The Latest News

IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives...
IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the...
Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as "qualified individuals") and providing helpful guidance and examples on how qualified individuals will reflect the tax...
IRS provides relief to retirement plan participants to sign elections remotely
The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. The change relates...
Delayed Connecticut Retirement Security Authority (CRSA) Says it Hopes to Launch Delayed Program Before Year End
The Connecticut Retirement Security Authority (CRSA) has selected Sumday, a subsidiary of BNY Mellon, to act as the program’s administrator. The CRSA is responsible for implementing a program to provide private-sector employees with...
3 common misconceptions about defined benefit plans
Defined benefit plans allow small business owners to set aside more money for retirement than other traditional retirement plans. A defined benefit plan is a qualified retirement plan that defines a specific benefit when a person retires; funds...
Essential documents clients must update during COVID-19
CPAs have been especially busy in recent weeks counseling clients through the sudden economic challenges brought on by COVID-19. Because you’ll be communicating with a large number of your clients, this can be a timely opportunity to also...
Connecticut Wealth Management produces interview series to explore disruption caused by the Coronavirus pandemic
CTCPA member Kevin Leahy, president and CEO at Connecticut Wealth Management, along with Denis Horrigan, partner and co-founder at the firm, have started a video series where they interview professionals in various industries to help business...
IRS Issues FAQs on COVID-19-Related IRA, 401(k) Loans and Distributions
The Internal Revenue Service has issued a series of questions and answers regarding the CARES Act coronavirus-related relief for retirement plans and Individual Retirement Accounts. That’s helpful as folks consider tapping these accounts in the...
11 Tax Tips for the Unemployed
Over the past five weeks, 26.5 million Americans have filed initial claims for unemployment, according to the U.S. Department of Labor. That’s in addition to the 7.1 million unemployed Americans reported before most of the country shut down in...

More >


 

 

Professional Development

 

Webinars

More >