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Here are your articles for Monday, March 11, 2019
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Saved Articles
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The IRS released a number of inflation adjustments and more than 50 other tax provisions for the 2020 tax year. Click through for a a summary of the adjustments and provisions.
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The changes made by the Tax Cut and Jobs Act of 2017 affected law firms just like many other businesses. Click through for some special tax tips and to better understand the rules that affect law firms.
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Forecasting a year at a time without monitoring in the interim is not effective. Click through to learn how frequently checking your company’s key performance indicators will help your company operate more effectively and be more profitable.
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The DOL has published new rules that establish a higher salary level below which employers must pay overtime. Click through to find out how these rules affect your company and what kind of changes you may need to make to comply.
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The Financial Accounting Standards Board has issued an Accounting Standards Update regarding leases. Click through to see how it intends to improve the understanding and comparability of lessees’ financial commitments.
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When you start a pension, you can choose to have federal and state taxes withheld from your monthly checks. Click through to see that if you withhold enough taxes, you won't owe money when you file your tax return.
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For tax years beginning on or after January 1, 2019, Connecticut laws for pass-through entites become effective. Click through for more infomation regarding these changes.
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On June 18, 2019, Connecticut enacted a new state law expanding its sexual harassment training requirements. Click through for details on employers’ obligations for posting and training under the new law.
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QuickBooks Online Plus has a feature you can turn on called Projects. Click through to learn how to organize your financials based on all the jobs or projects you’re managing as well as how to track invoices, expenses and transactions related to those jobs.
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The most common form of identity theft these days is synthetic identity theft. If that sounds ominous to you, you're right to be scared. Click through to find out about this new twist on fraud and how to spot it.
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Congress passed, and the president signed, an expansion of taxpayer rights. What does this new piece of legislation mean for the long term? Click through to find out what changes to expect from the IRS in the coming months.
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It's a common misconception that creating a trust is just a one-time event. In fact, there are many reasons you may want to change certain kinds of trusts. Click through for a discussion of how and when to review trusts.
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Individual retirement accounts are among the most popular retirement savings vehicles, but many people don't know much about them. Click through for insights into the different kinds of IRAs and how they work.
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CironeFriedberg is pleased to announce well-deserved promotions of four of our employees, recognizing the significant contributions they provide to the firm, our clients, and our community. Click through for details on the employee promotions.
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The Internal Revenue Service has updated the rules to reflect changes resulting from the Tax Cuts and Jobs Act. Click through to zero in on changes involving deductible expenses, to make sure you're in compliance.
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Soft skills finally are getting the attention they deserve. As a business leader, it is important to recognize these important competencies as you evaluate new hires and future leaders. Click through to learn about the essential soft skills.
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So many tax provisions changed with the Tax Cuts and Jobs Act, passed at the end of 2017. The so-called kiddie tax changed as well. Click through for an examination of this complex provision and how it might affect you.
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Senate Finance Committee Chairman Chuck Grassley remains commited to extend tax provisions as soon as possible. Click through to read more about the tax extenders.
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The suspicion that someone you may have trusted for years is stealing from your company can hit you hard emotionally, but you still have to react rationally. Click through for tips on handling a possible case of internal fraud.
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An opportunity zone, located in an economically distressed community, spurs investments via preferred tax treatment. Click through for an introduction to the specific conditions for this useful but complicated provision.
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No one likes to think bad things will happen. But what would happen to your business if there was a fire in your office? Click through to learn why having a disaster recovery plan in place can give you peace of mind.
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President Trump signed the Setting Every Community Up for Retirement Enhancement (“SECURE Act”) on December 20, 2019. These changes were effective January 1, 2020. Click through for more details.
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Connecticut Governor Ned Lamont signed House Bill 7424 on June 26, 2019. While the new budget bill does not increase income tax rates, it does make many changes to business and individual taxation, which result in both increases and decreases. Click through to read the details.
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Whether your nonprofit is required to have an independent audit or you are conducting an audit for some other reason, preparing for an audit requires a lot of work. Click through to learn how to ensure that it goes as smoothly as possible.
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Valuations can be essential to any business owner, but you have to take into account the government's interest in your company. Click through for some insights into how the IRS determines the value of your business.
