Blogs

Connecticut Governor Ned Lamont signed budget bill H.B. 6941 on June 12, 2023 making major changes to the state’s pass-through entity tax (PTET). Beginning in 2024, the PTET will be optional rather than mandatory. Eligible entities that wish to elect to pay the tax must provide the Connecticut ...

Effective for tax years beginning after December 31, 2022, the Inflation Reduction Act of 2022 (IRA) imposes a 15 percent Corporate Alternative Minimum Tax (CAMT) on applicable corporations. The new tax will have significant tax implications on large applicable corporations which requires complex ...

The main question we hear from small business owners is how they can find more ways to reduce their taxable income. A solo 401(k) offers itself as an attractive option when compared to other retirement accounts available. What makes these plans so appealing is their ability to encourage saving for ...

The latest regulations, known as Section 174 rules, now require taxpayers to capitalize and gradually deduct research and experimental (R&E) costs incurred in taxable years starting on or after January 1, 2022. The deduction is calculated based on a straight-line recovery period of either five ...

The line between having a hobby and running a business can often be confusing, but knowing the difference is critical because hobbies and businesses are treated differently when it’s time to file your taxes. The biggest difference between the two is that hobbies are for pleasure or recreation while ...

The classification of workers in the United States as either 1099 (independent contractors) or W-2 (employees) has significant implications for both parties involved. Understanding these differences is vital for contractors and employers to ensure tax and labor law compliance. This article will ...

Nonfungible Tokens (NFTs) have gained immense popularity in recent years as unique digital assets that can be used to certify ownership and authenticity of associated rights or assets. However, the tax treatment of NFTs remains uncertain, which has raised concerns for taxpayers, tax professionals, ...

ASC 842, the new lease accounting standard from the Financial Accounting Standards Board (FASB), has been in effect since December 15, 2018, for public companies and will go into effect for private companies on December 15, 2021. The GAAP lease accounting standard, ASC 842, mandates that leases ...

In a recent decision, the United States Tax Court ruled that the Internal Revenue Service (IRS) cannot assess penalties under IRC Section 6038(b) for willfully failing to report foreign income in the case of Farhy v. Commissioner. This ruling has significant implications for taxpayers who may have ...

Have you ever wondered how many days you have to correct an e-file rejection and resubmit your tax return or extension to be considered timely? Per Publication 4163 Tax Preparers have the following grace periods to correct and retransmit returns or extensions that were timely filed but were ...