IRS 1099-K Changes: What Venmo, PayPal & Cash App Users Need to Know

If you use apps like Venmo, PayPal, Cash App, or Stripe, recent IRS changes may affect you more than you realize. The rules surrounding Form 1099-K, which reports payment transactions, are evolving—and more taxpayers are now receiving these forms than ever before. Historically, third-party payment platforms only issued a 1099-K if you had over $20,000 […]
Small Business Expense Deductions: What You Can (and Can’t) Write Off

For small business owners, deductions are one of the most powerful tools to reduce taxable income—but they’re also one of the most misunderstood. With increased IRS scrutiny in recent years, it’s more important than ever to know what qualifies as a legitimate business expense. The general rule is simple: a deductible expense must be “ordinary […]
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 […]
Upcoming Q1 2026 Tax Deadlines: What to Know and How to Prepare

As we close out the year and head into tax season, staying ahead of important deadlines is key to avoiding penalties, last-minute stress, and missed opportunities. Each quarter, we share essential tax filing and payment due dates, business compliance reminders, and planning tips to help our clients stay organized and confident. Below is an overview […]
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 […]
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 […]
Navigating Succession Planning: Key Tax Issues for Family-Owned Businesses

Succession planning is an essential process for business owners, particularly those in family-owned businesses, as they look to transfer ownership or exit their companies. With many business owners approaching retirement age and the “great wealth transfer” expected to see $3.5 trillion passed down from Baby Boomers to their heirs by 2050, the need for professional […]
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 […]
Navigating Alternative Investments: A Tax-Savvy Approach for Nonprofits

Considering alternative investments for your not-for-profit entails a thorough evaluation of potential risks and rewards, especially in light of their distinct tax implications. While these investments often boast higher long-term performance compared to traditional securities, they present nuanced considerations that demand careful attention. Here’s a comprehensive overview to guide your decision-making process. Complex Valuation Dynamics […]