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.
IRS Adjusts HSA Limits for 2022
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans. The figures for 2022: Self-only: $3,650 (a $50 increase from 2021).Family: $7,300 (a $100 increase from 2021). According to the Society for Human Resource Management, the government bases its decision on the Consumer Price Index for All Urban Consumers for […]
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The Tax Gap and Efforts to Raise Compliance
By Jeffrey Silverberg, Manager On June 8, 2021, Charles P. Rettig, Commissioner of the Internal Revenue Service, addressed the Senate Finance Committee on the IRS budget issues and concerns over implementation of the American Rescue Plan Act of 2021. Mr. Rettig discussed the 2021 filing season and challenges to the IRS which included the following: Efforts to reduce the tax […]
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New York State Pass-Through Entity Tax
Author: Adam O’Feeney, CPA, Senior Tax Manager Enacted on April 19, 2021, New York’s 2021-2022 Budget Act included a new elective pass-through entity tax (PTET). Already enacted by a number of other states (including Connecticut), this type of tax is generally designed in response to the $10,000 cap on the federal, state, and local tax (SALT) deduction as added by […]
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Employee Retention Credit Changes for Q3 and Q4 2021
By Tammy Maguire, CPA, Principal Updates to the Employee Retention Credit (ERC) were issued by the IRS on Wednesday, August 4, 2021 in Notice 2021-49. The updates focus on the third and fourth quarter ERC calculations. A significant change to the program is the credit is only eligible on the employer portion of Medicare tax; the employer share of Social Security has been […]
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S Corporations and PPP Loan Forgiveness
Attaining S corporation status has certain tax advantages. S corporations are treated as passthrough entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are discussed here. Treatment of PPP […]
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What To Know About the New Lease Accounting Standard
Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. ASC 842 is intended to “increase transparency and comparability among organizations by […]
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Refund Opportunity for Businesses that Accepted Visa and MasterCard Payments
In the largest class-action settlement in U.S. history, MasterCard and Visa have agreed to refund between $5.54 and $6.24 billion to businesses that accepted their cards between January 1, 2004 and January 25, 2019. The lawsuit claims that Visa, MasterCard and their member banks violated antitrust laws by imposing and enforcing rules limiting competition or incentives that might have reduced […]
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Provider Relief Fund Reporting Portal Opened July 1st
By Tammy Maguire, CPA, Principal On June 11th, the U.S. Department of Health and Human Services (HHS) issued guidance on reporting for the Provider Relief Fund (PRF). Reporting was delayed from the original February 15, 2021, filing deadline and now includes 4 filing deadlines based upon when funding was received as opposed to requiring payments to be used by June 30, 2021. […]
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Secure 2.0 — Changes Coming to Retirement Plans
By Amber Kendrick Vice President, Retirement Plan Consultant, Procyon Partners, LLC Americans saw a lot of changes to retirement savings when the Setting Every Community Up for Retirement Enhancement Act or the SECURE Act was passed a couple years ago. The Securing a Strong Retirement Act, nicknamed Secure 2.0, was introduced in 2020 by Ways and Means Committee Chairman Richard Neal […]
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Are You Contemplating a Merger or Acquisition?
Author: Patrick Dunleavey, CPA, Principal In May we discussed the benefits of a base line valuation even if you have no plans to sell your current business. However, what if you are contemplating a merger or acquisition? If you are the owner of a small or midsize business who is looking toward retirement, this could be the time to start […]
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