Tax & Money Tips

Keep Calm but Know the Options About 401(k) Contributions

Bailey Scarano Blog, Tax & Money Tips / By

The impacts of the COVID-10 pandemic will be felt for years. Employers and employees are both looking for ways to deal with and reposed to the financial stress caused by the cononavirus-induced economic slowdown and market volatility.  If your company’s revenue has plummeted, you have to make some difficult financial decisions, including the possibility of eliminating […]

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Viewing Current Market Trends through a Historical Lens

1 Comment / Bailey Scarano Blog, Tax & Money Tips / By

We’d all be pulling our hair out if we looked at the status of our investment every day. One day we are up; the next we are down. As employers, you should steer clear of offering investment advice to your employees, but you can steer them toward helpful guidance from authoritative sources. One of the

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Business Loan Application Released by Department of Treasury

Bailey Scarano Blog, Tax & Money Tips / By

Yesterday, we posted details on the relief available to businesses impacted by COVID-19 and how to know if you are qualified to apply for it. Today, we have new information and links to sample applications that we can share as well.  Starting April 3, small businesses and sole proprietorships can apply for and receive Paycheck Protection Program

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How to Apply for the Connecticut Recovery Bridge Loan Program

Bailey Scarano Blog, Tax & Money Tips / By

The Connecticut Recovery Bridge Loan program for small businesses and non-profits is now up and running. The Department of Economic and Community Development (DECD) and Connecticut Innovations (CI) have teamed up to administer the program. The funds will be allocated on a first-come, first-served basis, so we recommend you apply as soon as possible if

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Beware the Ides of March!

Bailey Scarano Blog, Tax & Money Tips / By

Shakespeare’s famous warning about March 15 applies to more than just to Julius Caesar; it also applies to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes because it is the federal income tax filing deadline for these “pass-through” entities. (Interesting side note: the Ides of March

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The TCJA Effect: Qualified Residence Interests

Bailey Scarano Blog, Tax & Money Tips / By

The Tax Cuts and Jobs Act (TCJA) had both a direct and indirect impact on the various types of interest expense that individuals can deduct from their taxes, including qualified residence interest. The TCJA affects interest on residential loans in two ways. First, it nearly doubles the standard deduction and places a $10,000 cap on

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How to Determine an Employee’s “Home” for the Purpose of Reimbursement

Bailey Scarano Blog, Tax & Money Tips / By

Even with the rise in remote meetings and web conferencing, many businesses still have plenty of employees who travel as part of their jobs. If you have workers who regularly travel – and you’re reimbursing them on a tax-free basis for their travel expenses – it’s important for you determine the location of a person’s

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