Knowledge
How a company’s relationship with its accounting firm evolves20211018153300
How a company’s relationship with its accounting firm evolves
October 18, 2021
See this article as it originally appeared in Entrepreneur. Every company in every industry has accounting needs, and those needs change dramatically as a company grows and expands. When a company has a true partnership with an accounting firm, it’s able to think multiple steps ahead and make ...
Helping entrepreneurs choose the proper business entity form20211011104400
Helping entrepreneurs choose the proper business entity form
October 11, 2021
See this article as it originally appeared in Newsweek. Choosing the right business entity form for a new company seems like a straightforward choice, but there’s actually a lot of nuance — and potentially a lot at stake in regard to future tax liability. While it’s easy to organize as a...
Plan your year-end tax strategies now20211001094400
Plan your year-end tax strategies now
October 1, 2021
See this article as it originally appeared in Hartford Business Journal. Most companies have a rhythm to their tax planning that often involves making key projections and determinations just prior to the end of their calendar or fiscal year. With supply chain and labor shortages due to the pandemic,...
Connecticut’s R&D tax credit is the best in the US20210928131000
Connecticut’s R&D tax credit is the best in the US
September 28, 2021
See this article as it originally appeared in The CT Mirror. Connecticut has an undeserved reputation for being hostile to businesses. While we consistently score in the middle of the pack for overall rankings of best states for businesses, Connecticut is a national leader in encouraging innovation ...
Pros and cons: Should businesses add cryptocurrency to transactional activities?20210810164400
Pros and cons: Should businesses add cryptocurrency to transactional activities?
August 10, 2021
The Fairfield County Business Journal interviewed me recently and wrote a lengthy article on cryptocurrency where I was the only source. The impetus for this particular topic — businesses adding crypto to transactional activities — was Bitcoin, Ethereum and Dogecoin dominating the financial news hea...
Hartford Business Journal interviews FML about cryptocurrency and taxes20210628183700
Hartford Business Journal interviews FML about cryptocurrency and taxes
June 28, 2021
On May 20, the Treasury Department announced it would require crypto transfers valued at $10,000 or more to be reported to the IRS. These new IRS regulations put businesses that deal in cryptocurrencies on notice about the increased scrutiny of digital assets. I recently had the chance to discuss th...
Buy or sell? Transaction market is hot on both sides.20210604174700
Buy or sell? Transaction market is hot on both sides.
June 4, 2021
See this article as it originally appeared in the Hartford Business Journal. The onset of the pandemic left small business owners with more questions than answers. But one answer that many agreed upon was that maybe it was time to sell. An uncertain future in terms of both pandemic duration and pote...
ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds20201120130620
ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds
November 20, 2020
Under section 1106(i) of the CARES Act, the amount of a loan forgiven under the Payroll Protection Program (PPP) is excluded from taxable income. A loan may be forgiven under the PPP Program if the proceeds are used towards eligible payroll costs, interest on covered mortgage obligations, covered re...
SBA’s Loan Necessity Questionnaire20201103134128
SBA’s Loan Necessity Questionnaire
November 3, 2020
The SBA, when reviewing applications for PPP loan forgiveness, have been requesting additional information. Included in this additional information has been a “Loan Necessity Questionnaire” that is required to be completed within 10 business days of receipt from your Lender....
Change in Ownership of Entity that Received PPP Funds20201013081736
Change in Ownership of Entity that Received PPP Funds
October 13, 2020
SBA Procedural Notice provides a framework to determine whether SBA consent is required for various changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. ...
