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. […]
House Passes Amended Budget Reconciliation Bill: Key Tax Changes for 2025 and Beyond

Accavallo & Company CPAs | May 27, 2025 On Thursday, the U.S. House of Representatives narrowly passed an amended version of the budget reconciliation bill, officially titled the One Big Beautiful Bill Act (H.R. 1). The bill now moves to the Senate for further consideration. The final House vote came in at 215-214, with one […]
AI Is Here—But So Are We: Evolving Accountancy to Better Serve Clients

AI Is Here—But So Are We: Evolving Accountancy to Better Serve Clients The accounting profession is undergoing a dramatic transformation. Artificial intelligence (AI) is now capable of automating a wide range of tasks that once required hours of human input—data entry, invoice matching, bank reconciliations, and even basic reporting. These changes are prompting many to […]
Q1 2025 Retail & Consumer Outlook: Opportunities Amid Revenue Slowdowns

As Q1 2025 unfolds, the retail and consumer goods sectors are facing complex challenges driven by economic pressures and evolving consumer behavior. For companies experiencing revenue headwinds, adapting to key trends can unlock new revenue streams, strengthen customer loyalty, and optimize channel strategy. This report highlights three critical trends and offers actionable strategies for businesses […]
Connecticut Cracks Down on Sales Tax Compliance: Key Updates for Businesses

Connecticut Sales Tax Enforcement Is Heating Up—Here’s What You Need to Know If you are selling goods or taxable services in Connecticut—or even into Connecticut—you may have noticed a sharp uptick in audit activity lately. From questionnaires to full-blown audits, the state is cracking down on businesses that have not been collecting and remitting sales […]