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 2023-68 Recognizing the impact of inflation on everyday expenses, especially for travelers, the IRS has adjusted its special per diem rates for the fiscal year
IRS Updates Per Diem Rates for Travel Expenses Read More »
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 and Hour Division (WHD) has proposed new rules regarding who qualifies for overtime pay protection under the Fair Labor Standards Act (FLSA). What’s the FLSA
Coming Changes in Overtime Pay: What You Need to Know Read More »
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 these potential upsides, there are also significant challenges to consider. Exploring the Benefits New Revenue Streams: One of the primary advantages of entering international markets
Navigating International Markets: Opportunities and Challenges for Your Business Read More »
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 and commercial real estate construction industries. FinCEN’s Commitment to Fighting Fraud In response to this concerning trend, FinCEN is taking proactive steps to combat fraud
Construction Sector Under the Microscope as Payroll Tax Evasion Increases Read More »
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. IRS Commissioner Daniel Werfel made this announcement during a teleconference with reporters, stating that this change takes immediate effect. So, why this change, you may
IRS Ends Most Unannounced Home Visits Read More »
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 limited liability companies (LLCs) – collectively known as pass-through entities. For some, this flew under the radar, so we wanted to share this information so
Connecticut’s Enhanced Apprenticeship Tax Credit for Manufacturers Read More »
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 for you and your retirement savings. What’s the Required Beginning Date? The required beginning date for an employee or IRA owner to begin taking RMDs
IRS Announces Relief for Required Minimum Distributions: What You Need to Know Read More »
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 supplement their retirement savings, others choose to do so for the sense of purpose and engagement it provides. Whatever your motivation for working during retirement,
Working Beyond Retirement Age? Tips for Connecticut Citizens Read More »
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. For the uninitiated, NFTs are digital assets that have been tokenized via a blockchain. They are assigned unique identification codes and metadata that distinguish them
AICPA Calls for Clarity on NFT Tax Treatment Read More »
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 IRS Commissioner Daniel Werfel, the new funding has allowed them to take quick and strong action to close the gap in tax enforcement, particularly for
New IRS Funding Boosts Enforcement and Taxpayer Assistance Read More »
The American Institute of CPAs (AICPA) recently recommended a number of ways to simplify and clarify the current tax code in the upcoming year to the Department of the Treasury and the Internal Revenue Service. These recommendations aim to streamline the tax filing process and provide a more straightforward framework for taxpayers. Promoting Simplicity in
AICPA Urges Tax Code Simplification as Key Priority Read More »
Connecticut Governor Ned Lamont recently signed a comprehensive two-year state budget bill which includes significant tax changes to provide relief to middle-class households. The bill includes the largest personal income tax cut in the state’s history, along with several modifications to corporate business tax and the CT pass-through entity tax. Let’s explore the highlights of
CT Passes Largest Personal Income Tax Cut in History Read More »