The Social Security Fairness Act was signed into law on January 5, 2025, and ends the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions reduced or eliminated the Social Security benefits of over 3.2 million people who were receiving a pension based on work that was not covered by Social Security (non-covered […]
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Form 1099-K, “Payment Card and Third-Party Network Transactions” is an information return that reports the gross amount of reportable transactions to the Internal Revenue Service (IRS). Payment card transactions are those transactions processed using credit cards and debit cards. Third-Party Network transactions are those transactions processed by a central organization that has a contractual obligation […]
The Internal Revenue Service issued an announcement related to the 2021 Recovery Rebate Credit. Taxpayers that were eligible for the credit and filed a 2021 tax return but did not claim their Recovery Rebate Credit will automatically receive a payment. The Recovery Rebate Credit is a refundable credit that was available on the 2021 income […]
IRMAA, which stands for Income-Related Monthly Adjustment Amount, is a term that may not be familiar to everyone. However, for individuals enrolled in Medicare, IRMAA can have a significant impact on their healthcare costs. Here are the basics of IRMAA, why it matters, and how it can affect your Medicare expenses. What is IRMAA? IRMAA […]
Have you ever faced a Buffalo winter without a warm winter coat? Have you known what it’s like to avoid going to prom because you can’t afford a prom dress and accessories like all the other students? Colvin Cleaners, one of WNY’s most well-known and long-standing dry cleaners, has been focused on helping children and […]
If a disaster strikes, your immediate concern will be your safety and the safety of those you care most about. Once the immediate danger passes, however, having your financial records and essential information in one central location will be crucial to help you start the recovery process. Take the time now to think about those […]
Bill Pay is a feature that allows electronic bill payment directly from QuickBooks. It simplifies the process of managing and paying bills, making it more convenient and efficient for businesses. Here is how it works: Link Your Bank Account. First, you need to link your bank account to QuickBooks to enable electronic payments. You will […]
As tax season gets underway, we want to remind taxpayers of ways to avoid penalties and interest associated with their income tax filings for 2024. Taxpayer penalties are imposed by the IRS and state taxing authorities to encourage compliance with tax laws and regulations. Penalties can range from relatively minor fines to severe consequences. There […]
In this Tronconi Segarra & Associates Webinar Rewind, Partners David Lever and Tom Mazurek provide updates on the fax filing compliance requirements foreign businesses selling into the U.S. need to consider, and the various state nexus thresholds under the Wayfair decision. To watch a recording of the webinar, visit our YouTube channel here. View/download the […]