During a recent Firm luncheon at the New Haven Country Club, BHCB managing partner, Dennis Cole, announced the following promotions: BHCB is committed to building long-term relationships with clients built on a foundation of trust, integrity and exceptional service.  We are extremely proud of our team and congratulate each of our promoted leaders who will […]

There’s more to paying taxes than just federal and state income taxes. Another major tax chore for employers is payroll taxes. These expenditures can be significant, and the reporting requirements can be onerous. So it’s important for small business owners to understand the basics. First off, employers are required to report and deposit payroll taxes […]

Here’s a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student’s chances for getting financial aid later. That’s because of the way the financial aid system treats different assets. Retirement plans and IRAs don’t count for college aid […]

You taught them how to read and how to ride a bike, but have you taught your children how to manage money? Many college students and graduates carry a significant amount of student loan debt. Unfortunately, many of them will either default or be delinquent in repaying those loans, which may affect decisions they make for […]

Congratulations to Kim Purisky who participated in the Connecticut Professionals’ Leadership Academy. The Academy teaches its members what it means to be a leader and how that impacts their personal life, career path and the accounting profession. Kim graduated this past month on Tuesday, June 20th, 2023. Congratulations Kim! https://www.ctcpas.org/la2023/purisky

Let’s say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. The person may not be able get a passport if he or she owes the government a significant amount of back taxes. The IRS is […]

Inflation is generally bad news. But a favorable side effect is bigger annual inflation adjustments to federal tax breaks. In fact, many federal tax parameters for the 2023 tax year are up about 7% over the amounts for 2022. Here are the details — plus inflation-adjusted estimates for the 2024 tax year to tide you […]

Hiring someone as an independent contractor can have many advantages for employers. Among them are that independent contractors: Perhaps the biggest risk of engaging an independent contractor is that the IRS will eventually determine that the person is actually an employee. In such an event, you could be held liable for back taxes, penalties and […]

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you’re confused about what rules currently apply, you’re not alone. Here’s a refresher on what’s currently deductible — and what’s not. TCJA Impact Before the Tax Cuts and Jobs Act (TCJA) went into effect, […]