Tax Alerts

Tax Briefing(s)

White House Budget

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

IRS releases 2013 auto and truck maximum fair market value amounts for calculating fringe benefit income
The IRS recently issued the maximum fair market value (FMV) amounts that are used to determine the proper valuation rule for employees calculating fringe benefit income from employer-provided autom...

Trustee's activities as president/shareholder were disregarded in determining trusts' material participation
In a recently issued technical advice memorandum (TAM), the IRS Chief Counsel concluded that two trusts had not materially participated in the activities of two S Corps. Although an individual who ...

IRS issues final rules on elections for qualified stock dispositions under Code Sec. 336(e)
The IRS has issued final regulations under Code Sec. 336(e) that allow taxpayers to elect to treat the sale, exchange, or distribution of at least 80 percent (by vote and value) of a corporation's ...

U.S., U.K. and Australia combat offshore tax evasion in a joint effort
The U.S. and the tax authorities of the United Kingdom and Australia recently announced a plan to share tax information involving companies and trusts holding offshore assets of taxpayers under the...

IRS issues statement clarifying its policy on obtaining search warrants
The IRS has announced that it will obtain a search warrant in all cases when seeking the contents of emails from internet service providers (ISPs). The announcement comes after the agency has been ...

IRS issues 2013 adjusted foreign housing allowances
The IRS has released adjustments to the limitation on housing expenses under Code Sec. 911 for tax years beginning on or after January 1, 2013. The maximum inflation-adjusted standard cost allowanc...

CT - Biennial due dates for business entity tax announced
The Connecticut Department of Revenue Services has released a chart illustrating the new due dates for filing a business entity tax return and paying the tax. Beginning with the 20...

NY - Governor announces tax-free communities initiative
New York Gov. Andrew M. Cuomo has announced an initiative, known as Tax-Free NY, that will transform SUNY campuses and university communities across the state into tax-free communi...

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What our clients are saying about E&C...

"Both with a former firm and now with Equale & Cirone, LLP, Joe Equale has provided professional accounting services to my family, my business and myself for more than 10 years. I have the highest regard for his professionalism, integrity and ability. If you are looking for an accounting firm to service all of your financial needs, I can heartily recommend Equale & Cirone LLP."

Ralph A. McIntosh, Jr. President & CEO of Del-Tron Precision, Inc., a Bethel manufacturer of precision ball bearing and other motion slides/platforms.

"From the beginning, working with Equale & Cirone has been a pleasure! Always responsive to my business and personal financial needs, the firm has enabled me to concentrate on growing my business. Through their proactive practices they have continuously involved themselves, and thereby, have allowed me sufficient time and feedback to plan my future successes. In short, there is never a surprise working with Equale & Cirone. They are true business partners!"

D. Hayes Corporate Officer, KPDJ, Inc., Ridgefield, CT