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.
Employer Information on Connecticut’s Paid Leave Program
Effective January 1, 2021, Connecticut’s Paid Family and Medical Leave Act (the Act) will go into effect. The Act provides Connecticut workers the opportunity to take time off to attend to personal and family health needs without worrying about lost income. Employers must take action prior to January 2021. Beginning November 1, 2020, employers can begin the process of registering […]
Read MoreWondering How to Work With an Outsourced CFO?
Outsourcing any service, from outsourced accounting to bookkeeping and taxes, simply means hiring someone who is not a W-2 employee, but is instead a freelancer or independent contractor. With today’s technology, online business services are common and growing rapidly. Our specialized accounting practice area of Outsourced Financial Services is very popular with companies needing a fractional resource during COVID-19, on […]
Read MorePhysician Practices and Their Tax Issues
Historically, physician practices were set up as sole proprietorships or partnerships. As the business of medicine and the liability risks grew more complex, however, new entities were created. Medical practices now have a number of legal organization form options, including; Sole proprietorship. General partnership. Limited partnership. C corporation. S corporation. Limited liability company (LLC). Limited liability partnership (LLP). Each one […]
Read MoreAre You Concerned Your Construction Company Is Undercapitalized?
No business ever wants to be undercapitalized. Undercapitalization occurs when businesses have insufficient funding to support operations, which can quickly stop a project in its tracks. It is a serious concern, and many experts consider it to be a leading cause of business failures for contractors. To avoid this serious situation, consider the following: Cash for employee wages, equipment and […]
Read MoreIRS Check Processing Delayed
The Internal Revenue Service is warning taxpayers that if they mailed checks (either with or without tax returns), the checks may still remain unopened in the backlog of mail the IRS is processing due to COVID-19. Any payments received will be posted as of the date the IRS receives them, rather than the date they are processed. To avoid penalties […]
Read MoreUpdated FAQs on the Paycheck Protection Program
On August 4th, the SBA issued additional guidance on the PPP loan forgiveness calculations in the form of a FAQ sheet. Click here to access the full SBA document. We have highlighted some of the key points below. General Sole proprietors, independent contractors, or self-employed individuals with no employees (no employees at the time of application as well) should complete the Loan Forgiveness […]
Read MorePandemic Leads to State Border Tax Complications
Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying wages and avoiding penalties or amended filings later. Employees also want to avoid […]
Read MoreNo Rush on Filing for PPP Loan Forgiveness
Has your Company achieved full forgiveness of your Paycheck Protection Program (PPP) and you are left wondering, now what? You are not alone, and experts are saying there is no rush to apply for forgiveness either. The SBA has not yet updated the loan forgiveness applications to reflect the 5-week application deadline to August 8th, nor have the FAQs been […]
Read MoreCOVID 19, PPP and Not-for-Profit Organizations
The coronavirus pandemic has had various effects on not-for-profits including Paycheck Protection Program (PPP) issues, budgeting issues, and even accounting challenges. Following are some issues for not-for-profit preparers, auditors, and board members to keep in mind as their organizations work to chart their course in this challenging environment. PPP Loan Forgiveness Documentation is key in PPP forgiveness. The expansion of the […]
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