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# Reynolds + Rowella. LLP

Accounting & Consulting

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## Posts

- [Compensation and Benefits: The Ultimate Guide](https://www.reynoldsrowella.com/insights/employee-benefit-plans/compensation-and-benefits-the-ultimate-guide/) - When employees talk about what makes them feel valued, the conversation almost always begins with compensation. Fair pay and strong benefits, paired with thoughtful recognition, are essential to employee satisfaction. Compensation and benefits go far beyond just a paycheck. They reflect how an organization rewards the people who make its success possible. A well-designed approach
- [HR Compliance: 9 Steps to Keep Your Business on Track](https://www.reynoldsrowella.com/insights/business/hr-compliance-9-steps-to-ensure-your-business-remains-on-track/) - HR compliance is not simply about avoiding penalties or responding to problems after they arise. It is about establishing a clear, consistent framework for how your business manages people, responsibilities, and risk as it grows. Whether your organization has a small team or multiple locations, sound HR practices support smoother operations, clearer expectations, and better
- [Quality of Earnings Report: Understanding Deal Risk](https://www.reynoldsrowella.com/insights/business/quality-of-earnings-report-understanding-deal-risk/) - A Quality of Earnings (QoE) report helps buyers and sellers understand sustainable earnings and key deal risks.
- [Unhappy with Your PEO?  <span class="hero_sub_head">When to Switch Providers or Leave the Model Altogether</span>](https://www.reynoldsrowella.com/insights/human-resources/unhappy-with-your-peo/) - For small to midsize companies without an internal HR team, hiring a Professional Employer Organization (PEO) is common. PEOs allow you to retain control over daily employee responsibilities while they manage payroll, HR compliance, benefits, workers' compensation, and sometimes even hiring and onboarding. PEOs can offer simplicity, cost savings, and access to comprehensive benefits, especially
- [Connecticut's Expanded Paid Sick Leave Law: What Employers Need to Know](https://www.reynoldsrowella.com/insights/small-business/connecticuts-expanded-paid-sick-leave-law-what-employers-need-to-know/) - Effective January 1, 2025, Connecticut’s paid sick leave law will undergo significant changes designed to expand access and provide broader coverage for employees across the state. These amendments will affect employers of various sizes and introduce new requirements for paid sick leave accrual, usage, and recordkeeping. Businesses will need to prepare for these updates to
- [U.S. Bankruptcy Trends Raise Concerns for Businesses](https://www.reynoldsrowella.com/insights/small-business/u-s-bankruptcy-trends-raise-concerns-for-businesses-2/) - In 2024, bankruptcy filings among U.S. businesses increased significantly. By the end of Q3 2024, 512 businesses had filed for bankruptcy, surpassing the same period in 2023 (504) and nearing the record set in 2020 (518). This trend is driven by a combination of economic challenges, including inflation, higher interest rates, and geopolitical uncertainty. Here’s
- [U.S. Bankruptcy Trends Raise Concerns for Businesses](https://www.reynoldsrowella.com/insights/small-business/u-s-bankruptcy-trends-raise-concerns-for-businesses/) - In 2024, bankruptcy filings among U.S. businesses increased significantly. By the end of Q3 2024, 512 businesses had filed for bankruptcy, surpassing the same period in 2023 (504) and nearing the record set in 2020 (518). This trend is driven by a combination of economic challenges, including inflation, higher interest rates, and geopolitical uncertainty.
- [Younger Investors Shift Focus to Alternative Assets](https://www.reynoldsrowella.com/insights/financial-planning/younger-investors-shift-focus-to-alternative-assets/) - Traditional investments like stocks and bonds have long been the backbone of many portfolios, but younger generations are shifting their focus. A 2024 Bank of America survey found that nearly 75% of investors aged 21–43 believe they can’t achieve above-average returns by sticking to traditional options. Instead, they’re turning to real estate, cryptocurrencies, and private
- [Tax Planning for Business Owners Closing a C Corporation](https://www.reynoldsrowella.com/insights/small-business/tax-planning-for-business-owners-closing-a-c-corporation/) - As rising costs, labor shortages, and shifting demand take a toll, many business owners are making the tough decision to close their businesses. Whether you’re retiring or winding down due to economic pressures, it’s critical to understand the tax implications of a complete corporate liquidation. What Is a Complete Liquidation? For federal tax purposes, a
- [Clean Energy Tax Credits May Expire After 2025](https://www.reynoldsrowella.com/insights/business/clean-energy-tax-credits-may-expire-after-2025/) - The U.S. House of Representatives recently passed a broad tax and spending package unofficially referred to as "The One, Big, Beautiful Bill." Among its many provisions are proposed changes that would significantly impact two popular federal tax incentives: clean vehicle credits and energy-efficient home improvement credits. If the legislation becomes law in its current form,
- [Investing in Precious Metals Through Your IRA or Brokerage Account](https://www.reynoldsrowella.com/insights/401k/investing-in-precious-metals-through-your-ira-or-brokerage-account/) - Precious Metals in IRAs: What’s Allowed As concerns about inflation and market volatility continue to shape investor behavior, many individuals are looking beyond traditional equities and bonds in search of diversification. Precious metals—especially gold, silver, and platinum—have seen increased attention as a perceived safe haven. Over the past year, their value has risen significantly, rewarding
- [COBRA Compliance: Getting the Details Right](https://www.reynoldsrowella.com/insights/business/cobra-compliance-getting-the-details-right/) - For employers with 20 or more employees, offering group health insurance comes with responsibilities that extend beyond the active workforce. Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), organizations must provide continuation coverage to employees and their dependents following certain qualifying events. While the law itself is well established, many employers still face avoidable risks—often
- [Rethinking Performance Reviews](https://www.reynoldsrowella.com/insights/business/rethinking-performance-reviews/) - Most organizations understand the value of conducting regular performance reviews. But the challenge lies not in whether to do them, but in how. Choosing the right structure for your reviews can have a significant impact on employee engagement, development, and even retention. Broadly, there are two core approaches: numerical and narrative. Each brings distinct advantages
- [HR Audits: What They Are and Why Your Business Needs One](https://www.reynoldsrowella.com/insights/self-employed-tax/hr-audit-why-every-business-needs-one/) - In today’s workplace, compliance and HR best practices are moving targets. Employment laws change at the federal and state levels. Regulations change in response to economic trends, remote work growth, and industry demands. On top of that, employee expectations for fairness, clarity, and benefits are higher than ever. For small and mid-sized businesses, keeping up
- [What is Employee Compliance and Why Does it Matter?](https://www.reynoldsrowella.com/insights/employee-benefit-plans/what-is-employee-compliance/) - Compliance in the workforce today is not a buzz word; it is the foundation behind risk management and company culture. Whether you are a young company in its start-up phase or a company with an established brand identity, compliance in the workforce is a large factor behind protecting both the business and its workforce. What
- [Understanding HR Audits: A Checklist for Employers](https://www.reynoldsrowella.com/insights/business/understanding-hr-audits-a-checklist-for-employers/) - When HR activities appear overwhelming or compliance issues come into play, an HR audit may be just the review your organization needs. Think of it as taking a step back, getting clarity, and ensuring that HR activities are not only quality but also compliant and aligned with your company's goals. What is an HR Audit?
- [What is Remote Onboarding? <br>Best Practices for New Hire Success](https://www.reynoldsrowella.com/insights/business/what-is-remote-onboarding/) - Learn what remote onboarding is, why it matters, and proven best practices to help new hires feel connected, confident, and successful from day one.
- [What is Deferred Income? A Guide for Business Owners & CFOs](https://www.reynoldsrowella.com/insights/employee-benefit-plans/what-is-deferred-income-a-guide-for-business-owners-cfos/) - Learn what deferred income is, how it works in accrual accounting, and why it matters for financial reporting. A practical guide for business owners and CFOs.
- [How to Outsource Accounting: Costs, Benefits, and Challenges](https://www.reynoldsrowella.com/insights/human-resources/how-to-outsource-accounting-costs-benefits-and-challenges/) - Learn what outsourced accounting includes, typical costs, key benefits, and common challenges. See how to outsource accounting the right way with Reynolds + Rowella.
- [The Guide to Employee Performance Management](https://www.reynoldsrowella.com/insights/business/the-guide-to-employee-performance-management/) - A practical guide to employee performance management, from setting goals to giving feedback and supporting development.
