It is not uncommon for business owners to have multiple streams of revenue, often because they have more than one business entity. For those that do, there was a lot of confusion around how the Tax Cuts & Jobs Act (TCJA) would impact the taxes that these owners pay. The IRS recently released some clarification […]
Do you own multiple businesses? Read More »
The latest Netflix hit has gotten a ton of press lately, probably because most of us have way more “stuff” than we need. In Tidying Up, Maria Kondo helps people get rid of the things they don’t need, often by asking if the item itself “brings them joy.” Some find it enlightening and helpful, while
Do I Need to Keep This? Read More »
I’m sure many of us have fantasized about the IRS closing down at one point or another, but the reality is not the tax-free party we visualized. Down to approximately 40% of their regular workforce, the agency is running on bare bones. The longer the shutdown lasts, the worse it is going to get for
The IRS Severely Impacted by the Government Shutdown Read More »
As we’ve mentioned before, the Tax Cuts & Jobs Act was one of the most sweeping tax law changes in many years. While there are still questions that need to be answered on both a Federal and State level, this is some of what we know right now. Business Updates If your business has
2018 Tax Changes at a Glance Read More »
CTCPA members are reporting that they and their clients organized as Limited Liability Companies (LLCs) are receiving a form requiring payment of a “$110 annual report fee” relative to a “2018 – Annual Report Instruction Form (Connecticut LLCs)” from Workplace Compliance Services, 1022 Boulevard #243, West Hartford, CT 06110. The form apparently is being received in
Scam Alert for Connecticut LLCs Read More »
When you think about it, those of us that work full-time spend more of our hours at work than in any other single place. Shouldn’t that environment be comfortable, and one that is full of joy, even on the toughest work days? Additionally, there is a lot of talk in human resources circles about
Celebrating Joy at this Time of Year Read More »
Tammy Lamb is a Supervisor at Bailey Scarano with over 20 years of specialization in the Credit Union industry for which she does financial statement audits, supervisory committee exams, member verifications, BSA and ACH exams, employee account, loan and internal control reviews as well as any special agreed-upon procedures developed for a clients’ specific needs.
Welcome Tammy Lamb Read More »
Is that extra money in your paycheck going to come back and bite you when you file your taxes? While we know on a logical level that we should aim to break even or pay a small amount of taxes each spring, we can’t deny there is a bit of glee when we find
Are You Withholding Enough? Read More »
The IRS recently posted some detailed information on what to expect for your 2019 taxes to be filed by April 15, 2020. We have put the contents of that post below. If you have any questions or need any help planning for next year, don’t hesitate to reach out. ———————————————— IRS provides tax inflation adjustments
News from the IRS on 2019 tax year adjustments Read More »
Tax law is confusing. When sweeping changes happen, like the Tax Cuts & Jobs Act, it is difficult to know how it will impact you and your business. We get it, so here are a few questions for you to ask yourself to see if you need to do some planning in 2018 so you
Are you in for a tax surprise? Read More »
by Dominic Scarano Jr. CPA, CGMA I had the pleasure of speaking at the Better Business Summit presented by the Connecticut Better Business Bureau in Cromwell in October. Since this information can be valuable for nearly any business owner or manager, I wanted to share it here as well. Regardless of how many products you
Managing Your Business’ Bottom Line Read More »
Earlier this month, we gave an explanation of the American Innovation Act, one of three bills that passed the House on September 27 and will go to the Senate for consideration soon. In this blog post, we will talk a bit about the Family Savings Act (H.R. 6757). So, what is the Family Savings Act
What is the Family Savings Act of 2018? Read More »