Insights
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.
Important Information on the Restaurant Revitalization Fund
Author: Tammy Maguire, Director of Financial Services, CironeFriedberg, LLP On March, 11, 2021 the President signed The American Rescue Plan Act which includes a grant program specific to one of the hardest hit industries, restaurants. The Restaurant Revitalization Fund (RRF) is a $28.6B program focused on providing grants to restaurants to provide them with relief related to pandemic-related revenue losses. The […]
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A Baseline Business Valuation Makes Good Sense
Your business is humming along. You have no plans to sell or to go public. You’re planning to keep your business going and growing for the foreseeable future. Your advisor suggests you have a baseline valuation done on your business, but you don’t understand why that’s necessary. Prepare for the Unforeseen You should have your business valued before there is […]
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Guidance for Temporary Full Deduction Business Meals
The IRS has provided guidance related to the temporary 100% deduction for business meals provided by a restaurant. The Consolidated Appropriations Act, 2021 (the Act) temporarily increased the deduction from 50% to 100% for a business’s restaurant food and beverage expenses for 2021 and 2022. All other food and beverage expenses are still subject to the 50% deduction limitation unless […]
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The High Cost of Internal Fraud
Every so often a dramatic case of financial fraud makes the headlines because of the sheer amount of money involved. But, on average, companies with fewer than 100 employees suffer the largest median loss and 42% of fraud cases are caused by a lack of internal controls. Internal fraud derives a high cost in terms of financial losses (only about […]
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Tax Credits for Employees’ Time Off for Vaccinations
Curated from Internal Revenue Service FS-2021-09, April 2021 The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID- […]
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The American Rescue Plan Act – COBRA Subsidy Provision
Author: Brian Lowell, Risk Manager, ACBI Insurance The Latest bill addressing the ongoing economic impact of the COVID-19 Pandemic the American Rescue Plan Act (ARPA) has been signed by President Biden on March 11, 2021. Under this new legislation, there is a provision to provide a 100% Subsidy of premiums for COBRA (Consolidated Omnibus Budget Reconciliation Act of 1986) and […]
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Popular PPP Loan Program Gets Extension
With wide bipartisan support, Congress has approved the “PPP Extension Act of 2021,” which extends the Payroll Protection Program. It had been scheduled to expire on March 31, but the application deadline is now May 31. The Act further gives the SBA another month, until June 30, to process claims made by the new deadline. The act changes only the […]
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Employee Retention Credit for 2021
Author: Tammy Maguire, Director of Financial Services Employee Retention Credit for 2021 As the first quarter of 2021 comes to an end, businesses should be considering if they are eligible for the employee retention credit. Eligibility, as well as the credit calculation, is very different for 2021 compared to 2020. Eligibility for 2021 The operation of your trade or business […]
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Restaurant Revitalization Fund – Are You Ready?
Author: Tammy Maguire, Director of Financial Services On March, 11, 2021, President Biden signed The American Rescue Plan Act which includes a grant program specific to one of the hardest hit industries, restaurants. The Restaurant Revitalization Fund (RRF) is a $28.6B program focused on providing grants to restaurants to provide them with relief related to pandemic-related revenue losses. Eligible entities […]
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Big Changes for Economic Injury Disaster Loan
Author: Tammy Maguire, Director of Financial Services, CironeFriedberg, LLP Extended Deferral Period The first change is an extension of the deferment period on all EIDL including COVID-19 loans from an original 12-month deferral period. Loans issued prior to 2020 have an additional 12 month’s deferment of principal and interest; payments will resume with the first payment immediately preceding March 31, […]
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