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.
Baker Tilly to Acquire CironeFriedberg, Strengthening Presence in the Northeast
News Release BETHEL, Conn. (Feb. 6, 2025) – Leading advisory, tax and assurance firm Baker Tilly today announces its intent to acquire CironeFriedberg, a highly respected CPA and advisory firm in Connecticut. This strategic acquisition strengthens Baker Tilly’s presence in the Northeast, creating essential connections between New York and Boston. “Expanding in the Northeast is a critical step in our […]
Read MoreUsing the Section 179 Deduction
Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and put into service. The cost of such major purchases would generally have to be depreciated over time, but using the Section 179 deduction lowers the business […]
Read MoreEmployers’ Responsibilities Under the SECURE 2.0 Act
The SECURE 2.0 Act aims to expand the ease of saving for retirement, to simplify the management of retirement plans, and in general to improve financial security for American workers and retirees. The updated law includes new options for 401(k) and 403(b) employer contributions, adjustments to the required minimum distribution age for IRAs, and increased catch-up contribution limits. The act […]
Read MoreHow Taxes May Change in a New Presidency
A new president will take office on January 20, 2025. Donald J. Trump was re-elected for his second term and will be the 47th president of the United States. As a result, the tax policies and initiatives that are currently in place may change, according to all that he spoke about during his campaign. While we cannot yet know for […]
Read MoreCironeFriedberg Welcomes a New Senior Tax Manager
CironeFriedberg, LLP, is pleased to welcome Amanda Bristol, CPA, as a Senior Tax Manager. In this role, she will provide tax planning, preparation and accounting services to individual clients as well as businesses in various industries. Amanda brings over 10 years of tax and accounting experience to the firm. She offers tax preparation and planning for individual, corporate, and partnership […]
Read MoreBenefits Taxed as Imputed Income
Imputed income is defined as the cash value of a benefit that is not part of your employees’ salaries. Even though the benefit — like a gym membership — isn’t received in cash, it’s still taxable based on its cash value. Imputed income was developed to ensure that workers don’t reduce the tax that would be due were cash […]
Read MoreFinal Regulations Issued for the Advanced Manufacturing Production Credit
IR-2024-281, October 24, 2024 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations to provide guidance for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act of 2022 (IRA). The Advanced Manufacturing Production Credit provides a tax credit for the production and sale of statutorily specified eligible components to unrelated persons. Such […]
Read MoreHow Falling Interest Rates Can Affect Your Finances
The Fed’s Big Move Many economists were waiting for the Federal Reserve (Fed) Open Market Commitee’s interest rate cut in September. It was the first time the Fed lowered its benchmark interest rate since it began raising it in 2022. Back then, the Fed increased its rate to combat inflation. In September, the Fed signaled that its inflation-fighting efforts […]
Read MoreFederal Court blocks enforcement of the Corporate Transparency Act (CTA)
IMPORTANT NOTICE FOR BUSINESS OWNERS Federal Court blocks enforcement of the Corporate Transparency Act (CTA): BOI filing on hold A nationwide injunction prohibiting FinCEN from enforcing the January 1, 2025, reporting deadline for all reporting companies has been granted. Until this situation changes, businesses do not have to file beneficial ownership information (BOI) reports with FinCEN. It is not likely […]
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