- [Tax and Legal Benefits of Single-Member LLCs for Real Estate Investments](https://www.reynoldsrowella.com/insights/business/tax-and-legal-benefits-of-single-member-llcs-for-real-estate-investments/) - Real estate can be an attractive long-term investment. But the legal entity you select to own property can have important tax implications. Here’s why single-member limited liability companies (SMLLCs) are generally a better alternative than corporations from a federal income tax perspective. Tax Benefits for Disregarded SMLLCs SMLLCs — limited liability companies with only one
- [What Partnerships Need to Know About the New IRS Initiative Targeting](https://www.reynoldsrowella.com/insights/business/what-partnerships-need-to-know-about-the-new-irs-initiative-targeting/) - The IRS recently announced a new multistage regulatory initiative to close what it calls a "major tax loophole exploited by large, complex partnerships." This move stems from the IRS’s concern that some partnerships use transactions with related parties to improperly reduce their tax bills. Tactic in the IRS Crosshairs The primary focus for the IRS
- [Conservation Easements as a Tax Planning Tool Amid Scrutiny](https://www.reynoldsrowella.com/insights/charities/conservation-easements-as-a-tax-planning-tool-amid-scrutiny/) - Conservation easements offer a unique way for wealthy taxpayers to achieve their philanthropic goals while securing substantial tax deductions. However, recent developments from the IRS, Congress, and the courts have made some taxpayers hesitant to utilize these arrangements. When structured correctly and in compliance with the latest rules, conservation easements remain a valuable tax planning
- [Bookkeeping for Accurate Financial Reporting](https://www.reynoldsrowella.com/insights/outsourcing/bookkeeping-for-accurate-financial-reporting/) - Accurate bookkeeping is the backbone of financial reporting, ensuring that your business tracks its financial transactions properly. Software solutions—such as QuickBooks®, NetSuite®, or Xero™ —can simplify double-entry accounting. However, understanding the process behind these tools can provide reassurance that your books are in order. Debits and Credits: A Quick Overview Assets represent the resources your
- [Building a Solid Financial Foundation Through Effective Bookkeeping](https://www.reynoldsrowella.com/insights/outsourcing/building-a-solid-financial-foundation-through-effective-bookkeepin/) - According to the U.S. Chamber of Commerce, there are currently more than 33 million small businesses in the United States. For your business to thrive in today’s competitive environment, maintaining accurate books and records is essential. Proper bookkeeping helps ensure financial transparency and lays the groundwork for informed decision-making and long-term success. Bookkeeping vs. Accounting:
- [Proactive Working Capital Management Is Key](https://www.reynoldsrowella.com/insights/outsourcing/proactive-working-capital-management-is-key/) - Working Capital Management Is Key Effective working capital management is essential to the success of any business. However, recent data from The Hackett Group, a leading digital transformation and strategy firm, shows that many companies are struggling to manage their working capital as efficiently as they have in the past. Their study found that the
- [Understanding Agreed-Upon Procedures (AUP) Engagements: Do You Need One?](https://www.reynoldsrowella.com/insights/accounting/understanding-agreed-upon-procedures-aup-engagements-do-you-need-one/) - In certain circumstances, businesses may need to hire CPAs to perform agreed-upon procedures (AUPs) instead of (or in addition to) a review or an audit. AUPs are a type of attestation engagement “in which a practitioner performs specific procedures on the subject matter and reports the findings without providing an opinion or conclusion,” according to
- [Best Practices For Expense Reporting](https://www.reynoldsrowella.com/insights/human-resources/best-practices-for-expense-reporting/) - When it comes to expense reporting, having rigorous financial controls is critical to operating a profitable business. You should monitor expenditures incurred by employees on behalf of the company. This enables your organization to track spending, control costs, and maintain accurate financial records. Establishing and adhering to strong policies, using technology correctly, and complying with
- [IRS Clarifies the 10-Year Rule for Inherited IRAs: What You Need to Know](https://www.reynoldsrowella.com/insights/financial-planning/irs-clarifies-the-10-year-rule-for-inherited-iras-what-you-need-to-know/) - In a long-awaited move, the IRS has finally issued its final rules on the controversial 10-year rule for inherited Individual Retirement Accounts (IRAs), set to take effect in 2025. This new guidance resolves a question that has puzzled advisors and beneficiaries alike since the original SECURE Act was passed five years ago. Key Takeaway on
- [A Strategic Approach to Homebuying with a 401(k) Loan and Mortgage Recasting](https://www.reynoldsrowella.com/insights/401k/a-strateic-approach-to-homebuying-with-a-401k-loan-and-mortgage-recasting/) - In today’s competitive real estate market, finding your dream home is exciting, but financing it can be challenging, especially if your funds are tied up in your current property. With many sellers hesitant to accept offers contingent on the sale of an existing home, buyers often face the dilemma of securing a down payment while
- [Midyear Tax Strategies for Small Business](https://www.reynoldsrowella.com/insights/small-business/midyear-tax-strategies-for-small-business/) - As we move through the summer months, now is an opportune time to assess your small business’s financial health and explore strategies to reduce your 2024 federal income tax bill. Fortunately, it appears that no significant unfavorable federal tax changes will take effect next year, which means the 2024 tax planning environment is relatively stable.
- [Midyear Tax Planning Tips for Individual](https://www.reynoldsrowella.com/insights/401k/midyear-tax-planning-tips-for-individual/) - Summer is the perfect time to take a closer look at your tax planning strategies and explore moves that could lower your 2024 tax bill. With no significant federal tax changes expected to take effect next year, the tax planning landscape is relatively straightforward. To help you make the most of this stable environment, here
- [10 Key Breaks for 2023 Federal Returns on Extension](https://www.reynoldsrowella.com/insights/401k/10-key-breaks-for-2023-federal-returns-on-extension/) - If you filed for an extension on your 2023 federal income tax return, the clock is ticking—October 15, 2024, is the final deadline. While this extension offers you additional time, it also provides a valuable opportunity to explore ways to potentially reduce your tax bill and, in some cases, increase your refund. Below are 10
- [Making the Right Choice: Leasing vs. Buying Equipment and Property for Tax Efficiency](https://www.reynoldsrowella.com/insights/business/making-the-right-choice-leasing-vs-buying-equipment-and-property-for-tax-efficiency/) - In business, strategic decisions are crucial for long-term success. One such decision often arises is whether to lease or buy equipment or property. Both options have their merits, but when it comes to tax efficiency, making the right choice can significantly impact your bottom line. In this blog, we'll delve into the considerations, advantages, and
- [Unlock the Benefits of a 0% Tax Rate on Capital Gains and Dividends](https://www.reynoldsrowella.com/insights/business/unlock-the-benefits-of-a-0-tax-rate-on-capital-gains-and-dividends/) - Unlock the Benefits of a 0% Tax Rate on Capital Gains and Dividends Are you aware that you could potentially pay no federal income tax on certain investment income? This intriguing possibility applies to net long-term capital gains (LTCGs) and qualified dividends, depending on your taxable income. Ideal for individuals with marketable securities and real
- [The Art of Tax Planning: Capital vs. Ordinary Gains and Losses](https://www.reynoldsrowella.com/insights/small-business/the-art-of-tax-planning-capital-vs-ordinary-gains-and-losses/) - When it comes to selling assets, understanding the difference between capital and ordinary gains and losses isn't just tax savvy—it's financial wisdom. In this article, we will explore how these classifications impact your tax obligations and how strategic planning can lead to significant tax savings. Whether you're dealing with investments, real estate, or other valuable
- [Tax-Savvy Strategies for Tomorrow's Entrepreneurs](https://www.reynoldsrowella.com/insights/business/tax-savvy-strategies-for-tomorrows-entrepreneurs/) - The entrepreneurial spirit has surged notably in recent years, with NerdWallet reporting approximately 2.8 million new business ventures established since 2021. If you have recently embarked on a business venture or are contemplating one, understanding the tax implications of start-up expenses is crucial. The Essentials of Start-Up Expenses Internal Revenue Code Section 162 permits deductions
- [Understanding the New Emergency Savings Accounts for Retirement Plans](https://www.reynoldsrowella.com/insights/401k/understanding-the-new-emergency-savings-accounts-for-retirement-plans/) - Beginning in 2024, the SECURE 2.0 Act enables employers to offer non-highly compensated employees the opportunity to contribute to emergency savings accounts linked to their company's defined contribution retirement plans, such as 401(k) plans. This guide will explain the key details you should know about these accounts. Key Features of Emergency Savings Accounts Contributions to
- [Updated Guidance on Business Vehicle Depreciation](https://www.reynoldsrowella.com/insights/business/updated-guidance-on-business-vehicle-depreciation/) - Recent changes in tax legislation have expanded the possibilities for deducting depreciation on vehicles used for business, yet the rules continue to be complex. Moreover, regular updates to account for inflation mean that allowable depreciation deductions can vary from year to year. This guide will walk you through the process of calculating depreciation deductions for
- [FTC Implements Nationwide Ban on Non-Compete Agreements](https://www.reynoldsrowella.com/insights/small-business/ftc-implements-nationwide-ban-on-non-compete-agreements/) - Key Takeaways Prohibition of new post-employment non-compete agreements between employers and employees, irrespective of industry or job level, effective from the specified date. Permitted continuation of existing post-employment non-compete agreements exclusively for senior executives, defined as individuals earning above $151,164 annually and holding policymaking roles. No mandatory rescission of existing non-compete agreements; however, employers must
- [New Federal Overtime Rule: Insights from Reynolds + Rowella](https://www.reynoldsrowella.com/insights/small-business/new-federal-overtime-rule-insights-from-reynolds-rowella/) - The American workforce is undergoing a significant transformation with the introduction of the new federal overtime rule. Let's delve into the key changes and how they will impact both employers and employees. Effective July 1, 2024, the minimum salary level for executive, administrative, or professional employees to be classified as exempt from federal overtime pay
- [Tax Savings with Employee Benefits for Small Businesses](https://www.reynoldsrowella.com/insights/small-business/tax-savings-with-employee-benefits-for-small-businesses/) - As a small business owner, you understand the importance of attracting and retaining talented employees. Employee benefits such as health insurance and retirement savings plans can be crucial in achieving these goals. While providing these benefits may seem like a significant upfront expense, it's essential to realize that many of these costs can be tax-deductible,
- [Auditing Concepts](https://www.reynoldsrowella.com/insights/small-business/auditing-concepts/) - As audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. Here’s how materiality is determined and used during an
- [Auditing Revenue Recognition](https://www.reynoldsrowella.com/insights/small-business/auditing-revenue-recognition/) - The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), revenue is recognized when it’s earned. With accrual-basis accounting, that typically happens when goods or services are delivered to the customer,
- [Optimizing Inventory Management Systems](https://www.reynoldsrowella.com/insights/small-business/optimizing-inventory-management-systems/) - If your business has significant inventory on its balance sheet, it can be costly. The carrying costs of inventory include warehousing, salaries, insurance, taxes, and transportation, as well as depreciation and shrinkage. Plus, tying up working capital in inventory detracts from other strategic investment opportunities. Reducing these costs can help improve a company’s profits and
- [Cash vs. Accrual Accounting](https://www.reynoldsrowella.com/insights/small-business/cash-vs-accrual-accounting/) - Financial statements are critical to monitoring your business’s financial health. In addition to helping management make informed business decisions, year-end and interim financial statements may be required by lenders, investors and franchisors. Here’s an overview of two common accounting methods, along with the pros and cons of each method. Cash basis Under the cash-basis method
- [Integrating AI into Modern Accounting Practices](https://www.reynoldsrowella.com/insights/small-business/integrating-ai-into-modern-accounting-practices/) - Artificial intelligence (AI) is the latest technology to hit the accounting field. AI solutions can automate data entry by: Reading and processing paper and electronic documents, Extracting and uploading relevant data to accounting systems. Analyzing historical data to generate robust forecasts that support budgeting and financial planning. Sophisticated AI solutions can even help businesses achieve