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Are you confused about the new tax law? You're not alone! It's about 70,000 words long, and experts are still uncertain about some provisions. But we can help you learn the basics. Click through for a quick summary.
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CironeFriedberg attends Meet the Kids Night at Boys & Girls Club of the Lower Naugatuck Valley. Click through for more details.
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The Treasury Department and the IRS have issued final regulations and additional guidance on the qualified business income (QBI) deduction. Click through for additional insights into this popular, but complex, tax provision.
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We are pleased to share with you CironeFriedberg’s newly formatted newsletter, The Bottom Line. Our periodic newsletter carries timely articles of interest for our clients and friends of the firm. We hope you enjoy the new format and find the articles informative and useful.
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BlackRock CEO, Larry Fink, published an open ‘Dear CEO’ letter recently, discussing how climate change is affecting investments. Click through for more information regarding the effects.
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When it comes to taxes and other sensitive financial information, email is NOT the way to go. Click through to see how a secure cloud platform is the way to go to receive and review tax and other financial documents.
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Connecticut has created the Family and Medical Leave Insurance (FMLI) program to provide wage replacement benefits to certain employees taking leave under the state’s Family and Medical leave Act (FMLA). Click through for more information.
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Good tax planning is a year-round activity that requires knowing your options and keeping good records. Circumstances change. Even if you have used the standard deduction for the past several years, click through to learn why that may no longer be the right option for you.
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Connecticut has several Opportunity Zones that can be a great way for investors to not only help improve their neighborhoods, but to also take advantage of some significant tax incentives. Click through for more information.
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Expanding your business across multiple states can bring a lot of rewards, but you need to be aware of a variety of practical issues. Click through for an introduction to cross-border management issues.
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You don’t have to wear a while lab coat to claim the federal research and development tax credit if you meet the four criteria outlined in Internal Revenue Code Section 41 and its regulations. Click through to learn why failing to explore this credit may be leaving money on the table.
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If you made or received a payment in a calendar year as a small business or self-employed individual, you most likely are required to file an information return to the IRS. Click through to learn what this means.
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The rules on required minimum distributions are complicated and the penalties for violating them can be substantial. Click through to learn what you need to do with your retirement plan.
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Thieves have more opportunities to steal your financial identity than ever before. However, there are things you can integrate into your daily routine to keep yourself secure. Click through to learn how to protect your identity and credit.
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With a much larger standard deduction in play, and lower marginal tax rates, the charitable giving world has changed. Has anything else changed? Click through for the latest IRS guidance on charitable giving.
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Revenue recognition can be an exceptionally complicated accounting topic, and many companies do not understand the difference between revenue and income. Click through for an introduction to this topic, including the important Accounting Standards Codification 606.
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The IRS released Draft 2019 Form 1065, Schedule K-1 and related instructions, which include new information requests and reflect Tax Cuts and Jobs Act changes. Click through for more information.
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Long-term care can range from assistance with simple activities to skilled care provided by nurses and therapists. Is it right for you? Click through for more details and to discover the variety of coverage options.
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A new biennial budget bill was signed -- and a second bill is expected to be signed -- that will provide changes to Connecticut's Pass-Through Entity (PET) Tax. Click through to read about the PET Tax changes.
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The Social Security Administration has released new numbers for those paying Social Security and those collecting it. Click through for the new maximum taxable earnings amount as well as COLA and other key adjustments.
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We are pleased to announce that three new members have joined our team: Tammy Maguire, CPA, Director of Financial Services; Nick Dapaz, CPA, Audit Manager; and Rebecca Fera, Shelton Receptionist.
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Plan participants who defer at a high percentage could miss out in maximizing employer matching contributions. Click through for further details.
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Congratulations to the CironeFriedberg/Prudential basketball team!! They were victorious in the 2019 championship game at the Scinto Labor Day picnic.
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Congratulations to Danielle Arcangeli and the entire Leadership Class of 2019 for successfully completing the program sponsored by the Danbury Chamber of Commerce.
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If you enter into contracts with customers to transfer goods or services either domestically or internationally, you’ll be interested in clarifications from the Financial Accounting Standards Board. Click through for these essential financial accounting updates.
