Update on the Potential Universal Charitable Deduction
During the COVID-19 pandemic, Congress temporarily introduced a provision allowing individual charitable donors who did not itemize federal income tax deductions to deduct up to $300 in contributions for the years 2020 and 2021. This universal charitable deduction significantly motivated many donors who might not have supported charities otherwise. However, this deduction expired at the […]
Visa and Mastercard Settlement: A $5.5 Billion Opportunity for Businesses
A significant class action settlement involving Visa and Mastercard has been finalized, providing an opportunity for businesses affected by excessive swipe fees to receive compensation. This settlement addresses allegations that Visa and Mastercard charged businesses unfairly high fees for credit card transactions over a 15-year period. Key Details of the Settlement Settlement Fund: The total […]
Uncovering Hidden Gems: The Connecticut Angel Investor Tax Credit
In the bustling world of investment opportunities, there’s a gem hidden in plain sight: the Connecticut Angel Investor Tax Credit. This often-overlooked tax credit presents a compelling option for both budding entrepreneurs and seasoned investors alike, akin to the thrill of Shark Tank. If you’re a startup in need of seed capital or an individual […]
Inflation Increases 2025 Amounts for Health Savings Accounts
The IRS has recently issued the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These annual adjustments, based on inflation, are announced earlier than other inflation-adjusted amounts to give employers adequate time to prepare for the upcoming year. Fundamentals of HSAs At Accavallo & Company, we understand the importance of HSAs in your financial planning. […]
2023 Tax Filing: Key Changes from the Latest Tax Bill Update
In a significant move aimed at providing much-needed support and relief, the House recently passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). This comprehensive tax bill, totaling approximately $78 billion, encompasses a range of provisions designed to address various aspects of the tax landscape, from enhancing support for families […]
Connecticut’s Largest Income Tax Cut: A 2024 Breakdown for Taxpayers
Governor Ned Lamont’s proposed tax cuts, labeled as the state’s largest in history, are set to bring relief to an estimated 1 million tax filers, representing 59 percent of all filers. Let’s delve into the details and understand how these changes could impact you. Governor Lamont’s Vision: The tax relief measures, part of a two-year, […]
Understanding BOI Filing Requirements: A Guide for Business Owners under the Corporate Transparency Act
The depth of financial reporting for small business owners is on the brink of change, as the Beneficial Ownership Information (BOI) filing requirement is set to take effect on January 1, 2024. Enacted through the Corporate Transparency Act and finalized by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), this regulation aims to […]
Converting a Section 529 Plan Balance to a Roth IRA
In December 2022, Congress passed the SECURE 2.0 Act, bringing exciting changes to Section 529 plans that can make you rethink how you save for your child’s education. If you’ve been wondering about the best way to prepare for educational expenses while ensuring flexibility and tax advantages, the new 529-to-Roth IRA conversion rule might be […]
IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims
IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims On September 14, 2023, the Internal Revenue Service (IRS) took action to halt the processing of new Employee Retention Credit (ERC) claims due to a surge in questionable submissions. This measure, which will remain in effect until the end of the year, aims […]
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 […]
