News

The Internal Revenue Service today updated its frequently asked questions (FAQs)PDF for the Premium Tax Credit.

The IRS will hold webinars for tax professionals next week to help them avoid a scam email that tries to steal electronic filing identification numbers (EFINs) to gain access to client data and tax preparers' identities.

Remote workers who successfully sue New York to recoup 2020-23 taxes would receive discount on Connecticut tax bills

CohnReznick recently promoted Cynthia Galamgam and Vikas Thaker to partner.

The IRS revised its frequently asked questions (FAQs) for Forms 1099-K, Payment Card and Third Party Network Transactions, replacing the existing FAQs with almost 50 new or updated ones.

Budget panel leader questions whether administration is committed to spending pandemic relief funds.

The Innovative CPA Group (ICG) is thrilled to announce its merger with Acquista & Lazor in Bridgeport, solidifying a dynamic partnership that brings together premier firms to better serve their clients and strengthen their position in the market.

Read and watch Governor Lamont's 2024 'State of the State' address.

Gov. Ned Lamont unveils his adjustments to the two-year budget today and while the state of Connecticut is in the black by hundreds of millions of dollars, there is not much spending they will be able to do beyond what was already allocated.

Public colleges and universities don’t receive the bailout they sought in the governor’s plan and K-12 schools would see a scaling back of a planned funding expansion

Prioritizing privacy protections can be good for business, quite literally. But how can organizations get the greatest return on investment for their efforts?

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.

The AICPA's member insurance program underwriter provided reassuring news to at least 25,000 U.S. accounting firms last week when it said its professional liability insurance coverage generally includes client work associated with beneficial ownership information (BOI) reporting.

Stress can be disabling but Lucy Cohen, one of the headline speakers at the Festival of Accounting & Bookkeeping, explains that harnessing the benefits can change you as a leader.

Michael Sabol of MahoneySabol, Drew Andrews of Whittlesey, and CTCPA Marketing and Communications Director Kirsten Piechota were quoted in “Accounting merger activity heats up as aging partners eye retirement, firms look for growth” in the Hartford Business Journal.

MahoneySabol in Glastonbury announced the appointment of Deborah Denno as a Partner in the firm's esteemed Tax Department. With over 35 years of comprehensive experience in providing accounting and tax services to high-net-worth individuals and closely held organizations across various industries, Debbie brings a wealth of expertise and a strong commitment to client care to her new role. "We are delighted to welcome Debbie to our team as a Partner," said James Mahoney, CPA and Managing Partner at MahoneySabol. "Her extensive experience and client-centric approach perfectly align with our firm's commitment to delivering high-quality service and tailored solutions to our clients."

Senate Democrats are once again hoping to expand the state’s paid sick leave program to cover more workers during the upcoming legislative session.

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.

Gov. Ned Lamont said he doesn’t intend to offer any more tax breaks this year, after the historic tax cuts adopted last year, but House Republicans believe there’s enough revenue to reduce taxes and make permanent some other fiscal policies.

Boxed in by a budget that embraces the fiscal guardrails put in place before he was elected, Gov. Ned Lamont will tinker around the edges when it comes to adjusting the two-year budget.