From its start in Old Saybrook in 1957, our firm has grown to four partners with over 150 years of combined experience. We offer tax, accounting and consulting services to businesses, individuals, nonprofits, trusts and estates. We also have a Certified QuickBooks Pro Advisor to help with installation, setup, payroll and technical questions.
36 Elm Street
P.O. Box 610
Old Saybrook, CT 06475
Our Client's privacy is very important to us, which is why, unlike some tax preparers, we do not contract outside of our firm to have others work with your information, nor do we send any of your information outside of the United States. We do not provide any of your personal information to others for purpose of solicitation, nor do we accept fees or commissions for referring you to others.
October 31, 2016
The requirement to pay overtime cannot be waived by an agreement between an employer and employee.
The PATH Act made permanent the election to deduct either state and local income taxes or sales taxes.
In order to deduct non-cash gifts, you must have a receipt or other reliable written record. Donations valued at more than $250 must be supported by an acknowledgement from the organization. A qualified appraisal is required if the value is $5,000 or more. You must have the written support before you file your tax return.
The maximum IRA contribution for 2016 is limited to $5,500. Taxpayers who will be at least 50 years old by the end of the year may generally make an additional $1,000 "catch-up" contribution.
U.S. persons who receive more than $100,000 from a nonresident alien individual or a foreign estate generally must report the transaction on Form 3520. If the return is not filed timely the initial penalty can be as high as the greater of $10,000 or 35% of the value of the property transferred.