- [Why it’s important to get your company’s financials done on time](https://www.reynoldsrowella.com/insights/small-business/why-its-important-to-get-your-companys-financials-done-on-time/) - Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late. Negative
- [Financial Reporting for Funding Success](https://www.reynoldsrowella.com/insights/small-business/financial-reporting-for-funding-success/) - Relevant financial information Financial statements are a must-have for any organization. The balance sheet reveals how much its assets and liabilities are worth based on historic costs. The income statement tells investors and lenders how profitably and efficiently the company has performed during the accounting period. The statement of cash flows details sources and uses
- [6 Tips to Improve Job-Costing Systems](https://www.reynoldsrowella.com/insights/small-business/6-tips-to-improve-job-costing-systems/) - Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them bid future projects. Unfortunately, the job-costing process tends to be cumbersome, causing some expenses to inadvertently fall through the cracks
- [Best practices for Effective M&A due diligence](https://www.reynoldsrowella.com/insights/business/best-practices-for-effective-ma-due-diligence/) - Engaging in a merger or acquisition (M&A) can help your business grow but can also be risky. Buyers must understand the strengths and weaknesses of their intended partners or acquisition targets before entering into the transactions. A robust due diligence process does more than assess the reasonableness of the sales price. It also can help
- [Reynolds + Rowella Listed as a 2024 Regional Leader for the Fourth Time](https://www.reynoldsrowella.com/insights/business/reynolds-rowella-listed-as-a-2024-regional-leader-for-the-fourth-time/) - Reynolds + Rowella proudly announces its recognition as one of Accounting Today's Regional Leaders for 2024, securing a coveted spot in the top 15 firms within the New England Region. Selected as leaders based on outstanding performance, we have consistently proven ourselves as trusted allies to our clients, delivering unparalleled services and expertise to drive
- [A Closer Look at Installment Sales](https://www.reynoldsrowella.com/insights/small-business/a-closer-look-at-installment-sales/) - For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year in which the sale occurs. This setup can benefit a buyer who doesn't have enough cash to pay the full purchase price immediately. But it
- [Unlimited PTO is Trending Up!](https://www.reynoldsrowella.com/insights/business/unlimited-pto-is-trending-up/) - Employees value companies that offer flexible working arrangements, and unlimited paid time off (PTO) is one way to provide flexibility. Have you considered an Unlimited PTO policy? What is Unlimited PTO? Unlimited PTO or an “unlimited vacation policy” typically means employees can take as many days off as needed throughout the year, providing their productivity
- [SECURE 2.0's Game-Changing Amendments for 2024 and Beyond](https://www.reynoldsrowella.com/insights/financial-planning/secure-2-0s-game-changing-amendments-for-2024-and-beyond/) - Get ready to revamp your retirement playbook because SECURE 2.0 has arrived, and it's bringing some serious game-changing updates to the table. Whether you're a seasoned investor or just dipping your toes into retirement planning, these amendments are bound to impact your financial journey. So, let's break it down without further ado. Remember the SECURE
- [Understanding the Tax Consequences of Compensation](https://www.reynoldsrowella.com/insights/small-business/understanding-the-tax-consequences-of-compensation/) - By: Ryan J. Wisniewski, CPA Crafting competitive employee compensation packages and bonus plans is critical to attracting and retaining top talent. However, beneath the surface of these compensation decisions lies a complex web of tax considerations that business owners must navigate. Let's delve into the world of employee compensation and the tax implications that come
- [Understanding New York State's Freelance Isn't Free Act](https://www.reynoldsrowella.com/insights/small-business/understanding-new-york-states-freelance-isnt-free-act/) - By: Ryan Wisniewski, CPA New York State has taken a significant stride in safeguarding the rights of freelance workers through the recent enactment of the "Freelance Isn't Free Act" by Governor Kathy Hochul. This legislation, akin to protections already established in New York City, is designed to ensure equitable treatment and timely compensation for freelance
- [The 5-Year Exit Planning Dilemma](https://www.reynoldsrowella.com/insights/business/the-5-year-exit-planning-dilemma/) - By: Ben Maini, CPA "When will you exit your business?" A response heard far too frequently is, "Oh, in about five years." Surprisingly, this seemingly innocuous answer masks a complex web of challenges and psychological dynamics that can have profound implications for the business owner, their enterprise, and its future. Welcome to our exploration of
- [The Crucial Role of Economic Nexus in Sales Tax Compliance for Online Sellers](https://www.reynoldsrowella.com/insights/business/the-crucial-role-of-economic-nexus-in-sales-tax-compliance-for-online-sellers/) - By: Amanda Bristol, CPA Expanding your online business across multiple channels is a smart move in today's digital era, but it also brings new challenges, especially in the realm of sales tax compliance. In this article, we will delve deeper into the concept of sales tax nexus, with a particular focus on the metric that
- [MANAGED ACCOUNTING BUSINESS BRIEF](https://www.reynoldsrowella.com/insights/business/managed-accounting-business-brief/) - Separate Business and Personal Finances for Financial Clarity and Legal Protection By: Brittany Cerminara - CPA As a business owner, maintaining a clear distinction between your personal and business finances is not just a best practice but an essential foundation for financial success and legal protection. In this Managed Accounting Business Brief, we delve into
- [Unlocking Success: The Power of Accurate Business Valuation](https://www.reynoldsrowella.com/insights/business/unlocking-success-the-power-of-accurate-business-valuation/) - By: Tony Wimperis, CPA, CVA, MST In the dynamic world of business, every decision counts. Whether you're gearing up to secure a small business loan, venture into potential investment partnerships, or even contemplate the sale of your cherished enterprise, one fundamental element can set the stage for your success – understanding how to assess your
- [Your Payroll Roadmap: Addressing Common Questions](https://www.reynoldsrowella.com/insights/small-business/your-payroll-roadmap-addressing-common-questions/) - Handling payroll tax rules can be daunting, especially when your company brings in new hires or when existing employees' personal situations change. As employers, we often find ourselves with many questions about record keeping and withholding requirements. Here are some common inquiries that employers face, along with helpful answers: HIRING RETIREES Question: What are the
- [Master Your Tax Game with Updated W-4 Forms](https://www.reynoldsrowella.com/insights/remote-workers/master-your-tax-game-with-updated-w-4-forms/) - Have you ever wondered why a seemingly simple form called the W-4 is such a big deal? Well, as you embark on your employment journey with a company, you step into the world of income taxes, and the W-4 plays a pivotal role in this financial journey. Your W-4 is like the behind-the-scenes wizard that
- [Tax Implications of Moving to a New State](https://www.reynoldsrowella.com/insights/financial-planning/tax-implications-of-moving-to-a-new-state/) - By Anthony Wimperis, CPA, CVA, MST Moving to a new house is undoubtedly an exciting adventure, but it comes with its fair share of challenges, including the intricacies of state taxation. Whether you're relocating for a job, personal reasons, or simply seeking a change of scenery, it's crucial to grasp how your new state will
- [Unlocking Tax Savings: 5 Strategic Tips for Small Businesses](https://www.reynoldsrowella.com/insights/business/unlocking-tax-savings-5-strategic-tips-for-small-businesses/) - As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year and beyond. Fortunately, no significant unfavorable federal tax law changes that would affect 2023 or 2024 are expected. Here are five ideas to help reduce business taxes for your 2023 tax
- [Year-End Bonuses: Navigating Tax Implications for Employers and Employees](https://www.reynoldsrowella.com/insights/small-business/year-end-bonuses-navigating-tax-implications-for-employers-and-employees/) - Year-End Bonuses: Navigating Tax Implications for Employers and Employees The holidays are often referred to as "the most wonderful time of year" — and, for some people, that's partly due to their year-end bonuses. While bonuses are an important part of rewarding employee performance and enhancing retention, they also can raise a variety of
- [6 Smart Tax Planning Tips: Lower Your Tax Bill and Secure Future Savings](https://www.reynoldsrowella.com/insights/financial-planning/6-smart-tax-planning-tips-lower-your-tax-bill-and-secure-future-savings/) - As the holidays approach, it's time to consider tax planning moves that will help lower this year's tax bill, as well as set you up for tax savings in future years. We've outlined a few tips to make your year-end tax planning a breeze. Boost Your Itemized Deductions Consider utilizing Donor Advised Funds (DAFs) as a strategy.
- [The Importance of an Accountable Plan for S Corporations](https://www.reynoldsrowella.com/insights/business/the-importance-of-an-accountable-plan-for-s-corporations/) - By: Kathleen Bowlby In the world of business expenses and tax regulations, accountability is key. An accountable plan is a vital tool that allows employers to reimburse their employees for business-related expenses while ensuring compliance with tax laws. In this blog post, we will delve into the significance of accountable plans, especially for S Corporation
- [Why do businesses convert to S Corporations?](https://www.reynoldsrowella.com/insights/self-employed-tax/why-do-businesses-convert-to-s-corporations/) - By Tony Wimperis Considering S Corporation status can bring substantial tax advantages, such as avoiding self-employment taxes and navigating pass-through taxation at federal and state levels. Optimal entity selection is critical, as this decision involves tailored tax planning due to individual circumstances. Here's what opting for an S Corporation entails: Self-Employment Tax Savings Owners who
- [Navigating Taxes in Special Needs Trusts: Key Considerations](https://www.reynoldsrowella.com/insights/financial-planning/navigating-taxes-in-special-needs-trusts-key-considerations/) - By: Candy Schull, EA When planning for the financial security of a loved one with special needs, understanding the tax implications of a Special Needs Trust (SNT) is crucial. Taxes play a significant role in managing and optimizing the trust's assets while ensuring compliance with applicable laws. Some essential considerations regarding taxes and Special Needs
- [Deborah Circelli, CPA, Appointed To Position Of Partner](https://www.reynoldsrowella.com/insights/press-release/deborah-circelli-cpa-appointed-to-position-of-partner/) - Press Release - Reynolds + Rowella Welcomes New Tax Partner Reynolds + Rowella, a leading certified public accounting and business advisory firm in Fairfield County, is pleased to announce the promotion of Deborah Circelli, CPA, to the esteemed position of Partner. With her exceptional expertise, dedication, and outstanding client service, Debbie has consistently exemplified
- [Estimating the Value of Your Business Today](https://www.reynoldsrowella.com/insights/business/estimating-the-value-of-your-business-today/) - By Tony Wimperis, CPA Proactive business owners always have an eye on the future. And part of that preparedness means knowing what the company is worth and doing everything possible to maximize that price. Operating in a sale-ready state can be worthwhile, for example, if the business receives an unsolicited purchase offer or an owner unexpectedly
- [Unlocking Wealth Potential: Leveraging Inflation's Impact on Federal Gift and Estate Tax Breaks](https://www.reynoldsrowella.com/insights/tax/unlocking-wealth-potential-leveraging-inflations-impact-on-federal-gift-and-estate-tax-breaks/) - Inflation is generally bad news. But a favorable side effect is more considerable annual inflation adjustments to federal tax breaks. Many federal tax parameters for the 2023 tax year are up about 7% over the amounts for 2022. Here are the details — plus inflation-adjusted estimates for the 2024 tax year to tide you over until
- [Converting a Home to a Rental Property: What are the Tax Implications?](https://www.reynoldsrowella.com/insights/financial-planning/converting-a-home-to-a-rental-property-what-are-the-tax-implications/) - If you're planning to move out of your current home, you face a tough question: Should you sell your home, or would it be more beneficial to convert it into an income-producing rental property? Regarding selling prices and rental rates, the residential real estate market has cooled off in many areas—holding on to your property might
- [12 Ways the SECURE 2.0 Law Helps Individuals and Employees](https://www.reynoldsrowella.com/insights/business/12-ways-the-secure-2-0-law-helps-individuals-and-employees/) - The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was part of the omnibus funding bill signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original SECURE Act, which was signed into law at the end of 2019 and contains major changes in the required minimum
- [Does Your Business Need a Temporary CFO?](https://www.reynoldsrowella.com/insights/small-business/does-your-business-need-a-temporary-cfo/) - Does your company need a chief financial officer but can't afford to hire one full-time? Or does it simply need someone to help position your business for sale, see it through a special project, or temporarily replace an executive who has fallen ill or left the organization? Engaging an interim CFO may be the solution.
