Republican SALT Caucus Pushes Back on Cap Proposals Ahead of 2025 Expiration
ACO News: Republican SALT Caucus Debates Raising the SALT Cap Background: The SALT cap (state and local tax deduction limit) is currently $10,000, set by the 2017 Tax Cuts and Jobs Act (TCJA). This cap expires at the end of 2025. Some Republicans, especially from high-tax states like New York and California, want to raise […]
New FinCEN Rule Eliminates BOI Reporting for U.S. Entities
The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the obligation for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). On February 27, FinCEN announced its intent to release an interim final rule by March 21, 2025, to extend filing deadlines […]
Why You Shouldn’t Self-Prepare Probate Forms: The Importance of Professional Estate and Tax Guidance
When someone passes away, the estate they leave behind must be administered through a legal process known as probate. While probate may seem straightforward, it involves a range of complex legal and tax-related issues that can significantly impact the value of the estate and the beneficiaries. One common mistake that many people make is attempting […]
Navigating Down Rounds: Challenges, Alternatives, and Best Practices
In the last two years, many startups have faced difficulties, especially when they needed more funding despite not being profitable or struggling with uncertain future prospects. In fact, the number of startups shutting down increased significantly from 467 in 2022 to 770 in 2023. Several challenges have caused this trend, including fewer seed investments and […]
Key Tax Changes for 2025: What You Need to Know
The IRS has released the inflation-adjusted tax brackets, deductions, and contribution limits for 2025. These changes will impact tax planning for the upcoming year—but remember, they do not affect your 2024 tax return. Standard Deduction Increases for 2025 Taxpayers will see a bump in the standard deduction, reducing taxable income: Married Filing Jointly: $30,000 Single […]
What Does Your Accountant Do During Tax Season?
Tax season is a stressful time for both individuals and businesses, but the work behind the scenes is even more demanding. Your accountant is working long hours, often up to 12 hours a day, to ensure that your returns are filed correctly and on time. But what exactly is happening during these long hours? The […]
Connecticut DRS Extends Tax Deadlines to April 15
The Connecticut Department of Revenue Services (DRS) has granted extensions to April 15, 2025, for key pass-through entity tax filings in response to challenges with software availability. The affected forms include: Form CT-PET – Connecticut Pass-Through Entity Tax Return Form CT-1065/CT-1120SI – Connecticut Composite Income Tax Return Form CT-PET EXT – Application for Extension of […]
Irrevocable Trusts – Intent versus Interpretation
In a recent landmark legal ruling, a Nevada probate commissioner denied Rupert Murdoch’s attempt to amend his family’s irrevocable trust, drawing significant attention from estate planning lawyers nationwide. The implications of this case are wide-reaching, not only due to Murdoch’s high-profile media empire but also because it offers valuable insights into the tax and legal […]
Maximize Investment & Growth with the Connecticut Angel Investor Tax Credit and CFO Services
In the bustling world of investment opportunities, there’s a hidden gem: the Connecticut Angel Investor Tax Credit. This often-overlooked tax incentive offers significant benefits to both investors and startups, akin to the thrill of Shark Tank. Whether you’re a startup seeking seed capital or an investor looking for a lucrative opportunity, this could be your […]
Tax Implications of Cryptocurrency: How Accounting Firms Assist Clients in the United States
As cryptocurrencies like Bitcoin and Ethereum become more mainstream, understanding the tax implications surrounding these digital assets is critical for both individuals and businesses. The Internal Revenue Service (IRS) treats cryptocurrencies as property, meaning any sale or exchange is subject to capital gains tax (CGT). Given the complexity of cryptocurrency taxation, accounting firms play a […]
