As we are quickly approaching 2024, it’s important to be aware of the changes in the Social Security wage cap and benefit amounts. The wage cap is now set at $168,600, marking a significant threshold for taxpayers. Additionally, beneficiaries of Social Security and Supplemental Security Income (SSI) will see a 3.2% increase in their benefits. […]
Understanding the Updated Social Security Changes for 2024 Read More »
Regardless of when your return is filed, and that date keeps moving from year to year it seems, here are three things to keep in mind. You can check on your refund. The IRS has an online tool that can tell you the status of your refund on the IRS website. You’ll need your Social
Keep These 3 Things in Mind After Filing Your Tax Return Read More »
You’ve probably heard or read about the Consolidated Appropriations Act (CAA) passed in early January 2021. At over 5,500 pages, the law presents taxpayers and their advisors with much to digest. Whether you’re an individual looking for some financial relief or a business owner striving to keep your company operational and competitive, the provisions in
What is the CAA and How Can it Help You? Read More »
The Connecticut Department of Economic and Community Development (DECD) recently created a $50 million grant program to help small businesses and nonprofits in the state recover from the ongoing challenges of COVID-19. Those that meet the qualifications can receive a one-time $5,000 grant and should receive the funds by December 30, 2020. Are you eligible?
CT Creates $50M Grant Program for Small Businesses & Nonprofits Read More »
2020 has been one for the history books, and we are only halfway through it. In addition to the health concerns and political upheaval, the pandemic has spurred unprecedented economic challenges. Unfortunately, many dishonest individuals and organizations take this as an opportunity to prey on our anxieties. As the year rolls along, new and ever
Don’t Fall for Fraudulent Schemes Read More »
As businesses are starting to receive their Paycheck Protection Program (PPP) loans, the concern moves from whether business owners will receive the assistance to what, and how, to collect the needed documentation to receive the maximum loan forgiveness. On May 13, the U.S. Small Business Administration, the organization funding these loans, issued a document containing answers
SBA Releases New Guidance on PPP Loan Forgiveness Read More »
Are you a recipient of a Paycheck Protection Program (PPP) loan? While there have been some hiccups in the program’s rollout, we are hearing that more and more people are finally receiving the funds that they applied for back in March or April. Now that you have the funds, or when they finally arrive, keep in
PPP Loan Forgiveness and Tax Implications Read More »
The IRS recently announced a series of steps to ease the burden for people who owe taxes in the wake of the COVID-19 emergency. Here are some of the highlights of the “IRS People First Initiative:” Installment Agreements. For taxpayers with existing agreements with the IRS, payments due between April 1 and July 15, 2020 are
IRS Works to Ease Tax Burden Read More »
We have been doing our best to keep you up-to-date on everything going on in relation to COVID-19 and its impact on businesses and taxes. As we start hearing rumblings of things starting to slowly reopen, we wanted to make sure you had the latest information with which to make decisions. Paycheck Protection Program (PPP)
Recent Developments and Observations Read More »
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
Keep Calm but Know the Options About 401(k) Contributions Read More »
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
Viewing Current Market Trends through a Historical Lens Read More »
There have been A LOT of questions around the substance and execution of the Paycheck Protection Program loans. On the evening of April 6, the Treasury Department released a Q&A to try to provide some clarification on the most commonly asked questions. You can read the full document here. Below, we have pulled out, and summarized,
PPP Loan Questions and Answers Read More »