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.
IRS Adjusts HSA Limits for 2022
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans. The figures for 2022: Self-only: $3,650 (a $50 increase from 2021). Family: $7,300 (a $100 increase from 2021). According to the Society for Human Resource Management, the government bases its decision on the Consumer Price Index for All Urban Consumers […]
Read MoreS Corporations and PPP Loan Forgiveness
Attaining S corporation status has certain tax advantages. S corporations are treated as passthrough entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are discussed here. Treatment of PPP […]
Read MoreWhat To Know About the New Lease Accounting Standard
Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. ASC 842 is intended to “increase transparency and comparability among organizations by […]
Read MoreRefund Opportunity for Businesses that Accepted Visa and MasterCard Payments
In the largest class-action settlement in U.S. history, MasterCard and Visa have agreed to refund between $5.54 and $6.24 billion to businesses that accepted their cards between January 1, 2004 and January 25, 2019. The lawsuit claims that Visa, MasterCard and their member banks violated antitrust laws by imposing and enforcing rules limiting competition or incentives that might have reduced […]
Read MoreProvider Relief Fund Reporting Portal Opened July 1st
By Tammy Maguire, Principal, CironeFriedberg, LLP On June 11th, the U.S. Department of Health and Human Services (HHS) issued guidance on reporting for the Provider Relief Fund (PRF). Reporting was delayed from the original February 15, 2021, filing deadline and now includes 4 filing deadlines based upon when funding was received as opposed to requiring payments to be used by June 30, […]
Read MoreSecure 2.0 — Changes Coming to Retirement Plans
By Amber Kendrick Vice President, Retirement Plan Consultant, Procyon Partners, LLC Americans saw a lot of changes to retirement savings when the Setting Every Community Up for Retirement Enhancement Act or the SECURE Act was passed a couple years ago. The Securing a Strong Retirement Act, nicknamed Secure 2.0, was introduced in 2020 by Ways and Means Committee Chairman Richard Neal […]
Read MoreAre You Contemplating a Merger or Acquisition?
Author: Patrick Dunleavey, CPA, Principal, CironeFriedberg, LLP In May we discussed the benefits of a base line valuation even if you have no plans to sell your current business. However, what if you are contemplating a merger or acquisition? If you are the owner of a small or midsize business who is looking toward retirement, this could be the time […]
Read MoreCironeFriedberg Announces New Partner
CironeFriedberg, LLP is pleased to announce the promotion of Nicholas DaPaz, CPA, to Partner, where he provides audit and tax services to business and individual clients. DaPaz has more than 20 years of experience providing audit and tax services for employee benefit plans and multistate and multinational companies. Serving business clients in a variety of industries, including public utility, manufacturing, […]
Read MoreWhy You Need Accurate Monthly Financials
Monthly financial reporting helps owners, managers and potential lenders get a better understanding of a company’s current and future financial status. You can see financial trends when you examine daily, weekly and monthly financial reports. You’ll be able to manage long-term profitability by improving internal business performance while staying updated on significant progress or changes in your financial status and […]
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