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.
Tax Planning Under the Biden Administration
On Wednesday, January 20, 2021, Democrat Joseph R. Biden was inaugurated as the 46th President of the United States. During his presidential campaign, there were many changes proposed that could have significant tax consequences. He will have slight majorities in the House and Senate, with any Senate tie being decided by Vice President Kamala Harris. Substantial policy changes require 60 […]
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Hidden Tax Break: Meal Deductions Get a Boost
The recently passed relief bill, officially called the Consolidated Appropriations Act, 2021, contained a provision designed to give a boost to the restaurant industry: upgrading what had been a 50% meal deduction to 100% for “food or beverages provided by a restaurant, and paid or incurred before January 1, 2023.” There are no provisions right now to extend this raise […]
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Relief Bill Contains Breaks on FSAs
The recently signed relief bill — the Consolidated Appropriations Act, 2021 — is letting those who have flexible spending accounts roll money over, which is a win for parents and those with live-in elderly loved ones. Late December is when many Americans rush to spend any money left in their flexible spending accounts — those workplace plans funded during the […]
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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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