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BOI Filing Requirements Reinstated: What Business Owners Need to Know

Bailey Scarano Blog, Tax & Money Tips / By

The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are officially back in effect following a brief legal suspension. After a court injunction temporarily halted the rule, the Fifth Circuit Court of Appeals reinstated the reporting obligation on December 23, 2024. To accommodate the disruption, the Financial Crimes Enforcement Network (FinCEN) […]

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Addressing End-of-Year Cash Flow Challenges

Bailey Scarano Blog, Tax & Money Tips / By

As the year ends, small and mid-size business (SMB) owners and managers face the crucial task of managing cash flow to ensure smooth operations into the new year. From meeting payroll to managing inventory, cash flow challenges can intensify during this period. On top of that, tax obligations loom, adding another layer of complexity. Here

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Preparing for Potential 2025 Tax Changes

Bailey Scarano Blog, Tax & Money Tips / By

While all politicians make campaign proposals that often don’t come to fruition, it is important for small and mid-sized business owners to pay attention and understand what could be coming so you aren’t caught off guard. Proactive planning can ensure you’re ready to seize opportunities or respond to new challenges. Several tax-related proposals from the

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Cybersecurity Tips for the Holiday Season

Bailey Scarano Blog, Tax & Money Tips / By

The holiday season is a time for joy, connection, and celebration. Unfortunately, it’s also a prime time for scammers and cybercriminals looking to take advantage of businesses and individuals alike. As employees take time off, online shopping increases, and inboxes fill with seasonal emails, the risks of cyberattacks, fraud, and identity theft rise significantly. The

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Breaking News: Court Pauses BOI Filing Deadline

Bailey Scarano Blog, Tax & Money Tips / By

A recent court ruling just said “never mind” to the Business Ownership Information (BOI) filing requirements created in the Corporate Transparency Act (CTA), giving business owners extra time to prepare. So if you’ve been preparing to file by the deadline set for January 1, 2025, you can stop – for now. Here’s a breakdown of

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Key Tax Changes for 2025

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently announced its annual inflation adjustments for tax year 2025, impacting a range of deductions, credits, and income thresholds. These changes, aimed at keeping up with inflation, can significantly influence financial planning for both business owners and employees. Here’s a breakdown of some of the most relevant updates for small and mid-sized business

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Smaller Social Security Cost-of-Living Adjustment in 2025

Bailey Scarano Blog, Tax & Money Tips / By

The Social Security Administration (SSA) recently announced a 2.5% cost-of-living adjustment (COLA) for 2025, which will take effect starting in January. For seniors and other beneficiaries, this adjustment means a modest increase in monthly benefits, designed to help offset inflation’s impact on everyday expenses. Understanding the 2.5% COLA Increase for 2025 The 2.5% COLA for

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IRS Updates Retirement Contribution Limits for 2025

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently released Notice 2024-80 outlining adjustments to retirement plan contribution limits for 2025. As we move into the new tax year, small and mid-sized business owners should take note of these updates, as they present new opportunities for employees and employers alike to boost retirement savings. Increased Contribution Limits for 401(k) Plans For

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Are You Prepared for the New Digital Asset Reporting Requirements?

Bailey Scarano Blog, Tax & Money Tips / By

With digital assets like cryptocurrency becoming increasingly mainstream, the IRS is ramping up efforts to ensure that businesses, including small businesses in Connecticut, properly report these transactions. Beginning in 2025, significant changes will impact how businesses handle digital asset reporting, especially as the IRS’s transitional safe harbor provision comes to an end in January. If

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What Small Business Owners Need to Know About Per Diem Rates

Bailey Scarano Blog, Tax & Money Tips / By

Effectively managing business travel expenses is not just about maximizing tax deductions—it’s also key to staying compliant with IRS regulations. Whether you’re covering the cost of employee trips or your own travel for business, knowing the updated per diem rates and how to use them can make the process easier and more accurate. The IRS

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