News
DRS: 2024 Connecticut State Tax Developments
July 01, 2024
The following is intended to provide an overview of certain legislation enacted during the 2024 regular session of the Connecticut General Assembly. The information below is not intended to be a complete analysis of each and every aspect of recently enacted legislation but is intended to inform and alert taxpayers and practitioners of the enactment of such legislation. The Department will issue additional and more detailed guidance regarding certain aspects of the legislation and will post such information to its website as it becomes available.
IRS issues final regs. on reporting requirements for digital assets
July 01, 2024
The IRS issued final regulations for reporting digital assets (T.D. 10000) that provide guidance on information reporting and the determination of amount realized and basis for certain digital asset sales and exchanges.
New CT laws taking effect July 1: School discipline, fallen officer benefits
July 01, 2024
Nearly 100 laws that the Connecticut General Assembly passed during the 2024 legislative session go into effect on July 1.
3 ways to use generative AI to save time today
June 28, 2024
Questions about accuracy and security could be slowing the adoption of generative AI in business, especially in such an exacting field as accounting.
Connecticut June 2024 Special Session - Emergency Certified Bill 501 Passes House and Senate
June 28, 2024
The House adjourned Sine Die on June 27 after passing Emergency Certified Senate Bill 501 in concurrence with the Senate. The bill was immediately transmitted to the Governor, who has said he will sign it. As a reminder, although the main impetus for special session was to address a flaw with the property tax for commercial vehicles, the bill became omnibus legislation impacting a number of different areas.
General Assembly Makes Change To Bank Charters, Hopes To Spur Innovation
June 28, 2024
A bill to spur growth in the FinTech industry was part of the omnibus legislation passed by both the Senate and House during special sessions on Wednesday and Thursday.
SEC Charges Consensys Software for Unregistered Offers and Sales of Securities Through Its MetaMask Staking Service
June 28, 2024
The Securities and Exchange Commission today charged Consensys Software Inc. with engaging in the unregistered offer and sale of securities through a service it calls MetaMask Staking and with operating as an unregistered broker through MetaMask Staking and another service it calls MetaMask Swaps.
CT savings program drives another $1 billion-plus surplus
June 27, 2024
Annual savings projected to top $800 million through 2028, even as core programs face crises.
5 ways to support LGBTQ+ employees
June 26, 2024
Establishing a safe and inclusive workplace for LGBTQ+ employees is an essential part of promoting a culture of respect, innovation, and productivity within an organization. Finance leaders and executives are pivotal in championing key inclusion initiatives and setting precedents within their firms.
Connecticut CPA Magazine Excerpt - Effective Automation and AI Implementation: Standing Firm in Efficiency Accounting and Advisory Services and Organization for Client Advisory Services
June 26, 2024
In the midst of the generative Artificial Intelligence (AI) hype, automation often takes a backseat, with the assumption that AI will solve our problems. However, effective automation and AI implementation are impossible without proper processes, technology, and organization. Keeping this in focus, we’ll explore tools to help your firm achieve its goals and foster a healthy work-life balance for your team.
National Taxpayer Advocate issues mid-year report to Congress; highlights filing season challenges and focuses on strategic priorities
June 26, 2024
National Taxpayer Advocate Erin M. Collins today released her statutorily mandated mid-year report to Congress. The report says the tax-return filing season generally ran smoothly this year, but it identifies delays in issuing refunds to identity theft victims, misleading telephone measures that lead to poor resource allocation decisions, and delays in processing Employee Retention Credit claims as key taxpayer challenges. The report also emphasizes the importance of technology upgrades as the IRS seeks to modernize its operations in the coming years.
Senate Passes Bill to Allow South Central Connecticut Regional Water Authority To Bid On Aquarion
June 26, 2024
As the state Senate met in special session on Wednesday to pass legislation to tie up loose ends from this year’s regular session, Republican senators took issue with a provision that would allow a Connecticut water utility to bid on the sale of another water utility.
Senate Passes Car Tax Fix, Waits For House To Confirm
June 26, 2024
Car taxes would be assessed differently, and at a different starting rate, after the Senate passed an omnibus bill that included language to fix a 2022 law during its special session Wednesday.
The AI buck still stops with the humans
June 26, 2024
As artificial intelligence becomes ever more prevalent it’s getting trickier to tell true information from fake. But when things go wrong it’s no use blaming the bots.
‘Unconscionable’ delays in ID theft cases mar IRS tax season: report
June 26, 2024
IRS delays in resolving identity theft cases are unconscionable and a blemish on the agency's overall performance for the 2024 tax season, the national taxpayer advocate said Wednesday in her midyear report to Congress.
Connecticut Dramatically Expands Paid Sick Leave Law
June 25, 2024
With no grand announcement, Connecticut quietly expanded employee’s paid sick time benefits. The bill greatly expands the law’s reach.
Stamford BDO Counts Team Hosts Week of Service Event
June 25, 2024
The Stamford BDO Counts team recently hosted its first Week of Service event. The team came together to pack and donate an assortment of snacks, non-perishable goods, and essential hygiene items to the New Covenant Center in Stamford. The event was organized and lead by Melissa Siino and Ryan Woodward. With cars loaded to the brim with donations, the team made their way to the donation center, where their contributions were warmly received and deeply appreciated.
Whittlesey Celebrates Annual Community Day with Volunteer Initiatives Across Connecticut and Western Massachusetts
June 25, 2024
Whittlesey continued its annual day of volunteerism with various projects across Connecticut and Western Massachusetts. For more than a decade, Whittlesey team members have stepped away from their desks to engage in activities that directly impact the communities where they live and work. This year, Whittlesey mobilized team members throughout the region to collaborate with the Bushnell Park Conservancy, the Diaper Bank of Connecticut, and the Zoo in Forest Park. Volunteers engaged in a variety of activities, including park clean-up efforts, mulching, planting flower beds, and repairing and painting fences. At the Connecticut Diaper Bank, team members sorted and repackaged diapers to support families in need.
529-To-Roth IRA Rollovers: Taking Advantage Of The New Option To Move Education Savings To Retirement Savings
June 24, 2024
Traditionally, the challenge in using a 529 plan to save for higher education expenses has been figuring out how much to save to cover the beneficiary's college costs without overshooting and saving more in the 529 plan than is actually needed.
Accountants share their most embarrassing stories
June 24, 2024
From mistaking a partner for a photocopier engineer to ending up lying on a client’s driveway, here are our top 10 most awkward moments that prove even the most meticulous accountants can have an off day.