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.
PPP Loan Calculation Changes for Schedule C Taxpayers
On March 3, 2021, the U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules for self-employed Schedule C borrowers. Click here to view the full 32-page document on the SBA website. The new regulations have changed how self-employed borrowers can calculate their PPP loan amount. Self-employed borrowers can now calculate their loan using gross income as opposed […]
Read MoreCironeFriedberg Welcomes New Principal to Growing CPA Firm
CironeFriedberg, LLP is pleased to announce its expansion with new Principal, Patrick Dunleavey, CPA, serving as Audit Principal providing services for not-for-profit, manufacturing and distribution, and arts and cultural organizations, independent schools, and human service agencies. Dunleavey brings over 13 years of experience to the Firm including providing services for not-for-profit, manufacturing, distribution and retail clients and specializing in supporting […]
Read MoreMore Businesses Now Eligible for the Employee Retention Credit
The Consolidated Appropriations Act, 2021 signed into law on December 27, 2020, has made some key changes to the Employee Retention Credit (ERC). One key change to the program is employers who received Paycheck Protection Program (PPP) loans are now eligible for the credit. The same wages cannot be used for both programs; if wages are used for forgiveness under […]
Read MoreTax Planning Under the Biden Administration
On Wednesday, January 20, 2021, Democrat Joseph R. Biden was inaugurated as the 46th President of the United States. During his presidential campaign, there were many changes proposed that could have significant tax consequences. He will have slight majorities in the House and Senate, with any Senate tie being decided by Vice President Kamala Harris. Substantial policy changes require 60 […]
Read MoreHidden Tax Break: Meal Deductions Get a Boost
The recently passed relief bill, officially called the Consolidated Appropriations Act, 2021, contained a provision designed to give a boost to the restaurant industry: upgrading what had been a 50% meal deduction to 100% for “food or beverages provided by a restaurant, and paid or incurred before January 1, 2023.” There are no provisions right now to extend this raise […]
Read MoreRelief Bill Contains Breaks on FSAs
The recently signed relief bill — the Consolidated Appropriations Act, 2021 — is letting those who have flexible spending accounts roll money over, which is a win for parents and those with live-in elderly loved ones. Late December is when many Americans rush to spend any money left in their flexible spending accounts — those workplace plans funded during the […]
Read MoreAvoid Surprises When Filing Your 2020 Tax Return
With the 2019 tax year filing deadline in the rear-view mirror and the end of 2020 behind us, our attention is focusing ahead to the 2020 tax filing season. As of the publication of this article, April 15, 2021 is the deadline for filing 2020 tax returns. COVID-19 could have a significant impact to many taxpayer’s 2020 tax liability. For […]
Read MoreWhat You Need to Know About FBAR
Do you have foreign assets? Each United States person—citizen, resident, corporation, partnership, limited liability company, trust and estate—must file a Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of those foreign financial accounts exceeded […]
Read MoreUpdates on the SBA Payment Protection Program
On January 6, 2021, the U.S. Small Business Administration (SBA) issued guidance around the second round of the Paycheck Protection Program (PPP). Businesses applying for PPP for the first time can find SBA guidance at Paycheck Protection Program as Amended by Economic Aid Act. Businesses that received PPP funding previously, can find guidance at: PPP Second Draw Loans. In either […]
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