PPP & Relief Program Compliance: Key Lessons for Small Businesses

Recent news involving a Connecticut accountant sentenced for misusing Paycheck Protection Program (PPP) funds serves as an important reminder for small business owners: government relief programs come with strict rules, and compliance matters long after the funds are received. Keep Detailed Documentation Relief programs like PPP require accurate applications and proper use of funds. Business […]
Understanding Tip Income and Overtime Pay: What You Need to Know

Recent discussions and legislative attention to tip income and overtime pay have raised important questions for both employees and employers. While tips and overtime have long been taxable, increased scrutiny and potential changes in how these earnings are reported and treated for tax purposes make it more important than ever to understand the rules and […]
The IRS Is Going Digital: What the Phase-Out of Paper Refunds Means for You

The IRS has announced significant changes that will reshape how taxpayers file, receive refunds, and communicate with the agency. At the center of these updates is the phase-out of paper refund checks, which officially began on September 30, 2025, as part of a broader federal initiative to modernize tax administration. Paper Refunds Are Being Phased […]
How International Taxation and Tariffs Impact Your Business: What You Need to Know

For businesses operating globally or relying on imported inputs, recent changes in U.S. tariff and international tax policy are far more than abstract policy shifts—they have real costs and risks. Understanding the numbers can help you plan more effectively and avoid unpleasant surprises. Key Cost Figures Tariff revenues from new U.S. import tariffs in 2025 […]
What Connecticut’s $420M Tax Surplus Means for Residents & Businesses

Connecticut ended its fiscal year on June 30 with an unexpected $420 million surplus in tax revenue, well above the $190 million post-session surplus lawmakers had anticipated. This positive fiscal surprise is being welcomed by state officials, but the real question is: What does it mean for residents and businesses? How the Surplus Happened The […]
Key Tax Credits for Individuals Slated to End in 2025

The “One Big Beautiful Bill Act” (OBBBA) signed into law on July 4, 2025, accelerates the expiration of several major clean energy tax incentives originally created under the Inflation Reduction Act (IRA). Below is a breakdown on what is changing and when. Residential Clean Energy Credit 30% credit for new solar panels, wind systems, geothermal […]
White House Weighs Removing Capital Gains Tax on Home Sales

The current administration is considering a policy that could significantly benefit homeowners: eliminating the federal capital gains tax on the sale of primary residences. If enacted, this change could unlock major tax savings—especially for long-term homeowners facing large gains due to rising home prices. What’s the Proposal? Under current law, homeowners can exclude up to […]
Timing and Accounting for the “One Big Beautiful Bill”: What Companies Need to Know

With the passage of the “One Big Beautiful Bill,” businesses are now navigating one of the most significant tax law changes in recent years. While many headlines focus on the taxpayer-facing provisions—like increased deductions and credits—companies must also prepare for the accounting implications, especially in how they report the bill’s impacts in both interim and […]
What the New Tax Bill Means for You: 8 Key Opportunities to Know for 2025

A new federal tax bill brings valuable opportunities for both individuals and businesses in 2025. Here’s a breakdown of the top provisions and how you can take advantage of them. 1. Deduct Your Tips — Up to $50,000 If you report tips on your taxes, you may now deduct them — up to $25,000 (single) […]
Understanding the “No Tax on Tips Act”: Strategic Considerations for Employers and Tipped Employees

On May 20, 2025, the U.S. Senate passed the No Tax on Tips Act (S.129) with unanimous bipartisan support. Now under review in the House of Representatives, this legislation seeks to exempt up to $25,000 in reported tip income from federal income tax, while expanding employer tax credits on payroll taxes associated with those tips. […]