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.
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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IRS Clarifies Issues Around CP59 Notices
In early 2021, the IRS issued notices to approximately 260,000 taxpayers stating they hadn’t filed their 2019 federal tax return. These notices, referred to as CP59 notices, are issued yearly to identified taxpayers who have failed to file a tax return that was due the prior calendar year (Tax Year 2019). Due to pandemic related shutdowns, the IRS said it […]
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Reporting Virtual Currency to the IRS in 2020
If you have interacted with bitcoin or other forms of cryptocurrencies during 2020, you should be prepared to report the information to the IRS on your 2020 tax return. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” […]
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President Biden Signs American Rescue Plan Act of 2021
Today President Biden signed the $1.9 Trillion “American Rescue Plan Act of 2021” into law. The bill contains relief for both individual taxpayers and businesses. To help sift through the information most pertinent to you, we have separated the following into two sections — Individual Relief and Employer Tax Relief. Individual Relief Please note some of the provisions will impact […]
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Will You Be Subject to a Penalty for Not Filing Your 2020 Estimated Taxes?
This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that position if they did not pay their estimated tax for 2020. The IRS requires taxpayers to pay their taxes […]
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PPP Loan Calculation Changes for Schedule C Taxpayers
On March 3, 2021, the U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules for self-employed Schedule C borrowers. Click here to view the full 32-page document on the SBA website. The new regulations have changed how self-employed borrowers can calculate their PPP loan amount. Self-employed borrowers can now calculate their loan using gross income as opposed […]
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More Businesses Now Eligible for the Employee Retention Credit
The Consolidated Appropriations Act, 2021 signed into law on December 27, 2020, has made some key changes to the Employee Retention Credit (ERC). One key change to the program is employers who received Paycheck Protection Program (PPP) loans are now eligible for the credit. The same wages cannot be used for both programs; if wages are used for forgiveness under […]
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Tax Planning Under the Biden Administration
On Wednesday, January 20, 2021, Democrat Joseph R. Biden was inaugurated as the 46th President of the United States. During his presidential campaign, there were many changes proposed that could have significant tax consequences. He will have slight majorities in the House and Senate, with any Senate tie being decided by Vice President Kamala Harris. Substantial policy changes require 60 […]
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Hidden Tax Break: Meal Deductions Get a Boost
The recently passed relief bill, officially called the Consolidated Appropriations Act, 2021, contained a provision designed to give a boost to the restaurant industry: upgrading what had been a 50% meal deduction to 100% for “food or beverages provided by a restaurant, and paid or incurred before January 1, 2023.” There are no provisions right now to extend this raise […]
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Relief Bill Contains Breaks on FSAs
The recently signed relief bill — the Consolidated Appropriations Act, 2021 — is letting those who have flexible spending accounts roll money over, which is a win for parents and those with live-in elderly loved ones. Late December is when many Americans rush to spend any money left in their flexible spending accounts — those workplace plans funded during the […]
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