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Federal Tax News for Individuals

Posted on March 19th, 2024 by Shari Elias

Little Bits of Income Still Count It’s easy to overlook smaller amounts of income when it’s time to prepare your tax return. Taxpayers must generally include all income, not just the amount they find on an employer-generated W-2 form. For example, did you make goods and sell them on an online marketplace or at a […]

Key Rules for Home Office Deductions

Posted on March 14th, 2024 by Shari Elias

Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate — or it may be […]

Smart Ways to Detect Internal Fraud

Posted on March 5th, 2024 by Shari Elias

Internal fraud is difficult to detect, which is understandable given the wide variety of techniques that range from stealing cash and supplies, to falsifying expense reports and benefit claims, embezzling funds, and accepting kickbacks from vendors, contractors, and suppliers. But catching dishonest employees isn’t impossible if you focus on the task, take a strong stand […]

Social Security Tax Update: How High Can It Go?

Posted on March 1st, 2024 by Shari Elias

Employees, self-employed individuals and employers all pay the Social Security tax, and the bite the Social Security tax takes gets bigger every year. Here’s what you should know — and why you should be concerned. Social Security Tax on Employee Wages As an employee, your wages are hit with the 12.4% Social Security tax up […]

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

Posted on February 27th, 2024 by Shari Elias

Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you’re self-employed or you employ relatives. While the […]

New Twists and Turns Taken by EV Credits

Posted on February 22nd, 2024 by Shari Elias

Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be eligible for a new-and-improved tax credit, beginning on your 2023 federal income tax return. But the new law also bars certain high-income taxpayers from claiming the credit. What’s more, if you’re looking to […]

BHCB is pleased to announce that Kathleen M. Kilian has become a Partner of the firm

Posted on February 14th, 2024 by Shari Elias

Beers, Hamerman, Cohen & Burger, PC is pleased to announce that as of January 1st, 2024 Kathleen M. Kilian is now a partner. Kathleen has been part of the firm’s team since 1994. Her experience has been in the tax department, focusing on business and individual tax preparation, planning, compliance and research. She often deals […]

BHCB is pleased to announce that Ryan S. Parent has become a Partner of the firm

Posted on February 14th, 2024 by Shari Elias

Beers, Hamerman, Cohen & Burger, PC is pleased to announce that as of January 1st, 2024 Ryan S. Parent is now a partner. Ryan joined the Firm after graduating from Quinnipiac University with a bachelor’s degree in Accounting in July 2012. He specializes in accounting and auditing services and has expertise in multi-employer union benefit […]

BHCB Celebrates our very own Jennifer Schempp

Posted on January 17th, 2024 by Shari Elias

This morning at an awards breakfast held at TPC River Highlands in Cromwell, our very own Jennifer Schempp was honored with the CTCPA Women of the Year – Distinguished Service Award. She was cheered on by many of her BHCB colleagues. Congratulations Jenn! We are so proud of you. The following link provides more information […]

IRS makes changes for reporting 1099s, W-2s and other forms

Posted on January 12th, 2024 by Shari Elias

Starting for tax year 2023, if you have 10 or more information returns, they must be filed electronically.  This also includes Forms W-2, e-filed with the Social Security Administration. Final e-file regulation details are linked here: https://www.irs.gov/filing/e-file-information-returns