The IRS has amended the base erosion and anti-abuse tax (BEAT) regulations to defer reporting requirements for qualified derivative payments (QDPs) until the 2025 tax year. What is BEAT? In 2017, BEAT was passed to discourage U.S. and foreign corporations from dodging tax liability by shifting profits out of the U.S. It basically works as a […]
BEAT Qualified Derivative Payment Reporting Deferred Until 2025 Read More »
Have you received a balance due notification from the IRS? If so, you may not owe anything after all. The IRS recently admitted that some married couples received erroneous balance due notices for their 2021 returns. Most of these inaccurate notices were sent to couples where the payments were made by the spouse listed as
That Balance Due Notice from IRS May Be Incorrect Read More »
You can’t go anywhere these days without hearing about inflation. In simple terms, it is caused when we have too little supply to meet increased demand for goods and services. And while the U.S. Federal Reserve can’t do much to fix the supply issue, it can help stabilize the economy by raising interest rates to
How Will Higher Interest Rates Impact Small and Mid-Sized Businesses Read More »
Are you a business or non-profit with fewer than 100 full-time employees? You may be eligible for a loan from the new Connecticut Small Business Boost Fund. Announced by the Department of Economic and Community Development (DECD) and in partnership with private lenders, the $150 million loan program was announced on July 25, 2022. Eligible
New Small Business Loan Program in Connecticut Read More »
It is pretty hard to do any of our jobs without the proper technology. This is especially true for the IRS, the agency responsible for collecting taxes which ultimately funds nearly all other federal government agencies. With that in mind, the Department of the Treasury is continuing its push to get funding for much needed information
Treasury Department Aims to Upgrade IRS IT Read More »
If it seems too good to be true, it probably is. This adage rings especially true for tax scams. Recently, the IRS began its “Dirty Dozen“ list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The tax scams in this series focus on four transactions that are wrongfully promoted and will likely attract additional
2022 Tax Scams Identified by IRS Read More »
The IRS recently announced that it has nearly caught up on a key group of individual tax returns filed during 2021, and business paper returns filed in 2021 will follow soon. Due to the pandemic, the IRS began 2022 with a larger than usual inventory of paper tax returns and correspondence filed during 2021. The
IRS Catching Up on 2021 Returns Read More »
If your company does business with New York, there is a new law that could impact your likelihood of winning work. Like many states and municipalities, New York (both City and state) is in the process of enacting pay transparency and equity laws. Recently, New York state lawmakers passed a bill requiring all contractors with
Pay Equity Requirement for New York Contractors Read More »
How hard would it be for you or your business to recover if you are hit by a natural – or even man-made – disaster? How long would it take for you to get back up and running? Recently, the IRS has reminded taxpayers that they need to create and regularly review emergency preparedness plans
Do You Have a Disaster Recovery Plan? Read More »
Back in January, we notified you of the 2022 increase in mileage rates to 58.5 cents per mile for business use. But as gas prices have continued to rise in the last few months, the IRS has raised the optional standard mileage rate again. Starting on July 1, the rate for business travel will jump
Mileage Rates Increases Again Read More »
A recent report by the Treasury Inspector General (IG) for Tax Administration focused on the need for the Internal Revenue Service to expand its electronic filing capabilities to better manage the processing of returns and address the current backlog. To put the need in context, the report highlighted the cost difference for processing a paper
More Businesses Need to E-File Read More »
The Connecticut General Assembly recently authorized a child tax rebate of $250 per child with a maximum of $750 to help families with children. To be eligible, you must meet all the following requirements: Be a resident of Connecticut Have claimed at least one child as a dependent on your 2021 federal income tax return
2022 Connecticut Child Tax Rebate Read More »