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The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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We are pleased to announce two new members have joined the CironeFriedberg team: Jennifer Furino, staff accountant and Angelina Aulisio, Shelton office receptionist.
Welcome Jennifer and Angelina!
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If you’ve been using QB Online for a long time, it’s good to step back and evaluate how you use your software. Do you follow any best practices? Click through to learn more about six QuickBooks Online tips that you can start using today.
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Artificial intelligence is already in the workplace. It’s being applied in many areas, from recruiting to manufacturing processes. The pervasiveness of AI has created a certain amount of fear. Click through for aspects of AI that business leaders need to address.
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IRS issued new Form W-4 and proposed regulations regarding withholding rules. Click through for more information about these changes.
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Investing solely because of a focus on taxes can be counterproductive, but taxation still has to be an important part of making investment decisions. Click through to gauge the role of losses, timing and selection of investments.
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The Small Business Administration updated their Frequently Asked Questions to provide lenders and borrowers more clarification on loans and advances received. Click through for more details on the updated information.
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Early planning and using the new Tax Withholding Estimator could help taxpayers determine appropriate withholdings and avoid surprises. Click through for more information.
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Privacy is an overarching concern as medical practices and facilities continue to adopt new technology designed to enhance efficiency and patient outcomes. Click through for steps your practice can take to help ensure cybersecurity.
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Leaving the financial functions to your outsourced CFO allows you to concentrate on what you do. Click through to learn how this useful and cost-effective system can work for you and get our Free Guide for financial recovery in a COVID Economy.
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Section 1102 of the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) creates the Paycheck Protection Program to assist small businesses during this uneasy time. Click through for answers to questions on the program.
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The past decade saw major advances in the use of technology and the 2020s are likely to see even more. Click through to read about leading trends that are poised to have a significant impact on businesses.
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If you've paid an employee less than what he or she is due, it could come back to haunt you in the form of back wages. Click through to learn more about this type of pay, including its impact on Form W-2.
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Are there employees who are crucial to your business? Would it damage you if they left? Click through to learn about key person insurance, so that your company survives losing an executive who makes your business work.
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The basic goal of an IRA is to give you money to live on in your retirement years. But it can complicate your estate plan if you leave IRA funds for your family to inherit. Click through to learn about the advantages of leaving your IRA to charity instead.
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Cybersecurity is a primary concern of all businesses and individuals. We all use passwords to secure access to proprietary data and enterprise systems — and we all know those programs and systems can be hacked. Click through to learn more about zero trust security.
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There's no such thing as simple life insurance. To protect your loved ones, you have to sort through a bewildering array of choices. Click through for some insights into what's available, and what might be right for you.
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Cost segregation is used to classify assets for federal tax purposes. By using cost segregation for your manufacturing company, you can reduce your tax liability. Click through to learn more about making tax regulations work for you.
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As is usual this time of year, the SSA has published critical information on benefit changes and maximum taxable income. Click through to see the details, so you can consider how they will affect you.
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Like so many other industries and businesses, the coronavirus pandemic has greatly affected and presented several issues to not-for-profit organizations. Click through for more information your not-for-profit organization may need to consider.
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Thinking of starting a pension plan for your small-business employees? The federal government may help with the costs for companies that meet certain criteria. Click through to learn how to claim a tax credit for the startup costs.
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The IRS Finalizes Safe Harbor to Allow Rental Real Estate to Qualify as a Business for the Qualified Business Income (QBI) Deduction. Click through for more information.
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Form W-2 has many boxes, but Box 1 typically gets the most attention because it reflects the employee's total annual taxable wages. It can be surprisingly complicated. Click through for a primer on this box to make sure you're doing it right.
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Discussions of the the state and local tax deduction are in the early stages and changes could be coming. Click through for more information.
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The IRS makes annual adjustments to a variety of plan limits and other key numbers. Click through for a chart listing the most important numbers for 2018 and 2019, so you can see what's changed -- and what hasn't.
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CironeFriedberg donated to United Way of Western Connecticut's Back-To-School Program. Click through to see more information and photos.
