Edwin R. Muenzner CPA, LLC

06/03/2022

2022 CT Child Tax Rebate

The State of CT is providing assistance to CT families with children a one-time rebate, based on certain criteria. Below is a short bullet-point summary. Links to the source and application are at the bottom of this summary. Please like this and share it.

Bullet-point Summary
• A 2021 tax return needs to be filed.
• You must be resident of CT
• The child needs to be 18 or younger and claimed as your dependent on the 2021 tax return.
• If you owe taxes to DRS and are eligible for the credit, the DRS will use rebate to pay outstanding taxes
• You need to apply for the credit by 7/31
• You can get up to $250 for 3 kids max
• Income eligibility requirements:
MFS or Single
• $100K or less- full rebate
• 100K-110K- partial rebate
• 110K+ no rebate
HOH
• $160K or less- full rebate
• $160K-170K- partial rebate
• $170K+ no rebate
MFJ or Qualifying Widower
• $200K or less- full rebate
• $200K-$210K- partial rebate
• $210K+ no rebate

https://portal.ct.gov/-/media/DRS/Publications/TSSB/2022/TSSB-2022-5.pdf

https://egov.ct.gov/drschildrebateform/

12/28/2021

The IRS will be sending out two letters to taxpayers in January 2022:
• Letter 6419 - Advance Child Tax Credit Payments
• Letter 6475 - Economic Impact (Stimulus) Payment

It is important that you retain these letters. Entering incorrect advance child tax credit or economic impact payment amounts will cause delays in tax return processing and the issuance of refunds.

04/05/2021

ED MUENZNER – THE BLUE COLLAR CPA

Today is the day! Episode 9 with your hosts MaryEllen and Dan featuring Edwin Muenzner of Edwin R. Muenzner CPA, LLC is now LIVE!

Check out these links for easy listening!

Spotify: https://spoti.fi/2PMiVC6
iHeart Radio: https://ihr.fm/3qqm9YF
Google: https://rb.gy/ewv4i2

In this episode, Ed takes us through how he transitioned from a back injury to getting his accounting degree and starting his CPA firm. It’s a story of hard work, determination, and a will to provide for his family. Ed explains why he believes you should always use a local professional and why giving back to the community is so important to him. Ed is the man!! If you are looking for a great CPA who can guide you and help you with your business you can contact him at 860-892-1040 or at www.edmcpallc.com.

Ed recommends these two books – E Myth Revisited by Michael Ge**er and What Got You Here Won’t Get You There by Marshall Goldsmith

The CPA firm of Edwin Muenzner R. CPA, LLC offers tax and compliance services, bookkeeping, accounting, consulting, business and personal planning services.

04/09/2020

Rose City BNI has moved online for the time being and we had a fantastic meeting this morning! We welcomed Steve Shelley of Lyman Real Estate Brokerage and Development to our chapter and had one visitor Zach Dexter, Dexter’s Best Liberty Safes, and Dexter’s Smoothie and Coffee Vault.

We welcome new visitors and members and hope to meet you and your business soon! For Invitation, email [email protected]

Rose City BNI
Meetings Thursday 7 – 8:30 AM

03/23/2020

The Soft Rock 106.5
Work From Home -
Grab & Go Giveaway
Powered by Ed Muenzner CPA, LLC

Gift Certificates to 10 local restaurants for take-out will be given away. Tune in to WIN!

Kicks off Monday morning on Shawn and Teresa's morning show on 106.5 - and will go on for about 12 weeks.

This initiative is meant to inspire our local community to rally together to support our local business owners right now!

Note, next week the giveaway times will be 9:40 and 11:40, but this week we're doing the giveaways at 8:10am

wbmw.com

FEATURED RESTAURANTS​

Fat Cat Bar & Grill – West Main Street, Norwich

Jack’s Brick Oven Pizza – West Main Street, Norwich

La Stella Pizzeria – Market Street, downtown Norwich

Emely’s Restaurant – Route 32, North Franklin

Bella Fiore Restaurante – West Thames Street, Norwich

Poppy & Rye Bakery Café – Norwich Ave, Taftville

36 Town Grill & Tap – Town Street, Norwich

Il Pomod’Oro Restaurant & Pizzeria – Flanders Four Corner, East Lyme

Buon Appetito Restaurant & Pizzeria – Route 2, North Stonington

Uncle D’s Blazin BBQ – West Town Street, Norwich

https://edmcpallc.com/work-from-home-grab-go-giveaway

A team of professionals that adhere to a strong moral code, we strive to provide you with the support and tools you need to grow your small business.

03/23/2020

To business owners and responsible parties of various entities:

Thank you for your many questions over the past several days. We have compiled information from various sources to assist you during these challenging times. I have a conference call with the DRS tomorrow and will update you with any additional information.

https://edmcpallc.com/resources-for-businesses

Content compiled by Ed Muenzner as a resource for those affected by COVID-19. Content not written by Ed Muenzner.

