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 »
Questions abound on how the new tax laws will impact each of us personally and as business owners, and we will be weeding through the information for you in the coming months. One of the bills, called the American Innovation Act of 2018 (HR6756), passed the House on September 27 and goes to the Senate
What is the American Innovation Act? Read More »
The standard in determining whether a state tax law applies to an activity depends on whether that activity has “substantial nexus” with the taxing state. Previously, physical presence has been used as the standard in determining economic nexus with a state. However, on June 21, 2018, in the case of South Dakota v. Wayfair, the
Connecticut Adopts New Sales Tax Nexus Rules Read More »
Bailey Scarano partner, Steve Moalli, was honored at this year’s Cystic Fibrosis Foundation’s New Haven’s Finest event. Steve was selected as an honoree for being a distinguished young professional that demonstrates strong leadership skills, is active in his community and has excelled in his chosen profession of accounting. In accepting this recognition, he he made a personal goal to raise $1,500
Steve Moalli Selected as a New Haven’s Finest Honoree by the Cystic Fibrosis Foundation Read More »
Many people spend upwards of 20+ years in retirement, but most don’t have nearly enough money saved to get them through a time that should be filled with enjoyment, not worrying about how to make it through each month. But how much do you need? Standard advice is as much money as you can manage
The How and When of Retirement Savings Read More »
Britney Bunbanlu (shown left)—a 2018 Branford High School graduate—is this year’s recipient of the Alan P. Bailey and Michael J. Schaefer Memorial Accounting Scholarship. The scholarship—which was established in 2016, provides $500 of support to a Branford High School graduating senior seeking a Bachelor of Science degree in Accounting or Business Finance and has been accepted
It can be difficult to decipher legitimate communications from scams these days, especially when it comes to your taxes and finances. Unfortunately, criminals impersonating the IRS—whether by phone, email or even in person—is quite common, and costs innocent taxpayers time, money and security. However, there are some things to keep in mind to protect you
Protect Yourself and Your Business from IRS Scams Read More »
On May 31, 2018, Governor Dannel Malloy signed Public Act 18-49, which is a bill that responded to the Federal Tax Reform Legislation passed in December 2017. The Federal Tax Reform limited the deduction to $10,000 of state and local income and property taxes and this is the States response to circumvent this limitation. The Public
Connecticut Pass-Through Entity Tax Read More »
Earlier this year, Colleen Visnic, a 2017 graduate of Branford High School, was awarded the Alan P. Bailey and Michael J. Schaefer Memorial Accounting Scholarship. Colleen is now a freshman at the University of Notre Dame, and is enrolled in the Mendoza School of Business. While at Branford High School, Colleen was awarded the 2016