over 200 transactions. The IRS continues to see misinformation circulating about why taxpayers may or may not have received a Form 1099-K. Here are some common scenarios involving these forms. More information is also available at IRS.gov for what to do with Form 1099-K and frequently asked questions.
13 Mar, 2024
Registration is closed for the virtual presentation that Monica Dixon Perry, CVPM, Director of Veterinary Consulting Services, Burzenski & Company, PC will give on May 5th, sponsored by AAHA, Veterinary Management Institute (VMI).
22 Feb, 2024
IR-2024-47, Feb. 21, 2024 WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here’s a complete list of the new rates: 8% for overpayments (payments made in excess of the amount owed), 7% for corporations. 5.5% for the portion of a corporate overpayment exceeding $10,000. 8% for underpayments (taxes owed but not fully paid). 10% for large corporate underpayments. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporat
04 Feb, 2024
The Child Tax Credit helps families with qualifying children get a tax break. You may be able to claim the credit even if you don't normally file a tax return.  Who Qualifies You can claim the Child Tax Credit for each qualifying child who has a Social Security number that is valid for employment in the United States. To be a qualifying child for the 2023 tax year, your dependent generally must: Be under age 17 at the end of the year Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew) Provide no more than half of their own financial support during the year Have lived with you for more than half the year Be properly claimed as your dependent on your tax return Not file a joint return with their spouse for the tax year or file it only to claim a refund of withheld income tax or estimated tax paid Have been a U.S. citizen, U.S. national or U.S. resident alien You qualify for the full amount of the 2023 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return). Parents and guardians with higher incomes may be eligible to claim a partial credit. Use our Interactive Tax Assistant to check if you qualify . How to Claim This Credit You can claim the Child Tax Credit by entering your children and other dependents on Form 1040, U.S. Individual Income Tax Return , and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents . Information if the IRS Audits or Denies Your Claim: What to do if we audit your claim What to do if we deny your claim How to claim the credit if we denied it in the past
03 Feb, 2024
Monica Dixon Perry, CVPM will speak at the Texas Veterinary Medical Association Conference & Expo in Irving, Texas on March 2 and 3, 2024. Her topics include: Saturday, March 2, 2024 1:30 p.m. to 5:40 p.m.
21 Jan, 2024
The IRS has announced the new standard mileage rates for 2024. Beginning January 1, 2024, the standard mileage rate will increase to 67 cents per mile for business miles driven, up from 65.5 cents in 2023. The 2024 mileage rate for medical or moving purposes for qualified active duty members of the Armed Forces decreased to 21 cents per mile, down from 22 cents in 2023. The mileage rate for driving an automobile for charitable purposes in 2024 will remain unchanged at 14 cents per mile.
13 Jan, 2024
The Arkansas Veterinary Medical Association Winter Meeting will host Monica Dixon Perry, CVPM, as a speaker at their 116 Annual Meeting from February 3-5, 2023 at the Hot Springs Convention Center/Embassy Suites Hot Springs, AR. Topics: Conducting Awesome Performance Evaluations Top Tips for Personal Management Recruiting New Grads: Pay, Benefits & More How to Manage Inventory ExpensesFast & Furious The Nuts & Bolts of Practice Management Develop a Rock Star CSR/Reception
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