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Navigating the IRS Update on Corporate Alternative Minimum Tax (CAMT)
Taxes in general can be complicated, and we wanted to break down the recent IRS update concerning corporate taxes, specifically the Corporate Alternative Minimum Tax (CAMT). What is CAMT? CAMT […]
ERC Fraud so Rampant IRS Halts Processing Claims
Last April, we discussed how the proliferation of Employee Retention Credit (ERC) scams prompted the IRS to add them to their annual Dirty Dozen list of tax scams. Now, six […]
IRS Updates Per Diem Rates for Travel Expenses
If you travel for work, take note: The IRS recently released Notice 2023-68, which has significant implications for those who frequently travel for business or work-related purposes. Understanding IRS Notice […]
Coming Changes in Overtime Pay: What You Need to Know
You might have heard about some changes coming to overtime pay regulations, and we’re here to break it down for you in simple terms. The U.S. Department of Labor’s Wage […]
Navigating International Markets: Opportunities and Challenges for Your Business
Expanding into international markets can be an exciting venture for any business, offering the promise of new revenue streams and growth opportunities. However, it’s crucial to recognize that along with […]
Construction Sector Under the Microscope as Payroll Tax Evasion Increases
The Financial Crimes Enforcement Network (FinCEN) has recently reported a noticeable uptick in state and federal payroll tax evasion, as well as workers’ compensation fraud, particularly within the U.S. residential […]
IRS Ends Most Unannounced Home Visits
As of July 24, 2023, the Internal Revenue Service (IRS) has decided to discontinue the practice of making unannounced visits to taxpayers’ homes and businesses, except in very limited circumstances. […]
Connecticut’s Enhanced Apprenticeship Tax Credit for Manufacturers
In a bid to reshape Connecticut’s manufacturing sector and fortify its workforce with skilled workers, the Apprenticeship Tax Credit (ATC) was expanded last year to include S corporations, partnerships, and […]
IRS Announces Relief for Required Minimum Distributions: What You Need to Know
The IRS recently announced some important transition relief for plan administrators, payors, and retirees concerning required minimum distributions (RMDs) under the SECURE 2.0 Act of 2022. Here’s what this means […]
Working Beyond Retirement Age? Tips for Connecticut Citizens
The idea of retirement is exciting for some, and many people will need, or simply prefer, to continue working beyond retirement age. While some may need the extra income to […]
AICPA Calls for Clarity on NFT Tax Treatment
Recently, the American Institute of CPAs (AICPA) has contacted the Internal Revenue Service (IRS) with a series of recommendations on how non-fungible tokens (NFTs) should be handled for tax purposes. […]
New IRS Funding Boosts Enforcement and Taxpayer Assistance
As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to […]