Reminder on Connecticut’s Mandatory Employer Retirement Plans

 Reminder on Connecticut’s Mandatory Employer Retirement Plans As a Connecticut small business employer, you are required to enroll in the mandatory CT Savers Plan by August 31, 2023 (extended date) or opt out of the CT plan, by implementing an employer-sponsored plan. How the CT Plan affects employers: Employers will be required to register, or […]
The Importance of Accountable Plans for S Corp Owners: Maximizing Tax Advantages

As an S Corporation (S Corp) owner, you play a dual role, being both an employer and an employee of the company. Managing expenses effectively is crucial for optimizing your tax situation and maximizing tax advantages. To effectively gain the tax advantages, we will delve into the concept of accountable plans and explore their significance […]
News: IRS Ramps Up Phase II of Fraudulent ERTC Claims and Warns Businesses of Aggressive ERC Marketers

Emerging Issues and News: August 7, 2023 IRS Ramps Up Phase II of Fraudulent ERTC Claims and Warns Businesses of Aggressive ERC Marketers The Internal Revenue Service has made substantial progress in its efforts to discover and overturn fraudulent ERC (Employee Retention Credit) claims. IRS Commissioner, Danny Werfer said the Agency is entering a new […]
Business Owners: The Benefits of Outsourcing Bookkeeping and Tax Services

As a business owner, one of the keys to success is being able to focus on the core activities that drive your business forward. However, managing the financial aspects of a company, including bookkeeping, payroll, and tax work can be a time-consuming and complex process. This is where outsourcing to professionals comes into play, providing […]
Unlocking Tax Benefits: IRS R&D Credit for Food and Beverage Manufacturing

Unlocking Tax Benefits: IRS R&D Credit for Food and Beverage Manufacturing In the realm of food and beverage manufacturing, innovation is the key to success. From the creation of new recipes and flavors to the development of safer packaging and adherence to rigorous food safety standards, the industry continuously strives to meet evolving consumer demands. […]
Addressing IRA RMD Requirements Upon Death of an Owner

Addressing IRA RMD Requirements Upon Death of an Owner If an IRA owner who is taking required minimum distributions (RMDs) dies before withdrawing their annual RMD, the RMD remains subject to the same withdrawal rules. This is a daunting prospect for an estate administrator or a beneficiary, as they generally have little time to act […]
Connecticut Expands and Further Defines Sick Leave Under SB2

06 July 2023 Connecticut Expands and Further Defines Sick Leave Under SB-2 On June 26, 2023, Connecticut’s governor signed SB 2, which expands the reasons covered employees can use leave under the state’s paid sick and safe leave law, effective October 1, 2023. Recap on Connecticut Paid Sick and Safe Leave: Connecticut was an early adopter of […]