Why You Should Care About Streamlined Sales Tax
Even though it’s been around since 1999 and has 24 member states, I know many of your business clients have questions about the Streamlined Sales and Use Tax Agreement. If they are faced with collecting sales tax in multiple states, it could...
SB 877 State Revenue Package Language Now Available
The language for the revenue package approved by the legislature’s Finance, Revenue and Bonding Committee – An Act Concerning Revenue Items to Implement the Biennial Budget – is now available at the following link:...
IRS Statement and Instructions Regarding Recent CCH Software Outage
The IRS has been working closely with CCH to ease the impact on taxpayers caused by their recent software outage. The IRS encourages these taxpayers with a May 15 deadline to file on time, if possible. Taxpayers who cannot file on time are...
Finance Committee Passes Bill To Take Bonding Authority Away From Governor
On one hand, Democrats on the Finance, Revenue and Bonding Committee sought to adhere to Gov. Ned Lamont’s “debt diet”, and moments later they passed legislation that would take away his control of the Bond Commission. The committee voted 46-4...
Finance Package Offers A Mixed Bag of Tax Hikes
The Finance, Revenue, and Bonding Committee is proposing increasing revenues by $1.01 billion in 2020 and $1.33 billion in 2021, but the tax package the committee is hoping to adopt Wednesday doesn’t accept all of Gov. Ned Lamont’s...
Major Victory: Proposed Sales Tax on Accounting and Tax Services
I've got great news for you this morning! Last night, the Finance Committee voted to approve a revenue package that offered significant changes to Governor Ned Lamont's budget proposal - and a sales tax on tax and accounting services is NOT in...
For those who missed the tax-filing deadline, IRS says file now to avoid bigger bill
While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid potential...
Done with taxes this year? Use 2018 return to get 2019 withholding right
Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can use their recently finished 2018 return and the...

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    Connecticut CPA magazine feature
Blockchain Brings Exponential Disruption, Growth Potential to Accounting

By Geoff Hopkins, Director, Technology and Management Consulting, RSM

Distributed blockchain was conceptualized and put into practice as a public and peer-to-peer autonomous ledger. As the core component of bitcoin, it immediately solved a digital currency double spending problem without a trusted authority or central administrator.

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  Connecticut CPA magazine feature
Client Data Is a Virtual Treasure Trove:
Why CPA firms must be vigilant about cybersecurity

By Mark R. Torello, CPA, CFE, CISA; Chair, CTCPA Technology Interest Group

Because CPA firms have access to a virtual treasure trove of data, we’re vulnerable to hackers and, therefore, held to higher levels of compliance requirements at both the state and federal levels. As accounting professionals, we should embrace these laws, because standardization and guidance are good for our industry and our clients. However, the myriad cybersecurity-related laws can be challenging to navigate.

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    Risk Alert – Social Engineering for CPAs

As with many fraud schemes perpetrated against accounting professionals, social engineering has obtained a greater level of sophistication. This development has arisen in response to increased awareness and vigilance of such schemes. Recent variations of the schemes have emerged to create a stronger appearance of legitimacy.

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Cybersecurity: A top concern among accounting professionals
The latest facts, court rulings, and new regulations

Stan Sterna, JD, Vice President, Risk Management, Aon Insurance Services

Safeguarding your clients’ nonpublic information from cyber-criminals is a top priority for CPA firms. In fact, the latest data breach statistics from RSA Security show an alarming increase in the number of exposed consumer records across industries:

  • 4,149 reported breaches exposing 4.2 billion records
  • 53% of all breaches resulted from hacking by outside sources
  • 91% of all breaches were electronic, as opposed to stolen hardware

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Creating a Disaster Plan to Ensure Your Company’s Security

By Paul C. Ursich, CPA, and Robert Risk, Wiss & Company LLP

When it comes to defending your enterprise from undefined catastrophes, traditional disaster recovery tactics are no longer adequate. If cyber terrorists seize your company’s critical information, or if human error or natural disasters erase your company’s data, your resources cannot be swiftly returned by outdated recovery methods.

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