by Dominic Scarano Jr. CPA, CGMA I had the pleasure of speaking at the Better Business Summit presented by the Connecticut Better Business Bureau in Cromwell in October. Since this information can be valuable for nearly any business owner or manager, I wanted to share it here as well. Regardless of how many products you […]
Managing Your Business’ Bottom Line Read More »
Earlier this month, we gave an explanation of the American Innovation Act, one of three bills that passed the House on September 27 and will go to the Senate for consideration soon. In this blog post, we will talk a bit about the Family Savings Act (H.R. 6757). So, what is the Family Savings Act
What is the Family Savings Act of 2018? Read More »
Questions abound on how the new tax laws will impact each of us personally and as business owners, and we will be weeding through the information for you in the coming months. One of the bills, called the American Innovation Act of 2018 (HR6756), passed the House on September 27 and goes to the Senate
What is the American Innovation Act? Read More »
The standard in determining whether a state tax law applies to an activity depends on whether that activity has “substantial nexus” with the taxing state. Previously, physical presence has been used as the standard in determining economic nexus with a state. However, on June 21, 2018, in the case of South Dakota v. Wayfair, the
Connecticut Adopts New Sales Tax Nexus Rules Read More »
Many people spend upwards of 20+ years in retirement, but most don’t have nearly enough money saved to get them through a time that should be filled with enjoyment, not worrying about how to make it through each month. But how much do you need? Standard advice is as much money as you can manage
The How and When of Retirement Savings Read More »
It can be difficult to decipher legitimate communications from scams these days, especially when it comes to your taxes and finances. Unfortunately, criminals impersonating the IRS—whether by phone, email or even in person—is quite common, and costs innocent taxpayers time, money and security. However, there are some things to keep in mind to protect you
Protect Yourself and Your Business from IRS Scams Read More »
On May 31, 2018, Governor Dannel Malloy signed Public Act 18-49, which is a bill that responded to the Federal Tax Reform Legislation passed in December 2017. The Federal Tax Reform limited the deduction to $10,000 of state and local income and property taxes and this is the States response to circumvent this limitation. The Public
Connecticut Pass-Through Entity Tax Read More »
Did you know the IRS has an internal Taxpayer Advocate’s office, whose mission is to review processes and recommend ways to improve tax laws and systems? It’s good to know there are some serious internal reviews happening, and we hope they’ll lead to improvements. In a recently released report, the advocates identified areas for improvement
Internal Report of the IRS Is In – How Did They Fare? Read More »
We often remind clients to ignore phone callers who say they are calling from the IRS. The IRS does not contact people by phone, only by mail. However, now criminals have figured out a way to scam people with fake IRS tax bill notices sent by mail or email.
IRS Scammers Expand Tactics – Beware! Read More »
Here’s what you need to know about calculating 2015 property tax credits, from the CT Department of Revenue Services (DRS).
CT Property Tax Credit Instructions FAQs Read More »
Our own Christine Gromala explains tax breaks regarding Qualified Charitable Donations, IRAs, and your adjusted gross income.
Donating Your IRA Distribution Can Benefit You Tax Wise Read More »
There are several things to take care of tax-wise before the end of 2015. Click for a nice concise list.
Wrapping Up 2015 – Tax Tips from David Bailey Read More »