phoneFairfield 203.333.2228 phoneNew Haven 203.787.6527

Newsletter

Eight Ways to Prevent Expense Account Fraud

Your employees may be cheating your company by turning in bogus expense reports. While each of these transactions may be small, they can add up to a bundle. Not only does expense account abuse erode profits, it creates an environment in which employees think they can get away with stealing — and perhaps move on […]


Vacation Homes Classified as Rentals See Little Impact from Tax Reform

There’s good news if you own a vacation home that you rent out: The Tax Cuts and Jobs Act (TCJA) didn’t have much effect on how your rental income and related expenses are treated under the tax rules. But those rules are still complicated. Here’s what you should know. Classifying Your Property Under the Internal […]


5 Ways to Boost Deductions for Charitable Giving

The holiday season is fast approaching. It’s the time when people traditionally make gifts to charities. Generally, year-end donations increase the charitable deduction you can claim on the personal tax return you’ll file the next year. But 2018 is different from most previous tax years. From 2018 through 2025, the Tax Cuts and Jobs Act […]


Free Credit Freezes and Fraud Alerts Are Here!

The Federal Trade Commission (FTC) just issued some FAQs explaining a new consumer protection law known as the Economic Growth, Regulatory Relief and Consumer Protection Act. It was signed by President Trump in May and took effect on September 21, 2018. Freezing Accounts to Protect against Fraud Under the new law, credit reporting agencies — […]


Gen Z May Change How You Manage Employees

Is your workplace ready for Generation Z? Lately, many demographers and generation-focused marketing experts have been vocal about what they observe in Gen Z, the newest additions to the job applicant pool.  With every new generation, there’s an element of rebellion against the attitudes, lifestyles and tastes of previous generations. But to a large extent, […]


Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends

Do you have long-term capital gains or qualified dividends? If so, there’s good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for those with relatively low income. But, if your income is too […]


Effects of the Tax Law Vary Based on Major Life Events

Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes — from marriage and birth to divorce and death — can provide opportunities […]


Fight Internal Fraud With 8 Precautions

When you read in the paper that a “trusted employee” has been charged with embezzlement, it can be shocking. But then, of course, it makes sense because the theft involved a trusted employee. An employee who isn’t trusted doesn’t have much of a chance to commit fraud. How can you ensure that internal fraud doesn’t […]


Sales Tax: Supreme Court Ruling Affects Retailers and Consumers

A new U.S. Supreme Court ruling paves the way for states to require Internet sellers to collect sales tax from consumers — even if they don’t have a physical presence in the state. (South Dakota v. Wayfair, No. 17-494, June 21, 2018) In doing so, the Court has reversed the long-standing, but controversial, precedent in […]


Tax Reform: What’s Changing for Individuals?

The Tax Cuts and Jobs Act makes sweeping changes to the tax rules for individuals. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major issues under the new law to help you understand what’s changing. In general, the changes for individual taxpayers are […]


Should Your Business Be a C Corporation or a Pass-Through Entity?

The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners to ask: What’s the optimal choice of entity for my start-up business? […]


Capital Gains Rates Before and After the New Tax Law

Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you’re not alone. Here’s what you should know if you plan to sell long-term investments or expect to receive dividend payments from your investments. Old Rules Prior to the TCJA, individual […]


Save or Shred? Follow These Recordkeeping Guidelines

Are you a recordkeeping pack rat? Many individuals and businesses hold onto paper and digital records indefinitely — just in case. But securely storing years of financial records can become burdensome. Here’s some guidance to help minimize recordkeeping overload. Personal Tax Records Most tax advisors recommend that you hold onto copies of your finished tax […]


6 Last-Chance Tax Breaks: Do You Qualify?

The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As a result, millions of Americans who have itemized […]


Important Changes for Individuals in the New Tax Law

For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things that individual taxpayers need to know about the TCJA, which was signed into law on […]


