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Don’t Forget to File IRS Forms 1099 & 1096

form 1099-misc

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. The IRS requires business taxpayers to report amounts paid as non-employee compensation on Form 1099-NEC.   The non-employee compensation will be reported in box one of


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Filing Your Personal Property Declaration in Connecticut

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT.   All Connecticut business owners that own personal property must file a Personal Property Tax Declaration in the town that business resides in by November 1,


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IRS Increases Mileage Rate: effective 7/1/22

In recognition of recent gasoline price increases, the optional standard mileage rate for the final six months of 2022 has been increased. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for


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Child Tax Rebate Program – MUST APPLY BY 7/31/22

The child tax rebate, which was recently authorized by the Connecticut General Assembly and signed into law by Governor Ned Lamont, is intended to help Connecticut families with children. You may be eligible for a child tax rebate of up


4 Reasons NOT to Wait for Your K-1

Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity.  Don’t wait for this form


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