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.
Avoid 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 […]
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What 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 […]
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Updates 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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The New Form 1099-NEC: What You Need to Know
Changes are in store this tax season for companies that report information in Box 7 of Form 1099-MISC. For 2020, these amounts will be entered on the new Form 1099-NEC. Starting tax year 2020, any business, regardless of size, that pays at least $600 for services performed in the course of their trade or business by a person who is […]
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President Trump Signs Stimulus Package
After a week-long delay, President Trump signed the latest $2.3 trillion coronavirus relief stimulus package. As reported, early highlights of the legislation include: PPP Updates The ability for businesses to deduct the expenses that were funded from proceeds of PPP loans. The ability for some businesses who did not originally apply for a PPP loan to apply. The ability for […]
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$900 Billion COVID Emergency Relief Package Comes as 2020 Closes
To provide much needed assistance and remove PPP expense ambiguity, the House and Senate voted on December 21, 2020 in favor of the Consolidated Appropriations Act, 2021, sending the measure to the President who is expected to sign. Highlights follow: PPP Updates and Changes Businesses that received PPP loans will be allowed to deduct the expenses paid by those loans […]
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7 Steps in the Path to Post-Covid Economic Recovery: A Business Survival Checklist
We created this Recovery Checklist to help business owners and managers assess what they need to emerge strong and prosperous in the post-Covid business climate. As you consider your ‘new’ future, we invite you to speak with us about how your relationship with your CPA could be better. At CironeFriedberg, we are prepared to handle this crisis. We are out […]
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S Corporations Required to Report Health Insurance Premiums
In many cases, employees are able to exclude the value of fringe benefits provided by employers, and the employer is able to deduct the cost of providing these benefits. However, when the employer is an S Corporation some special rules apply. Health and accident insurance premiums paid on behalf of a greater than 2% S Corporation shareholder employee are deductible […]
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PPP Deductions and Safe Harbor
The question everyone is asking is… Are the expenses reported for PPP forgiveness deductible if the taxpayer’s PPP loan is not forgiven by the end of the tax year? On November 18, 2020, the IRS released rulings related to deductibility of such expenses. Rev. Rul. 2020-27 confirms and expands on the IRS guidance from Notice 2020-32 issued on May 1, […]
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Proposed Regulations for Pass-through Entities’ State and Local Tax Payments
IRS Notice 2020-75 proposed regulations which clarify that state and local income taxes imposed on and paid by a partnership or an S corporation are deductible by the partnership or S corporation in computing non-separately stated taxable income for the year of the payment. The intent of the proposed regulations is to provide certainty to individual partners and S corporation […]
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