- [Update on Deducting Business Meal and Entertainment Expenses](https://www.reynoldsrowella.com/insights/small-business/update-on-deducting-business-meal-and-entertainment-expenses/) - The federal income tax treatment of business-related meal and entertainment expenses has been a moving target over the last few years. You're not alone if you're confused about what rules currently apply. Here's a refresher on what's currently deductible and what's not. TCJA Impact Before the Tax Cuts and Jobs Act (TCJA) went into
- [Can You Swap Life Insurance for Long-Term Care Insurance?](https://www.reynoldsrowella.com/insights/financial-planning/can-you-swap-life-insurance-for-long-term-care-insurance/) - Do you own a life insurance policy that's no longer essential to your financial goals? You may have purchased a policy long ago when your children were infants or before their college years. Now that you're no longer raising a family, your focus has probably changed to your own future needs, which could include some
- [Top 3 Federal Tax Law Changes that Could Affect Your Business Return](https://www.reynoldsrowella.com/insights/small-business/top-3-federal-tax-law-changes-that-could-affect-your-business-return/) - Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes in 2022. But three major ones could affect business taxpayers as they file federal income tax returns this year for 2022. Reduced Cap on Deducting
- [Connecticut Retirement Plan Mandate](https://www.reynoldsrowella.com/insights/business/connecticut-retirement-plan-mandate/) - By Richard Han, EA Did you know that Connecticut-based businesses with five or more employees are now required to opt into the state-based retirement plan? MyCTSavings is Connecticut’s new state-sponsored retirement savings program. It gives businesses a convenient way to help their employees save for the future with no additional fees for the employer to
- [8 Compelling Reasons to Outsource Your Accounting Functions](https://www.reynoldsrowella.com/insights/business/8-compelling-reasons-to-outsource-your-accounting-functions/) - Is your company struggling to tackle all its accounting needs? Companies that have lost a CFO, outgrown their bookkeeper, changed their offerings, or experienced high growth can have difficulty finding the right accounting expertise — at the right price — in today's tight labor market. Outsourcing is a possible solution. Here are eight benefits this
- [New Tax Law Improves QCD Benefits](https://www.reynoldsrowella.com/insights/tax/new-tax-law-improves-qcd-benefits/) - Seniors who must withdraw from their IRAs may benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances these tax benefits, beginning in
- [Casualty Losses: How to Claim Deductions and Avoid Pitfalls](https://www.reynoldsrowella.com/insights/tax/casualty-losses-how-to-claim-deductions-and-avoid-pitfalls/) - Every year, the United States experiences natural and manmade disasters, ranging from hurricanes and earthquakes to wildfires and electrical grid failure. If you're unlucky enough to suffer a disaster-related loss, you'll need to understand the federal income tax rules to determine whether you're eligible for a casualty loss deduction. Personal Casualty Loss Deduction Basics You
- [Optimizing Business Losses](https://www.reynoldsrowella.com/insights/business/optimizing-business-losses/) - Business losses can happen, whether you're operating a new company that has yet to earn a profit or a mature business that's been squeezed by today's volatile economy. While no one likes to lose money, the federal tax code helps soften the blow by allowing businesses to apply their losses to offset taxable income in
- [The Tax-Deductible Mileage Rate for Business Driving Increases for 2023](https://www.reynoldsrowella.com/insights/tax/the-tax-deductible-mileage-rate-for-business-driving-increases-for-2023/) - The IRS has announced the 2023 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the expenses attributable to your business use. This includes expenses such as gas, oil, tires,
- [What Business Owners Should Know About Financial Forecasting](https://www.reynoldsrowella.com/insights/business/what-business-owners-should-know-about-financial-forecasting/) - Is your business ready to tackle the challenges and opportunities ahead in 2023? Financial statements show how a company has performed in the past. But historical data doesn't necessarily predict future performance, especially in an uncertain, volatile market. As part of your planning, it's essential for management to prepare forecasted statements. Make Reasonable Assumptions
- [4 Tax Breaks for Home Improvements](https://www.reynoldsrowella.com/insights/tax/4-tax-breaks-for-home-improvements/) - Are you contemplating some significant improvements to your home? Whether adding a pool to assist with a medical condition, finishing a basement, or installing energy-saving equipment, you may be in line for generous tax breaks under current law. Here are four potential building blocks. Mortgage Interest Deductions If you have a mortgage on your
- [How to Swap Your Highly Appreciated Vacation Home Tax-Free](https://www.reynoldsrowella.com/insights/financial-planning/how-to-swap-your-highly-appreciated-vacation-home-tax-free/) - If you own a highly appreciated vacation home that you're ready to unload, the sale will generate a significant gain — and a sizable tax bill. However, if you're still bullish on real estate and don't need cash right away, there's a way to minimize the tax hit. Instead of selling the property outright, you
- [Are You “Mining” Your Business?](https://www.reynoldsrowella.com/insights/small-business/are-you-mining-your-business-if-youre-mining-cryptocurrency-it-needs-to-be-reported-on-your-taxes/) - Author: Bernarda Sari The interest in cryptocurrency mining has grown tremendously in the last few years. It’s crucial to understand your tax reporting obligation when you deal with cryptocurrency, including mining it. Cryptocurrency mining refers to solving cryptographic hash functions to validate and add cryptocurrency transactions to a blockchain. The taxpayer (miner) receives cryptocurrency as
- [Congratulations, You Hit The Jackpot! You're Rich!](https://www.reynoldsrowella.com/insights/financial-planning/congratulations-you-hit-the-jackpot-youre-rich/) - Author: Taryn Larkin Many of us dream of winning the lottery. But what would you do if that dream became a reality? If you are one of the lucky people that win one of the large lottery drawings or receive other cash windfalls, taxes might be the last thing on your mind. But if you
- [Employment Practices Liability Insurance — Do You Need It?](https://www.reynoldsrowella.com/insights/business/employment-practices-liability-insurance-do-you-need-it/) - Author: Katie Hall, PHR No business owner wants to believe that their employees might sue them. The reality is that employment-related lawsuits are a growing concern for employers of all sizes. These lawsuits disrupt an employer's day-to-day operations and may derail long-term growth plans. Discrimination, wrongful termination, sexual harassment, and retaliation are just a few
- [Outsourced Accounting Services: A Cost-Effective Solution](https://www.reynoldsrowella.com/insights/accounting/outsourced-accounting-services-a-cost-effective-solution/) - Not all businesses are structured to integrate various departments, like sales, accounting, marketing, HR, IT, etc., to run the day-to-day operations and ensure goals are met. Many closely-held businesses simply do not have the need or the resources to build out full departments and opt to outsource certain parts of the business. Accounting is an
- [Enhance Your Flexibility by Outsourcing](https://www.reynoldsrowella.com/insights/self-employed-tax/enhance-your-flexibility-by-outsourcing/) - Outsourcing is not strictly about cost-savings; it is also about enhancing your organization's flexibility. Flexibility is a primary, but oftentimes less talked about, benefit of outsourced accounting. Imagine for a moment handing off some of the organization’s accounting tasks or the entirety of its accounting function to outside specialists. Now think about what you and
- [NYC Pay Transparency Law will go into effect on November 1, 2022](https://www.reynoldsrowella.com/insights/business/nyc-pay-transparency-law-will-go-into-effect-on-november-1-2022/) - As of November 1, 2022, New York City’s pay transparency law will require most employers to disclose salary ranges in their job postings. On May 12, 2022, New York City Mayor Eric Adams signed amendments to the New York City Human Rights Law (NYCHRL) that require employers to include the minimum and maximum salary for
- [Ask the CIO: What Is a Botnet?](https://www.reynoldsrowella.com/insights/cybersecurity/ask-the-cio-what-is-a-botnet/) - You may hear the word ‘bot’ used in conversations, especially around cybersecurity. But we often use it without knowing exactly what it means or how it originated. The Players The term botnet is short for robot network. It describes a network of computers that are infected by malware. This malware is controlled by a single
- [Year-End Tax Planning Tips for Individuals](https://www.reynoldsrowella.com/insights/business/year-end-tax-planning-tips-for-individuals/) - With year-end fast approaching, it's time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years.
- [Take a Proactive Approach to Prevent Cyberattacks](https://www.reynoldsrowella.com/insights/cybersecurity/take-a-proactive-approach-to-prevent-cyberattacks/) - The average cost of a data breach has risen to a record high, according to a new study by the independent research firm Ponemon Institute.
