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.
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 […]
Read More
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 – […]
Read More
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 […]
Read More
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 […]
Read More
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 […]
Read More
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 […]
Read More
Maximizing Business Success By Outsourcing CFO Services
In today’s dynamic and competitive business landscape, staying financially sound and strategically agile is crucial for success. While many small and medium-sized enterprises may not have the resources to hire a full-time Chief Financial Officer (CFO), they can still harness the expertise of financial professionals through outsourced CFO services. In this article, we’ll explore the numerous advantages that businesses can […]
Read More
Fraud Prevention for Not-for-Profit Organizations
Former Finance Director of Non-Profit charged with embezzlement scheme with approximately five thousand dollars stolen for personal use. The Director abused her power and betrayed the employer’s trust by using the employer’s bank account to perpetrate fraudulent activities. The risk of fraud in Not-for-Profit (NFP) organizations refers to the likelihood that deceptive or dishonest activities may occur within the organization, […]
Read More
New Rule Makes 529 College Saving Plans More Flexible
The 529 savings plan is a great way to fund future college expenses by saving over a long period of time. Some parents, however, hesitate to set up and fund this plan because of the unknowns. There is no guarantee that a child will attend college, or whether the funds will be needed if scholarships or other financial aid are […]
Read More
