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.
Retirement Plans for Medical Offices
Planning for your future is paramount, regardless of what career path you’ve chosen. For doctors, it seems like retirement should be an easy path, but many medical professionals are not aware of the plans available to them. Before you make a decision that can impact your and your employees’ lives forever, it is important to understand the details. Here are […]
Read More
IRS Increases Mileage Rate Midyear
The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final half of 2022, the standard mileage rate for business travel will be 62.5 cents per […]
Read More
2022 Tax Changes Affecting Retirement Savings
There have been some changes to the tax laws which affect taxpayers who are retired, preparing to retire, and those who are beginning to save up for retirement. Required minimum distributions (RMDs) – Due to higher life expectancies, the IRS has made some changes to the table used to calculate your RMD resulting in a smaller minimum distribution starting in […]
Read More
Know the Difference Between Cash and Accrual
Every business has to keep track of cash flow, but there’s more than one way to do it. Review the basics before you decide what the appropriate method is for your business. Cash method of accounting In this system, you record income as cash is received and expenses as cash is paid out. You don’t make a note of any […]
Read More
CironeFriedberg Announces Staff Promotions
CironeFriedberg Announces Staff Promotions (June 29, 2022 – Shelton, Conn.) CironeFriedberg, LLP, is pleased to announce the promotions of Tiffany Ottani and Diana DeLaRosa to Senior Accountants. Ms. Ottani received her Bachelor of Science in Accounting from University of Bridgeport and her Master of Science in Accounting from University of Connecticut. She recently completed an Advanced Business Certificate in Accounting […]
Read More
Future-Forward Manufacturing
The economy has taken a tremendous hit as a result of the Covid-19 pandemic, and many small manufacturers are feeling an impact. But some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of (1) increased access to market trends and (2) technology. Even more opportunities may exist for […]
Read More
Changes Affecting Venmo and PayPal Business Transactions in 2022
Many small business owners are familiar with third-party payment settlement networks such as Venmo and PayPal. Starting with the 2022 tax year, individuals and businesses using payment settlement networks will receive a form 1099-K that will reflect the gross amount of money received for goods or services if they are paid over $600, regardless of the number of transactions. Previously, […]
Read More
The Tax Implications of Closing a Business
The decision to close a business for good is never an easy one. However, it’s important to keep abreast of compliance requirements before you say goodbye. That’s why you should take time to visit a qualified tax advisor for guidance on: What forms to file. How to report revenue received in your final year of business. How to report expenses […]
Read More
What Business Owners Need to Know About Depreciation
Depreciation is an annual tax deduction that allows small businesses to recover the costs of certain eligible property that decreases in value over its lifetime. Depreciation is an allowance for the wear and tear, deterioration or obsolescence of the property. As a small-business owner, you can depreciate property when you place it in service for use in your trade or […]
Read More
