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.
How Taxes May Change in a New Presidency
A new president will take office on January 20, 2025. Donald J. Trump was re-elected for his second term and will be the 47th president of the United States. As a result, the tax policies and initiatives that are currently in place may change, according to all that he spoke about during his campaign. While we cannot yet know for […]
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CironeFriedberg Welcomes a New Senior Tax Manager
CironeFriedberg, LLP, is pleased to welcome Amanda Bristol, CPA, as a Senior Tax Manager. In this role, she will provide tax planning, preparation and accounting services to individual clients as well as businesses in various industries. Amanda brings over 10 years of tax and accounting experience to the firm. She offers tax preparation and planning for individual, corporate, and partnership […]
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Benefits Taxed as Imputed Income
Imputed income is defined as the cash value of a benefit that is not part of your employees’ salaries. Even though the benefit — like a gym membership — isn’t received in cash, it’s still taxable based on its cash value. Imputed income was developed to ensure that workers don’t reduce the tax that would be due were cash […]
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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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