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The Internal Revenue Service (IRS) requires some nonprofits to be audited, but not all. The IRS isn’t the only entity that may require an audit and there are other good reasons to conduct one. Click through for an introduction to nonprofit audit rules.
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CironeFriedberg proudly celebrated the opening of their Shelton location with a ribbon cutting ceremony and a charitable donation to the Boys & Girls Club of Lower Naugatuck Valley.
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Although the new Form W-4 differs greatly from the previous version, it is almost the same as the draft version released earlier in 2019. Click through for a quick rundown of how the form works and where you can go for more details.
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You want to give deserving employees raises, to help ensure they stay with the company and to keep morale high. But how do you approach the task? Click through for insights into the process of deciding how much of a raise to give.
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Blockchain is to bitcoin what the Internet is to e-mail. Even if you are not ready to use digital currency, it’s important to be familiar with it because it’s going to be around for the long term. Click through to get up to speed.
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If your business operates in two or more taxing jurisdictions, the Supreme Court’s decision in South Dakota v. Wayfair applies to you. Click through to learn the basics of collecting and reporting sales tax today.
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The changes made by the Tax Cuts and Jobs Act of 2017 make itemizing deductions out of reach for most taxpayers. With good tax planning, however, taxpayers still may be able to itemize. Click through to learn about alternate-year itemizing and other strategies.
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With fewer tax examiners available to audit tax returns, the IRS has refocused their approach to audits. Your chances for an audit may have increased. Click through for more information.
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The Internal Revenue Service has updated the rules to reflect changes resulting from the Tax Cuts and Jobs Act. Click through to zero in on changes involving deductible expenses, to make sure you're in compliance.
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One of the first decisions business owners make is how their business should be structured. The many choices can be overwhelming and a clear choice may not be evident. Click through to better understand the best business structure for you.
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403(b) plans only have until March, 31 2020 to comply with IRS regulations regarding plan provisions either by amending and restating their existing plan or adopting a pre-approved plan. Click through for more information regarding the deadline.
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Governor Ned Lamont unveiled his revised budget proposals for the 2020 legislative session and continues taking steps to strengthen Connecticut's economy. Click through for more information regarding the Governor's proposals.
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Americans are being encouraged to work from home, but for millions, it's impossible. Medical workers, supermarket staff, plumbers — none of them can close up shop. Click through to learn more about businesses that must remain open.
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The CARES Act passed in response to COVID-19 allows certain individuals to skip their required minimum distribution for 2020. Click through for more details about delaying required withdrawals from a retirement account until 2021.
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The Paycheck Protection Program Loan may be the most highlighted and talked about program; however, the Economic Retention Credit is also designed to keep employees employed. This program provides a fully refundable tax credit to some employers. Click through for more information.
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Tracking payroll during the coronavirus pandemic will benefit employers during worker compensation and general liability audits. Click through for more information.
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The IRS and SBA continue to release additional guidance on the PPP that is applicable to those applying for loans and those who already have them. Click through for key clarifications in this important but complicated program.
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A lack of capital can prove to be a major downfall in any construction business, but you can be prepared to face challenges if you carefully plan ahead. Click through for tips to start any construction project on the right path.
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If you're a physician or run a physician's office, you need to know that sorting through all the tax issues can be a complex and time-consuming task. Click through for a quick overview so you can understand the basics.
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With COVID cases still increasing, the Paycheck Protection Program and the forgiveness application process continue to evolve. Click through to read more on these latest changes and what it means for filing for forgiveness.
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Thanks to the pandemic, many employees are now working from home. But this may mean state tax confusion, if the residence and company are in different states. Click through for an introduction to the complexities.
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The pandemic has changed the way we work, and multiple laws are coming into play as everyone adjusts. Click through for a summary of the latest Department of Labor guidance regarding interpreting these laws.
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One of the provisions of the CARES Act allows taxpayers to defer paying the employer portion of the social security taxes. Click through for more information.
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Did your employees who have COVID-19 contract it at work? The question is not academic — it has serious legal implications. Click through to check OSHA's new guidance for uncovering the infection sources.
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The IRS is making modest inflation-adjusted changes to Health Savings Accounts for calendar year 2021. Click through for the full details on the changes, and a brief review of HSA provisions.
