Bailey Scarano is very proud to announce that the recipient of this year’s Alan P. Bailey and Michael J. Schaefer Memorial Accounting Scholarship is Branford High School graduating senior, Hannah Antonino. Hannah is a stellar student but also dedicated to improving her community through her participation in the Excel and Exchange clubs at her school. […]
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Life is full of ups and downs, many of which can greatly impact your taxes for the year in which the milestone takes place. Here are just a few events that have tax implications for which you should be prepared. Starting a New Job When you start any new job, you should make any necessary
Major Life Changes Ahead? Know the Tax Implications Read More »
While you may be surprised by this, every state had its own set of unique laws regarding what is taxed and what is not. Of course, some things are pretty consistent, but some are downright weird. Here are a few of the more interesting items that are taxes across the country. Missouri: Bachelor Tax Unmarried
Weird Tax Laws Across the US Read More »
Now that tax season is over and your returns have been filed or extended, it is a good idea to take a look at how much you are withholding and adjust it as needed to accommodate the Tax Cuts and Jobs Act (TCJA). The best course is to adjust your withholding so next year you
ALERT: It is Time to Adjust Your Withholding! Read More »
Scammers are getting better than ever at finding ways to deceive people and get access to your personal financial data. This is especially prevalent at this time of year when everyone is filing their taxes and sending sensitive information back and forth. So with that in mind, we wanted to provide some tips for staying
Modern technology has made our lives easier. So many things are available at the touch of a screen now. We can chat with colleagues, purchase shoes and catch up on the daily news regardless of our location or the time of day. We are so much more productive now, right? According to a number of
Are We Too Much “In Touch”? Read More »
Did your children have a summer or after school job in 2018? If your minor children received W-2s from a job, or if they have unearned income like interest and dividends, they may be required to file an income tax return. Generally, if their W-2 income is less than the $12,000 filing requirement, they don’t
Kids These Days…Do They Need to File Taxes? Read More »
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 »