News and insights From Reynolds + Rowella
Virtual Currencies & US tax and financial account reporting
By: Christopher Galakoutis, Reynolds + Rowella In 2014, the Internal Revenue Service (IRS) issued initial guidance on cryptocurrencies with Notice 2014-21. Particularly how taxpayers who held Bitcoin, as well as other virtual currencies, would be required to report transactions involving these cryptocurrencies for US income tax purposes. Specifically, the IRS stated such virtual currencies were […]
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WFH Policy Assessment
Earlier this year, employers were polled by Mercer, a global benefits consulting service, to give their preliminary thinking about flexible work arrangements in a post-pandemic environment. Their answers suggest that, in some cases, companies with employees working remotely have become more receptive to these arrangements. Here are some quick survey highlights: 68% of companies are now […]
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Katie Hall, Gets Published in CT CPA’s Magazine
With more than a decade of diversified knowledge in HR, Katie has extensive hands-on experience leading HR initiatives including policy design, compensation, performance management, recruiting, compliance reporting, HR workflow development, training and development, and benefits administration. She assists R+R clients with recruiting and retaining quality staff and works closely with businesses in regards to their […]
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2020 US Taxes: Implications for Visitors to the US in the year of Covid-19
By: Christopher Galakoutis, Reynolds & Rowella In a typical year, millions of people from around the world visit the US. Many come as students and tourists, while others travel to the US to attend meetings, conferences and for other short-term business trips. For the most part short stays in the US do not trigger US […]
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6 Proactive Estate Planning Strategies
Most peoplearen’t currently exposed to the federal estate tax – thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current federal estate and gift tax regime as well as life events. Plus, there’s always uncertainty about the future direction […]
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Tax-Smart Gifting
By: Eric Miller As with every election year, there is a great deal of uncertainty of what to expect. Taxes are always a popular topic amongst the candidates regardless of the year, and that trend has continued for the 2020 election. When discussing taxes the popular area that is addressed are Income Taxes and an area […]
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Reynolds + Rowella Welcomes New Tax Partner
PRESS RELEASE September 29, 2020 – Ridgefield CT — Reynolds + Rowella, a leading certified public accounting and business advisory firm in Fairfield County, is pleased to announce that Patrick Butler, CPA, has transitioned into the role of Tax Partner, effective October 1, 2020 “We will always seek to recognize the dedication of our team […]
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Monitor Overtime Pay for Your Remote Workers
Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are — or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated. As explained […]
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5 Key Points about Bonus Depreciation
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. 1. Bonus depreciation is scheduled to phase out Under current law, 100% bonus depreciation will be phased out in steps […]
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3 Steps to Increase the Likelihood of Your PPP Loan Forgiveness
With the forgiveness process now open, accountants, tax professionals and auditors are working around the clock to submit forgiveness applications on behalf of their clients. Without forgiveness, millions of businesses will be saddled with debt they cannot afford and otherwise likely would not have borrowed. The impact of mass non-forgiveness will likely be another major […]
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New Guidance Issued on President Trump’s Payroll Deferral Executive Order
By Pat Butler On August 8, 2020, President Trump signed an executive memorandum directing the U.S. Department of the Treasury to defer certain payroll tax obligations amid the ongoing COVID-19 pandemic. On August 28, 2020, the IRS published Notice 2020-65 (Notice) allowing employers to defer withholding the employee portion of Social Security tax from paychecks. […]
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The COVID-19 crisis
The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create new opportunities—small businesses that can respond to those opportunities will survive […]
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The Second Half of 2020
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021? Uncertain Times These are tough […]
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Are you paying your employees too much – or not enough?
At Reynolds + Rowella we are often approached by current and prospective clients to conduct compensation benchmarking to determine a proper salary range for employees. What is Compensation Benchmarking? Compensation Benchmarking is the comparison of internal jobs to the market. We take your job descriptions and match them to similar jobs found in multiple compensation […]
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Santa Visits Ridgefield via Reynolds + Rowella
Santa arrived at the office of Reynolds + Rowella in Ridgefield, CT dropping off gifts for the Evelyn C. Peeler Children’s Holiday Gift Fund. Thank you to all of Santa’s helpers and for creating a Merry Christmas for families in town! The goal of the Evelyn C. Peeler Children’s Holiday Gift Fund is to make […]
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