News

Shorter, clearer letters to reduce taxpayer confusion; about 170 million notices sent to individual taxpayers annually

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.

CTCPA Marketing and Communications Director Kirsten Piechota and Sacred Heart University faculty Dr. Danny Pannese and Dr. Benoît Boyer were quoted in an article entitled “Updated CPA Exam Encourages Specialization” in the Fairfield County Business Journal and Westchester County Business Journal.

Gov. Lamont to meet with critical players on proposal to phase out sales of new gas-powered cars by 2035.

MahoneySabol, a regional certified public accounting firm based in Glastonbury, Connecticut, is pleased to announce the successful merger of Giamalis and Company, a prominent Glastonbury accounting firm known for its expertise and client-focused approach. This strategic move is part of MahoneySabol’s ongoing commitment to enhancing its service offerings and expanding its regional presence.

The Innovative CPA Group (ICG) is pleased to announce Ashley Laufer, CPA as the firm’s newest Partner, effective January 1, 2024. Laufer has been an integral part of the firm since its inception in 2017.

It’s just 13 weeks long, but Connecticut’s legislative session will be packed with debate over issues that impact a number of residents from housing and health insurance to voting security.

The Innovative CPA Group (ICG) is delighted to announce its merger with Piasecki & Company in Norwalk, CT, forming a dynamic partnership that unites leading firms to better serve their clients and strengthen their position in the market.

Present and long-term concerns about cybersecurity are top of mind for C-suite executives around the world, a new report from global consulting firm Protiviti found. Cyber threats have climbed the ranks of the annual report's global risks, going from 15th place last year to third in 2024, and up from 13th to the top risk facing organisations 10 years out.

Marcum LLP has announced that Connecticut-based firm Federman, Lally & Remis LLC (FLR) has joined the Firm, effective January 1, 2024. This merger strengthens Marcum’s team in New England’s Automotive and Food & Beverage sectors, adding five partners and twelve associates. Furthermore, FLR brings invaluable experience to Marcum’s tax and assurance divisions.

The Treasury Department and Internal Revenue Service today issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations.

Whittlesey, a leading assurance, advisory, technology, and tax services provider, is pleased to announce the promotion of Melissa Braun, CPA, to Partner. “Melissa brings a wealth of tax and advisory expertise to our clients. Over the years, Melissa has consistently displayed an exceptional ability to lead staff and provide our clients with outstanding service. In her new role as Partner, she will be instrumental in the Firm’s strategic direction, mentoring team members, and strengthening relationships with our clients,” said Managing Partner and CEO Drew Andrews.

CFOs from Trusted Media Brands and Komprise share their takes on what work will look like in 2024.

The IRS has collected $520 million in taxes owed by millionaires since mid-2023 as it continues to ramp up new enforcement initiatives that focus on high-income taxpayers, complex partnerships, and large corporations, Commissioner Danny Werfel said Thursday in a call with reporters.

The Internal Revenue Service reported progress Friday on its efforts to increase its audits of large corporations, complex partnerships and high-income individuals, collecting over half a billion dollars from millionaires who didn't pay their taxes.

The Internal Revenue Service today issued initial guidancePDF to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial emergencies.

Members of a legislative working group tasked with vetting ideas for eliminating Connecticut’s car tax worried Wednesday about the “political whiplash” that may be caused by shifting the burden of the unpopular tax so soon after recent income tax cuts.

An employee retention credit (ERC) grant is a fully refundable payroll tax credit that eligible businesses and tax-exempt organizations can claim for qualified wages paid to their employees. This credit was designed to help businesses retain their employees during periods of economic hardship during the COVID-19 pandemic. Eligible employers must meet certain criteria, such as experiencing a significant decline in gross receipts or being fully or partially shut down by a government order. The credit is claimed by amending payroll tax returns.

A new U.S. Department of Labor (DOL) rule offers guidance for employers related to determining whether to classify a worker as an employee or independent contractor under the Fair Labor Standards Act (FLSA). The DOL said the new regulation (RIN 1235-AA43), published in the Federal Register on Wednesday, returns to an "economic reality test" for determining workers' status under the FLSA.

The National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) have approved revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards), as well as the NASBA Fields of Study document. The Standards changes, which include additional options for virtual learning, were effective Jan. 1, 2024.