- [Cybersecurity Alert: Humans Remain the Weakest Link in Cybersecurity](https://www.reynoldsrowella.com/insights/cybersecurity/cybersecurity-alert-humans-remain-the-weakest-link-in-cybersecurity/) - Cybersecurity Alert: Humans Remain the Weakest Link in Cybersecurity Are you familiar with social engineering? It’s a criminal method of manipulating people, so they give up confidential information. The types of information being sought can vary. Still, when individuals are targeted, the criminals are usually trying to trick you into giving them your passwords or
- [Cybersecurity Awareness Month is Here – October 2022](https://www.reynoldsrowella.com/insights/cybersecurity/cybersecurity-awareness-month-is-here-october-2022/) - What’s the first thing you think about when you feel that first chilly breeze of Fall? Is it cozy sweaters? Is it football? Is it pumpkin-spiced lattes? Well, I can tell you what it should be: cybersecurity! October is Cybersecurity Awareness Month, and we are celebrating it in style! The best cybersecurity plans go 24/7,
- [In Cybersecurity, the Best Offense is a Good Defense](https://www.reynoldsrowella.com/insights/cybersecurity/in-cybersecurity-the-best-offense-is-a-good-defense/) - It’s fall, and for most of us, that means one thing: football season! Most Americans love sitting in front of the TV on Sunday to watch their favorite team battle it out on the gridiron. The touchdowns, the field goals, the interceptions, the big hits. It’s very exciting. But this season, we’re asking that you
- [A Dozen Qualified Charitable Distributions Facts](https://www.reynoldsrowella.com/insights/401k/a-dozen-qcd-facts/) - By: Kathleen Bowlby Qualified Charitable Distributions (QCDs) are distributions made directly to a charity from your IRA account. The primary tax benefit is that the distribution will not be taxable to you if given directly to the charity and counts toward your Required Minimum Distribution (RMD). Many rules need to be followed when contemplating this
- [Reynolds + Rowella Named A Top Workplace For The Seventh Consecutive Year!](https://www.reynoldsrowella.com/insights/press-release/reynolds-rowella-named-a-top-workplace-for-the-seventh-consecutive-year/) - September 26, 2022 – Ridgefield CT — Reynolds + Rowella, a leading certified public accounting and business advisory firm in Fairfield County has been awarded a Top Workplaces 2021 honor by Hearst Connecticut Top Workplaces for the 7th year in a row. “We are thrilled to be once again recognized by the Hearst Media
- [REYNOLDS + ROWELLA ANNOUNCES THE RETIREMENT OF STEVE RISBRIDGER](https://www.reynoldsrowella.com/insights/press-release/reynolds-rowella-announces-the-retirement-of-steve-risbridger/) - August 11, 2022 – Ridgefield, CT — It is with great appreciation and warm wishes that the partners at Reynolds + Rowella (R+R) announce the retirement of Steve Risbridger, CPA, effective September 30, 2022. Steve’s retirement from Reynolds + Rowella will cap nearly 30 years of dedicated service to his clients and the firm. Steve
- [Cybersecurity Alert: Cyber Liability Insurance Application Pitfalls](https://www.reynoldsrowella.com/insights/cybersecurity/cybersecurity-alert-cyber-liability-insurance-application-pitfalls/) - Misrepresenting yourself is easy to do in a world where many of our interactions exist online. Why not put that profile photo of yourself up at the gym from a few years ago when you went there regularly? You’ll eventually get back to working out. There’s no harm in it. Deceptive? Sort of. But in
- [Ask the CIO: What is Zero Trust Access?](https://www.reynoldsrowella.com/insights/cybersecurity/ask-the-cio-what-is-zero-trust-access/) - The term was first coined in 1994 by Stephan Paul Marsh at the University of Stirling as part of his doctoral thesis focused on trust. Over the next ten years, it became part of the tech vernacular in defining the perimeter of security access. Three Principles While implementing a zero-trust strategy can happen differently, a
- [Ask the CIO: What is Ransomware as a Service?](https://www.reynoldsrowella.com/insights/cybersecurity/ask-the-cio-what-is-ransomware-as-a-service/) - First, let’s do a quick recap of what ransomware is. It is a type of malware that holds the victim’s files and folders for ransom. Through human error, the malware is deployed and encrypts network data, with a safe return being promised once the ransom is paid. And with payments usually made through cryptocurrency, traceability
- [Cybersecurity Alert: Student Loan Scams](https://www.reynoldsrowella.com/insights/cybersecurity/cybersecurity-alert-student-loan-scams/) - With the launch of the U.S. Student Loan Forgiveness program, there is an opportunity for students and other borrowers to benefit. Any scenario that puts millions of people in a target pool is ideal for hackers. Add to the scenario the list of questions and uncertainties, and you have a recipe for risk. The details
- [Tax Benefits of Hiring Family Members](https://www.reynoldsrowella.com/insights/small-business/tax-benefits-of-hiring-family-members/) - One of the advantages of owning and operating your own business is the ability to hire family members to fill open positions. This can be a significant perk in today's tight labor market. Bringing on family members can also have tax benefits for all involved and offers an opportunity to start retirement savings accounts for
- [Have You Been Granted Stock Options At Work?](https://www.reynoldsrowella.com/insights/401k/have-you-been-granted-stock-options-at-work/) - By: Tony Wimperis, CPA CONGRATULATIONS! Employer stock options are an excellent reward for hard work and loyal service. A significant benefit to employees is that they can purchase their company’s stock at a discount from the stock’s current market price – and the proceeds from the sales are often substantial! Many large employers offer them,
- [COBRA Subsidy Under the American Rescue Plan Act of 2021](https://www.reynoldsrowella.com/insights/business/cobra/) - BY KATIE HALL, REYNOLDS + ROWELLAThe American Rescue Plan Act (ARPA), signed into law by President Biden on March 11, 2021, includes several provisions requiring immediate action by employers. Among the provisions includes a 100% federal subsidy of COBRA premiums during the period of April 1, 2021, through September 30, 2021. COBRA Subsidy Overview: For
- [The Second Half of 2020](https://www.reynoldsrowella.com/insights/401k/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
- [To Outsource or Not To Outsource...That Is The Question!](https://www.reynoldsrowella.com/insights/accounting/to-outsource-or-not-to-outsourcethat-is-the-question/) - In business, timely and accurate financial information is crucial. Too often business owners find themselves attempting to handle their books and records on their own or by hiring third-party “bookkeeping” providers with little to no accounting, taxation or business knowledge. The usual perceived alternative to this – finding the right person to hire, even just
- [20 FAQs About RMDs](https://www.reynoldsrowella.com/insights/financial-planning/20-faqs-about-rmds/) - After a one-year hiatus due to the COVID-19 pandemic, owners of qualified retirement plans and IRAs must adhere to the rules for required minimum distributions (RMDs). The RMD rules are tricky and could result in a substantial tax penalty if you're not careful. For starters, an RMD is the amount you must withdraw from a
- [Tax Implications for Vacation Homes Classified as Personal Residences](https://www.reynoldsrowella.com/insights/tax/tax-implications-for-vacation-homes-classified-as-personal-residences/) - Do you own a vacation home? If so and you rent it to third parties, you may be confused about the federal income tax rules that apply. Confusion is especially common if you changed your usage pattern during the pandemic. It may have caused your property to be classified as a personal residence — rather
- [7 Valuable Deductions for Self-Employed Individuals](https://www.reynoldsrowella.com/insights/self-employed-tax/7-valuable-deductions-for-self-employed-individuals/) - Being your own boss gives you access to tax incentives not available to other workers. These include self-employment tax deductions for a home office, vehicle expenses and health insurance.To help stretch your resources, we’ve rounded up seven tax deductions that may provide sizable benefits for people who are self employed.Uncle Sam encourages entrepreneurship by offering
- [Should I Be Contributing To A 529 College Savings Plan?](https://www.reynoldsrowella.com/insights/financial-planning/should-i-be-contributing-to-a-529-college-savings-plan/) - By: Ryan Wisniewski When it comes time to start saving for college for a child or other beneficiary, other than beginning early, the most important recommendation is to take advantage of what Internal Revenue Code Section 529 has to offer. Internal Revenue Code Section 529 allows savings accounts to be established in which account owners
- [Congratulations to Olivia Hanisch](https://www.reynoldsrowella.com/insights/accolades-for-reynolds-rowella/congratulates-to-olivia-hanisch/) - Reynolds + Rowella is pleased to congratulate Olivia Hanisch, summer college intern in the Ridgefield office, on being one of three students in the state to be awarded CTCPA’s Rising Junior Accounting Scholarship. This endowment of $5,000 (with renewability for a potential total of $10,000 over two years) is chosen by The Trustees of the
- [Cares Act Update: Tax Relief For Individuals](https://www.reynoldsrowella.com/insights/business/cares-act-update/) - The Coronavirus Aid, Relief and Economic Security Act (CARES Act), passed on March 27th, is designed to provide relief to individuals and business. This legislation addresses concerns ranging from small business interruption to individual, family, and business economic relief. This summary focuses on those provisions relevant to individuals. Recovery Rebates Individuals, other than nonresident aliens
- [SBA Issues Interim Final Rules](https://www.reynoldsrowella.com/insights/business/sba-issues-interim-final-rules/) - The Treasury and Small Business Administration (SBA) released two new Interim Final Rules (IFR) – one on Loan Review Procedures and one covering Loan Forgiveness. The first one on loan review procedures and related borrower and lender responsibilities contains primarily new, important information related to the forgiveness process, lender’s responsibilities when reviewing forgiveness applications, and
- [Expanded Tax Credit Opportunities For Employers](https://www.reynoldsrowella.com/insights/business/expanded-tax-credit-opportunities-for-employers/) - Signed into law on December 27th, the Consolidated Appropriations Act (the Act) extends and expands the Employee Retention Credit (ERC) that was enacted under the CARES Act to provide economic relief for businesses hit hard by the coronavirus pandemic Below is a summary of a few of the favorable retroactive changes to 2020: The expanded
- [Tax Pitfalls To Avoid: Wash Sales](https://www.reynoldsrowella.com/insights/tax/tax-pitfall-to-avoid-wash-sales/) - By: Ryan J. Wisniewski When selling and purchasing stocks or other securities, it is important that taxpayers keep in mind Wash Sale Rules per Internal Revenue Code Section 1091. Wash Sale Rules exist to discourage taxpayers from selling securities at a loss simply for the tax benefit. A taxpayer cannot sell a security at
- [Is Your Staff Firing on All Cylinders? 6 Key HR Issues for 2021](https://www.reynoldsrowella.com/insights/human-resources/is-your-staff-firing-on-all-cylinders-6-key-hr-issues-for-2021/) - Enduring a global pandemic may not be as traumatizing as military combat, but in both cases, the aftereffects can linger. When the smoke clears, there's a lot of rebuilding that needs to happen to return to a state of normalcy. And as the COVID-19 pandemic finally begins to recede into the rearview mirror, another potentially
- [The CT Post Names R+R A Winner In The Southern CT 2019 Top Workplaces Award](https://www.reynoldsrowella.com/insights/press-release/2019-top-workplaces-award/) - Reynolds + Rowella, an accounting and consulting firm with offices in Ridgefield and New Canaan has received a 2019 Top Workplace Award. Hearst Connecticut Media Group has recognized 50 companies and organizations as Top Workplaces for 2019. These companies have been recognized based solely on surveys about the workplace completed by their employees. The survey
