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IRS Sets January 23 as Official Start to Accept 2022 Tax Returns

Posted in Tax News on January 17, 2023

(IRS) – The Internal Revenue Service announced Monday, January 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are…

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2023 Mileage Rates Posted

Posted in Small Business, Tax News on January 6, 2023

Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.   The standard mileage rate for business travel will be 65.5 cents per mile, up three cents…

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4 Reasons NOT to Wait for Your K-1

Posted in Firm News, Tax News on January 6, 2023

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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Don’t Forget to File IRS Forms 1099 & 1096

Posted in Small Business, Tax News on November 3, 2022
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.   Non-employee compensation will be reported in box one of the…

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Filing Your Personal Property Declaration in Connecticut

Posted in Small Business, Tax News on October 19, 2022

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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