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The medical loss ratio calculation is an important — and technical — aspect of the Affordable Care Act. But many don't understand it. Click through for a review of what the MLR is and how the pandemic may have changed it.
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You want your dental office to run smoothly and be a place where patients and staff feel comfortable. Click through for tips to improve your dental practice.
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A new bill, the Prioritized Paycheck Protection Program (P4) Act, introduced on June 18th would allow small businesses with 100 employees or less to get a second PPP loan. Click through for more information.
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The recent COVID-19 pandemic has driven up unemployment rates and we are in the midst of the resulting economic turmoil that has followed the pandemic. Are you financially prepared? Click through for more information.
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Tax reform laws changed various expensing rules, as the IRS explained in guidance updated at the end of 2018. Click through to make sure your business is in sync with the regs, so you're not leaving any money on the table.
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It's the latest buzzword—everyone is getting into "blockchain." But what is it, really? In brief, it's a cunning system that allows the creation of digital ledgers in a secure and yet decentralized financial system. Click through for a peek at the magic.
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Timely, accurate and understandable financial statements are necessary to gauge how well your business has performed and to assess the strength of its financial position. Click through for an intro to levels of overview for these statements.
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Small businesses and self-employed workers can use SEP-IRAs to help save for retirement. They're powerful and flexible plans that many don't even know about. Click through to find out how one might work for you.
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Quick reference information on stimulus checks, unemployment insurance, paid family leave, paid sick leave, mortgage and renter relief, student loan relief, retirement plan changes and payroll tax relief provided under the CARES Act. Click through for more details.
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Every business should have a baseline business valuation. Several factors are included in this calculation. Click through to read more about what a business valuation entails, so that you can prepare for the process.
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There's a lot of information flying around about where we are with additional pandemic relief, but only minimal official guidance. Click through for a summary of where we are and what may happen in the future.
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Now is the right time to check your tax withholding and estimated payments! As 2020 has been a very challenging year, with many changes, it’s never too early to start planning for next year’s income tax filing. Click through for more details.
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Every year, under federal law, taxpayers must report certain foreign financial accounts to the Treasury Department. Click through for an introduction to your responsibilities and to FinCEN Form 114.
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Changes are in store this tax season for companies that report nonemployee compensation in Box 7 of Form 1099-MISC. For 2020, these amounts will be entered on the new Form 1099-NEC. Click through for more details on the new form
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While many companies used remote working before the COVID-19 pandemic, few had fully formed policies and procedures regarding its widespread use. Click through to get a start on creating best practices for your office.
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As the end of the year approaches, S Corporation clients are reminded to report their health insurance premiums with their payroll department or payroll service prior to the last payroll of the year. Click through for more information.
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The SSA has published its COLA increases for 2021 as well as a new ceiling for earnings subject to OASDI. Click through to learn the details on which numbers are changing — and which are not — and how you're affected.
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A piece tucked inside the $900 billion stimulus bill just passed is a controversial boost to a tax break for business meals. Click through to take a closer look at a break for what's been dubbed the fully deductible three-martini lunch.
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It's that time of year again! Keep an eye out for your 2020 Tax Organizer from CironeFriedberg.
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On January 19, 2021, the SBA released their new forgiveness forms. Click through for more information on a few of the key changes.
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The new relief bill has granted some unexpected relief for those who contribute to flexible spending accounts. Click through to learn about the limited-time flexibility granted in the bill, and what it means for companies and employees.
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We are pleased to announce several additions to the CironeFriedberg Family. Click through to meet our new team members.
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As President Biden begins his term, his administration is already looking at the changes proposed during his campaign. Click through for more information on some of his proposed tax changes.
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| CironeFriedberg, LLP
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| info@cironefriedberg.com
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| 24 Stony Hill Rd, Bethel, CT 06801
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| (203) 798-2721
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| 6 Research Dr, Suite 450, Shelton, CT 06484
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| (203) 366-5876
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| Our firm provides the information in this e-newsletter for general guidance only,
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investment advice, or professional consulting of any kind. The information provided herein should not be
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advisers. Before making any decision or taking any action, you should consult a professional adviser who
has been provided with all pertinent facts relevant to your particular situation. Tax articles in this
e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of
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