At Caiafa & Company LLC, we want our clients to have current information regarding our accounting and tax services. Your financial situation is always changing, and if your tax situation or retirement plan needs to be adjusted, we are always ready to be on hand to help. Whether you are an individual or a small business owner serving the Milford and New Haven area, our office has the resources to help you. Our team takes pride in our communication level; we can be in touch as often as you need, regardless of the service you require. With that in mind, we want to make sure that you stay up to date with the current news from our office and the resources we recommend. Take a look at the links below if you need more information about our tax services.
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At Caiafa & Company, LLC, our tax services firm believes in giving back to the community by supporting organizations that encourage community service and civic participation.
Celebrating PI day the way the tax gods intended #piday #3.14 #pieday #applepie #TaxSeason
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I like PIE!!!!
Larry Shaw would agree with your choice! Yum!
Partnerships and S-Corporations will be automatically extended from March 15th to April 15th by the State of Connecticut due to delays by the DRS. We will be in touch with clients directly!
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***Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule.***
Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.
FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.
Notice:
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Small Business: Keep Your Customers Coming Back
Happy, satisfied customers are essential to the health of every business. Increasing competition, online review opportunities, and unlimited access to information up the ante on the importance of quality customer service. Here are some tips to help your business thrive by meeting and exceeding your customers' expectations:
• Understand your customers and their needs. As best you can, put yourself in your customers' shoes and hone in on the need they are trying to meet with your product or service. Understanding their core need will help you with delivery timelines and provide a clear picture of what it will take to ensure they are satisfied enough to come back.
• Set clear goals and expectations. Once you understand their needs, be clear and transparent regarding the process to deliver your product or service. Set realistic goals and discuss potential delays and pitfalls. Your customers will appreciate the honesty and may even be more understanding if things don't go according to plan.
• Communicate, communicate, communicate. Keeping your customers from feeling in the dark is imperative to their satisfaction. Be proactive in your communication. The more forms of communication, the better — phone calls, text messages, emails and social media messages. Even if everything is going according to schedule, regular progress messages will help them feel at ease.
• Go the extra mile. Put in the extra effort to go above and beyond what your customers are expecting. At the end of the day, you want your customers to feel like they get what they pay for, and more. If a problem arises with a product or service, show them you care by prioritizing and resolving the situation. If it makes financial sense, consider adding something of value to leave a positive impression.
• Add an authentic, personal touch. In a world full of social media bots, augmented reality and alternative facts, authenticity goes a long way. Showing your customer you care builds trust and loyalty that leads to repeat business and referrals. Birthday greetings, holiday cards and customer appreciation events can show your customers they mean more to you than just revenue.
When times are busy, it can be easy to focus on the work and not the customers. Hold on to these tips as a reminder to keep your customers' needs a top priority.
#customer #retention #satisfaction #communicate
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Capture and Share Your Family Traditions
Family traditions are a powerful way to connect generations, preserve cultural identity, and create a sense of belonging. Here are some ideas to capture and share your own family traditions.
Record classic family recipes
Food is many times at the heart of family traditions, with recipes handed down from one generation to the next. Here’s how to capture your family’s time-honored recipes:
• Document the process. Don’t forget to include personal notes—such as Grandma always uses fresh basil from her garden — to give the recipes context and personality.
• Photo and film. Taking pictures of the finished dish or videos of someone cooking can bring recipes to life and make them easier to replicate.
• Compile a family cookbook. A printed or digital cookbook can serve as a central repository for all your family’s culinary traditions. Consider including stories or photos that accompany the recipes.
See your parents and grandparents as walking libraries
Your parents and grandparents are living repositories of history and tradition. Here’s how to make the most of their knowledge:
• Conduct an in-person interview. Sit down with your parents or grandparents to ask about their childhood, family traditions, and personal memories. Consider recording a video of your conversation.
• Explore stories beyond words. Pay attention to the way they do things—whether it’s how they sew a button, braid hair, or prepare a traditional remedy. Ask them to elaborate on a particular part of a story or anecdote.
• Create a memory archive. Transcribe stories, gather old photographs, and preserve keepsakes. Tools like digital storage platforms can help you organize and share this archive with the wider family.
Use extended family gatherings
Family reunions or holiday gatherings are perfect opportunities to collect information and memories from a broader group of relatives. Here are some ideas for these gatherings:
• Host a storytelling session. Encourage family members to share their favorite stories, jokes, or anecdotes. Record these sessions to capture the voices and expressions that make them special.
• Collaborate on projects. Set up a group activity like creating a family tree, sorting through old photographs, or sharing heirloom items. This can spark conversations and uncover hidden gems of family history.
• Crowdsource contributions. Ask relatives to bring a piece of family history to the gathering, whether it’s a recipe, photo, or story. Use these contributions to enrich your documentation.
Pass down family skills
Skills and crafts passed down through generations are a unique part of any family’s heritage. Whether it’s woodworking, knitting, or gardening, these abilities create a bridge between you, your parents and grandparents:
• Learn by doing. Spend time with the family member who holds the skill and learn directly from them.
• Host workshops. Organize family workshops where the skill can be taught to interested members. These sessions can be recorded for future reference.
• Document the process. Create detailed instructions, diagrams, or videos to accompany the skill, ensuring it’s accessible even to those who couldn’t learn in person.
Capturing and sharing family traditions is more than preserving memories, it’s also about creating a legacy of connection.
#familytraditions #memories #legacy
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Creating a New Year Financial Review
Some great ideas to consider
Now's the perfect time to review your financial health and set yourself up for success in 2025. The following checklist can help you organize your goals, identify areas for improvement, and make informed decisions about your money.
• Calculate your net worth. Add up all your assets (savings, investments, property and other valuables). Then subtract your liabilities (what you owe others) from these assets to calculate your net worth. Then compare this figure to last year’s net worth. This measurement can provide valuable insights into your financial progress. If your net worth has decreased, identify the contributing factors and create a plan to address them.
• SMART your goals. Establish your financial goals and then define them using the SMART process: specific, measurable, achievable, relevant, and time-bound. Whether your goal is saving for a home, planning a vacation, or paying off debt, break your goals into actionable steps with clear deadlines.
• Identify hidden spending traps. Review your spending habits. Compare your total income with your expenses to identify areas where you overspent. Look for patterns and consider categories where you can reduce costs in 2025. For example, small adjustments like dining out less frequently or finding more affordable subscription options can add up over time.
• Build up or top off your emergency fund. An adequately funded emergency account is crucial for your financial health. Assess your current emergency fund balance, aiming to save three to six months worth of expenses.
• Give your insurance policies a check-up. Review your existing policies, including health, life, home, auto, and disability insurance. Consider whether your coverage meets your current needs and then adjust limits or add coverage for any new circumstances. Common examples include starting a family or purchasing a home.
• Set up quarterly money check-ins. Schedule regular financial reviews throughout the year to evaluate your progress toward your goals and to address unexpected hurdles you encounter. These check-ins provide an opportunity to adjust your budget, update your goals, and celebrate milestones, such as paying off a credit card or reaching a savings target.
• Invest in your education. Invest in your financial knowledge. Read books, attend workshops, or follow reputable financial experts to stay informed about money management best practices. Knowledge is a powerful tool for achieving financial independence.
• Look for tax-saving opportunities. There are a number of ways to lower your taxable income and qualify for tax deductions and tax credits for any and all taxpayers!
By taking these steps, you’ll be well on your way to making 2025 a year of financial success. Remember, small, consistent actions can lead to significant progress over time.
#financialhealth #spendingtraps #taxsaving
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