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COVID-19 Client News Update from Burzenski & Company, PC
We recognize that it has been especially challenging for small businesses.
Since our inception in 1983, our goal has been to provide exceptional service to our clients. This has not changed during these unprecedented times of COVID-19. We are in this together and these disruptions have affected us all on a personal and professional level. We recognize that it has been especially challenging for small businesses.
As we announced in late March, we implemented safe office policies to adapt to the current health concerns and disruptions, keep our staff safe and healthy, and also maintain the high-quality service you're accustomed to. At this time, our plan is to maintain remote work arrangements and social distancing until further notice. We will continue monitoring the situation closely and follow the appropriate State of Connecticut guidelines.
We continue to provide all of our regular services while implementing the following temporary policies:
- All in-house appointments remain canceled until we are confident that safety is no longer a concern. Video and/or teleconferencing may be substituted for person-to-person meetings.
- All documentation should be delivered to us through our client portal, email, or fax. If these are not feasible options, please send documents via the mail or by Fed-Ex.
- Non-tax services such as our bookkeeping services remain unchanged.
While our staff work remotely, they are available for any support or assistance you may need. Please contact our staff through e-mail. However, if there is an urgent matter, we do have associates in the office each day who can assist you during our normal business hours.
Even though Tax Day has been moved to July 15, 2020, we will be working to complete tax returns prior to the due date. We trust you understand our decisions to be responsible, proactive partners in protecting our communities. As we continue to monitor appropriate communications and address any major interference to our business that may affect you, we will inform you of any pertinent changes.
Here is some information on other related tax updates.
Tax Deadlines Moved from April 15, 2020 to July 15, 2020.
- All taxpayers and businesses will have additional time to file and make payments without interest or penalties.
- Individuals who owe the IRS money can defer up to $1 million in payments for 90 days without interest or penalties. The new effective payment due date is July 15, 2020.
- Corporations who owe the IRS money will be able to defer up to $10 million in payments for the same 90 days without interest or penalties.
- The delay also includes the first quarter, 2020 estimated tax payments for individuals. These payments are now due on or before July 15, 2020. This estimated payment delay does not apply to corporations.
Key Coronavirus Tax Changes
- In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic.
- The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is waived during 2020. New provisions allow tax liabilities on these distributions to be paid over a three-year period. The new rules also allow individuals to return these distributions to the retirement account over a three-year period and not be subject to annual contribution limits.
- Required minimum distributions (RMDs) in the year 2020 for various retirement plans are suspended. The corresponding 50% penalty associated with not taking an RMD is also suspended in 2020.
- The IRS announced suspension of payments of all amounts due from April 1 through July 15, 2020, and will not be in default on any IRS installment agreement during this period. Interest will continue to accrue on these installment agreements
- You have until July 15, 2020, to provide the additional requested information for pending offers-in-compromise (OIC) and will not close out the OIC during this time without your consent. The IRS also suspended any payments due under an OIC until July 15, 2020.
- The filing and enforcement of liens and levies will generally be suspended. IRS Revenue Officers will continue to pursue high-income non-filers and initiate other actions when warranted.
- The IRS will not initiate new audits during this time but will act to protect the statute of limitations.
Stimulus Payment
The IRS launched a web site to register for direct deposit or check on the status of your stimulus payment. It can be found here: Get My Payment Tool.
Thank you for your support, understanding, and patience during this time. If you have any questions or concerns, please do not hesitate to contact the partner or accountant in charge of your account. We wish you all the best during this unprecedented and challenging time.
Be safe and healthy!
Bill
Bill Kalinowski, CPA
Managing Partner
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!
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.
Monica Dixon Perry, CVPM, will speak at Veterinary Management Council of CT meeting
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
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.
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.
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
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.
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
Click here to listen to the podcast: https://www.buzzsprout.com/536560/15017840
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