Insights and News
CironeFriedberg is a leading CPA firm serving middle market, privately held and family owned businesses and high-net-worth individuals. Our experienced staff provides a full range of tax, audit and accounting, and business advisory services in Connecticut and neighboring Dutchess, Putnam, and Westchester counties in New York.
Final Regulations Issued for the Advanced Manufacturing Production Credit
IR-2024-281, October 24, 2024 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022 (IRA). The Advanced Manufacturing Production Credit provides a tax credit for the production and sale of statutorily specified eligible components to unrelated persons. Such […]
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How Falling Interest Rates Can Affect Your Finances
The Fed’s Big Move Many economists were waiting for the Federal Reserve (Fed) Open Market Commitee’s interest rate cut in September. It was the first time the Fed lowered its benchmark interest rate since it began raising it in 2022. Back then, the Fed increased its rate to combat inflation. In September, the Fed signaled that its inflation-fighting efforts […]
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Federal Court blocks enforcement of the Corporate Transparency Act (CTA)
IMPORTANT NOTICE FOR BUSINESS OWNERS Federal Court blocks enforcement of the Corporate Transparency Act (CTA): BOI filing on hold A nationwide injunction prohibiting FinCEN from enforcing the January 1, 2025, reporting deadline for all reporting companies has been granted. Until this situation changes, businesses do not have to file beneficial ownership information (BOI) reports with FinCEN. It is not likely […]
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Eight Year-End Tax Strategies for Individuals
As the year draws to a close, there is still a little time remaining to make strategic tax decisions that could reduce your tax liability for 2024. Here are eight strategies you can use as a guide to help minimize taxes and set yourself up for financial success in the new year. Take Required Minimum Distributions (RMDs) If you […]
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An Overview of Business Expense Deductions
To be deductible, a business expense must be both ordinary — common and accepted in your industry — and necessary, helpful and appropriate for your trade or business. Generally, you cannot deduct personal, living or family expenses, but if you have an expense for something that is used partly for business and partly for personal purposes, you can divide the […]
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Important Events that Affect Year-End Tax Planning
As we approach the end of the year, it’s crucial to consider how significant personal and business events may impact your tax situation. Here are some key tips to help you plan effectively. Business Mergers and Acquisitions If your company underwent a merger or acquisition this year, carefully review the tax implications: Assess any changes to your business structure and […]
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What Does the Federal Reserve Rate Cut Mean?
The Federal Reserve (Fed) has decided to lower the target range for the federal funds rate by 1/2 percentage point (50 basis points). In a statement, the Fed said that it “has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.” However, […]
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Is an Outsourced CFO Right for You?
Outsourced chief financial officer firms provide you with an external expert to guide your company’s financial strategy, operations and planning on a part-time, contract or project basis. Leveraging this kind of external managed service can improve your company’s ability to adapt quickly and scale efficiently. Outsourced CFOs are particularly beneficial for startups, growing businesses, or companies undergoing significant changes or […]
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Understanding the 15% Capital Gains Tax
Among the key aspects of capital gains taxation is the 15% tax bracket, which applies to many investors and can significantly impact your tax liability. Working with your Certified Public Accountant (CPA) to understand and navigate the intricacies of capital gains taxation is crucial for maximizing your tax efficiency. What are Capital Gains? Capital gains refer to the profits made […]
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