Click here to hear the podcast with Gary Glassman, CPA: https://www.buzzsprout.com/536560/15017840

Monica Dixon Perry, CVPM, will participate on a VMAE Panel at the VMAE Summer Conference, Saturday, June 22, 2024 10:30 AM-11:00 AM (UTC-05:00) Eastern Time (US & Canada). Austin, TX

“Through innovative hospital design, we're revolutionizing the veterinary experience by prioritizing technology, improving workflow efficiency, and providing exceptional patient care. These nominations are a testament to the advancement of our profession for the greater good of our patients, clients, and team members,” Adam Christman, DVM, MBA, chief veterinary officer at dvm360.

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.

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

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.

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).

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

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