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Comparing Tax Policies: Trump vs. Harris Campaigns
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 […]
Texas Ruling Halts FTC Noncompete Ban
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 […]
IRS Clarifies 401(k) Matching for Student Loan Payments
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 […]
New IRS Rules on Required Minimum Distributions
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 […]
FTC’s Non-Compete Ban Faces Conflicting Legal Judgements
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 […]
Senate Rejects Legislation to Restore Business Tax Breaks and Expand Child Tax Credit
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 […]
FTC Non-Compete Ruling Temporarily Halted
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, […]
Don’t Believe False Claims About the “Self-Employment Tax Credit”
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 […]
Are Universal Savings Accounts a Possibility in 2025?
The potential for a Universal Savings Account (USA) is picking up steam as the Tax Cuts and Jobs Act provisions approach their 2025 expiration. Advocates suggest a flexible savings model […]
New IRS Initiative Targets Tax Loopholes and Abusive Partnership Transactions
In mid-June, the U.S. Treasury and IRS launched an enforcement drive to close loopholes and curb abusive tax schemes involving partnership transactions, which are used by affluent taxpayers looking to […]
Supreme Court Validates Tax on Overseas Profits for U.S. Corporations
In a significant decision, the U.S. Supreme Court recently upheld the 2017 mandate on the taxation of American-owned businesses’ foreign profits, commonly known as the mandatory repatriation tax. This ruling […]
Up to 90% of ERC Claims Are Potentially Fraudulent Forcing IRS to Extend Freeze
Originally part of the 2020 pandemic relief efforts, the ERC was meant to alleviate financial pressures for businesses by subsidizing wages up to $26,000 per employee for retained workers during […]