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.
The Eternal Question: Roth IRA or Traditional IRA?
Creating a tax-favored savings account is an important part of saving for retirement. The individual retirement account is a popular choice. But IRAs come in two basic flavors: regular and Roth. What are the differences, and which is right for you? Contributions The contributions to both traditional IRAs and Roth IRAs are capped at an amount set by the IRS. […]
Read MoreIRS Reminds Taxpayers of Limited-Time Donation Rules
The rules governing the deduction of charitable contributions can be pretty strict. However, legislation has relaxed a number of them as long as donors take advantage of them by the end of 2021. So, both individual and businesses taxpayers should get up to speed on the temporary rules and take out their checkbooks before year-end. Here’s a summary of the […]
Read MoreHurricane Ida Victims Get Tax Relief
The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, this includes the entire state of Louisiana and taxpayers in other Ida-impacted localities designated by FEMA. These other localities in neighboring states will automatically receive this relief. Please refer to the current list of eligible localities reported […]
Read MoreSBA Quadruples Economic Injury Disaster Loan Cap to $2 Million
On September 9, 2021, the Small Business Administration (SBA) announced major modifications to the COVID-19 Economic Injury Disaster Loans (EIDL) program, including raising the loan cap from $500,000 to $2 million and adding business debt payments to the list of ways businesses can use the loan proceeds. A new regulation was added limiting entities that are part of a single […]
Read MoreConstruction Companies: Recognizing Revenue Under ASC 606
Recently, construction companies industrywide made a change in how they calculated revenue. Before ASC 606, Revenue from Contracts with Customers, was adopted, different industries used different methods for reporting income even when they were accounting for similar transactions. Standardizing transactions is an important step, but now that all public and private companies must use the same accounting methods for reporting […]
Read MoreNew York State Pass-Through Entity Tax
By 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 […]
Read MoreEmployee Retention Credit Changes for Q3 and Q4 2021
By Tammy Maguire, 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 […]
Read MoreThe Tax Gap and Efforts to Raise Compliance
By Jeffrey Silverberg, Manager, CironeFriedberg, LLP 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 […]
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