News

The Department of Revenue Services (DRS) is hereby providing guidance to taxpayers who are unable to meet certain filing and payment obligations as a direct result of the impact of the extreme weather events of August 18, 2024.

Governor Ned Lamont and Connecticut Transportation Commissioner Garrett Eucalitto today announced that they have received notification from the U.S. Department of Transportation’s (USDOT) Federal Highway Administration (FHWA) informing them that the Connecticut Department of Transportation (CTDOT) is being awarded $3 million in “quick release” funding from its Emergency Relief program to aide in the immediate recovery efforts following the August 18 historic rain and flooding event in western Connecticut.

Outsourcing and internal collaboration have skyrocketed as organizations’ demands and goals outpace their audit teams, according to new Jefferson Wells data.

Will we ever see accounting being taught in schools? Early-stage CFO Bradley Channer – a driving force behind the movement – is optimistic it’ll happen.

The governor warned immediate or significant relief is unlikely.

CPA leaders' optimism about the U.S. economy and their own organizations has trended downward in a quarterly survey since hitting peaks in the second quarter of 2021. While there have been rebounds, recent survey results reveal another decline in optimism for both.

At the firm's annual state-of-the-firm and company picnic on August 29, Burzenski & Co. recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA.

Finance leaders looking to position themselves for success in today’s job market should understand and adapt to these hiring trends.

As trusted custodians of sensitive client data, accountants and bookkeepers need to exercise caution about what AI tools they adopt and what access they give these tools to data. This feature forms part of our special editorial report on the subject, in association with Sage.

Comptroller Sean Scanlon is projecting surpluses of $113.2 million for the General Fund and a $126.4 million for the Special Transportation Fund for Fiscal Year 2025, according to his monthly update.

The Innovative CPA Group (ICG) is honored to share the ongoing community involvement of our partner, Scott Mitchell, CPA and Sal Chieffalo, CPA. As dedicated members of the Immaculate High School Alumni Association, Scott and Sal are currently serving as golf co-chairs for the organization’s 35th annual golf tournament. This year marks their fourth year leading this esteemed event, which serves as a major fundraiser for the school, providing crucial tuition assistance for future students at Immaculate High School.

CTCPA members Jenna Allegretto and Zachary Hunter were recently named partners at Marcum LLP. Jenna is a Partner in the Assurance Services Group of Marcum’s New Haven office, while Zach is Zachary Hunter is a Tax and Business Services Partner in the firm’s Hartford office.

At first glance, it might appear that the growing number of regulations related to sustainability will affect only the largest CPA firms.

Governor Ned Lamont today provided the following updates as of 2:00 p.m. on Friday, August 30, regarding Connecticut’s recovery from the August 18 historic rainfall and flooding.

Whittlesey, a leading accounting, advisory, and technology firm, is pleased to announce that we have been named a 2024 Best of the Best Firm by INSIDE Public Accounting (IPA) for the third consecutive year, a respected publication within the public accounting industry. This year, Whittlesey proudly remains the only New England firm to earn this prestigious recognition.

Several CTCPA members were named to the 2024 Hartford Business Journal's "40 Under Forty" list.

The IRS, in a fact sheet released Thursday, reminded taxpayers that crowdfunding distributions may be includible in the gross income of the person receiving them, depending on the distributions' facts and circumstances (FS-2024-28). Also, the crowdfunding site (or its payment processor) may be required to report those distributions to the IRS and the payee if the distributions meet reporting thresholds.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule that brings certain investment advisers within the standards of FinCEN's anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs.

Pete Gioia, the former longtime economist of the Connecticut Business & Industry Association, has died, according to CBIA President and CEO Chris DiPentima.

The Internal Revenue Service has made little progress ensuring that Inflation Reduction Act funds are not being used to increase the audit rate for taxpayers with incomes below $400,000, according to a report.