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.
Home Sellers’ Profit Exclusions Aren’t One-Time Opportunities
The tax code authorizes “exclusions” that allow home sellers to completely sidestep federal and state income taxes on sizable portions of their profits when they unload their principal residences. The profit exclusions are as much as $500,000 for married couples who file joint returns and $250,000 for single filers and couples who file separate returns. So says Julian Block, an attorney and […]
Read More
Advising Business Owners During Volatile Economic Times
The landscape of accounting and taxation has been very dynamic over the past several years. Tax reform, the adoption of digital currency, pandemic-induced debt, supply chain disruptions and workforce changes are layered upon an already complex and regulated industry. The purpose of tax planning before you are in the throes of tax season is to minimize your tax liability. At […]
Read More
Capital Gains Tax Rates
Long-Term Capital Gains Tax Rates Long-term capital gains tax is a tax on gains from the sale of capital assets held for more than a year. The long-term capital gains tax rates are 0%, 15% or 20% depending on a combination of your taxable income and filing status. While the capital gains tax rates did not change for 2022, the […]
Read More
Cybersecurity: Essential for All Transactions
Cybersecurity — especially data privacy — is one of the biggest problems facing businesses today. These security problems are compounded because every segment of every industry is affected differently, and each is subject to the risk factors peculiar to that segment. Grouping similar data together based on chosen parameters allows businesses to assess the privacy needs of each data segment […]
Read More
CironeFriedberg Joins Accounting Association, CPAmerica, Inc.
Two new member firms join accounting association, CPAmerica, Inc. RFH, PLLC, headquartered in Lexington, Ky., and CironeFriedberg, LLP, headquartered in Bethel, Conn., have joined CPAmerica, Inc., an accounting association of independent, certified public accounting firms that provides shared best practices, networking opportunities and access to expert resources for member firms. Gainesville, Fla. (October 6, 2022) – RFH, PLLC, headquartered in Lexington, […]
Read More
Case Study: Cash Flow for a Medical Practice
At CironeFriedberg, we have extensive experience advising and working with physicians. We understand the changing landscape of the practice of medicine. Physicians want to provide optimal service to their patients within the context of challenging and declining reimbursements and increased paperwork. Our goal is to provide physicians with timely financial statements, advisory services, and tax information to help them manage […]
Read More
The Impact of Virtual Currency on Income Tax Reporting
According to Insider Intelligence, in 2021, cryptocurrency accounted for $6.10 billion worth of transactions worldwide. That represents an increase of 177.3% over the year before. The transaction value is expected to surpass $16.16 billion in 2023 as more businesses accept digital currencies as forms of payment. As the use of virtual currency explodes, the IRS is adapting tax forms to […]
Read More
Understanding the Gift Tax
For tax purposes, gift givers, rather than gift recipients, have to account for and potentially pay the gift tax. But, you won’t owe the federal gift tax until you have given away millions in cash or other assets during your lifetime. It sounds simple enough, but you still may have to file gift tax returns even though you don’t owe […]
Read More
2022 Tax Brackets and Standard Deductions
The end of the year brings tax planning into focus, since tax filing is right around the corner. 2022 Tax Brackets Tax rates for 2022 are remaining the same as 2021 but the tax brackets are changing slightly. In 2022 a single filer with income up to $10,275 will see a 10% tax rate in comparison to up to $9,950 […]
Read More
