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Werfel says digital initiatives can transform ‘iconically unpopular’ IRS

March 19, 2024

Danny Werfel understands that the IRS has a perception problem. The IRS commissioner said in a speech Monday at American University that the Service is "iconically unpopular," even playing a clip from The Simpsons to illustrate the point.

  • advocacy - federal
  • federal tax

Decision holding Corporate Transparency Act unconstitutional appealed

March 12, 2024

The U.S. Justice Department (DOJ) appealed a federal court decision that held the Corporate Transparency Act (CTA), P.L. 116-283, which requires the reporting of beneficial ownership information (BOI) by businesses, is unconstitutional.

  • business and industry
  • advocacy - federal
  • boi

CT to get $138M for local projects in first government funding bills

March 08, 2024

More than two-thirds of this batch will go toward infrastructure and transportation projects.

  • advocacy - state
  • advocacy - federal

DOL Enacts New Independent Contractor Test

March 06, 2024

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

  • accounting and auditing
  • business and industry
  • practice management
  • advocacy - federal

SEC adopts climate-related disclosure rule

March 06, 2024

The SEC on Wednesday adopted a long-awaited rule for climate-related disclosures.

  • business and industry
  • advocacy - federal

On Form 1099-K delays, Werfel says IRS must protect taxpayer rights

February 16, 2024

IRS Commissioner Danny Werfel defended his agency's delay of the implementation of a lower threshold for reporting income on Forms 1099-K, telling a House committee on Thursday that his office has the responsibility to protect taxpayer rights.

  • advocacy - federal
  • federal tax

Study: IRS could collect billions more with full funding

February 07, 2024

The IRS could collect $561 billion in tax revenue over 10 years if it maintains its funding from the Inflation Reduction Act of 2022, P.L. 117-169, the Service said in a study released Tuesday.

  • advocacy - federal
  • federal tax

House OKs $78B tax bill with changes to ERC and child tax credits

February 01, 2024

The House on Wednesday passed a roughly $78 billion tax bill that contains provisions making changes to restrict the employee retention credit (ERC), expand eligibility for the child tax credit (CTC), and temporarily reinstate the expensing of research or experimental (R&E) expenditures. It also restores tax breaks for companies from the law known as the Tax Cuts and Jobs Act, P.L. 115-97, that have expired or would expire in the coming years.

  • advocacy - federal

Decreased Affordability Under the ACA – Will you be compliant in 2024?

January 30, 2024

In Rev. Proc. 2023-29, recently issued by the Internal Revenue Service, the affordability percentage for Affordable Care Act plans has been set at 8.39% beginning in 2024. This marks a significant decrease from the previous 9.12% applicable for 2023. This is the lowest percentage since the inception of the employer mandate which means these plans will cost employers more.

  • advocacy - federal

BOI reporting and unauthorized disclosure penalties increased

January 25, 2024

Inflation adjustments have significantly increased the civil monetary penalties for violating the beneficial ownership information (BOI) reporting rules and for the unauthorized disclosure or use of BOI. The rules requiring the reporting of BOI just went into effect this month.

  • business and industry
  • practice management
  • advocacy - federal
  • boi

IRS: Connecticut taxpayers impacted by storms qualify for tax relief; various deadlines postponed to June 17

January 23, 2024

New London county has received a FEMA disaster emergency declaration which allows for the postponement of certain due dates for specific tax filings and tax payments. It also allows for the deduction of casualty losses attributable to emergency declaration within the declared area.

  • advocacy - federal
  • federal tax

Employee Retention Credit Update from Congressman Courtney's Office

January 08, 2024

On September 14th, 2023, the IRS announced a moratorium until at least the end of the year on the acceptance of new ERC claims. This moratorium was implemented due to the number of fraudulent claims being filed across the nation. In total, the IRS has received 3 million ERC claims, and nearly a fifth of all applications received were submitted in the 90 days before the declaration of the moratorium, indicating a large spike in fraudulent filings. Many businesses have been encouraged to apply by “Tax Promoters.” “Tax Promoters” encourage and pressure businesses across the nation to file, often improperly indicating that businesses are eligible to receive a refund. With this in mind, the IRS has implemented a withdrawal process for those who filed for the credit in err.

  • coronavirus
  • advocacy - state
  • advocacy - federal
  • federal tax

GASB issues guidance on disclosure of certain risks

January 08, 2024

The Governmental Accounting Standards Board (GASB) issued guidance today that requires governments to disclose information about certain risks.

  • accounting and auditing
  • advocacy - federal

Congressional leaders announce spending deal as shutdown threat looms

January 07, 2024

House and Senate leaders on Sunday announced a spending deal for government funding in 2024, the first step to averting a shutdown later this month even as that threat still looms.

  • advocacy - federal

DOL report points out deficiencies in employee benefit plan audits

December 15, 2023

A U.S. Department of Labor (DOL) report released earlier this month showed a need for improvement in audits of employee benefit plan financial statements.

  • advocacy - federal

CTCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements

December 14, 2023

In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.

  • accounting and auditing
  • practice management
  • advocacy - federal
  • boi

Federal bill bolsters CT defense companies, nuclear submarine deal

December 14, 2023

After bipartisan approval in the Senate, the House similarly passed the National Defense Authorization Act on Thursday.

  • advocacy - federal

AICPA comments on proposed standard for sustainability assurance

December 13, 2023

As the International Auditing and Assurance Standards Board (IAASB) works to finalize a new global standard for assurance of sustainability reporting, the AICPA is working to provide important feedback to ensure the final standard works for CPAs in the United States.

  • accounting and auditing
  • advocacy - federal

PEEC releases new ethics guidance related to public interest entities

December 11, 2023

The AICPA Professional Ethics Executive Committee (PEEC) has released new authoritative guidance related to public interest entities. The new definition of publicly traded entity and the revised definition of public interest entity fulfill the AICPA's responsibility as a member body of the International Federation of Accountants (IFAC) to converge with recent changes in international ethics for accountants.

  • accounting and auditing
  • advocacy - federal

CTCPA Supports Comment Letter Calling for an Extension and Expansion in Beneficial Ownership Reporting Requirements

November 06, 2023

CTCPA has joined AICPA and dozens of other state CPA societies to ask the Financial Crimes Enforcement Network (FinCEN) to extend and expand the deadline for beneficial ownership information (BOI) reporting requirements, specifically for Reporting Companies Created or Registered in 2024.

  • advocacy - federal
  • press room
  • boi