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 […]
Seven Lessons You Can Learn from Your Tax Return
Your Tax Return: A Powerful Financial Tool Your tax return isn’t just a yearly obligation—it’s a powerful tool for understanding and improving your financial picture. Here are seven valuable lessons your tax return can teach you: 1. Keep Good Records for Itemizing Your Deductions Did you take the standard deduction last year just because it […]
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 […]
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 […]
Nationwide injunction halts BOI filing requirements—here’s what it means for your business.
December 16, 2024 – Accavallo & Company LLC Businesses across the United States received a major update regarding the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA). A federal district court has issued a nationwide injunction halting the enforcement of these requirements, citing constitutional concerns. What Does This Mean for Businesses? […]
