As we approach the 2024 tax season, it’s important for Connecticut residents and businesses to be aware of several key tax changes that could impact their upcoming state tax filings. These changes, passed in 2024, aim to provide some financial relief while ensuring continued state revenue. Below is a summary of what’s new and what […]
What Connecticut’s State Tax Changes Mean for Your 2024 Return Read More »
The Social Security Fairness Act, a hot topic in financial and retirement planning, was signed into law by President Biden on Sunday, January 5, 2025. Designed to repeal two controversial provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—this legislation could significantly change the retirement landscape for millions of public-sector workers, including teachers, police
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This is getting ridiculous, and we share your annoyance with this back and forth confusion. The Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) to increase financial transparency and combat money laundering, have been halted once again, adding to the confusion and frustration for business owners. Here’s a quick timeline of
BOI Filing Requirement Halted Again! Read More »
The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are officially back in effect following a brief legal suspension. After a court injunction temporarily halted the rule, the Fifth Circuit Court of Appeals reinstated the reporting obligation on December 23, 2024. To accommodate the disruption, the Financial Crimes Enforcement Network (FinCEN)
BOI Filing Requirements Reinstated: What Business Owners Need to Know Read More »
If you use your vehicle for business purposes, there’s an important update for 2025 you’ll want to know about. The IRS has announced an increase in the standard mileage rate for business travel, which could have a direct impact on your tax deductions. New Mileage Rates for 2025 Starting January 1, 2025, the standard mileage
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As the year ends, small and mid-size business (SMB) owners and managers face the crucial task of managing cash flow to ensure smooth operations into the new year. From meeting payroll to managing inventory, cash flow challenges can intensify during this period. On top of that, tax obligations loom, adding another layer of complexity. Here
Addressing End-of-Year Cash Flow Challenges Read More »
While all politicians make campaign proposals that often don’t come to fruition, it is important for small and mid-sized business owners to pay attention and understand what could be coming so you aren’t caught off guard. Proactive planning can ensure you’re ready to seize opportunities or respond to new challenges. Several tax-related proposals from the
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The holiday season is a time for joy, connection, and celebration. Unfortunately, it’s also a prime time for scammers and cybercriminals looking to take advantage of businesses and individuals alike. As employees take time off, online shopping increases, and inboxes fill with seasonal emails, the risks of cyberattacks, fraud, and identity theft rise significantly. The
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A recent court ruling just said “never mind” to the Business Ownership Information (BOI) filing requirements created in the Corporate Transparency Act (CTA), giving business owners extra time to prepare. So if you’ve been preparing to file by the deadline set for January 1, 2025, you can stop – for now. Here’s a breakdown of
Breaking News: Court Pauses BOI Filing Deadline Read More »
The IRS recently announced its annual inflation adjustments for tax year 2025, impacting a range of deductions, credits, and income thresholds. These changes, aimed at keeping up with inflation, can significantly influence financial planning for both business owners and employees. Here’s a breakdown of some of the most relevant updates for small and mid-sized business
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The Social Security Administration (SSA) recently announced a 2.5% cost-of-living adjustment (COLA) for 2025, which will take effect starting in January. For seniors and other beneficiaries, this adjustment means a modest increase in monthly benefits, designed to help offset inflation’s impact on everyday expenses. Understanding the 2.5% COLA Increase for 2025 The 2.5% COLA for
Smaller Social Security Cost-of-Living Adjustment in 2025 Read More »
The IRS recently released Notice 2024-80 outlining adjustments to retirement plan contribution limits for 2025. As we move into the new tax year, small and mid-sized business owners should take note of these updates, as they present new opportunities for employees and employers alike to boost retirement savings. Increased Contribution Limits for 401(k) Plans For
IRS Updates Retirement Contribution Limits for 2025 Read More »