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 […]
How to Prepare Your Business for an IRS Audit
The IRS has stepped up its audit efforts, primarily focusing on large businesses and high-income individuals. By 2026, audit rates for large corporations with assets exceeding $250 million are set to nearly triple. Partnerships with assets over $10 million will also experience a tenfold increase in audit rates. This enhanced scrutiny is part of a […]
2024 Q3 Tax Calendar: Key Deadlines for Businesses and Employers
As we move into the third quarter of 2024, it’s important for businesses and employers to be aware of key tax-related deadlines. Below is a list of significant dates to keep in mind. Note that this list may not cover all applicable deadlines for your specific situation, so it’s advisable to consult with a tax […]
