Bailey Scarano Blog

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Smaller Social Security Cost-of-Living Adjustment in 2025

Bailey Scarano Blog, Tax & Money Tips / By

The Social Security Administration (SSA) recently announced a 2.5% cost-of-living adjustment (COLA) for 2025, which will take effect starting in January. For seniors and other beneficiaries, this adjustment means a modest increase in monthly benefits, designed to help offset inflation’s impact on everyday expenses. Understanding the 2.5% COLA Increase for 2025 The 2.5% COLA for

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IRS Updates Retirement Contribution Limits for 2025

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently released Notice 2024-80 outlining adjustments to retirement plan contribution limits for 2025. As we move into the new tax year, small and mid-sized business owners should take note of these updates, as they present new opportunities for employees and employers alike to boost retirement savings. Increased Contribution Limits for 401(k) Plans For

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Are You Prepared for the New Digital Asset Reporting Requirements?

Bailey Scarano Blog, Tax & Money Tips / By

With digital assets like cryptocurrency becoming increasingly mainstream, the IRS is ramping up efforts to ensure that businesses, including small businesses in Connecticut, properly report these transactions. Beginning in 2025, significant changes will impact how businesses handle digital asset reporting, especially as the IRS’s transitional safe harbor provision comes to an end in January. If

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What Small Business Owners Need to Know About Per Diem Rates

Bailey Scarano Blog, Tax & Money Tips / By

Effectively managing business travel expenses is not just about maximizing tax deductions—it’s also key to staying compliant with IRS regulations. Whether you’re covering the cost of employee trips or your own travel for business, knowing the updated per diem rates and how to use them can make the process easier and more accurate. The IRS

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New Bill Aims to Strengthen Taxpayer Privacy Protections

Bailey Scarano Blog, Tax & Money Tips / By

In a move to bolster the privacy of taxpayers’ sensitive information, the House of Representatives recently passed the Taxpayer Data Protection Act. This legislation, spearheaded by Rep. Jason Smith of Missouri, aims to significantly increase the penalties for unauthorized disclosure of tax information. It will now move to the Senate, and if passed there, to

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Impacts of the Recent Interest Rate Cut

Bailey Scarano Blog, Tax & Money Tips / By

On September 18, 2024, the Federal Reserve announced a significant interest rate cut of 50 basis points, reducing the target range to 4.75%–5%. This move, the first rate cut since 2020, is aimed at stimulating the economy by lowering borrowing costs after a prolonged period of elevated interest rates. For small business owners, especially those

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How to Protect Your Data After Recent Social Security Breach

Bailey Scarano Blog, Tax & Money Tips / By

In light of a recent cyberattack that exposed millions of Social Security numbers, small business owners should take proactive steps to safeguard both personal and business data. A data breach can lead to long-term financial fraud and identity theft, which could disrupt your business operations. Here are some ways to protect your sensitive data. Monitor

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IRS Launches New Opportunity for Businesses to Correct Employee Retention Credit Claims

Bailey Scarano Blog / By

The IRS has introduced a second opportunity for businesses to voluntarily correct claims related to the Employee Retention Credit (ERC). This program is open until November 22, 2024, and offers a chance to address potentially inaccurate claims without facing severe penalties, including fines, back interest, and even jail time. (The first repayment program ran from

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Comparing Tax Policies: Trump vs. Harris Campaigns

Bailey Scarano Blog, Tax & Money Tips / By

As the election approaches, tax policies proposed by the Trump and Harris campaigns are a hot topic, since no matter what, they will impact both business owners and individuals. While tax policy may not be a deciding factor, understanding these differences may tip the scales one way or another. Here is what we know right

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IRS Clarifies 401(k) Matching for Student Loan Payments

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently issued interim guidance for employers offering 401(k) and similar retirement plans who wish to provide matching contributions based on employees’ student loan payments. This new provision, part of the SECURE 2.0 Act of 2022, allows employers to match student loan payments with retirement contributions starting from plan years beginning after December 31,

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