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.
Know the Difference Between Cash and Accrual
Every business has to keep track of cash flow, but there’s more than one way to do it. Review the basics before you decide what the appropriate method is for your business. Cash method of accounting In this system, you record income as cash is received and expenses as cash is paid out. You don’t make a note of any […]
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CironeFriedberg Announces Staff Promotions
CironeFriedberg Announces Staff Promotions (June 29, 2022 – Shelton, Conn.) CironeFriedberg, LLP, is pleased to announce the promotions of Tiffany Ottani and Diana DeLaRosa to Senior Accountants. Ms. Ottani received her Bachelor of Science in Accounting from University of Bridgeport and her Master of Science in Accounting from University of Connecticut. She recently completed an Advanced Business Certificate in Accounting […]
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Future-Forward Manufacturing
The economy has taken a tremendous hit as a result of the Covid-19 pandemic, and many small manufacturers are feeling an impact. But some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of (1) increased access to market trends and (2) technology. Even more opportunities may exist for […]
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Changes Affecting Venmo and PayPal Business Transactions in 2022
Many small business owners are familiar with third-party payment settlement networks such as Venmo and PayPal. Starting with the 2022 tax year, individuals and businesses using payment settlement networks will receive a form 1099-K that will reflect the gross amount of money received for goods or services if they are paid over $600, regardless of the number of transactions. Previously, […]
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The Tax Implications of Closing a Business
The decision to close a business for good is never an easy one. However, it’s important to keep abreast of compliance requirements before you say goodbye. That’s why you should take time to visit a qualified tax advisor for guidance on: What forms to file. How to report revenue received in your final year of business. How to report expenses […]
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What Business Owners Need to Know About Depreciation
Depreciation is an annual tax deduction that allows small businesses to recover the costs of certain eligible property that decreases in value over its lifetime. Depreciation is an allowance for the wear and tear, deterioration or obsolescence of the property. As a small-business owner, you can depreciate property when you place it in service for use in your trade or […]
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Financial Transparency and Nonprofit Audits
You want to demonstrate your commitment to financial transparency. By publishing an independent audit report on your website and providing the report to anyone who requests it, you’ll be assuring your donors and the public that your financial practices meet accepted standards — for handling contributions, for instance. Many public and private foundations — and funders — require charitable nonprofits […]
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Capital Gains and Home Sales
If you are selling your home, there is a good chance that the profit or a portion of the profit from the sale will not be taxable. Thanks to the Section 121 Exclusion (commonly referred to as the home sale exclusion), provided by the Internal Revenue Code, individual taxpayers can exclude up to $250,000 in profits from capital gains tax […]
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CironeFriedberg’s O’Feeney Wins 40 Under Forty Award
Adam O’Feeney, CPA, and senior manager at CironeFriedberg, LLP, joins the prestigious list of accomplished awardees of the 2022 Fairfield County 40 Under Forty award. The award ceremony is set for Thursday, June 16, a The Stamford Hotel, in Stamford, CT. Adam O’Feeney completed his Bachelor of Science in Accounting at Nichols College and his Master of Business Administration through […]
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