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.
Tax Tip: Classifying a Hobby vs. a Business
With the rise of the gig economy, many have explored turning their hobbies into profitable ventures. As a result, the lines are blurring between hobbies and small businesses, provoking many people to wonder what impact their decisions may have on their personal income taxes. So, what is the difference between a hobby and a business? The difference between hobbies and […]
Read More
What You Need To Know About SECURE Act 2.0
The SECURE Act — Setting Every Community Up for Retirement Enhancement — was passed in 2019. After that, SECURE Act 2.0 was passed in December 2022 and went into effect January 1, 2023. The SECURE Act 2.0 establishes new rules regarding the timeline that individuals must adhere to with regard to taking required minimum distributions (RMDs) from their retirement accounts. […]
Read More
Tax-Advantaged Qualified Small Business Stock
According to Public Law Number 117-154 (06/23/2022), the U.S. Tax Code is 6,871 pages. When you add the federal tax regulations and official tax guidance, the number of pages increases to approximately 75,000. Some very helpful tax breaks can get lost in the shuffle. One of the lesser-known tax provisions is IRC Section 1202, regarding qualified small business stock (QSBS). […]
Read More
New Guidelines for Clean Vehicle Credits and Dealer Transfers
Introduction of Final Regulations The IRS has issued final regulations for new and previously owned clean vehicle credits. These regulations include rules on transferring credits to registered dealers at the point of sale and guidelines for dealers to become eligible for advance payments of transferred credits. New Clean Vehicle Credit Requirements The final regulations specify the critical mineral and battery […]
Read More
Working in Retirement Can Affect Your Required Minimum Distributions
You may have many questions about working after retirement. Can you still contribute to retirement accounts? How does working affect your required minimum distributions (RMDs)? Let’s start with contributing to retirement accounts. You should be able to contribute to your employer’s qualified retirement plan regardless of your age. In some instances, you can also contribute to a traditional or Roth […]
Read More
Tiffany Ottani, CPA Wins 40 Under Forty Award
Tiffany Ottani, CPA, a supervisor at CironeFriedberg, LLP, joins the prestigious list of accomplished alumni of the 2024 Fairfield County 40 Under Forty award. The award recipients were announced and celebrated on June 13 at The Point at Norwalk Cove, in Norwalk, Conn. Tiffany Ottani completed her Bachelor of Science in Accounting at the University of Bridgeport and a Master […]
Read More
FTC Rule Bans Noncompete Agreements
On April 23, 2024, the Federal Trade Commission issued a final rule banning virtually all noncompete agreements. It takes effect 120 days after publication in the Federal Register, which probably means an effective date sometime around the end of August. The rule prohibits employers from enforcing noncompetes with workers other than senior executives as of the effective date. A “senior […]
Read More
2024 Tax Credits and Deductions for Individuals and Families
Here are some of the tax credits and deductions individuals and families can explore for 2024. Electric Vehicle (EV) Tax Credit Buyers of qualifying EVs can choose to monetize up to the $7,500 federal EV tax credit by transferring it to the dealer at the time of purchase or claiming it on their federal tax return the following year. […]
Read More
Major Overtime Change Will Deeply Affect Employers
According to a U.S. Department of Labor news release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on […]
Read More
