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.
401(k) Plans: Know the Rules
If you offer a 401(k) plan — in any of its various flavors — to your employees, everyone should know the tax rules that govern them. Although the details can get very technical, you can learn the basics. To start with, many companies find that since a 401(k) plan is much prized by employees, it’s a good idea to not […]
Read MoreIs an S Corp the Right Structure for Your Business?
S corporations are entities that can pass corporate income, losses, deductions and credits through to shareholders for federal tax purposes. Shareholders report the flow-through of income and losses on their personal tax returns and are assessed a tax at their individual income tax rates. The Tax Cuts and Jobs Act (TCJA) also gives S corporation owners the potential to qualify […]
Read MoreIRS Increases Interest Rates for Quarterly Payments
Effective October 1, 2022, the Internal Revenue Service (IRS) will increase interest rates for the calendar quarter. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. For corporations, rates vary. Here are the new rates. FOR INDIVIDUALS 6% for overpayments for individuals (payments […]
Read MoreConnecticut’s Sales Tax Holiday in August
Annually, Connecticut offers a sales and use tax exclusion during a one-week period in August for clothing and footwear costing less than $100 per item. This “sales tax holiday” occurs during the third Sunday in August through the following Saturday. This year, it occurs Sunday, August 21 through Saturday, August 27. Note: Tax does not apply to the sale of […]
Read MoreGood News for Teachers’ Taxes
If you are a teacher or eligible educator, you may have to reach into your own pockets for your classroom needs. AdoptAClassroom.org first began surveying teachers in 2015. Their data shows that what teachers spend out of pocket for school supplies has increased 25%. According to their 2021 survey, teachers spent an average of $750 on school supplies out of […]
Read MoreTaxes for Americans Working Abroad
According to the Association of Americans Resident Overseas (AAR), 8.7 million American (excluding military persons) live in over 160 countries. AAR obtains this number through the US State Department. Even so, these numbers are a few years old and are only an estimate. As a U.S. citizen, if you live and work abroad, the first $112,000 of foreign-sourced income you […]
Read MoreTax Breaks for Older Couples Who Sell Their Homes
Consider Irene, who recently became a widow when her husband, Henry, passed away. Like most married couples, they held the title to their home in joint ownership with the right of survivorship. In plainer language, this means that co-owner Henry’s death results in his loss of all ownership in their dwelling. Surviving co-owner Irene automatically acquires all ownership in it. Irene […]
Read More2022 Connecticut Child Tax Rebate: Apply Through July 2022
In May, Governor Lamont signed into law the 2022 Connecticut Child Tax Rebate, which is intended to help families with children. Connecticut families can now apply online through July 31 to receive a state tax rebate. The tax credit will provide eligible households $250 per child for up to three children ($750). ELIGIBILITY To be eligible for this rebate, applicants must meet all of the following requirements: Must be a resident of Connecticut Must […]
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