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Tax Treatment of the Economic Injury Disaster Loan (EIDL)

Tax Treatment of the Economic Injury Disaster Loan (EIDL)

Many organizations, big and small, have felt the financial impact of the pandemic.  Financial aid packages are available to ease the strain and help these organizations survive this tumultuous time.  Today, we will focus specifically on the Economic Injury Disaster...

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Tax Reporting For Cryptocurrency Received Via Crowdsourcing

Tax Reporting For Cryptocurrency Received Via Crowdsourcing

Cryptocurrency, a virtual or digital currency that can be exchanged online for goods and services, has become a “hot” topic for the IRS.  In 2019, the IRS issued more than 10,000 letters to taxpayers regarding cryptocurrency underreporting and the draft 2020 Form 1040...

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New Portal: myconneCT

New Portal: myconneCT

The State of Connecticut is transitioning to a new portal called myconneCT.  The portal is being implemented in phases and effective September 2, 2020, many tax types will no longer be available in the Taxpayer Service Center (TSC).  The tax types that will no longer...

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Business Valuations:  Does my Business Need One?

Business Valuations: Does my Business Need One?

Our firm is often asked “Do I need a Business Valuation?”.  There are many reasons why a business may want/need a business valuation prepared by a Certified Valuation Analyst; here are some of the reasons: Mergers, Acquisitions, Selling your Company – Basing a...

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Home Office Deduction

Home Office Deduction

If you use part of your home for business, you may be able to deduct expenses for the business use of your home, provided you meet certain IRS requirements. Generally, in order to claim a business deduction for your home, you must use part of your home exclusively and...

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