Year-End Tax Planning Guide 2025 New Temporary Tax Deductions for 2025–2028 The IRS has introduced several temporary deductions that could provide significant tax savings: Tips: Deduct up to $25,000 in qualified tip income. Overtime pay: Deduct up to $12,500 (or $25,000 for joint filers) of overtime premium pay. Vehicle … Continued
Paper Checks for Government Payments End Soon Beginning September 30, 2025, the U.S. Department of the Treasury will stop issuing paper checks for government payments and will no longer accept paper checks as a form of payment. This change is part … Continued
On Sunday, March 2, 2025, FinCEN continued its rollercoaster guidance by announcing that it will not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rules under existing regulations. Additionally, FinCEN will not enforce any penalties … Continued
A brief update on the Corporate Transparency Act (CTA). As of December 4, 2024, there’s still some uncertainty about whether the Government will appeal a recent decision made by a Texas U.S. District Court. On December 3, the court issued … Continued
Important Sick Pay Update for CT Businesses Have you reviewed your company’s policy regarding Connecticut paid sick leave? Connecticut’s Governor, Ned Lamont, signed legislation in May of 2024 expanding the state’s Sick Leave Law. These changes will take effect on … Continued
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
Currently, tax filing is still scheduled for April 15th, however, the Treasury has announced individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. No formal guidance issued yet by the IRS. Here in … Continued
In the interest of protecting our staff in the midst of the COVID-19 (Coronavirus) outbreak, we have decided to limit exposure by canceling face-to-face meetings. We can continue to service your tax returns needs by our portal, FedEx or USPS … Continued
IRS Issues 2020 Form W-4 According to the Internal Revenue Service, the newly redesigned W-4 form for 2020 reduces the form’s complexity and increases the transparency and accuracy. New employees first paid after 2019 or employees paid prior to 2020 who … Continued
Petrovits, Patrick, Smith & Company LLC, CPAs is pleased to announce that Kariann McDougall, a staff accountant with the firm, recently obtained her Master’s Degree from Post University graduating with distinction (AKA 4.0), accepted into Delta Mu Delta, Nu Zeta Chapter, an … Continued
Petrovits, Patrick, Smith & Company LLC, CPAs is pleased to announce that Kariann McDougall, a staff accountant with the firm, has recently completed all parts of the Uniform Certified Public Accountant examination and the AICPA Professional Ethics for CPAs exam to earn … Continued