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 American Rescue Plan Act – COBRA Subsidy Provision
Author: Brian Lowell, Risk Manager, ACBI Insurance The Latest bill addressing the ongoing economic impact of the COVID-19 Pandemic the American Rescue Plan Act (ARPA) has been signed by President Biden on March 11, 2021. Under this new legislation, there is a provision to provide a 100% Subsidy of premiums for COBRA (Consolidated Omnibus Budget Reconciliation Act of 1986) and […]
Read MorePopular PPP Loan Program Gets Extension
With wide bipartisan support, Congress has approved the “PPP Extension Act of 2021,” which extends the Payroll Protection Program. It had been scheduled to expire on March 31, but the application deadline is now May 31. The Act further gives the SBA another month, until June 30, to process claims made by the new deadline. The act changes only the […]
Read MoreEmployee Retention Credit for 2021
Author: Tammy Maguire, Director of Financial Services Employee Retention Credit for 2021 As the first quarter of 2021 comes to an end, businesses should be considering if they are eligible for the employee retention credit. Eligibility, as well as the credit calculation, is very different for 2021 compared to 2020. Eligibility for 2021 The operation of your trade or business […]
Read MoreRestaurant Revitalization Fund – Are You Ready?
Author: Tammy Maguire, Director of Financial Services On March, 11, 2021, President Biden signed The American Rescue Plan Act which includes a grant program specific to one of the hardest hit industries, restaurants. The Restaurant Revitalization Fund (RRF) is a $28.6B program focused on providing grants to restaurants to provide them with relief related to pandemic-related revenue losses. Eligible entities […]
Read MoreBig Changes for Economic Injury Disaster Loan
Author: Tammy Maguire, Director of Financial Services, CironeFriedberg, LLP Extended Deferral Period The first change is an extension of the deferment period on all EIDL including COVID-19 loans from an original 12-month deferral period. Loans issued prior to 2020 have an additional 12 month’s deferment of principal and interest; payments will resume with the first payment immediately preceding March 31, […]
Read MoreIRS Clarifies Issues Around CP59 Notices
In early 2021, the IRS issued notices to approximately 260,000 taxpayers stating they hadn’t filed their 2019 federal tax return. These notices, referred to as CP59 notices, are issued yearly to identified taxpayers who have failed to file a tax return that was due the prior calendar year (Tax Year 2019). Due to pandemic related shutdowns, the IRS said it […]
Read MoreReporting Virtual Currency to the IRS in 2020
If you have interacted with bitcoin or other forms of cryptocurrencies during 2020, you should be prepared to report the information to the IRS on your 2020 tax return. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” […]
Read MorePresident Biden Signs American Rescue Plan Act of 2021
Today President Biden signed the $1.9 Trillion “American Rescue Plan Act of 2021” into law. The bill contains relief for both individual taxpayers and businesses. To help sift through the information most pertinent to you, we have separated the following into two sections — Individual Relief and Employer Tax Relief. Individual Relief Please note some of the provisions will impact […]
Read MoreWill You Be Subject to a Penalty for Not Filing Your 2020 Estimated Taxes?
This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that position if they did not pay their estimated tax for 2020. The IRS requires taxpayers to pay their taxes […]
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