Tax & Money Tips

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Connecticut’s Enhanced Apprenticeship Tax Credit for Manufacturers

Bailey Scarano Blog, Tax & Money Tips / By

In a bid to reshape Connecticut’s manufacturing sector and fortify its workforce with skilled workers, the Apprenticeship Tax Credit (ATC) was expanded last year to include S corporations, partnerships, and limited liability companies (LLCs) – collectively known as pass-through entities. For some, this flew under the radar, so we wanted to share this information so […]

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IRS Announces Relief for Required Minimum Distributions: What You Need to Know

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently announced some important transition relief for plan administrators, payors, and retirees concerning required minimum distributions (RMDs) under the SECURE 2.0 Act of 2022. Here’s what this means for you and your retirement savings. What’s the Required Beginning Date? The required beginning date for an employee or IRA owner to begin taking RMDs

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Working Beyond Retirement Age? Tips for Connecticut Citizens

Bailey Scarano Blog, Tax & Money Tips / By

The idea of retirement is exciting for some, and many people will need, or simply prefer, to continue working beyond retirement age. While some may need the extra income to supplement their retirement savings, others choose to do so for the sense of purpose and engagement it provides. Whatever your motivation for working during retirement,

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AICPA Calls for Clarity on NFT Tax Treatment

Bailey Scarano Blog, Tax & Money Tips / By

Recently, the American Institute of CPAs (AICPA) has contacted the Internal Revenue Service (IRS) with a series of recommendations on how non-fungible tokens (NFTs) should be handled for tax purposes. For the uninitiated, NFTs are digital assets that have been tokenized via a blockchain. They are assigned unique identification codes and metadata that distinguish them

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New IRS Funding Boosts Enforcement and Taxpayer Assistance

Bailey Scarano Blog, Tax & Money Tips / By

As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to IRS Commissioner Daniel Werfel, the new funding has allowed them to take quick and strong action to close the gap in tax enforcement, particularly for

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The Inflation Reduction Act Strategic Operating Plan: A Dynamic Blueprint for IRS Transformation

Bailey Scarano Blog, Tax & Money Tips / By

UPDATE: The debt ceiling and budget cuts package passed by Congress on May 31 rescinded $1.4 billion given to the IRS in the Inflation Reduction Act and includes a separate agreement to take $20 billion from the IRS over the next two years and divert those funds to other non-defense programs. With fewer discretionary funds at

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IRS Resumes Collections Notices as Pandemic Measures Ease

Bailey Scarano Blog, Tax & Money Tips / By

As the world gradually recovers from the impact of the COVID-19 pandemic, the Internal Revenue Service (IRS) has announced its plans to resume issuing collections notices to taxpayers, after a suspension period to alleviate the financial burden faced by individuals and businesses during the crisis. While an exact date for the resumption of these notices

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Lawmakers Propose Sweeping Tax Cut Plan for Low-Income Filers in Connecticut

Bailey Scarano Blog, Tax & Money Tips / By

In April, Connecticut lawmakers proposed a comprehensive tax cut plan that could have a significant impact on the lives of low-income residents, especially those living in neglected neighborhoods. The proposed plan includes income tax cuts for all CT residents and a three-year exemption for some residents of “high poverty” census tracts. The tax exemption is

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IRS Urged to Focus on Customer Service with New Funds

Bailey Scarano Blog, Tax & Money Tips / By

What do you do if you are suddenly giving a substantial budget increase? The American Institute of CPAs (AICPA) thinks the IRS should focus more on taxpayer service. In a letter to the Internal Revenue Service (IRS) and the Department of the Treasury, the AICPA is urging the IRS to place greater emphasis on taxpayer

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AICPA Requests Tax Treatment Guidance for Digital Asset Losses

Bailey Scarano Blog, Tax & Money Tips / By

The Internal Revenue Service (IRS) has been urged by the American Institute of CPAs (AICPA) to provide guidance regarding the tax implications of digital asset losses. In a statement, AICPA Director for Tax Policy & Advocacy, Eileen Sherr, said, “With the complexities and recent bankruptcies involved with digital asset exchanges, taxpayers and practitioners are facing

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Tax scam. Form with sign on a desk.

Watch Out for Tax Avoidance Schemes Aimed at High Earners

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has identified abusive tax avoidance schemes as one of the “Dirty Dozen” scams and schemes that taxpayers and tax professionals should watch out for. These schemes are primarily aimed at high-income individuals who want to reduce or eliminate their tax obligations. To avoid falling prey to these schemes, the IRS advises taxpayers to

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