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The Supreme Court Monday rejected an appeal from several states challenging Congress's cap on state and local taxes that can be deducted from federal taxable income. New York led a group including Connecticut, New Jersey, and Maryland in trying to strike down the 2017...

The Employee Retention Credit (ERC) is a refundable tax credit that was created as COVID relief for businesses employing people during the Pandemic. The credit applies to businesses that had payroll for employees (other than owners) and that had a significant drop in...

​Tax season is officially underway: Monday marks the first day that the Internal Revenue Service (IRS) is accepting and processing tax returns. Parents or guardians filing their taxes will have to fill out different paperwork this year. The IRS will be sending Letter...

One of the common errors we see as CPAs is that bank reconciliations are forgotten about or prepared incorrectly. It is important to reconcile all your cash/credit card accounts every month to ensure that all your business activity has been recorded and you have an...

The IRS will be sending out two letters to taxpayers this January:  Letter 6419- Advance Child Tax Credit Payments   Letter 6475- Economic Impact (Stimulus) Payment  If you receive either of these letters, it is important that you save them with your tax documents for...

If you are one of the many individuals or businesses that has an outstanding tax debt owed to the state, you have until January 31, 2022, to pay your debt with 75% reduced interest, zero penalties, and no criminal prosecution! This program is open to all taxpayers for...

​The pandemic has been difficult for everyone, including the IRS. In June 2021, after most individual tax returns had been filed, the IRS had around 35 million unprocessed tax returns. The most recent update from the IRS discloses they have processed all returns...

CT recently released a summary of its legislation enacted during the 2021 Regular Session and June Special Session. Here are a few key developments that may apply to your business: “Admissions Tax: Beginning July 1, 2021, admissions tax applies only to movie theaters....

The IRS has issued a notice informing taxpayers that they can get an advance on half of their estimated CTC for 2021. This advance will be paid in monthly increments beginning July 2021 through December. The advance payments will generally be made on the 15th of each...

Matt Tierinni, CPA and Sylvia discuss the various forms of a company from sole proprietor to C-corporations. They discuss the tax and personal liability consequences of each form and compare the two most popular forms of companies, the Limited Liability Company and...