As we are quickly approaching 2024, it’s important to be aware of the changes in the Social Security wage cap and benefit amounts. The wage cap is now set at $168,600, marking a significant threshold for taxpayers. Additionally, beneficiaries of Social Security and Supplemental Security Income (SSI) will see a 3.2% increase in their benefits. […]
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Cryptocurrency owners, along with the financial experts and legal professionals who guide them, should take heed of the Internal Revenue Service’s (IRS) current efforts to ensure compliance among those involved in crypto transactions. One of the signs that the IRS is giving closer scrutiny to crypto activities is the question added to Form 1040, which
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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 is a supplementary tax imposed on the earnings of large corporations with a three-year average annual income exceeding $1 billion. Small businesses and specific corporate
Navigating the IRS Update on Corporate Alternative Minimum Tax (CAMT) Read More »
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 months later, there has been an alarming surge in ERC claims, with nearly 600,000 filed in the past 90 days, likely containing fraudulent or ineligible
ERC Fraud so Rampant IRS Halts Processing Claims Read More »
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
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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 »