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.
Selecting an Entity Structure for Your New Business
In a recent announcement, the IRS reminded would-be entrepreneurs of the importance of understanding the tax implications of setting up their own businesses. To start with, you have to choose a form of entity, for your business. Your choice has many implications for taxation and management, and as such, we encourage you to give this a lot of thought and […]
Read MoreIs Your Tax Withholding Correct?
All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf. At the end of every year, employers send employees a Form W-2, Wage and Tax Statement. Within this document, you will see the […]
Read More7 Reasons to Outsource Your Bookkeeping
Accurate and up-to-date financial records play an important part in your business’s success, but the daily tasks required to maintain these records fall to the bottom of your to-do list. That’s understandable — you didn’t go into business to become a bookkeeper. Wading through managing employees, paying bills, making long-term decisions and analyzing costs can consume your day. Bookkeeping takes […]
Read MoreConnecticut Employers Can Expect Higher Payroll Costs
Effective January 1, 2024, Connecticut’s minimum wage increased from the previous rate of $15.00 per hour to $15.69 per hour as a result of the state’s first-ever economic indicator adjustment. This adjustment is required under a state law that Governor Lamont signed in 2019 (Public Act 19-4), which implemented five incremental increases in the minimum wage between 2019 and 2023. This will […]
Read MoreCironeFriedberg Announces Staff Promotions
CironeFriedberg, LLP, is pleased to announce the promotions of Tiffany Ottani, CPA, and Benjamin Vessichio from Senior Accountant to Supervisor. Tiffany Ottani, CPA, received her Master of Science in Accounting and an Advanced Business Certificate in Accounting Analytics from the University of Connecticut and a Bachelor of Science in Accounting from the University of Bridgeport. She provides accounting and tax […]
Read More2024 Tax Deadlines to Note
Here are the various tax deadlines throughout 2024 to mark on your calendar. January 2024 January 18, 2024 The IRS begins accepting tax returns. Note that this date may change when the IRS issues a bulletin in January confirming the filing date. January 31, 2024 W-2 forms are due to employees and the IRS. 1099’s are due to Vendors and the […]
Read MorePass-Through Entity Tax Workarounds by State
In response to the Tax Cuts and Jobs Act of 2017 (TCJA) limiting an individual’s state and local tax (SALT) deduction to $10,000, a number of states that were disproportionately affected by this provision quickly enacted so-called ‘workaround’ programs. Connecticut became the first state to enact a pass-through entity (PTE) level income tax specifically as a workaround. In general, a qualified PTE – […]
Read MoreUnderstanding Estimated Taxes and Penalties
The IRS requires taxpayers to pay their taxes for a given year in that year. For taxpayers who are employees of companies, their employers must withhold income tax from each paycheck and report it on a Form W-2 early in the following year. If your employer withholds too much, you get a refund. If it withholds too little, you owe […]
Read MoreForm 1099-K threshold of $5,000 planned for 2024
Many small business owners, sole proprietors, and gig workers accept payment for sale of goods and services through third-party payment settlement networks such as Venmo, PayPal, eBay, Etsy, and others. The IRS originally announced that starting with the 2022 tax year, businesses receiving payments over $600 using payment settlement networks will receive a Form 1099-K that will reflect the gross […]
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