- [The Right CPA Firm To Audit Your Benefit Plan](https://www.reynoldsrowella.com/insights/employee-benefit-plans/choosing-the-right-cpa-firm-to-audit-your-employee-benefit-plan/) - Employee benefit plan audit services are designed to protect the financial integrity and assets contained in your plan and provide valuable information to plan administrators—not to mention legal and financial advantages from an EBP audit. If your organization needs an EBP audit, one of the most important decisions of your plan administrator is selecting a
- [Strength in Numbers 2019](https://www.reynoldsrowella.com/insights/charities/strength-in-numbers-2019/) - The Partners at Reynolds + Rowella are pleased to announce the following Strength In Numbers Scholarship Award winners for 2019. Since 2000, the firm has awarded $500 scholarships to two graduating seniors from New Canaan, Ridgefield and Wilton High Schools. Congratulations to all the winners! New Canaan High School Winners:Luke Crowley, Ryan Levene Ridgefield High
- [Swim Across America](https://www.reynoldsrowella.com/insights/charities/swim-across-america/) - Reynolds + Rowella support the fight against Cancer. On June 22, Reynolds + Rowella’s own Collene Torres and Miriam Tomasova will be swimming and kayaking, respectively, in the Swim Across America Fundraiser. Collene is part of Team Wave Riders which is an energetic group of colleagues, family and friends united in a common goal –
- [2019 Fairfield County 5K Run](https://www.reynoldsrowella.com/insights/charities/2019-fairfield-county-5k-run/) - Congratulations to the Reynolds + Rowella staff who participated in the 2019 Fairfield County 5K Coprorate FunRun on May 23. The FunRun took place at Sherwood Island State Park in Westport, CT. Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners
- [Collene Torres of Reynolds + Rowella joins over 300 swimmers for Swim Across America](https://www.reynoldsrowella.com/insights/charities/collene-torres-of-reynolds-rowella-joins-over-300-swimmers-for-swim-across-america/) - Collene Torres of Team Wave Riders joined more than 300 swimmers and volunteers in the 13th annual Swim Across America Fairfield County on June 22, 2019. Team Wave Riders raised more than $8,500 for this event! Collene says the team is already talking about expanding and have set their goal for 2020 at $20,020! Swim Across
- [Reynolds + Rowella Joins Far - Reaching Initiative](https://www.reynoldsrowella.com/insights/charities/reynolds-rowella-joins-far-reaching-initiative/) - Reynolds + Rowella Joins Far-Reaching Initiative to Promote the Awareness of Online Safety and Privacy for National Cybersecurity Awareness Month October 1, 2019 — Reynolds + Rowella’s IT Services Group today announced its commitment to National Cybersecurity Awareness Month (NCSAM), held annually in October, by signing up as a Champion and joining a growing global effort
- [Santa Visits Ridgefield via Reynolds + Rowella](https://www.reynoldsrowella.com/insights/charities/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
- [Are you paying your employees too much – or not enough?](https://www.reynoldsrowella.com/insights/small-business/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
- [PPP Loan Forgiveness Application](https://www.reynoldsrowella.com/insights/business/ppp-loan-forgiveness-application/) - The U.S. Small Business Administration (SBA) has released additional Paycheck Protection Program (PPP) guidance in the form of the PPP Loan Forgiveness Application. The main benefit of a PPP loan is the ability to have the principal balance of the loan forgiven if the loan proceeds have been spent on qualifying costs. In a previous
- [National Taxpayer Advocate report to Congress identifying taxpayer challenges](https://www.reynoldsrowella.com/insights/business/national-taxpayer-advocate-report-to-congress-identifying-taxpayer-challenges/) - The National Taxpayer Advocate Erin M. Collins released her first report discussing some of the difficulties confronting taxpayers and the IRS during the COVID-19 pandemic, which has only exacerbated problems with taxpayer service as the IRS struggled to implement the provisions of the CARES Act and the Taxpayer First Act. Although the report praises the
- [Reynolds + Rowella Welcomes New Tax Partner](https://www.reynoldsrowella.com/insights/press-release/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
- [6 Proactive Estate Planning Strategies](https://www.reynoldsrowella.com/insights/estate/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
- [2020 US Taxes:  Implications for Visitors to the US in the year of Covid-19](https://www.reynoldsrowella.com/insights/tax/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
- [Monitor Overtime Pay for Your Remote Workers](https://www.reynoldsrowella.com/insights/remote-workers/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
- [Tax-Smart Gifting](https://www.reynoldsrowella.com/insights/tax/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
- [Katie Hall, Gets Published in CT CPA’s Magazine](https://www.reynoldsrowella.com/insights/press-release/katie-hall-gets-published-in-ct-cpas-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
- [Five tips to lower your tax liability](https://www.reynoldsrowella.com/insights/tax/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?](https://www.reynoldsrowella.com/insights/tax/are-you-taking-advantage-valuable-of-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.
- [U.S. GAAP Accounting for PPP Loans](https://www.reynoldsrowella.com/insights/business/u-s-gaap-accounting-for-ppp-loans/) - By: Daniel Harris As of and for the year ended December 31, 2020 there will be diversity in practice as it relates to the accounting treatment a for profit business elects to apply to forgivable loans received during 2020 under the Small Business Administration Paycheck Protection Program (PPP). Although legally a PPP loan is considered
- [Child Tax Credit: what you need to know](https://www.reynoldsrowella.com/insights/tax/child-tax-credit-what-you-need-to-know/) - Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis - Plus, recent legislation has enhanced some of the credits for 2021. FOUR KEY TAX CREDITS FOR FAMILIES THAT ARE CURRENTLY ON THE BOOKS: 1. Child Credit For 2021 only, the American Rescue Plan Act (ARPA)
- [Connecticut Requires Employers to Disclose Wage Ranges and Expands Pay Equity Law](https://www.reynoldsrowella.com/insights/small-business/connecticut-requires-employers-to-disclose-wage-ranges-and-expands-pay-equity-law/) - Connecticut becomes the first state to pass a new law regarding disclosure of salary ranges. Governor Ned Lamont signed into law June 7, 2021, the Act Concerning the Disclosure of Salary Range for a Vacant Position (Act). The Act, which goes into effective October 1, 2021, requires employers to disclose to job applicants and employees
- [How Are Traditional IRA Withdrawals Taxed?](https://www.reynoldsrowella.com/insights/financial-planning/how-are-traditional-ira-withdrawals-taxed/) - When you take withdrawals from your traditional IRA, you probably understand they're taxable. But what does that really mean? Important: Once you reach a certain age, you must start taking required minimum distributions from your traditional IRAs to avoid an expensive tax penalty. Previously, the required beginning date (RBD) was April 1 of the year
- [4 Big Charitable Tax Breaks for 2021](https://www.reynoldsrowella.com/insights/charities/4-big-charitable-tax-breaks-for-2021/) - Are you feeling generous? Qualified charitable contributions can be rewarded with sizeable tax breaks during the second calendar year of the COVID-19 pandemic. Recent legislation includes the following four temporary tax law changes that are designed to help individuals and businesses that donate to charities through the end of 2021. 1. Deductions for Non-Itemizers In
- [Year-End Tax Planning Tips for Small Businesses](https://www.reynoldsrowella.com/insights/accounting/year-end-tax-planning-tips-for-small-businesses/) - You may still have time to significantly reduce this year's business federal income tax bill even with all the uncertainty about proposed tax law changes. Here are five possible moves to consider — but stay tuned for developments. Congress is currently considering some tax changes. 1. Claim 100% First-Year Bonus Depreciation for Last-Minute
- [Taxability of Social Security Income](https://www.reynoldsrowella.com/insights/financial-planning/taxability-of-social-security-income/) - By Ryan Wisniewski For many, social security retirement benefits are a significant source of income in retirement, although it is not typically the only source. How much of your social security income is subject to income tax, depends on how much total income you have during the year. Anywhere from 0% to 85% of
- [9 Ideas to Potentially Lower Your Taxes for 2021](https://www.reynoldsrowella.com/insights/tax/9-ideas-to-potentially-lower-your-taxes-for-2021/) - With year-end rapidly approaching, it's time to consider making some moves that will lower your 2021 federal income tax bill — and potentially position you for future tax savings. Unfortunately, tax planning is particularly challenging this year because the tax rules for 2022 aren't yet certain. In fact, they may not even be certain for
- [Work or Pleasure: The Tax Rules for Hybrid Travel](https://www.reynoldsrowella.com/insights/self-employed-tax/work-or-pleasure-the-tax-rules-for-hybrid-travel/) - With business travel picking up again and summer fast approaching, many business owners may be considering trips that combine work with vacation or other personal activities. A quick refresher on the IRS rules related to deducting business vs. personal travel costs can help you reduce your tax bill next year. General Requirements Business expenses must
- [How Does the Dark Web Impact Small Businesses?](https://www.reynoldsrowella.com/insights/cybersecurity/how-does-the-dark-web-impact-small-businesses/) - Identity theft is an unfortunate occurrence that is all too familiar with most business owners, but do those individuals know where the compromised data will end up? Often, these business owners are unaware of the virtual marketplace where stolen data is purchased and sold by cybercriminals; a place known as the “Dark Web”. It’s important
- [How to Protect Your Data from The Dark Web](https://www.reynoldsrowella.com/insights/cybersecurity/how-to-protect-your-data-from-the-dark-web/) - Do you know where your passwords are? Beyond the reach of search engines, the Dark Web is the internet equivalent of a seedy back alley. A place where no one uses their real name and illicit deals are made. And even though you've never been, your sensitive information may currently be living there. So how
- [Reynolds + Rowella Golfing with Purpose](https://www.reynoldsrowella.com/insights/charities/reynolds-rowella-golfing-with-purpose/) - Recently, Reynolds + Rowella proudly showed support to a number of local community organizations: The Greater Danbury Chamber of Commerce The Greater Danbury Chamber of Commerce is comprised of approximately 800 members, which encompass a workforce of well over 105,000 individuals. Membership is diverse with representation from manufacturing, hi-tech, retail, service, professional and corporate and
- [2019 Walk To End Alzheimer’s – Fairfield County, CT](https://www.reynoldsrowella.com/insights/charities/2019-walk-to-end-alzheimers-fairfield-county-ct/) - October 13, 2019 Reynolds + Rowella and the Rowella family (pictured) both support and participated in the Norwalk/Fairfield County Walk to End Alzheimer’s on October 13, 2019. Held annually in more than 600 communities nationwide, the Alzheimer's Association Walk to End Alzheimer’s® is the world’s largest event to raise awareness and funds for Alzheimer’s care,
- [COVID-19: Preparing Your Workforce](https://www.reynoldsrowella.com/insights/business/covid-19-preparing-your-workforce/) - While Fairfield County has not yet become a COVID-19 ‘hot spot,’ it’s important for employers to begin preparing now, in the event that the virus takes a foothold in our area. Employers should begin by regularly monitoring recommendations from the CDC, public health agencies, and state officials. Below are additional steps employers can take to
- [COVID-19 (CORONAVIRUS) Federal Tax Filing UPDATE](https://www.reynoldsrowella.com/insights/business/covid-19-coronavirus-update/) - Office Operation Update: Following national guidelines, Reynolds + Rowella will temporarily close our offices as of close of business Friday, March 20th. Our firm’s technology infrastructure and proactive business continuity plan will help to ensure that we can continue our work seamlessly to support our clients from out-of-the-office locations. IRS Tax Filing Update: Treasury Secretary
