Mandatory FinCEN Beneficial Ownership Information Reporting In 2021, Congress passed a statute called the Corporate Transparency Act(CTA). Under this statute, most companies that conduct business in the U.S. will be REQUIRED to report the beneficial ownership information (BOI) to the Financial Crimes … Continued
Petrovits, Patrick, Smith & Company LLC, CPAs is pleased to announce that Nicholas Chuisano, a recent Post University honors graduate, has joined the firm. We are excited with Nick for this great accomplishment and are honored to have him as part of the PPSC, LLC team. Meet the … Continued
Starting June 1, 2022, CT residents may begin to apply for a child tax credit ($250 per child for a maximum of three children). To be eligible, the taxpayer must: be a CT resident have claimed a child under the … Continued
Be on the lookout – the IRS will be mailing letters in January on the Advance Child Tax Credit Payments (Letter 6419) and the Economic Impact (stimulus) payment (Letter 6475). This information will be needed to file your return. Any … Continued
Recognizing there are still many struggling this year to meet their essential needs, PPSC has decided that in lieu of sending Christmas cards, each firm employee will receive an amount to donate to a charitable organization of their choosing. We wish everyone … Continued
Are you a Torrington property owner or tenant looking to improve your property? The City of Torrington is providing a financial incentive to reinvest in commercial buildings exterior and certain qualified interior renovations. Apply or get more information about the Torrington … Continued
COVID-19 has been difficult on everyone including charities. In addition, fewer people have been claiming tax breaks for charitable giving since the Tax Cuts and Jobs Act went into effect in 2018 roughly doubling the standard deduction. The Cares Act … Continued
On June 25, 2019, legislation was passed creating the “Paid Family and Medical Leave Act”. The Act will expand upon the current Connecticut’s Family and Medical Leave Act (CT FMLA). Effective, January 1, 2022, CT FMLA will apply to employers … Continued
Coronavirus Relief Act and CARES Act provisions to help small businesses and nonprofits These provisions have their restrictions, guidelines, and limitations for qualifications. We have summarized some of the current programs for your convenience. You should review all guidelines before … Continued
CARES Act Payments The payments will be based on your adjusted gross income (AGI). The IRS will look at your 2019 return, if this has not been filed then they will look at 2018. It is important to understand the … Continued