Essential documents clients must update during COVID-19
CPAs have been especially busy in recent weeks counseling clients through the sudden economic challenges brought on by COVID-19. Because you’ll be communicating with a large number of your clients, this can be a timely opportunity to also...
Connecticut Wealth Management produces interview series to explore disruption caused by the Coronavirus pandemic
CTCPA member Kevin Leahy, president and CEO at Connecticut Wealth Management, along with Denis Horrigan, partner and co-founder at the firm, have started a video series where they interview professionals in various industries to help business...
IRS Issues FAQs on COVID-19-Related IRA, 401(k) Loans and Distributions
The Internal Revenue Service has issued a series of questions and answers regarding the CARES Act coronavirus-related relief for retirement plans and Individual Retirement Accounts. That’s helpful as folks consider tapping these accounts in the...
11 Tax Tips for the Unemployed
Over the past five weeks, 26.5 million Americans have filed initial claims for unemployment, according to the U.S. Department of Labor. That’s in addition to the 7.1 million unemployed Americans reported before most of the country shut down in...
CT DOL is processing $600 stimulus checks for unemployed
The state Department of Labor has completed computer programming changes that allow the state to make the $600 weekly stimulus payments authorized by Congress for people receiving unemployment benefits during the COVID-19 pandemic, state...
Survey: One-Third Of Americans Plan To Use Stimulus Checks To Pay Bills
As the coronavirus pandemic extends into an uncertain future, Americans are now seeing their stimulus checks deposited in their bank accounts. These one-time payments from the government can be as much as $1,200 per individual (with no...
Six Tips for Running a Virtual Meeting
Remote work eliminates the micro-interactions, chats, and visual cues of in-person gatherings. So if you’re hosting a virtual meeting, try to replace as much of that as you can. Here’s how:
Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of...
SBA has approved more than $100B in PPP loans; some CT companies reaping benefits
The highly anticipated April 3 launch of the federal government’s $350 billion small business stimulus program experienced a number of glitches and delays, but nearly a week later it’s clear Connecticut companies’ loan applications are being...
Overwhelmed? Plain Talk On The Paycheck Protection Program For Small Businesses Affected By COVID-19
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package that was signed into law by the President. The stimulus bill...

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    Why Everyone Should Be Paying Attention to the Medicaid Debate 

By CzepigaDalyPope LLC

While the American Healthcare Act or ACA (also known as Obamacare) has so far escaped the repeal-and-replace hatchet, the debate over how to restructure healthcare in this country is far from over.

One of the most controversial elements of that debate is Medicaid. Despite the broad news coverage on this topic, there is still a great deal of misunderstanding about what Medicaid is, who uses it, and how it’s spent.

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Limit Your Liability AND Reduce Your Estate Taxes: Get a QTIP Trust

By Paul T. Czepiga, CzepigaDalyPope LLC

Let’s set the stage. You are a professional service provider and are concerned about professional liability exposure. Or you are engaged in a business that is high risk and you are worried about being sued.

So your lawyer said put all your assets in your spouse’s name.

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  Connecticut CPA magazine feature
U.S. Department of Labor’s New Fiduciary Rule Now Applies
Expands definition of investment advice

By George J. Kasper, J.D., LL.M., Pullman & Comley; Member, CTCPA Employee Benefit Plans Interest Group

Last year the U.S. Department of Labor (DOL) released a controversial new fiduciary regulation (the “Fiduciary Rule” or “Rule”) and related exemptions that impact investment advisers to certain retirement plans, IRAs, and other similar arrangements. The Rule has garnered much attention due to its broad application not only to financial institutions and their advisers, but others who provide services to plan sponsors, participants, and retirement account owners as well. In the midst of ongoing debate, legal challenges, and a directive from President Trump, the DOL delayed the Fiduciary Rule “applicability date” until June 9, 2017.

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Obama’s Fiduciary Rule, After a Delay, Will Go Into Effect

New consumer protections requiring financial advisers to put their customers’ interests ahead of their own – at least when handling their retirement money – will take effect next month, putting to rest the question of whether they would be delayed further.

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Federal and Connecticut Estate Tax Tension: Two Big Reasons to Add a Trust to Your Estate Plan

By Paul T. Czepiga, CzepigaDalyPope LLC

Connecticut residents are exposed to both a federal estate tax and a Connecticut estate tax if their net worth at death exceed a certain level. Unfortunately, the net worth level at which these taxes apply, and how they apply, is different for the federal estate tax and for the Connecticut estate tax.

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Challenging a Will in Connecticut – What You Need to Know

By David Green, CzepigaDalyPope LLC

Contrary to popular belief, a Will or Last Will and Testament, isn’t always written in stone. Quite frequently, disputes arise over the contents of a Will and the parties who are at odds must seek outside help to resolve the issues. Because there are often conflicts of interest around such disputes, it’s important for each party to retain appropriate legal guidance to ensure that their rights are protected.

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  Connecticut CPA magazine feature
College Funding Survival in the Wake of Divorce

By John F. Pearson, CPA, CASL, Barnum Financial Group

I’ve been doing college funding workshops at Connecticut high schools for close to 10 years now, and I’ve met hundreds of high school parents looking for the “golden ticket” that is going to make paying for college somehow magically affordable.

By my count, about one in four appointments I have with workshop attendees are with single parents – typically moms. Late 40s, early 50s, divorced. As part of the settlement, she got the house and joint custody, but the children seem to spend the majority of time residing with her.

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  Connecticut CPA magazine feature
College Funding Advice: Should it Be Part of Your Practice?

By John F. Pearson, CPA, CASL, Barnum Financial Group

The average CPA in public practice in Connecticut is in his or her 50s. This means that, for most of us, paying for college for our kids is a present (or recent) reality – one that most of us would likely just as soon forget.  You’ve got a lot of clients who feel the same way.

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