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.
Connecticut Employers Can Expect Higher Payroll Costs
Effective January 1, 2024, Connecticut’s minimum wage increased from the previous rate of $15.00 per hour to $15.69 per hour as a result of the state’s first-ever economic indicator adjustment. This adjustment is required under a state law that Governor Lamont signed in 2019 (Public Act 19-4), which implemented five incremental increases in the minimum wage between 2019 and 2023. This will […]
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CironeFriedberg Announces Staff Promotions
CironeFriedberg, LLP, is pleased to announce the promotions of Tiffany Ottani, CPA, and Benjamin Vessichio from Senior Accountant to Supervisor. Tiffany Ottani, CPA, received her Master of Science in Accounting and an Advanced Business Certificate in Accounting Analytics from the University of Connecticut and a Bachelor of Science in Accounting from the University of Bridgeport. She provides accounting and tax […]
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2024 Tax Deadlines to Note
Here are the various tax deadlines throughout 2024 to mark on your calendar. January 2024 January 18, 2024 The IRS begins accepting tax returns. Note that this date may change when the IRS issues a bulletin in January confirming the filing date. January 31, 2024 W-2 forms are due to employees and the IRS. 1099’s are due to Vendors and the […]
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Pass-Through Entity Tax Workarounds by State
In response to the Tax Cuts and Jobs Act of 2017 (TCJA) limiting an individual’s state and local tax (SALT) deduction to $10,000, a number of states that were disproportionately affected by this provision quickly enacted so-called ‘workaround’ programs. Connecticut became the first state to enact a pass-through entity (PTE) level income tax specifically as a workaround. In general, a qualified PTE – […]
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Understanding Estimated Taxes and Penalties
The IRS requires taxpayers to pay their taxes for a given year in that year. For taxpayers who are employees of companies, their employers must withhold income tax from each paycheck and report it on a Form W-2 early in the following year. If your employer withholds too much, you get a refund. If it withholds too little, you owe […]
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Form 1099-K threshold of $5,000 planned for 2024
Many small business owners, sole proprietors, and gig workers accept payment for sale of goods and services through third-party payment settlement networks such as Venmo, PayPal, eBay, Etsy, and others. The IRS originally announced that starting with the 2022 tax year, businesses receiving payments over $600 using payment settlement networks will receive a Form 1099-K that will reflect the gross […]
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Ten Best Practices for Year-End Close of Business
As the year draws to a close, businesses of all sizes face the annual ritual of the year-end close. This critical accounting process involves more than just crunching numbers and balancing books; it’s a strategic endeavor that can significantly impact a company’s financial health and compliance. Here are 10 essential accounting best practices for year-end close of business. They offer […]
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CironeFriedberg Welcomes New Audit Manager
CironeFriedberg, LLP, is pleased to welcome Jack Kneisel, CPA, as Audit Manager. In this role, he will provide audit and accounting services to clients in many industries. Jack brings 8 years of audit and accounting experience with a specialization in commercial real estate. He received his Bachelor of Science in Accounting from Elon University and is a Certified Public Accountant […]
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IRS Extends a Roth Catch-Up Requirement
The Secure 2.0 Act of 2022 included a provision that starting in 2024, any catch-up contributions by an employee who participates in a 401(k), 403(b) or governmental 457(b) plan and whose prior-year Social Security wages exceeded $145,000 would be required to be made with after tax dollars and deposited into a Roth account. The IRS has announced an administrative transition […]
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