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Congress Passes Last-Minute Extenders Bill

Here are some highlights from the law

Just before adjourning for 2014, Congress passed a bill retroactively extending more than 50 tax breaks, often collectively referred to as the "tax extenders." These tax breaks had already expired, but the new bill, the Tax Increase Prevention Act of 2014, extended them retroactively to January 1, 2014. The extensions granted in the bill remain in effect through December 31, 2014. For these tax breaks to survive beyond that point, they must be renewed by Congress in 2015.
 
Here are some highlights from the law.
 
* The new law retains an optional deduction for state and local sales taxes in lieu of deducting state and local income taxes.
 
* The maximum $500,000 Section 179 deduction for qualified business property is reinstated for 2014. The deduction is phased out above a $2 million threshold.
 
* 50% bonus depreciation for qualified business property is revived. The deduction may be claimed in conjunction with Section 179.
 
* Parents may be able to claim a tuition-and-fees deduction of up to $4,000 for qualified higher education expenses. The amount of the deduction is linked to adjusted gross income.
 
* An individual age 70½ or older could transfer up to $100,000 tax-free from an IRA to a charity.
 
* Homeowners can exclude tax on mortgage debt cancellation or forgiveness of up to $2 million on a principal residence.
 
* Taxpayers can take a credit of 10% of the cost of energy-saving improvements installed in the home, subject to a $500 lifetime limit.
 
* Educators can take an above-the-line deduction of up to $250 for classroom supplies purchased with their own funds.
 
Please contact us if you need more details on these or other provisions that apply to you. www.burzenski.com
October 25, 2024
Burzenski & Company once again supported an event at the Children's Center in Hamden. On October 24, three employees volunteered to be onsite for the Children's Center Trunk or Treat Halloween event. Callie Kutys, Shelly Panico and Carmen Rosado donned costumes and handed out candy to about 100 children. Booooooooo!
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IR-2024-263, Oct. 10, 2024 WASHINGTON —The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
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Monica Dixon Perry, CVPM, will speak at Veterinary Management Council of CT meeting
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IRS Direct File set to expand availability in a dozen new states and cover wider range of tax situations for the 2025 tax filing season
September 5, 2024
On Thursday, August 29th, we held our annual state-of-the-firm and company picnic at Owenego Inn located in Branford, CT. The firm recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm. Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.” It was a great day for employeea to play games such as bocce, corn hole, Jenga, and a trivia contest with staff split up into teams.
September 1, 2024
At the firm's annual state-of-the-firm and company picnic on August 29th, we recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm. Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”Mel, 40 years where does the time go? I remember when you first came to us in 1984 as a staff person. Our first tax season together was 1985. There was a lot of fun things that happened during those early years that laid the ground work for the future.
August 18, 2024
2024 Connecticut Sales Tax Free Week Highlights The 2024 Sales Tax Free Week is Sunday, August 18, through Saturday, August 24, 2024. Sales or purchases of certain items of clothing or footwear costing less than $100 per item are exempt from sales tax. This special exemption applies to purchases made from retailers located in Connecticut as well as from on-line retailers. This year will be Connecticut's 25th Sales Tax Free Week.https://portal.ct.gov/drs/sales-tax/sales-tax-free-week
July 22, 2024
Sarah Williams, formerly of Abilene, TX, has joined the staff at Burzenski & Company, as a Staff Accountant. She earned a Bachelor of Business Administration degree as well as a Master of Accountancy degree from Abilene Christian University in Abilene, TX. Prior to joining our firm, she was as a Tax Associate. She has two cats named Fig and Peach.
July 19, 2024
Burzenski & Company, PC will close the office on Fridays at 12:00 (noon) in the months of July and August. Please contact us during our normal business hours of 8:30AM to 5:00PM. 203-468-8133
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Click here to listen to the podcast: https://www.buzzsprout.com/536560/15017840
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