News

As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.

Although a Vermont-based college flunked Connecticut on Monday in an annual report card on financial literacy instruction for high school students, a bill passed this year puts the state on track to receive an A by 2027.

Would you rather have 100 small clients or 10 big ones? An Any Answers post grappled with this debate as accountants discussed balancing stability and diversification against the potential for deeper partnerships and higher revenue.

Connecticut’s expected General Fund surplus shrank for the fourth month in a row, according to a Friday fiscal update by Comptroller Sean Scanlon, who projected the state would end the 2024 fiscal year with $153.9 million in black ink.

As the year draws to a close, practitioners have an opportunity to reach out to clients and discuss possible financial steps. The following highlights some of the more important year-end considerations.

Finance can stay prepared for a potentially bumpy 2024 by focusing on controllable factors, being agile, and carefully managing cash, capital, and expenses.

Since March, when the weekly Vendor Spotlight feature first launched, we have showcased 34 accounting solutions providers of all shapes and sizes — a wide variety of companies that, despite their differences, all focus on providing the tools that have become a necessity for any professional looking to guide their clients through the slings and arrows of this outrageous modern economy.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule (RIN 1506-AB62) Wednesday extending the deadline for companies created or registered in 2024 to file initial beneficial ownership information (BOI) reports to 90 calendar days from the original 30 calendar days.

With choreographed expressions of contrition and determination, Gov. Ned Lamont and Democratic legislative leaders acknowledged Tuesday their failure to make a convincing case for phasing out sales of new gasoline-powered vehicles by 2035 and pledged to quickly find a new path forward.

CironeFriedberg, LLP welcomed Jack Kneisel, CPA as Audit Manager. In this role, he will provide audit and accounting services to clients in many industries. Kneisel brings 8 years of audit and accounting experience with a specialization in commercial real estate. He received his Bachelor of Science in Accounting from Elon University and is a Certified Public Accountant in the State of Connecticut. Prior to joining CironeFriedberg, Kneisel was Assurance Manager at a large global accounting firm, where he developed a strong foundation of audit and accounting skills. Tony Cirone, CironeFriedberg’s managing partner, says “We are happy to welcome Jack to our team and look forward to his many contributions providing high level audit services to our clients.”

The use of employee stock ownership plans as a tool to transition ownership has a number of attractive benefits that may well be overlooked by accounting firms.

The IRS is conducting a phone survey to help it improve services to tax professionals and their clients.

On Cyber Monday, the Internal Revenue Service, state tax agencies and the nation's tax industry – working together as the Security Summit – kicked-off the 8th National Tax Security Awareness Week with tips for taxpayers and tax professionals to avoid scams and protect sensitive personal information.

The accounting profession is suffering from serious talent shortages, caused by both a slowing pipeline of entry-level accountants and the ongoing leakage of experienced professionals to other industries or to retirement. And yet firms remain slow to grasp the value of diversity, equity and inclusion initiatives for tapping new sources of talent and boosting retention rates.

Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.

Human resources (HR) analytics offers the opportunity to evaluate HR strategies using quantifiable metrics. Also referred to as people analytics or workforce analytics, HR analytics collects and examines data to help assess the performance of the human resources functions within a company.

Good pay, global job opportunities, and job security topped the list of reasons, according to a ShareFile survey of accountants.

My first thought for a 10th anniversary column was to describe the changes in the last 10 years. A second reaction was to recall my greatest columns. I then realized that looking back or even at the present were exercises in vanity and would not provide any takeaways. To be successful you need to look to the future and be anxious to adopt the changes that are quickly occurring.

More than 10,000 jobs seeking wherewithal in generative AI have been posted so far this year.

New projections show that CT’s revenues will grow faster than fixed costs through 2028