News

American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details

April 21, 2021

The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.

  • business and industry
  • coronavirus
  • practice management
  • federal tax

Supply Pain

April 21, 2021

The onset of the pandemic reduced the global flow of goods. But when demand suddenly snapped back, supply chains proved less resilient.

  • business and industry
  • coronavirus

Governor Lamont Announces Bipartisan Agreement To Restore the Unemployment Insurance Trust Fund

April 20, 2021

Governor Ned Lamont, State Representative Sean Scanlon (D-Branford, Guilford), State Representative Holly Cheeseman (R-East Lyme, Salem), legislative leaders, the Connecticut AFL-CIO, and the Connecticut Business & Industry Association (CBIA) today announced details of a bipartisan proposal to restore the Unemployment Insurance Trust Fund and reduce taxes on the majority of Connecticut businesses.

  • business and industry
  • practice management
  • advocacy - state

How to tackle the post-pandemic performance review

April 19, 2021

New workplace realities require a new way of evaluating performance.

  • business and industry
  • career resources
  • coronavirus
  • practice management

Restaurant Revitalization Fund details come into focus

April 19, 2021

The Restaurant Revitalization Fund (RRF) relief program application portal will be tested in a seven-day pilot period ahead of the application launch, the U.S. Small Business Administration (SBA) announced as it revealed key details of the program.

  • business and industry
  • coronavirus
  • practice management

Tips for for-profits applying NFP accounting rules for PPP funds

April 19, 2021

When accounting for Paycheck Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting.

  • business and industry
  • coronavirus
  • practice management
  • federal tax

IRS extends penalty relief for pandemic payroll credits

April 14, 2021

To continue to allow employers to take immediate advantage of various credits enacted in response to the COVID-19 pandemic, the IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.

  • business and industry
  • coronavirus
  • practice management
  • federal tax

Biden Open to Compromise on Corporate Tax Hike

April 09, 2021

President Biden said he is open to compromise on how to pay for his $2.5 trillion infrastructure and jobs package but added that “inaction is simply not an option.”

  • business and industry
  • advocacy - federal
  • federal tax

PCAOB's 2021 inspections target pandemic concerns, predictability

April 09, 2021

PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday.

  • accounting and auditing
  • business and industry
  • coronavirus

U.S. Department of Labor Issues FAQs and Model Notices Regarding COBRA Subsidy

April 09, 2021

On April 7, the U.S. Department of Labor (DOL) issued the first set of agency guidance in the form of Frequently Asked Questions (FAQs) and model notices regarding the 100% COBRA premium subsidy (Subsidy) provided for under the American Rescue Plan Act (Act).

  • business and industry
  • practice management

U.S. Pitches New Global Tax Deal

April 09, 2021

The Biden administration has pitched a compromise to counterparts around the world that would apply new global tax rules to no more than 100 large multinational corporations.

  • business and industry
  • advocacy - federal
  • federal tax

Connecticut businesses could owe up to $1 billion in unemployment taxes. They want the state to cover it with federal relief funds.

April 07, 2021

Connecticut’s businesses on Wednesday called on the General Assembly and Gov. Ned Lamont to use federal coronavirus relief funds to spare firms as much as $1 billion in unemployment taxes.

  • business and industry
  • coronavirus
  • practice management
  • state tax
  • advocacy - state

Pickup in CFO Optimism Continues in Q1

April 07, 2021

The growing optimism "is evident in the robust expectations firms have for revenue and employment growth in 2021," according to The CFO Survey.

  • business and industry

1 In 3 Remote Workers May Quit If Required To Return To The Office Full Time, Robert Half Survey Finds

April 06, 2021

A new study by global staffing firm Robert Half shows that about 1 in 3 professionals (34%) currently working from home due to the pandemic would look for a new job if required to be in the office full time.

  • business and industry
  • career resources
  • coronavirus
  • practice management

How to claim the employee retention credit for the first half of 2021

April 05, 2021

The IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23, which amplifies Notice 2021-20.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal

Michael Maksymiw of Marcum Quoted in 'Journal of Accountancy' Article

April 05, 2021

CTCPA Secretary and Marcum LLP Tax Partner Michael Maksymiw, CPA, CGMA was quoted in the April 5 'Journal of Accountancy' article "Keys to Striking an Effective Balance as Manager." Michael manages a remote team of 15 people for Marcum.

  • business and industry
  • career resources
  • coronavirus
  • member news
  • practice management

Fixed Rules for Accountants' Social Media Success

March 29, 2021

Despite the ever-evolving world of social media, there are two fundamental rules of human interaction that guide every successful B2B social media strategy and that never seem to change: be human and be helpful.

  • business and industry
  • practice management

Stress and burnout: Tips for employees and employers

March 26, 2021

Employee stress can damage individuals and business productivity, but there are ways to plan and take action, and measure interventions.

  • business and industry
  • career resources
  • coronavirus
  • practice management

Biden signs PPP deadline extension into law

March 25, 2021

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal

Senate clears PPP bill, extending loan applications through May

March 25, 2021

The Senate voted 92-7 Thursday to extend the Paycheck Protection Program to the end of May after rejecting two Republican amendments and waiving a budget point of order. The vote cleared the measure that would extend the program, now due to expire on March 31. The House passed the bill 415-3 earlier this month. It next heads to President Joe Biden for his signature.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - federal