Bailey Scarano Blog

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The Hidden Costs of Misclassifying Workers in Connecticut

Bailey Scarano Blog, Tax & Money Tips / By

For small and mid-sized businesses, every decision about payroll and staffing carries extra weight. One area that often gets overlooked, but can cause major headaches down the road, is worker classification. Whether someone should be treated as an employee or an independent contractor isn’t just a matter of preference. It’s a legal distinction with real tax and compliance implications.

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Smart Benefits: Balancing What Employees Want with What the IRS Allows

Bailey Scarano Blog, Tax & Money Tips / By

Attracting and keeping great employees is tougher than ever. Competitive pay is important, but it’s no longer enough on its own. Today’s workers, especially younger generations, want benefits that support their health, growth, and overall quality of life. For business owners, that means reviewing benefits regularly through two lenses: what employees value and how those benefits

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Should You Still Be an S Corp?

Bailey Scarano Blog, Tax & Money Tips / By

The S corporation has long been a favorite structure for small and mid-sized business owners, and for good reason. It offers liability protection, avoids double taxation, and can reduce self-employment taxes by splitting income between salary and distributions. But with the passage of the One Big Beautiful Bill Act (OBBBA) and other tax shifts on the horizon,

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Budgeting for Connecticut’s Paid Sick Leave Expansion

Bailey Scarano Blog / By

Connecticut has started phasing in major changes to its paid sick leave law, and for small business owners, this is not something to put on the back burner. Previously, Connecticut’s paid sick leave mandate only applied to employers with 50 or more employees in certain service-related occupations. But under Public Act No. 24-8, signed into law

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New Retirement Plan Proposal Raises Questions About Risk, Fees, and Transparency

Bailey Scarano Blog, Tax & Money Tips / By

A recent executive order has put a spotlight on potential changes to retirement plan rules, specifically the possibility of allowing private equity investments in 401(k) plans. While this may sound like an exciting opportunity for business owners and employees seeking greater returns, it also brings a host of new risks and complications that deserve careful

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The Connecticut State Capitol building houses the Connecticut General Assembly; the upper house, the State Senate, and lower house, the House of Representatives, as well as the office of the Governor of the State of Connecticut.

How Connecticut’s 2026–2027 Budget Impacts Small and Mid-Sized Businesses

Bailey Scarano Blog, Tax & Money Tips / By

Connecticut’s recently passed $55.8 billion biennial budget brings a mix of financial shifts, modest tax changes, and regulatory reforms that will impact businesses across the state. While it avoids broad-based tax increases, the plan leans on extended corporate surcharges, delayed pension contributions, and borrowing to balance the books. Here’s what small and mid-sized business owners

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Top 5 Financial Red Flags That May Signal Internal Fraud

Bailey Scarano Blog, Tax & Money Tips / By

Don’t let small discrepancies turn into big problems. Internal fraud can quietly drain your company’s finances, damage trust, and disrupt operations often before you even realize something is wrong. For small and mid-sized businesses, especially those in Connecticut where lean teams often wear multiple hats, early detection is critical. Here are five financial red flags

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What 2026 HSA Limit Increases Mean for Small and Mid-Sized Businesses

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently announced the 2026 inflation-adjusted Health Savings Account (HSA) contribution limits. While these may appear as simple line items on a compliance checklist, they present important financial planning opportunities for both business owners and employees. Understanding how these updates can impact your bottom line, employee satisfaction, and even customer spending habits is essential,

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