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News and insights From Reynolds + Rowella

Five tips to lower your tax liability

The 2021 tax filing season is here! When preparing your 2020 taxes returns, consider these last-minute ideas to lower last year’s federal income tax liability. 1. Contribute to a Traditional IRA If you’ve not yet made a deductible traditional IRA contribution for the 2020 tax year, you can still do so until April 15. Then […]

Are You Taking Advantage of Valuable Tax Credits?

Tax credits are a powerful way to lower your federal income tax bill. It’s important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a deduction, because a credit reduces your tax bill dollar for dollar. A deduction reduces only the amount of income that’s subject to tax. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

News and insights From Reynolds + Rowella

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