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.
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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Connecticut’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 […]
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Good 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 […]
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Taxes 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 […]
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