Connecticut has made significant changes to its pass-through entity tax (PET) in recent years. The most recent changes took effect in 2022. The original PET was enacted in 2018 as a way to counter the Tax Cuts and Jobs [...]
The CARES Act and subsequent COVID-19 legislation created and enhanced the Employee Retention Credit (ERC) as a means of incentivizing employers to keep employees on payroll despite operational challenges. As a result, many employers have already claimed millions of [...]
The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for [...]
The last two years have been challenging for small and medium sized businesses in so many ways—a rocky economy, labor shortages, health and safety issues and more. Significant federal and state legislation, like Paycheck Protection Program (PPP) loans and [...]
Congress created the Employee Retention Tax Credit (ERTC) in March 2020 to provide financial relief to small businesses during the pandemic. Here’s some key facts about the ERTC and how to benefit from it. What is the Employee Retention Tax Credit? [...]
(Via Section179.org) What is the Section 179 Deduction Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below. Essentially, Section 179 of the IRS tax code allows [...]
We wanted to share with you some valuable links to Free Tax Services & Filing Season Awareness discussions during March and April. These meetings are focusing on providing information for individuals, especially those that are underserved or who may not [...]
