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.
Physician Practices and Their Tax Issues
Historically, physician practices were set up as sole proprietorships or partnerships. As the business of medicine and the liability risks grew more complex, however, new entities were created. Medical practices now have a number of legal organization form options, including; Sole proprietorship.General partnership.Limited partnership.C corporation.S corporation.Limited liability company (LLC).Limited liability partnership (LLP). Each one has different tax and liability implications. […]
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Are You Concerned Your Construction Company Is Undercapitalized?
No business ever wants to be undercapitalized. Undercapitalization occurs when businesses have insufficient funding to support operations, which can quickly stop a project in its tracks. It is a serious concern, and many experts consider it to be a leading cause of business failures for contractors. To avoid this serious situation, consider the following: Cash for employee wages, equipment and […]
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IRS Check Processing Delayed
The Internal Revenue Service is warning taxpayers that if they mailed checks (either with or without tax returns), the checks may still remain unopened in the backlog of mail the IRS is processing due to COVID-19. Any payments received will be posted as of the date the IRS receives them, rather than the date they are processed. To avoid penalties […]
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Updated FAQs on the Paycheck Protection Program
On August 4th, the SBA issued additional guidance on the PPP loan forgiveness calculations in the form of a FAQ sheet. Click here to access the full SBA document. We have highlighted some of the key points below. General Sole proprietors, independent contractors, or self-employed individuals with no employees (no employees at the time of application as well) should complete the Loan Forgiveness […]
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Pandemic Leads to State Border Tax Complications
Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying wages and avoiding penalties or amended filings later. Employees also want to avoid […]
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No Rush on Filing for PPP Loan Forgiveness
Has your Company achieved full forgiveness of your Paycheck Protection Program (PPP) and you are left wondering, now what? You are not alone, and experts are saying there is no rush to apply for forgiveness either. The SBA has not yet updated the loan forgiveness applications to reflect the 5-week application deadline to August 8th, nor have the FAQs been […]
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COVID 19, PPP and Not-for-Profit Organizations
The coronavirus pandemic has had various effects on not-for-profits including Paycheck Protection Program (PPP) issues, budgeting issues, and even accounting challenges. Following are some issues for not-for-profit preparers, auditors, and board members to keep in mind as their organizations work to chart their course in this challenging environment. PPP Loan Forgiveness Documentation is key in PPP forgiveness. The expansion of the […]
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DOL Releases New Guidance on Employee Leaves
The pandemic has affected both employers and employees, and everyone is trying to figure out how to work under new situations and new rules. The Fair Labor Standards Act, the Family and Medical Leave Act and the Families First Coronavirus Response Act are all governing workplace rights and responsibilities, and the new DOL guidance will help everyone understand them. Here […]
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