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.
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 MoreFinancial Transparency and Nonprofit Audits
You want to demonstrate your commitment to financial transparency. By publishing an independent audit report on your website and providing the report to anyone who requests it, you’ll be assuring your donors and the public that your financial practices meet accepted standards — for handling contributions, for instance. Many public and private foundations — and funders — require charitable nonprofits […]
Read MoreCapital Gains and Home Sales
If you are selling your home, there is a good chance that the profit or a portion of the profit from the sale will not be taxable. Thanks to the Section 121 Exclusion (commonly referred to as the home sale exclusion), provided by the Internal Revenue Code, individual taxpayers can exclude up to $250,000 in profits from capital gains tax […]
Read MoreCironeFriedberg’s O’Feeney Wins 40 Under Forty Award
Adam O’Feeney, CPA, and senior manager at CironeFriedberg, LLP, joins the prestigious list of accomplished awardees of the 2022 Fairfield County 40 Under Forty award. The award ceremony is set for Thursday, June 16, a The Stamford Hotel, in Stamford, CT. Adam O’Feeney completed his Bachelor of Science in Accounting at Nichols College and his Master of Business Administration through […]
Read MoreEstimated Taxes are Due June 15th
The U.S. income tax system is pay-as-you-go, meaning that you pay taxes as you earn income. According to the IRS, sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when they file their tax return. If you are self-employed as an independent contractor or freelancer, you […]
Read MoreOverview of Blockchain and Cryptocurrency
The COVID-19 pandemic disrupted life as we knew it. We are still in the midst of finding our way to a new normal, but it is not clear how long that will take or what it will look like. Some things are becoming clearer, however, and one of those things is that blockchain technology and cryptocurrency are growing in popularity. […]
Read MoreThere’s a New Retirement Plan in Town
MyCTSavings is a new retirement savings program sponsored by the State of Connecticut’s Retirement Security Authority designed to help the 600,000-plus private-sector employees who do not have an employer-sponsored retirement savings plan. It offers some of the best features of employer plans and IRAs but does not pose an administrative burden to businesses. With MyCTSavings, employers can offer a retirement […]
Read MoreWhen You Need an Audit for Financing
Many business owners think that as long as their companies remain private, they don’t have to get a financial statement audit. However, when it’s time to get financing from a bank, they may find that an audit is recommended, and even required. The following insight into audits may help you better understand why they can be helpful for you and […]
Read MoreAnnual Reviews of Federal Withholding for Employees
The IRS says, “All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld.” However, employees may not be aware of the IRS’ suggestion, which is why employers should tell them about it. Why employees should review their withholding If they have too little federal income tax withheld, employees […]
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