Insights
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.
Why 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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The Future of Taxes and Multinational Corporations
The “rush to the bottom” of international tax rates may soon come to an end. The Organization for Economic Cooperation and Development (OECD) is working with 140 countries on a framework designed to level the playing field. Click through for a view of what taxes may look like in the future. Countries around the globe are trying to stem the […]
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New York State Changes Filing Requirements for Nonprofit Organizations
Author: Patrick Dunleavey, CPA, Principal Back in December 2013, Governor Cuomo signed into law the Nonprofit Revitalization Act of 2013. That Act contained many welcome changes for nonprofit organizations, and elements of the law eased the burdens relating to certain major corporate transactions, such as mergers. One of the welcome changes was the increase over time of the audit threshold required […]
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The American Families Plan, Carried Interest, and Potential Financial Impacts
Author: Adam O’Feeney, Tax Manager, CironeFriedberg, LLP President Joe Biden has already announced the American Rescue Plan in early March 2021 followed by the American Jobs Plan (AJP) later that month. The third leg of Biden’s road to recovery is the American Families Plan (AFP), announced on April 28, 2021, at an estimated cost of $1.8 trillion. Part of the […]
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Important Information on the Restaurant Revitalization Fund
Author: Tammy Maguire, Director of Financial Services, CironeFriedberg, LLP On March, 11, 2021 the President 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. The […]
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A Baseline Business Valuation Makes Good Sense
Your business is humming along. You have no plans to sell or to go public. You’re planning to keep your business going and growing for the foreseeable future. Your advisor suggests you have a baseline valuation done on your business, but you don’t understand why that’s necessary. Prepare for the Unforeseen You should have your business valued before there is […]
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Guidance for Temporary Full Deduction Business Meals
The IRS has provided guidance related to the temporary 100% deduction for business meals provided by a restaurant. The Consolidated Appropriations Act, 2021 (the Act) temporarily increased the deduction from 50% to 100% for a business’s restaurant food and beverage expenses for 2021 and 2022. All other food and beverage expenses are still subject to the 50% deduction limitation unless […]
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The High Cost of Internal Fraud
Every so often a dramatic case of financial fraud makes the headlines because of the sheer amount of money involved. But, on average, companies with fewer than 100 employees suffer the largest median loss and 42% of fraud cases are caused by a lack of internal controls. Internal fraud derives a high cost in terms of financial losses (only about […]
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Tax Credits for Employees’ Time Off for Vaccinations
Curated from Internal Revenue Service FS-2021-09, April 2021 The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID- […]
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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 […]
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