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.
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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Tax 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 […]
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2022 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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Kearney Joins CironeFriedberg as Director of Financial Services
CironeFriedberg, LLP is pleased to welcome Kevin T. Kearney, CPA, to serve as Director of Financial Services and CFO for the Firm and also provide Outsourced CFO/Controller services to clients. Kearney has over 30 years of experience in both public and private practice. He brings to the Firm a background of diversified experience specializing in financial and operational leadership for […]
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Retirement Plans for Medical Offices
Planning for your future is paramount, regardless of what career path you’ve chosen. For doctors, it seems like retirement should be an easy path, but many medical professionals are not aware of the plans available to them. Before you make a decision that can impact your and your employees’ lives forever, it is important to understand the details. Here are […]
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IRS Increases Mileage Rate Midyear
The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final half of 2022, the standard mileage rate for business travel will be 62.5 cents per […]
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2022 Tax Changes Affecting Retirement Savings
There have been some changes to the tax laws which affect taxpayers who are retired, preparing to retire, and those who are beginning to save up for retirement. Required minimum distributions (RMDs) – Due to higher life expectancies, the IRS has made some changes to the table used to calculate your RMD resulting in a smaller minimum distribution starting in […]
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