- [U.S. Delays April 15 Tax Payments for 90 Days for Most Americans](https://www.reynoldsrowella.com/insights/business/u-s-delays-april-15-tax-payments-for-90-days-for-most-americans/) - Treasury Secretary Steven Mnuchin announced Tuesday that his department has pushed back the April 15 deadline to pay taxes owed, giving individuals and many businesses 90 extra days to send payments to the government. Individuals can defer up to $1 million of tax liability and corporations get an extension up to $10 million. The payment
- [Coronavirus relief law includes tax breaks for paid sick leave. Update](https://www.reynoldsrowella.com/insights/business/coronavirus-relief-law-includes-tax-breaks-for-paid-sick-leave/) - The coronavirus relief bill signed into law by President Donald Trump on Wednesday includes provisions for paid sick leave, family leave and medical leave, along with tax credits to help employers and the self-employed pay for them. The Families First Coronavirus Response Act (FFCRA), H.R. 6021, also includes provisions for free coronavirus testing, enhanced unemployment insurance,
- [COVID-19 Pandemic Poses Complex HR Policy Questions](https://www.reynoldsrowella.com/insights/business/covid-19-pandemic-poses-complex-hr-policy-questions/) - Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe. Guidance issued almost daily from the Centers for Disease Control (CDC), the U.S. Department of
- [Legislation Impacting Your Business (Action Requested)](https://www.reynoldsrowella.com/insights/business/legislation-impacting-your-business-action-requested/) - On Wednesday, March 25th the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bill builds upon earlier versions of the CARES Act. This legislation has the potential to directly impact your business in a significant way. While there are many facets of this bill that seek to
- [CARES Act: Understanding the Economic Provisions for Small Business](https://www.reynoldsrowella.com/insights/business/cares-act-understanding-the-economic-provisions-for-small-business/) - On March 27th, Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While the bill contains numerous economic and healthcare response-related provisions, this summary focuses on a few aspects of the economic provisions for small business owners. Paycheck Protection Program The CARES Act focuses on providing economic relief with a newly-created tool: the
- [PPP/EIDL Forms and Fact Sheet Update](https://www.reynoldsrowella.com/insights/business/ppp-eidl-forms-and-fact-sheet/) - The CARES Act is designed to provide assistance to many businesses that may not meet the customary small business thresholds, including two loan program and the potential for loan forgiveness —eligible small businesses who have been economically impacted by the COVID-19 pandemic should strongly consider taking advantage of the loan programs. Paycheck Protection Program Forms
- [How to Manage COVID-19-Related Business Risks](https://www.reynoldsrowella.com/insights/business/how-to-manage-covid-19-related-business-risks/) - The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around the globe do their best to minimize their exposure to the virus, business owners and managers face an uncertain and stressful future. Faced with faltering demand, anxious employees, health safety risks and a lack
- [The SBA Releases Advice On Avoiding Stimulus Program-Related Fraud](https://www.reynoldsrowella.com/insights/business/the-sba-releases-advice-on-avoiding-stimulus-program-related-fraud/) - The U.S. Small Business Administration (SBA) has warned the public to be on the lookout for scams related to the stimulus programs offered in response to the COVID-19 pandemic. The SBA has identified grant fraud, loan fraud and phishing schemes related to the stimulus program: Grants SBA does not initiate contact on either 7a or
- [SBA Q&A](https://www.reynoldsrowella.com/insights/business/sba-qa/) - On April 24, the Small Business Administration (SBA) and Department of the Treasury published a Q&A outlining how businesses of varying structures can calculate their payroll costs to determine the value of loans they are eligible to receive through the Paycheck Protection Program (PPP). The guidance, formatted in a Q&A format, provides information and steps
- [ALERT: Safe harbor for PPP loans under $2 million](https://www.reynoldsrowella.com/insights/business/alert-safe-harbor-for-ppp-loans-under-2-million/) - The Small Business Administration (SBA) has released new guidance regarding the good-faith certification for Paycheck Protection Program (PPP) loans. On May 13th, 2020, the SBA established a “safe harbor” for borrowers receiving PPP loans with an original principal amount of less than $2 million. The new safe harbor was made by adding “FAQ 46” to
- [Plan for Employees Safety as We Return to Work](https://www.reynoldsrowella.com/insights/business/plan-for-employees-safety-as-we-return-to-work/) - More and more companies across are either asking employees to work from home, or maybe even temporarily shutting down. The CDC and other health groups remind us to wash our hands, cover our coughs and sneezes, wear a mask and practice social distancing—but what can workplaces do about this virus? Well, the Occupational Safety and
- [Paycheck Protection Program Flexibility Act (PPPFA).](https://www.reynoldsrowella.com/insights/business/paycheck-protection-program-flexibility-act-pppfa/) - On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA). The PPPFA will provide additional flexibility to many borrowers attempting to maximize the benefits provided by the Paycheck Protection Program (“PPP”) established as part of the CARES Act. The following are highlights of the PPPFA: The PPPFA reduces the
- [New Interim Final Rule Clarifies Key Changes in Paycheck Protection Program](https://www.reynoldsrowella.com/insights/business/new-interim-final-rule-clarifies-key-changes-in-paycheck-protection-program/) - New guidance has emerged from the Small Business Administration with another interim final rule—this new rule clarifies certain key changes made to the Paycheck Protection Program (PPP) by the Paycheck Protection Program Flexibility Act (PPPFA) signed into law on June 5, including: Extending the period in which expenses paid with a PPP loan could be
- [The COVID-19 crisis](https://www.reynoldsrowella.com/insights/small-business/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
- [3 Steps to Increase the Likelihood of Your PPP Loan Forgiveness](https://www.reynoldsrowella.com/insights/business/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
- [5 Key Points about Bonus Depreciation](https://www.reynoldsrowella.com/insights/depreciation/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
- [$900B COVID-19 Relief Bill Signed into Law](https://www.reynoldsrowella.com/insights/business/900b-covid-19-relief-bill-signed-into-law/) - On December 21, 2020 the House and the Senate passed a $900 billion pandemic relief package. The bill combines coronavirus-fighting funds with financial relief for individuals and businesses and was signed into law by President Donald Trump over the weekend. Key bill provisions include: Allocation of an additional $325 billion in aid for small businesses
- [Virtual Currencies & US tax and financial account reporting](https://www.reynoldsrowella.com/insights/virtual-currencies/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
- [What Employers Should Know About the COVID Vaccine](https://www.reynoldsrowella.com/insights/business/what-employers-should-know-about-the-covid-vaccine/) - BY KATIE HALL, REYNOLDS + ROWELLAThe COVID-19 vaccine is providing many employers with the hope that things may soon return to normal—or as normal as can be considering a year-plus long pandemic. The vaccine certainly provides a glimmer of light at the end of the tunnel, but there are few things employers should consider while
- [The American Rescue Plan Act (ARPA)](https://www.reynoldsrowella.com/insights/business/the-american-rescue-plan-act-arpa/) - Here are some of the key ARPA provisions that will affect federal income taxes for some people in 2020 and 2021. Key Changes for Individuals The new law includes the following tax and financial provisions for individuals and families: Additional EIPs. A third round of economic impact payments (EIPs) will provide $1,400 for eligible individuals
- [FFCRA Paid Leave Extension Until September 30, 2021 with Tax Credits](https://www.reynoldsrowella.com/insights/business/ffcra-paid-leave-extension/) - BY KATIE HALL, REYNOLDS + ROWELLAPresident Biden has signed the American Rescue Plan Act (ARPA) into law on March 11, 2021, which includes an extension of tax credits for employer-provided paid sick leave originally provided under the Families First Coronavirus Response Act (FFCRA). Previously, the FFCRA provided Emergency Paid Sick Leave (EPSL) to employers with
- [Just Married? Financial Chores to Complete when You Tie the Knot](https://www.reynoldsrowella.com/insights/financial-planning/just-married-financial-chores-to-complete-when-you-tie-the-knot/) - Wedding season typically peaks in late summer and early fall, according to wedding website TheKnot.com. This year, that peak may be even more noticeable due to pent-up demand for wedding festivities caused by the COVID-19 pandemic.HERE"S SOME USEFUL FINANCIAL ADVICE FOR COUPLES WHO TIE THE KNOT IN 2021 How Much Does It Cost to Tie
- [Opening the Door to Home Office Deductions](https://www.reynoldsrowella.com/insights/remote-workers/opening-the-door-to-home-office-deductions/) - Are you a business owner working from home as a sole proprietor or an entrepreneur with a home-based side gig? You may qualify for sizeable home office deductions if you meet specific requirements, including write-offs attributable to everyday household expenses. When Tax Opportunity Knocks To qualify for a home office deduction, you must use at

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- [Business Valuation Services In Ridgefield, CT](https://www.reynoldsrowella.com/services/business-valuation-services-in-ridgefield-ct/) - Accounting & Business Valuation Services In Ridgefield, CT. Reynolds & Rowella Helps To Maximize The Value Of Your Business Before You Sell Your Company.
- [Human Resource Services In Fairfield County, CT](https://www.reynoldsrowella.com/services/human-resources-fairfield-county-ct/) - Let Reynolds + Rowella manage your Human Resources, so you can focus on running your business in Fairfield County, CT.
- [IT Consulting + Cybersecurity Services In Fairfield County CT](https://www.reynoldsrowella.com/services/it-consulting-cybersecurity-services-in-fairfield-county-ct/) - The most successful companies in Fairfield County, CT are not simply doing the same things more efficiently with IT Consulting + Cybersecurity; they are using technology to conduct business in entirely new ways. Contact the professionals at Reynolds + Rowella to learn more.
- [Tax Planning & Consulting In Fairfield County CT](https://www.reynoldsrowella.com/services/tax-planning-consulting-services-fairfield-county-ct/)
- [Tax Planning & Consulting In Ridgefield CT](https://www.reynoldsrowella.com/services/tax-planning-consulting-in-ridgefield-ct/) - Successful tax planning & consulting services in Ridgefield CT requires the help of an experienced professional with the technical skills, knowledge, and strategic thinking to help you address challenges and take advantage of timely opportunities.
- [Tax Planning & Consulting In New Canaan CT](https://www.reynoldsrowella.com/services/tax-planning-consulting-in-new-canaan-ct/) - Successful tax planning & consulting services in New Canaan, CT requires the help of an experienced professional with the technical skills, knowledge, and strategic thinking to help you address challenges and take advantage of timely opportunities.
- [Tax Planning & Consulting In Westchester County NY](https://www.reynoldsrowella.com/services/tax-planning-consulting-in-westchester-county-ny/) - Successful tax planning & consulting services in Westchester County, NY requires the help of an experienced professional with the technical skills, knowledge, and strategic thinking to help you address challenges and take advantage of timely opportunities.
- [Managed Accounting Services In Ridgefield CT](https://www.reynoldsrowella.com/services/managed-accounting-services-in-ridgefield-ct/) - Our Managed Accounting Services team in Ridgefield, CT provides the expertise and guidance that organizations need. Call us today to learn more!
