Bailey Scarano Blog

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The Importance of Choosing a Reputable Tax Professional

Bailey Scarano Blog, Tax & Money Tips / By

Tax season is stressful enough without worrying about whether your tax preparer is trustworthy. Yet, choosing the wrong preparer can lead to serious consequences, including audits, penalties, and even identity theft. The IRS consistently reminds taxpayers to choose their tax professionals carefully, as they are ultimately responsible for the accuracy of their tax returns—even if […]

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What Is IRS Form 1099-K and How Does It Impact Me?

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has made significant changes to the reporting requirements for third-party payment networks, and small business owners need to be aware of how these adjustments may impact their tax obligations. What is Form 1099-K? Form 1099-K is issued by third-party payment processors and credit card networks to businesses and individuals who receive digital payments

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The IRS Is Issuing 2021 Recovery Rebate Credit Refunds to Eligible Taxpayers

Bailey Scarano Blog, Tax & Money Tips / By

If you were eligible for the 2021 Recovery Rebate Credit but didn’t claim it on your tax return, you might be in for a pleasant surprise. The IRS recently announced that special payments will be issued this month to more than one million taxpayers who missed out on the credit. What Is the 2021 Recovery

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IRS Proposes New Rules for Catch-Up Contributions

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has issued proposed regulations concerning catch-up contributions for retirement plans, as outlined in the SECURE 2.0 Act of 2022. These regulations, detailed in the Federal Register, aim to provide guidance for retirement plans that permit participants aged 50 and above to make additional elective deferrals known as catch-up contributions. Key Proposals: Mandatory Roth

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What Connecticut’s State Tax Changes Mean for Your 2024 Return

Bailey Scarano Blog, Tax & Money Tips / By

As we approach the 2024 tax season, it’s important for Connecticut residents and businesses to be aware of several key tax changes that could impact their upcoming state tax filings. These changes, passed in 2024, aim to provide some financial relief while ensuring continued state revenue. Below is a summary of what’s new and what

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What the Social Security Fairness Act Means for Public Sector Employees & Retirees

Bailey Scarano Blog, Tax & Money Tips / By

The Social Security Fairness Act, a hot topic in financial and retirement planning, was signed into law by President Biden on Sunday, January 5, 2025. Designed to repeal two controversial provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—this legislation could significantly change the retirement landscape for millions of public-sector workers, including teachers, police

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BOI Filing Requirement Halted Again!

Bailey Scarano Blog, Tax & Money Tips / By

This is getting ridiculous, and we share your annoyance with this back and forth confusion. The Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) to increase financial transparency and combat money laundering, have been halted once again, adding to the confusion and frustration for business owners. Here’s a quick timeline of

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BOI Filing Requirements Reinstated: What Business Owners Need to Know

Bailey Scarano Blog, Tax & Money Tips / By

The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are officially back in effect following a brief legal suspension. After a court injunction temporarily halted the rule, the Fifth Circuit Court of Appeals reinstated the reporting obligation on December 23, 2024. To accommodate the disruption, the Financial Crimes Enforcement Network (FinCEN)

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Addressing End-of-Year Cash Flow Challenges

Bailey Scarano Blog, Tax & Money Tips / By

As the year ends, small and mid-size business (SMB) owners and managers face the crucial task of managing cash flow to ensure smooth operations into the new year. From meeting payroll to managing inventory, cash flow challenges can intensify during this period. On top of that, tax obligations loom, adding another layer of complexity. Here

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Preparing for Potential 2025 Tax Changes

Bailey Scarano Blog, Tax & Money Tips / By

While all politicians make campaign proposals that often don’t come to fruition, it is important for small and mid-sized business owners to pay attention and understand what could be coming so you aren’t caught off guard. Proactive planning can ensure you’re ready to seize opportunities or respond to new challenges. Several tax-related proposals from the

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Cybersecurity Tips for the Holiday Season

Bailey Scarano Blog, Tax & Money Tips / By

The holiday season is a time for joy, connection, and celebration. Unfortunately, it’s also a prime time for scammers and cybercriminals looking to take advantage of businesses and individuals alike. As employees take time off, online shopping increases, and inboxes fill with seasonal emails, the risks of cyberattacks, fraud, and identity theft rise significantly. The

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