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.
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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President-Elect Joe Biden’s Tax Plan Could Bring Significant Changes to Taxpayers
On November 7, 2020, many media outlets declared Democrat Joe Biden the 46th President of the United States. While the Democrats are projected to retain control of the House of Representatives, control of the Senate is still up in the air. At the time this article was written, it appears Georgia’s two senate seats will come down to a run-off […]
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Scam Alert for Connecticut LLCs
Businesses organized as Limited Liability Companies (LLCs) in Connecticut are receiving an official looking form entitled “2021- Annual Report Instruction Form” requiring payment of a “$120 annual report fee” from companies such as “C.F.S.” and “Workplace Compliance Services.” The form is being received via the U.S. postal service. The forms C.F.S. and Workplace Compliance Services sent to LLCs look like […]
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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 […]
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Wondering 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 […]
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Physician 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 […]
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Are 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 […]
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