In a move to bolster the privacy of taxpayers’ sensitive information, the House of Representatives recently passed the Taxpayer Data Protection Act. This legislation, spearheaded by Rep. Jason Smith of Missouri, aims to significantly increase the penalties for unauthorized disclosure of tax information. It will now move to the Senate, and if passed there, to […]
New Bill Aims to Strengthen Taxpayer Privacy Protections Read More »
On September 18, 2024, the Federal Reserve announced a significant interest rate cut of 50 basis points, reducing the target range to 4.75%–5%. This move, the first rate cut since 2020, is aimed at stimulating the economy by lowering borrowing costs after a prolonged period of elevated interest rates. For small business owners, especially those
Impacts of the Recent Interest Rate Cut Read More »
In light of a recent cyberattack that exposed millions of Social Security numbers, small business owners should take proactive steps to safeguard both personal and business data. A data breach can lead to long-term financial fraud and identity theft, which could disrupt your business operations. Here are some ways to protect your sensitive data. Monitor
How to Protect Your Data After Recent Social Security Breach Read More »
The IRS has introduced a second opportunity for businesses to voluntarily correct claims related to the Employee Retention Credit (ERC). This program is open until November 22, 2024, and offers a chance to address potentially inaccurate claims without facing severe penalties, including fines, back interest, and even jail time. (The first repayment program ran from
IRS Launches New Opportunity for Businesses to Correct Employee Retention Credit Claims Read More »
As the election approaches, tax policies proposed by the Trump and Harris campaigns are a hot topic, since no matter what, they will impact both business owners and individuals. While tax policy may not be a deciding factor, understanding these differences may tip the scales one way or another. Here is what we know right
Comparing Tax Policies: Trump vs. Harris Campaigns Read More »
Keeping up with the back-and-forth discussions on the Federal Trade Commission’s (FTC) noncompete agreement ban is not for the faint of heart, but we do have some – potentially short term – answers now. (If you want to catch up on the conversation, we wrote about the original ruling here, the ruling where it was
Texas Ruling Halts FTC Noncompete Ban Read More »
The IRS recently issued interim guidance for employers offering 401(k) and similar retirement plans who wish to provide matching contributions based on employees’ student loan payments. This new provision, part of the SECURE 2.0 Act of 2022, allows employers to match student loan payments with retirement contributions starting from plan years beginning after December 31,
IRS Clarifies 401(k) Matching for Student Loan Payments Read More »
The rules around Required Minimum Distributions (RMDs) from retirement accounts have seen significant changes over the past few years. Initially, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 altered the landscape by changing the starting age for RMDs from 70½ to 72. Then in 2020, the SECURE Act 2.0 further modified
New IRS Rules on Required Minimum Distributions Read More »
Staying informed about the FTC’s evolving non-compete regulations is challenging yet vital for Connecticut small businesses. We originally wrote about the ruling here, then again here. Now we want to give you the latest on the rulings and how it can impact your business. FTC’s Proposed Rule In April 2024, the FTC proposed a rule
FTC’s Non-Compete Ban Faces Conflicting Legal Judgements Read More »
The Senate recently voted against legislation that aimed to expand the child tax credit and reinstate several business tax breaks even though it passed the House overwhelmingly by a 357-70 vote in January 2024. This decision carries significant implications for both families and businesses in the Shoreline area of Connecticut. Impact on Families and Businesses
Senate Rejects Legislation to Restore Business Tax Breaks and Expand Child Tax Credit Read More »
In early May, we shared this post about the Federal Trade Commission’s (FTC) new rule essentially banning non-compete agreements. Not surprisingly, it sparked widespread debate and prompted several legal challenges, leading U.S. District Court Judge Ada Brown in the Northern District of Texas to issue a temporarily pause. FTC’s Argument for the Ban The FTC’s
FTC Non-Compete Ruling Temporarily Halted Read More »
The IRS has recently issued a warning about false claims circulating on social media regarding a bogus “Self-Employment Tax Credit.” Promoters falsely suggest that self-employed individuals and gig workers can receive up to $32,000. In reality, the actual tax credits available are for Sick Leave and Family Leave, which are far more limited. The IRS
Don’t Believe False Claims About the “Self-Employment Tax Credit” Read More »