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.
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 […]
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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 […]
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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 […]
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Important Tax Deadlines
Important Tax Deadlines Estimated Quarterly Tax Payments For income you earned June 1 – August 31, 2022, your tax payment deadline is September 15, 2022. For income you earn September 1 – December 31, 2022, your tax payment deadline is January 17, 2023. Individual Income Tax Returns on Extension Those taxpayers who received an extension of time to […]
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The Strategic Role of the CFO
The chief financial officer of a company has always had a seat at the table, but the current business environment combined with changes wrought by the pandemic make the role even more important today. CFOs, who are already dealing with the perfect storm of rising prices, higher interest rates, continuing supply chain issues and labor shortages, now must emphasize strategic […]
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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 […]
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Is 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 […]
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IRS 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 […]
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2022 Payroll Tax Changes
Payroll and Social Security Wage Base The biggest change for 2022 in regard to payroll taxes is the increase in the Social Security annual wage base. Wages are subject to a 6.2% Social Security tax. In 2022, it jumped from $142,800 in 2021 to $147,000. The Medicare tax remains the same at 1.45%. However, any wages or self-employment income you […]
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