Tax

IRS Provides Broad Penalty Relief for Some 2019, 2020 Returns

The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain...

Estate Planning Basics to Minimize Taxes

Although it may seem overwhelming, estate planning doesn’t have to be a daunting or complicated process. Even if an estate’s assets are...

Is Your Company Effectively Managing Tax Risk?

The concept of “tax risk” is an increasingly important and regular topic of discussion across organizations and in boardrooms, and for...

Remote Employees’ Transportation and Travel to the Office: Taxable or Nontaxable?

Many businesses are now allowing employees great flexibility to choose their work location. A common work arrangement allows an employee...

Qualified Charitable Distributions: What You Need to Know

Most American taxpayers now take the standard deduction when they file federal taxes, which means they can no longer take a deduction for...

Tax Breaks for Businesses and Self-Employed Taxpayers

It is never too soon to start planning for taxes. Businesses and self-employed taxpayers should make certain they are taking advantage of...

Families May Be Eligible for the 2022 Connecticut Child Tax Rebate

Connecticut families with children may be eligible for up to $750 ($250 per child up to three children) through the Connecticut Child Tax...

Updated Tax Brackets and Other Changes for 2022

The IRS has released updated tax brackets, standard deductions, and other updates to keep in mind as you plan for 2022 taxes.

Some Taxpayers Can Expect Higher Payroll Taxes in 2022

Due to a significant cost of living increase announced by the Social Security Administration (SSA), retirees and other recipients can...

Remote Workers May Have Tax Implications

Since the onset of the pandemic, more than half of U.S. employees have worked remotely at some point. While remote work can be appealing...

New digital asset reporting requirements will be imposed in coming years

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting...

Employee Retention Credit to End September 30, 2021 Instead of Year End

The Infrastructure Investment and Jobs Act (IIJA), which President Biden signed into law November 15, will retroactively end the employee...

5 Tax Accounting Method Changes That Can Generate Savings and Cash Flow

Cash flow preservation remains an important focus for many companies as the COVID-19 pandemic continues to create uncertainty for...