Helpful links and a webinar on how to apply for an SBA loan regarding loans and assistance for small businesses during these challenging times.

03/23/2020

COVID-19 MEDICAL LEAVE COSTS

CONNECTICUT INSURANCE DEPARTMENT INFORMS SMALL AND MEDIUM-SIZED BUSINESSES THAT THE IRS WILL PROVIDE IMMEDIATE AND FULL REIMBURSEMENT FOR COVID-19 MEDICAL LEAVE COSTS

https://edmcpallc.com/covid-19-medical-leave-costs

Content compiled by Ed Muenzner as a resource for those affected by COVID-19. Content not written by Ed Muenzner.

Helpful links and a webinar on how to apply for an SBA loan regarding loans and assistance for small businesses during these challenging times.

03/19/2020

I have received a variety of emails from clients, employees, business owners, politicians and banking partners regarding loans and assistance for small businesses during these challenging times. Below are some helpful links and a webinar on how to apply for an SBA loan:

1) CDC Guidance for Businesses and Employers Impacted by Coronavirus: https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html?fbclid=IwAR3aHgOtMTcCDg_pmyE-cPd4wGuS3fhvxOP6GoTYM9miEOb3j9ehazSl_tQ

2) SBA Guidance for Businesses and Employers Impacted by Coronavirus: https://www.sba.gov/…/guidance-businesses-employers-plan-re…

3) SBA Low-Interest Loans to Help Small Businesses Affected by Disasters: https://disasterloan.sba.gov/ela/ (Note: the SBA is currently finalizing disaster declarations related to Coronavirus. Once these are released, small businesses can apply. Check this website daily to see if/when CT will be eligible: https://disasterloan.sba.gov/ela/ and/or contact the CT SBA Office: 860-240-4700)

4) DECD Guidance for Businesses Impacted by Coronavirus: https://portal.ct.gov/Coronavirus/Pages/Business-Resources

5) https://www.sba.gov/funding-programs/disaster-assistance

Content compiled by Ed Muenzner as a resource for those affected by COVID-19. Content not written by Ed Muenzner.

Coronavirus disease 2019 (COVID-19) - Interim Guidance for Businesses and Employers

09/05/2019

*ATTENTION RESTAURANTS AND OTHER EATING ESTABLISHMENTS*

Starting on October 1st, the sales tax for meals, liquors, soft drinks, sodas, and beverages dispensed in bars or from soda fountains will increase from 6.35% to 7.35%. This tax will affect the following kinds of businesses:
- Eating establishments (restaurants, food trucks, cafeterias, taverns, etc.)
- Caterers
- Grocery Stores

If you have any questions or concerns about how this will affect your business, please call our office at 860-892-1040.

07/19/2019

*** STATE OF CT TAX UPDATE FOR BUSINESS OWNERS***

The State of CT is imposing a Single-Use Plastic Bag Fee of 10 cents per single-use checkout bag. The state has provided very little guidance on this. If you provide single-use plastic bags thinner than 4 mils for your customers (whether it's for restaurant takeout or items purchased), this new fee applies to you. Click the link below for more information from the CT Department of Revenue Services.

It seems that JavaScript is not working in your browser. It could be because it is not supported, or that JavaScript is intentionally disabled. Some of the features on CT.gov will not function properly with out javascript enabled.

06/17/2019

Small Businesses:
Below is a quick summary on the tax law changes that affect small businesses.

The Business Entity Tax: Effective January 1, 2020, the Business Entity Tax is eliminated. This is the $250 tax that LLCs and S-Corps pay every other year.

The Pass-Through Entity Tax (PET) Credit:
Last year the PET was implemented and a 93.01% credit of the tax passed through to the partners/shareholders. The credit is being reduced to 87.5%

Sales Tax Restaurants and Prepared Foods:
Effective 10/1, the sales tax on restaurant sales and prepared foods will increase from 6.35% to 7.35%.

Other items to note:
Annual filing fees to the Secretary of State will be increasing
CT Family Medical Leave Act passed, giving workers up to 12 weeks of leave up to 95% of salary capped at $900 per week.

We will update you all with more information once it is available.

01/03/2019

*** NOTICE ALERT ***

Yesterday, we received an email from the CT Society of CPA's alerting us to suspicious letters being sent to businesses in Connecticut.

Businesses that are organized as a Limited Liability Company ("LLC") have been receiving a form requiring payment of a "$110 annual report fee" regarding a "2018 - Annual Report Instruction Form (Connecticut LLCs)" from Workplace Compliance Services in Hartford, CT.

This form will have accurate information regarding your business, but it is NOT sent from the State of CT. This form was sent from a private company looking to charge you $90 more to perform the filing service for you.

The Secretary of State will send you a reminder email when it is time to file your Annual Report. Filing your report takes just a few minutes and a $20 service fee is charged.

If you ever receive any strange or suspicious letters, calls, or emails requesting State or Federal tax payments, please get in touch with your CPA to confirm its validity.