Year-End Business Tax Planning Strategies in Light of Tax Reform

It’s not too late! You can still take steps to significantly reduce your business’s 2017 income tax bill and possibly lay the groundwork for tax savings in future years. Here are five year-end tax-saving ideas to consider, along with proposed tax reforms that might affect your tax planning strategies. 1. Juggle Income and Deductible Expenditures […]


Answers to Your Questions about Marital Status and Tax Returns

When a couple ties the knot or gets divorced, taxes are probably not the first thing on their minds. But many decisions that couples make do affect their tax returns — and the amount they ultimately owe the federal government. Here are some answers to some frequently asked questions about marital status and taxes. Q. […]


Collect Tax-Free Profit From Selling Your Home

Whether the residential real estate market is up or down, there are always homeowners who want to — or have to — sell their homes. If you’re a prospective seller making your property look like a model home in the hopes of raking in a nice profit, now is a good time to review how […]


Understand Your Social Security Retirement Benefits

For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. The report projects that the combined asset reserves of the Old-Age, Survivors and Disability Insurance (OASDI) Trust Funds […]


Age Has its Privileges … and Penalties

In an era filled with uncertainty, you can count on one thing: time marches on. Here are some important age-related financial and tax milestones to keep in mind for you and your loved ones: Age 0 to 23. Under the Kiddie Tax rules, part of young person’s investment income can be taxed at the parent’s […]


Understand How the Definition of Independent Contractor Has Changed Again

Whether someone who performs work for you qualifies as an employee or an independent contractor matters a great deal in terms of your financial and legal obligations to that individual. This includes such issues as whether your business must pay minimum wage and overtime pay, and provide mandated employee benefits. Under President Obama, the U.S. […]


Which Parent Gets Child-Related Tax Breaks After Divorce?

Divorce causes tax issues. For example, which parent is allowed to claim a host of valuable child-related tax breaks? Sometimes, but not always, it depends on which parent is allowed to claim the child as a dependent. This article explains what you need to know. Are You the Custodial Parent? For tax purposes, a child […]


Sharing Tax Issues in the Sharing Economy

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may be considered part of the “sharing economy” (also known as the Gig or on-demand economy). Participation in this emerging method of distributing services can be […]


10 Simple (and Fun) Ways to Cut Taxes This Summer

It’s already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don’t get stuck in a holding pattern yourself. Give some attention to business and personal tax planning this summer. Here are […]


Establishing Residency for State Tax Purposes

Have you been contemplating moving to another state with lower taxes? Your move could lower your state tax bill, but you want to make sure to establish that the new state is your place of legal residency (also known as your “domicile”) for state tax purposes. Otherwise, the old state could come after you for […]


Understanding the Benefits of S Corporations

Whether you’re setting up a new company or you’ve been in business for years, you need to evaluate which legal structure is best for your enterprise. No one option is best for every type of operation. The right choice depends on several factors including the number of owners, taxes and your business goals. These concerns […]


Dividing Assets, and Tax Bills, in Divorce

When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple’s assets are split up in a divorce property settlement. State Law Is Important How assets are split up in a divorce depends largely on where the divorcing couple […]


New Version of Form I-9 Issued

The U.S. Citizenship and Immigration Services (USCIS) has issued a new version of Form I-9, “Employment Eligibility Verification,” that is dated November 14, 2016 and has an August 31, 2019 expiration date. Employers must use the new form beginning on January 22, 2017. Until then, the version dated March 8, 2013 may also be used. […]


New Overtime Rules Suspended for Now

Many employers have been wrestling with plans to comply with new U.S. Department of Labor (DOL) overtime rules since last May. That’s when the rules were finalized, with a December 1 compliance deadline. Those new rules included raising the minimum salary overtime exemption to $913 per week from $455. A little more than a week […]


 Get Ready Businesses: Some Filing Due Dates Are Changing

Thanks to recent legislation, the due dates have been changed for some information returns and related statements and for some business tax returns. Here’s what you need to know. Earlier Due Dates for Forms 1099-MISC and W-2 When a business pays non–employee compensation aggregating to $600 or more to a single payee in a tax […]