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How to Choose A Business Entity Type – Part 1

Posted in Small Business on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT.   Choice of Business Entity We are frequently asked by clients starting a business, what type of entity they should be.  Here we will address Sole Proprietorships…

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5 Easy Steps to Opening a Business in Connecticut

Posted in Small Business on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT.   1) Meet With Your CPA and Attorney The first step is to meet with your CPA and Attorney. Your CPA should be able to review your…

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PPP Loans 2.0 – > New loan application information

Posted in Small Business, Tax News on January 25, 2021

      In December 2020, legislation was passed authorizing the Paycheck Protection Program (PPP) version 2.0.  PPP 1.0 passed in March 2020 in response to the pandemic.   Prior PPP borrowers must meet all of the following conditions to…

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CHANGES TO FORM 1099 – FORM 1099-NEC

Posted in Small Business, Tax News on December 16, 2020

Beginning with the 2020 tax year, the IRS will require business taxpayers to report amounts paid as nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC as was required in previous years. Generally, businesses will need to…

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