Tax & Money Tips

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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Ponzi Schemes Are Back in the Spotlight

Bailey Scarano Blog, Tax & Money Tips / By

In times of economic instability, not all threats come from shrinking demand or rising costs. Some are far more deceptive, and potentially far more devastating. As the likelihood of a recession increases and financial uncertainty spreads, one type of fraud is making a dangerous comeback: Ponzi schemes. These schemes may not make headlines like they

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Why Positive Cash Flow Doesn’t Always Mean a Healthy Business

Bailey Scarano Blog, Tax & Money Tips / By

When there’s money in the bank, it’s easy to assume your business is on the right track. You’re paying the bills, making payroll, maybe even investing in new equipment or growth opportunities. But here’s a hard truth: positive cash flow doesn’t always mean your business is profitable. In fact, many small and mid-sized businesses run into

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New IRS Guidance Offers Relief for Scam Victims

Bailey Scarano Blog, Tax & Money Tips / By

As a business owner, you’re no stranger to protecting your assets. But outside the walls of your company, personal finances can still be vulnerable, especially with financial scams becoming more sophisticated and widespread. Whether you’ve personally been affected or know someone who has, recent IRS guidance provides a possible path to recoup losses from certain

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AI vs. Your Accountant: Why Business Owners Need Real Expertise

Bailey Scarano Blog, Tax & Money Tips / By

Artificial Intelligence (AI) is changing how we work, search, and manage everyday tasks. From chatbots answering customer service questions to tools that summarize articles or suggest tax strategies, AI is starting to look like a one-stop shop for business help. But when it comes to your company’s financial future? Relying too heavily on AI could

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Debunking Common Tax Myths for Small Business Owners

Bailey Scarano Blog, Tax & Money Tips / By

When it comes to taxes, misinformation spreads quickly, especially this time of year. Whether it’s advice from a well-meaning friend, something you saw online, or just assumptions based on outdated rules, tax myths can lead to costly mistakes. As a small or mid-sized business owner, understanding tax laws is essential to keeping your finances in

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A fired office worker sits on the steps. The man does not know what to do next. Next to it is a cardboard box with stationery.

How IRS Staffing Decreases Could Impact You & Your Business

Bailey Scarano Blog, Tax & Money Tips / By

On February 20, 2025, the IRS fired approximately 6700 people during its busiest time of the year, which will likely lead to some challenges for taxpayers. So, how will this impact you and other taxpayers? We, of course, aren’t sure, but here are some things to consider. Understanding the Current Situation IRS staffing fluctuations and

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BOI Filing Deadline Reinstated

Bailey Scarano Blog, Tax & Money Tips / By

The Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA) is officially back in effect, with a new compliance deadline of March 21, 2025. This follows a recent court decision reversing a previous hold, meaning businesses once again need to comply. While this requirement could face further legal challenges, the safest course of action is to go ahead

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IRS Scams Are on the Rise in 2025

Bailey Scarano Blog, Tax & Money Tips / By

In 2025, IRS-related scams have become increasingly sophisticated, posing significant threats to taxpayers. Fraudsters continually adapt their tactics – and take advantage of AI tools – making it crucial to stay informed about prevalent schemes and protective measures. Common IRS Scams in 2025 Phishing Emails and Texts: Scammers send fraudulent messages impersonating the IRS, urging

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