Bailey Scarano Blog

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Massachusetts Taxpayers to Receive Refund

If you pay taxes in Massachusetts, you may receive an unexpected influx of cash in November. The is because the state received $2.941 billion in excess tax revenue, and Chapter 62F requires the excess be returned to taxpayers. An announcement recently added to Mass.gov says, “eligible taxpayers will receive a credit in the form of …

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Treasury Secretary Wants to Know How IRS Will Spend New Funding

Department of the Treasury Secretary Janet Yellen has requested a detailed plan from the IRS on how it plans to spend to the $80 billion in additional funds that the agency received as part of the Inflation Reduction Act. “I would like the IRS to work closely with the Deputy Secretary to identify specific operational …

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Beware of Evolving Identity Theft Scams

The IRS and the Security Summit partners are warning tax professionals and those that prepare their own taxes to beware of evolving identity theft scams. Often perpetrated through phishing emails and SMS-text, these messages are designed to trick tax payers and preparers into opening embedded links or attachments that infect their computers and can steal personal …

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Help for the Connecticut Hospitality Industry

The Connecticut Hospitality Industry Support Program was implemented by the American Rescue Plan Act and allocated $30,000,000 to the Department of Economic and Community Development (DECD). DECD utilized data from the Department of Revenue Services (DRS) to identify two groups of recipients that are eligible for a Connecticut Hospitality Industry Support Grant, based on losses incurred …

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Whistleblowers Help IRS Identify Noncompliance

Each year, the IRS receives thousands of tips from individuals who identify taxpayers who may not be abiding by U.S. tax laws. John Hinman, Director, IRS Whistleblower Office, recently talked about the importance of whistleblower information in identifying noncompliance and reducing the tax gap. But did you know that many whistleblowers receive financial rewards for …

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BEAT Qualified Derivative Payment Reporting Deferred Until 2025

The IRS has amended the base erosion and anti-abuse tax (BEAT) regulations to defer reporting requirements for qualified derivative payments (QDPs) until the 2025 tax year. What is BEAT? In 2017, BEAT was passed to discourage U.S. and foreign corporations from dodging tax liability by shifting profits out of the U.S. It basically works as a …

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That Balance Due Notice from IRS May Be Incorrect

Have you received a balance due notification from the IRS? If so, you may not owe anything after all. The IRS recently admitted that some married couples received erroneous balance due notices for their 2021 returns. Most of these inaccurate notices were sent to couples where the payments were made by the spouse listed as …

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How Will Higher Interest Rates Impact Small and Mid-Sized Businesses

You can’t go anywhere these days without hearing about inflation. In simple terms, it is caused when we have too little supply to meet increased demand for goods and services. And while the U.S. Federal Reserve can’t do much to fix the supply issue, it can help stabilize the economy by raising interest rates to …

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small business loans

New Small Business Loan Program in Connecticut

Are you a business or non-profit with fewer than 100 full-time employees? You may be eligible for a loan from the new Connecticut Small Business Boost Fund. Announced by the Department of Economic and Community Development (DECD) and in partnership with private lenders, the $150 million loan program was announced on July 25, 2022. Eligible …

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