Key Takeaways Trump Accounts have now been automatically established for eligible children under age 18 with valid Social Security numbers. Parents and guardians still need to claim an account before they can manage it or allow others to contribute. Eligible children born between January 1, 2025, and December 31, 2028, can receive a one-time $1,000
Trump Accounts Move From Planning to Action Read More »
Key Takeaways Connecticut created a new tax credit of up to $1,000 per covered employee for qualifying small businesses offering an ICHRA through the state health insurance exchange. Owners of certain qualifying small businesses conducting R&D in Connecticut may be eligible for a new personal income tax credit based on eligible research and development expenses.
3 Connecticut Tax Changes to Have on Your Radar Before Year-End Read More »
Key Takeaways New IRS business travel per diem rates take effect October 1, 2026. The high-low method increases to $329 per day for high-cost locations and $230 for other locations. The meals portion remains $86 for high-cost locations and $74 for other locations. Per diem rates help substantiate qualifying travel expenses but don’t eliminate the
IRS Updates Business Travel Per Diem Rates for 2026–2027 Read More »
Key Takeaways The fully loaded cost of a new employee is only the beginning of the hiring analysis. Business owners need to determine what the position must produce to justify that additional cost. For revenue-producing positions, contribution margin can provide a more meaningful break-even target than revenue alone. Support and management positions can create financial
Planning to Hire? Make Sure the Numbers Work First Read More »
Key Takeaways Businesses become vulnerable when critical knowledge, relationships, access, or decision-making rests with one person. Key-person risk applies to owners as well as employees and can affect day-to-day operations, growth, and eventual succession. Creating backup coverage requires both redundancy and appropriate internal controls, particularly for financial processes. Documentation is important, but cross-training, delegation, and
Could Your Business Run Without You or Your Key Employees? Read More »
Key Takeaways Federal student loan repayment options are changing, including the planned phaseout of PAYE by July 1, 2028. The new Repayment Assistance Plan (RAP) became available July 1, 2026, while IBR remains available for certain existing borrowers. The best repayment option depends on factors including your loan types, borrowing history, income, and financial priorities.
Still Paying Student Loans? Your Repayment Options Are Changing Read More »
Key Takeaways Beginning with 2026 Forms W-2, employers must separately report qualified overtime compensation in Box 12 using code TT. The deduction generally applies only to the overtime premium required under the FLSA, not an employee’s full overtime wages. There is no minimum employee threshold, so small businesses with overtime-eligible employees may also be subject
New Overtime Rules: Is Your Payroll Ready? Read More »
Key Takeaways Recent tax law changes make this a good time to revisit equipment purchases and capital investments. Review whether your current business structure still aligns with your tax and business goals. Consider whether changes to charitable giving rules warrant a new giving strategy. Strong accounting processes make tax planning and business decision-making more effective.
Five Tax-Related Conversations Business Owners Should Be Having Now Read More »
Key Takeaways A business loan should support a clear strategy, not solve underlying financial challenges. Reviewing your cash flow, profitability, and financial projections before applying improves decision-making and lender readiness. Loan terms, flexibility, and available business support can be just as important as the interest rate. The Connecticut Small Business Boost Fund offers eligible businesses
Thinking About a Business Loan? Start With These Questions. Read More »
Key Takeaways Many of the biggest business risks come from internal processes, not external events. Relying too heavily on one employee, customer, or supplier can create unnecessary vulnerability. Strong internal controls help protect assets, reduce errors, and improve financial confidence. Regularly reviewing workflows and documenting processes strengthens business continuity. Building resilience means preparing your business
The Business Risks You May Be Overlooking Read More »
Key Takeaways National headlines provide context, but your financial statements tell the story of your business. Revenue alone doesn’t measure financial health; profitability, cash flow, and expenses matter too. Regularly reviewing your financial reports helps you make more informed hiring, pricing, and investment decisions. Strong cash flow management often identifies challenges before they become larger
Before Reacting to Headlines, Look at Your Numbers Read More »
Key Takeaways The most successful business transitions often begin years before an owner plans to retire or exit. Business value is influenced by factors beyond revenue, including management depth, operational processes, customer relationships, and financial reporting. Family succession should be based on honest conversations and realistic expectations rather than assumptions. Starting early gives owners more
Building Value Before You Exit Read More »