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 »
With digital assets like cryptocurrency becoming increasingly mainstream, the IRS is ramping up efforts to ensure that businesses, including small businesses in Connecticut, properly report these transactions. Beginning in 2025, significant changes will impact how businesses handle digital asset reporting, especially as the IRS’s transitional safe harbor provision comes to an end in January. If
Are You Prepared for the New Digital Asset Reporting Requirements? Read More »
As tax season approaches, it’s crucial to be aware of scams that can threaten your financial well-being. Scammers are becoming increasingly sophisticated, using social media and other channels to try to steal personal information or encourage risky behaviors that could harm your business. Here’s a roundup of the most common tax scams circulating, according to
Beware of Tax Scams Read More »
Effectively managing business travel expenses is not just about maximizing tax deductions—it’s also key to staying compliant with IRS regulations. Whether you’re covering the cost of employee trips or your own travel for business, knowing the updated per diem rates and how to use them can make the process easier and more accurate. The IRS
What Small Business Owners Need to Know About Per Diem Rates Read More »
On September 18, 2024, the Federal Reserve announced a significant interest rate cut of 50 basis points, reducing the target range to 4.75%–5%. This move, the first rate cut since 2020, is aimed at stimulating the economy by lowering borrowing costs after a prolonged period of elevated interest rates. For small business owners, especially those
Impacts of the Recent Interest Rate Cut Read More »
In light of a recent cyberattack that exposed millions of Social Security numbers, small business owners should take proactive steps to safeguard both personal and business data. A data breach can lead to long-term financial fraud and identity theft, which could disrupt your business operations. Here are some ways to protect your sensitive data. Monitor
How to Protect Your Data After Recent Social Security Breach Read More »
The IRS has introduced a second opportunity for businesses to voluntarily correct claims related to the Employee Retention Credit (ERC). This program is open until November 22, 2024, and offers a chance to address potentially inaccurate claims without facing severe penalties, including fines, back interest, and even jail time. (The first repayment program ran from
IRS Launches New Opportunity for Businesses to Correct Employee Retention Credit Claims Read More »
As the election approaches, tax policies proposed by the Trump and Harris campaigns are a hot topic, since no matter what, they will impact both business owners and individuals. While tax policy may not be a deciding factor, understanding these differences may tip the scales one way or another. Here is what we know right
Comparing Tax Policies: Trump vs. Harris Campaigns Read More »
The IRS recently issued interim guidance for employers offering 401(k) and similar retirement plans who wish to provide matching contributions based on employees’ student loan payments. This new provision, part of the SECURE 2.0 Act of 2022, allows employers to match student loan payments with retirement contributions starting from plan years beginning after December 31,
IRS Clarifies 401(k) Matching for Student Loan Payments Read More »
The rules around Required Minimum Distributions (RMDs) from retirement accounts have seen significant changes over the past few years. Initially, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 altered the landscape by changing the starting age for RMDs from 70½ to 72. Then in 2020, the SECURE Act 2.0 further modified
New IRS Rules on Required Minimum Distributions Read More »
Staying informed about the FTC’s evolving non-compete regulations is challenging yet vital for Connecticut small businesses. We originally wrote about the ruling here, then again here. Now we want to give you the latest on the rulings and how it can impact your business. FTC’s Proposed Rule In April 2024, the FTC proposed a rule
FTC’s Non-Compete Ban Faces Conflicting Legal Judgements Read More »
The Senate recently voted against legislation that aimed to expand the child tax credit and reinstate several business tax breaks even though it passed the House overwhelmingly by a 357-70 vote in January 2024. This decision carries significant implications for both families and businesses in the Shoreline area of Connecticut. Impact on Families and Businesses
Senate Rejects Legislation to Restore Business Tax Breaks and Expand Child Tax Credit Read More »