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 Whether it’s advice from a well-meaning friend, something you saw online, or just assumptions based on outdated rules, tax myths can lead to costly mistakes.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 […]
Debunking Common Tax Myths for Small Business Owners Read More »
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
How IRS Staffing Decreases Could Impact You & Your Business Read More »
Tax season is stressful enough without worrying about whether your tax preparer is trustworthy. Yet, choosing the wrong preparer can lead to serious consequences, including audits, penalties, and even identity theft. The IRS consistently reminds taxpayers to choose their tax professionals carefully, as they are ultimately responsible for the accuracy of their tax returns—even if
The Importance of Choosing a Reputable Tax Professional Read More »
The IRS has made significant changes to the reporting requirements for third-party payment networks, and small business owners need to be aware of how these adjustments may impact their tax obligations. What is Form 1099-K? Form 1099-K is issued by third-party payment processors and credit card networks to businesses and individuals who receive digital payments
What Is IRS Form 1099-K and How Does It Impact Me? Read More »
If you were eligible for the 2021 Recovery Rebate Credit but didn’t claim it on your tax return, you might be in for a pleasant surprise. The IRS recently announced that special payments will be issued this month to more than one million taxpayers who missed out on the credit. What Is the 2021 Recovery
The IRS Is Issuing 2021 Recovery Rebate Credit Refunds to Eligible Taxpayers Read More »
The IRS has issued proposed regulations concerning catch-up contributions for retirement plans, as outlined in the SECURE 2.0 Act of 2022. These regulations, detailed in the Federal Register, aim to provide guidance for retirement plans that permit participants aged 50 and above to make additional elective deferrals known as catch-up contributions. Key Proposals: Mandatory Roth
IRS Proposes New Rules for Catch-Up Contributions Read More »
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
What the Social Security Fairness Act Means for Public Sector Employees & Retirees 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 »
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 »
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
Cybersecurity Tips for the Holiday Season Read More »
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 »