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.
ALERT: Child Tax Credit Letters in Question
If you received Internal Revenue Service (IRS) Letter 6419 regarding Child Tax Credit (CTC) advance payment in the mail in January, please be aware that the information in it may be outdated. In an article dated January 25, 2022, MarketWatch reported that the IRS has received reports of some families having received inaccurate information about their Child Tax Credit payments. […]
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Wondering Whether an Audit Can Benefit You?
Constant, unwelcomed change and modern technological advances have driven demand for increased transparency. Businesses are required, and expected, to disclose more information about their taxes, financial records, operations and executive salaries. Although private companies are spared the intense scrutiny of professional auditors and are not required to provide an external review of their financial statements, business leaders should consider the […]
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Can I Deduct That Business Meal?
Many changes have occurred with regard to meal and entertainment deductibility since the Tax Cuts and Jobs Act of 2017 (TCJA) and continuing with the Consolidated Appropriations Act of 2021 (CAA) signed into law on December 27, 2020. In an effort to help the struggling restaurant industry during the COVID-19 pandemic, changes were made to allow a 100% deduction for business […]
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CironeFriedberg Announces Promotions and Welcomes New Hires
CironeFriedberg Announces Promotions and Welcomes New Hires (January 24, 2022 – Shelton, Conn.) CironeFriedberg, LLP, is pleased to announce the promotions of Rigoberto Escalera, Jennifer Furino, Matthew Paci, and Benjamin Vessichio to Senior Accountant. The Firm welcomes Client Accounting Services Manager, Amado Rodriguez; and new Staff Accountants Natalya Brown, Emma Coschigano, and Nicholas Terentino. Tony Cirone, CironeFriedberg’s managing […]
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Retain IRS Letters Received in January
ADVISORY – Retain IRS Letters Received in January In January 2022, the Internal Revenue Service (IRS) will be sending out two letters to taxpayers: Letter 6419 – Advance Child Tax Credit Payments– This letter will contain the total amount of advance Child Tax Credit payments taxpayers received in 2021. You should keep this and any other IRS letters about […]
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CironeFriedberg’s Response to Coronavirus Variants
HEALTH ALERT As the coronavirus (COVID-19, Delta variant, and Omicron) outbreaks in the United States, Connecticut, and the New York Metro area continue and more cases emerge, we here at CironeFriedberg are taking proactive steps to help ensure the safety of our employees and maintain security and work continuity for our clients. Currently, all CironeFriedberg offices are open for […]
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What to Know About Audits and Financial Statements
You will want to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements. Getting an accountant’s blessing is especially useful when you are applying for more credit from a bank. Financial statements are intended to give you current information on […]
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S Corporations Required to Report Health Insurance Premiums
In many cases, employees are able to exclude the value of fringe benefits provided by employers, and the employer is able to deduct the cost of providing these benefits. However, when the employer is an S Corporation some special rules apply. Health and accident insurance premiums paid on behalf of a greater than 2% S Corporation shareholder employee are deductible […]
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SBA Clarifies COVID-19 EIDL Application Deadlines
On Friday, November 19, 2021, the U.S. Small Business Administration (SBA) released updated guidance regarding applications for loans, advances, and appeal requests with the COVID-19 Economic Injury Disaster Loans (EIDL) program. While the December 31 deadline remains in place, the SBA strongly recommends that businesses seeking a Supplemental Targeted Advance submit their application no later than December 10, 2021. The […]
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Connecticut Tax Amnesty Program
The Connecticut Department of Revenue Services (DRS) Tax Amnesty Program runs through Monday, January 31, 2022. It provides a 75% reduction in interest and waives penalties and the possibility of criminal prosecution to those who have not filed, have underreported or have existing liabilities related to taxes owed to the state for any tax period ending on or before December […]
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