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Eligible Paycheck Protection Program expenses now deductible
Revenue Ruling 2021-02 PDF, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on December 27, 2020.
Lamont advisors recommend next group of CT residents eligible for COVID vaccine
A Connecticut advisory group has endorsed suggestions by the national Advisory Committee on Immunization Practices, which prioritized teachers, correctional staff, postal staff, grocery store employees and other “essential workers” for the next...
New PPP guidance issued by SBA, Treasury
The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs).
More than 75,000 COVID vaccines administered in CT, among top rates in US
Gov. Ned Lamont said Monday that by the end of the week, all residents and staff in Connecticut’s 211 nursing homes who wanted an initial dose of the COVID-19 vaccination will have received it. Workers and residents who were not able to get...
Managing warehousing in a changed world
The global COVID-19 crisis is accelerating the transformation of the warehousing sector. A surge in online retailing and global supply chain uncertainties, combined with the departure of the UK from the European customs union, present new...
Economic Impact Payments on their way, visit IRS.gov instead of calling
The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week.
RSM US featured in Accounting Today Practice Profile "Showing up in a crisis"
When the coronavirus pandemic started shutting down offices in mid-March, Chicago-based Top Five firm RSM US was quick to transition to remote working — while also planning other ways to more broadly support its people through the...
2020’s Best Advice for CFOs
CFO publishes more than 200 columns from experts, consultants, and finance chiefs of operating companies each year. Of the wealth of advice our authors dispensed during 2020, we assembled some of the best from 10 articles published during the...
Five Lessons for CFOs As We Approach 2021
While many companies are still dealing with the acute impacts of the economic and social disruption of 2020, innovative companies will apply what they’ve learned to excel in 2021. Here are five ways that companies can build resilience and weather...
HBJ’s 2021 economic forecast
Hartford Business Journal's 2021 Book of Lists includes an economic forecast section containing outlooks for the year ahead from various economists and industry experts. Here’s a look at what they had to say.
Small businesses notified this week about state pandemic cash; federal funding on tap
Check your email, spam and snail-mailbox this week if you have a struggling small business in Connecticut ‒ you may have money waiting. The state Department of Economic and Community Development (DECD) sent out email notices this week to...
Lawmakers to Be Sworn in Outside State Capitol
COVID-19 has changed lots of traditions, including how lawmakers will get sworn in on Jan. 6. "It will be brisk enough to keep the speeches short, but it will be bearable enough to be outdoors I think,” Senate President Martin Looney said....
PPP expense deductibility and forgiveness raises basis, other issues
The Consolidated Appropriations Act, 2021 (CAA 2021), H.R. 133, Division N, Section 276, provides that deductions are allowed for otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven...
COVID-19 relief bill addresses key PPP issues
President Donald Trump on Sunday night signed into law the $900 billion COVID-19 relief bill passed Dec. 21 by Congress. Trump had said he would not sign the bill because he wanted $2,000 stimulus checks for individuals instead of the $600 in...
Governor Lamont: CARES Act II Will Provide Relief for Unemployed and Help Connecticut Businesses in Economic Recovery
Governor Ned Lamont and Connecticut Department of Labor Commissioner Kurt Westby today provided an update on the Emergency Coronavirus Recovery Act of 2020, known as the CARES Act extension. The law protects Pandemic Unemployment Assistance (PUA)...
CTCPA Member Ryan Sheppard featured on NBC-CT piece on tax help for PPP recipients
Help for small businesses concerned about getting taxed on their Paycheck Protection Program (PPP) loans.
CPA Firms Mobilizing to Support $900 Billion COVID Relief Bill Signed into Law
With last night’s enactment of the emergency Coronavirus Relief Package that includes renewed PPP funds and related assistance, new regulations will be in place early in the new year, according to the AICPA and its business and technology arm,...
Guidance for single audits provided in OMB compliance addendum
Practitioners who perform single audits received some deadline relief along with important information needed to complete their engagements.
Trump signs coronavirus relief and government funding bill into law after lengthy delay
President Donald Trump signed the massive $2.3 trillion coronavirus relief and government funding bill into law Sunday night, averting a government shutdown that was set to begin on Tuesday, and extending billions of dollars in coronavirus aid to...
Legislative Leaders Embracing Technology As Pandemic Drags Into 2021 Session
Connecticut legislative leaders are exploring plans to conduct an outdoor swearing-in ceremony next month in what could be the first of many accommodations made in the coming session as a result of the ongoing pandemic. If January weather...