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.
Retain IRS Letters Received in January
ADVISORY – Retain IRS Letters Received in January In January 2022, the Internal Revenue Service (IRS) will be sending out two letters to taxpayers: Letter 6419 – Advance Child Tax Credit Payments– This letter will contain the total amount of advance Child Tax Credit payments taxpayers received in 2021. You should keep this and any other IRS letters about […]
Read MoreCironeFriedberg’s Response to Coronavirus Variants
HEALTH ALERT As the coronavirus (COVID-19, Delta variant, and Omicron) outbreaks in the United States, Connecticut, and the New York Metro area continue and more cases emerge, we here at CironeFriedberg are taking proactive steps to help ensure the safety of our employees and maintain security and work continuity for our clients. Currently, all CironeFriedberg offices are open for […]
Read MoreWhat to Know About Audits and Financial Statements
You will want to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements. Getting an accountant’s blessing is especially useful when you are applying for more credit from a bank. Financial statements are intended to give you current information on […]
Read MoreS Corporations Required to Report Health Insurance Premiums
In many cases, employees are able to exclude the value of fringe benefits provided by employers, and the employer is able to deduct the cost of providing these benefits. However, when the employer is an S Corporation some special rules apply. Health and accident insurance premiums paid on behalf of a greater than 2% S Corporation shareholder employee are deductible […]
Read MoreSBA Clarifies COVID-19 EIDL Application Deadlines
On Friday, November 19, 2021, the U.S. Small Business Administration (SBA) released updated guidance regarding applications for loans, advances, and appeal requests with the COVID-19 Economic Injury Disaster Loans (EIDL) program. While the December 31 deadline remains in place, the SBA strongly recommends that businesses seeking a Supplemental Targeted Advance submit their application no later than December 10, 2021. The […]
Read MoreConnecticut Tax Amnesty Program
The Connecticut Department of Revenue Services (DRS) Tax Amnesty Program runs through Monday, January 31, 2022. It provides a 75% reduction in interest and waives penalties and the possibility of criminal prosecution to those who have not filed, have underreported or have existing liabilities related to taxes owed to the state for any tax period ending on or before December […]
Read MoreIRS Announces 2022 Limits for Retirement Plans
The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the year either the taxpayer or […]
Read MorePartner J. Allen Kosowsky Speaks at Tax Fraud Conference
J. Allen Kosowsky, CPA and forensic accounting and litigation support practice leader at CironeFriedberg, LLP, will join the distinguished panel of experts at the 38th Annual American Bar Association (ABA) Institute on Criminal Tax Fraud and the 11th Annual National Institute on Tax Controversy, in Las Vegas, on December 8th. Kosowsky has over 40 years of experience in business valuation, […]
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