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Alfano & Company Team Blog
Unpaid Taxes Could Mean Revocation or Denial of Passport
True or False? If a taxpayer owes a significant amount of money in taxes, the State Department can revoke a current passport or deny a passport application. True, but it’s not that simple. Seriously Delinquent Debt The tax debt must be considered seriously delinquent,...
Taxes and Deadlines and Forms, Oh My!
Tax Season is arriving faster than this past summer left us. But fear not! If you’re reading this, you’re already one step closer to enjoying a stress-free tax season! Keep in mind the following reminders and deadlines and you’ll be on the yellow brick road to...
This Mistake Could Cost You 50% of Your Retirement
The new year is almost here! This is your official reminder: it’s time to take your required minimum distributions before year end! Before you do, though, we recommend getting a better understanding of RMDs to avoid unplanned penalties and minimize taxes. What is an...
All You Need to Know About Form 1099-MISC
What are 1099s? This tax form reports the movement of money from one entity or person to another entity or person. In addition to Form 1099-MISC that reports subcontractor payments, there are additional 1099 tax forms that serve different purposes as follows: 1099-INT...
ATTENTION 1065 or 1120-S taxpayers!
Have you made any payments to the Connecticut Department of Revenue Services (DRS) this year? Did you make those payments by check? If so, you will have to change the way you make some tax payments. How to Pay The DRS now requires all forms and payments for...
Everything You Need to Know About Recent and Upcoming Salaries & Wages Updates
There are some big changes headed our way when it comes to salaries & wages. Here’s what you need to know to stay in the loop! In Connecticut Earlier this year, Connecticut lawmakers passed, “An Act Increasing the Minimum Fair Wage,” which raises the state’s...
A Beginner’s Guide to Tax Planning
Do you think your CPA has you covered? Most people think so. But is your CPA taking full advantage of deductions, retirement strategies, and location specific policies that could reduce your taxes by thousands of dollars? Probably not. At Alfano & Company, we...
NEW Taxpayer Scam – Fake IRS Letters
In regards to common taxpayer scams, we’ve warned you before that the IRS will NEVER call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer, and that the IRS will always mail you a bill if you owe any...
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