- [Managed Accounting Services In Fairfield County CT](https://www.reynoldsrowella.com/services/managed-accounting-fairfield-county-ct/) - Our Managed Accounting Services team in Fairfield County, CT, provides the expertise and guidance that organizations need. Call us today to learn more!
- [Managed Accounting Services In New Canaan CT](https://www.reynoldsrowella.com/services/managed-accounting-services-in-new-canaan-ct/) - Our Managed Accounting Services team in New Canaan, CT provides the expertise and guidance that organizations need. Call us today to learn more!
- [Audit + Assurance Services In Fairfield County, CT](https://www.reynoldsrowella.com/services/audit-assurance-fairfield-county-ct/) - Reynolds + Rowella provides audit & assurance services in Fairfield County, CT, for private companies, including manufacturers, wholesalers, distributors, service firms, software developers, broker-dealers, hedge funds, benefit plans, and non-profit organizations.
- [Audit + Assurance Services In Ridgefield CT](https://www.reynoldsrowella.com/services/audit-assurance-services-in-ridgefield-ct/) - Reynolds + Rowella provides audit & assurance services in Ridgefield, CT, for private companies, including manufacturers, wholesalers, distributors, service firms, software developers, broker-dealers, hedge funds, benefit plans, and non-profit organizations.
- [Audit + Assurance Services In  New Canaan CT](https://www.reynoldsrowella.com/services/audit-assurance-services-in-new-canaan-ct/) - Reynolds + Rowella provides audit & assurance services in New Canaan, CT, for private companies, including manufacturers, wholesalers, distributors, service firms, software developers, broker-dealers, hedge funds, benefit plans, and non-profit organizations.
- [Audit + Assurance Services](https://www.reynoldsrowella.com/services/audit-assurance-services-in-westchester-county-ny/) - Reynolds + Rowella provides audit & assurance services in Fairfield County, CT, for private companies, including manufacturers, wholesalers, distributors, service firms, software developers, broker-dealers, hedge funds, benefit plans, and non-profit organizations.
- [Managed Accounting Services In Westchester County NY](https://www.reynoldsrowella.com/services/managed-accounting-services-in-westchester-county-ny/) - Our Managed Accounting Services in Westchester County, NY provides the expertise and guidance that organizations need. Call us today to learn more!
- [Business Valuation Services In Westchester County, CT](https://www.reynoldsrowella.com/services/business-valuation-services-in-westchester-county-ct/) - Accounting & Business Valuation Services In Westchester County, CT. Reynolds & Rowella Helps To Maximize The Value Of Your Business Before You Sell Your Company.
- [Business Valuation Services In New Canaan, CT](https://www.reynoldsrowella.com/services/business-valuation-services-in-new-canaan-ct/) - Accounting & Business Valuation Services In New Canaan, CT. Reynolds & Rowella Helps To Maximize The Value Of Your Business Before You Sell Your Company.
- [Business Valuation Services In Fairfield County, CT](https://www.reynoldsrowella.com/services/business-valuations-fairfield-county-ct/) - Accounting & Business Valuation Services In Fairfield County, CT. Reynolds & Rowella Helps To Maximize The Value Of Your Business Before You Sell Your Company.
- [Human Resource Services In Ridgefield, CT](https://www.reynoldsrowella.com/services/human-resource-services-in-ridgefield-ct/) - Let Reynolds + Rowella manage your Human Resources, so you can focus on running your business in Ridgefield, CT. We can implement and manage tasks like creating job descriptions, performance review processes, onboarding programs, & employee handbooks.
- [Human Resource Services In New Canaan, CT](https://www.reynoldsrowella.com/services/human-resource-services-in-new-canaan-ct/) - Let Reynolds + Rowella manage your Human Resources, so you can focus on running your business in New Canaan, CT. We can implement and manage tasks like creating job descriptions, performance review processes, onboarding programs, & employee handbooks.
- [Human Resource Services In Westchester County, CT](https://www.reynoldsrowella.com/services/human-resource-services-in-westchester-county-ct/) - Let Reynolds + Rowella manage your Human Resources, so you can focus on running your business in Westchester County, CT. We can implement and manage tasks like creating job descriptions, performance review processes, onboarding programs, &employee handbooks.
- [Business Advisory Services In Fairfield County, CT](https://www.reynoldsrowella.com/services/business-advisory-services-in-fairfield-county-ct/) - Accounting & Business Advisory Services In Fairfield County, CT. Reynolds & Rowella Specializes In Financial Restructuring, Reorganization & Bankruptcy.
- [Business Advisory Services In Westchester County, NY](https://www.reynoldsrowella.com/services/business-advisory-services-in-westchester-county-ny/) - Accounting & Business Advisory Services In Westchester County, CT. Reynolds & Rowella Specializes In Financial Restructuring, Reorganization & Bankruptcy.
- [Business Advisory Services In Ridgefield, CT](https://www.reynoldsrowella.com/services/business-advisory-services-in-ridgefield-ct/) - Accounting & Business Advisory Services In Ridgefield, CT. Reynolds & Rowella Specializes In Financial Restructuring, Reorganization & Bankruptcy.
- [Business Advisory Services In New Canaan, CT](https://www.reynoldsrowella.com/services/business-advisory-services-in-new-canaan/) - Accounting & Business Advisory Services In New Canaan, CT. Reynolds & Rowella Specializes In Financial Restructuring, Reorganization & Bankruptcy.
- [IT Consulting + Cybersecurity Services In Westchester County, NY](https://www.reynoldsrowella.com/services/it-consulting-cybersecurity-services-in-westchester-county-ny/) - The most successful companies in Westchester County, NY are not simply doing the same things more efficiently with IT Consulting + Cybersecurity; they are using technology to conduct business in entirely new ways.
- [IT Consulting + Cybersecurity Services In Ridgefield CT](https://www.reynoldsrowella.com/services/it-consulting-cybersecurity-services-in-ridgefield-ct/) - The most successful companies in Ridgefield, CT are not simply doing the same things more efficiently with IT Consulting + Cybersecurity; they are using technology to conduct business in entirely new ways. Contact the professionals at Reynolds + Rowella to learn more.
- [IT Consulting + Cybersecurity Services In New Canaan CT](https://www.reynoldsrowella.com/services/it-consulting-cybersecurity-services-in-new-canaan-ct/) - The most successful companies in New Canaan, CT are not simply doing the same things more efficiently with IT Consulting + Cybersecurity; they are using technology to conduct business in entirely new ways. Contact the professionals at Reynolds + Rowella to learn more.

## Testimonials

- [Russell M. Parker, Founder and CEO, rpmAUM LLC](https://www.reynoldsrowella.com/testimonials/russell-m-parker-founder-and-ceo-rpmaum-llc/) - I have been a customer of Reynolds + Rowella for approaching 40 years and have fond memories of working with Tom in his small Ridgefield office. He was then a one-man band; seeing how the business has grown is remarkable. Most importantly, the relationships built over the years have been meaningful, particularly with Debbie Circelli.
- [David D. Buttolph, Managing Partner and Founder, Brookside Capital Partners](https://www.reynoldsrowella.com/testimonials/david-d-buttolph-managing-partner-and-founder-brookside-capital-partners/) - I had the pleasure of meeting Scott Crane at a networking event in Ridgefield, CT, over ten years ago. Since that time, Scott and his team have been our family’s tax advisers. We find their support and advice invaluable — their attention to detail can only be described as outstanding. I often recommend Reynolds +
- [Employee 1](https://www.reynoldsrowella.com/testimonials/employee-1/) - Reynolds + Rowella is a great place to work. I appreciate the firm’s commitment to community involvement and an overall emphasis on teamwork. Above and beyond the resources available for growth and exceptional client service, Reynolds + Rowella is a place where the staff is truly treated like the highest valued assets of the firm.
- [Employee 7](https://www.reynoldsrowella.com/testimonials/employee-7/) - What I especially like about working at Reynolds + Rowella is its distinctive culture which stems from the exceptional people who work here. Everyone is a team player. Very approachable and dedicated. As a newly promoted manager, the support and guidance I have received from my peers and the Partners on a professional and personal
- [Employee 6](https://www.reynoldsrowella.com/testimonials/employee-6/) - At Reynolds + Rowella, hard work gets recognized. The partners listen to the team – it’s a very engaging culture. I appreciate the constructive feedback that my direct manager provides me so that I know my strength and can improve the quality of my work.
- [Employee 5](https://www.reynoldsrowella.com/testimonials/employee-5/) - I love being a tax accountant because I can work with many different types of clients from a wide array of industries. Reynolds + Rowella provides the ideal working environment that encourages me to continue learning and growing in my career while surrounding myself with like-minded individuals.
- [Employee 4](https://www.reynoldsrowella.com/testimonials/employee-4/) - No matter your level of experience, you are treated as an important member of the team and are included in the client’s engagements from the beginning.
- [Employee 3](https://www.reynoldsrowella.com/testimonials/employee-3/) - I enjoy working at Reynolds + Rowella because it is truly a team mentality when it comes to completing tasks and meeting deadlines. When someone needs help, there are always willing hands reaching out.
- [Employee 2](https://www.reynoldsrowella.com/testimonials/employee-2/) - I love the firm’s commitment to the development and advancement of its staff. I greatly appreciate the mentorship programs, the women’s development initiative, and the numerous continuing education opportunities from a career development standpoint. Reynolds + Rowella fosters a culture that encourages you to get involved in your community and give back. They encourage me
- [Anthony Bossone, Partner & Chief Financial Officer, Atlantic-Pacific Capital, Inc.](https://www.reynoldsrowella.com/testimonials/anthony-bossone-partner-chief-financial-officer-atlantic-pacific-capital-inc/) - Katie has been a trusted HR partner and advisor for the Ranch at Rock Creek for many years now. She has helped us design our executive management and staff bonus programs, which included goal setting, performance metrics, and reward structure. Katie’s work is of the utmost quality, she has a great personality, is an absolute
- [Robert McDowell, Chief Executive Officer, Riverbrook Regional YMCA](https://www.reynoldsrowella.com/testimonials/robert-mcdowell-chief-executive-officer-riverbrook-regional-ymca/) - Our experience with the Reynolds + Rowella team over the years has been exceptional. As a mid-sized non-profit membership organization, R+R has demonstrated both relational and accounting skills to successfully support our YMCA organization with annual auditing services, as well as completing and providing accurate and timely instruction for the filing of our IRS Form

## Categories

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## Testimonial Types

- [Client](https://www.reynoldsrowella.com/testimonial-type/client/)
- [Employee](https://www.reynoldsrowella.com/testimonial-type/employee/)