News

Next Gen Personal Finance, CT Financial Scholars provide professional development to help schools meet new requirements.

FEMA announced today that federal disaster assistance is available to the state of Connecticut to supplement response efforts due to emergency conditions resulting from severe storms, flooding, landslides and mudslides beginning on Aug. 18, 2024, and continuing.

The Connecticut Department of Revenue Services will be hosting a virtual webinar on Wednesday, Sept 4, 2024, at 10:00 a.m. to provide a Connecticut Real Estate Conveyance Tax Return (myCTREC – Form OP-236) Tax Overview. Representatives from the Department will give a presentation about Connecticut’s myCTREC and answer frequently asked questions. Please submit any myCTREC questions with the registration form by Wednesday August 28, 2024.

At the beginning of the legislative session, CTCPA's Governmental Accounting and Auditing (GAA) Committee proposed a change to state law to assist many municipalities and governmental auditors. The committee requested extending the deadline for filing certified reports required by the State Department of Education (SDE) from December 31 to January 31. This extension would provide much-needed relief for municipalities and auditors, recognizing the challenges school districts face in meeting the December 31 deadline and allowing for a more systematic and less stressful process.

The House adjourned Sine Die on June 27 after passing Emergency Certified Senate Bill 501 in concurrence with the Senate. The bill was immediately transmitted to the Governor, who has said he will sign it. As a reminder, although the main impetus for special session was to address a flaw with the property tax for commercial vehicles, the bill became omnibus legislation impacting a number of different areas.

With no grand announcement, Connecticut quietly expanded employee’s paid sick time benefits. The bill greatly expands the law’s reach.

The Senate Wednesday passed a bill to regulate artificial intelligence after a passionate debate over whether the rules will protect state residents from the kind of dangers the internet has brought or become unbearable burdens to businesses and stifle innovation.

The Connecticut General Assembly’s General Law Committee held a wide ranging public hearing on Thursday to explore the potential impacts, both good and bad, of artificial intelligence on a host of issues of interest to the state.

Connecticut needs a more equitable tax code and to depend less on property taxes, state lawmakers said at a news conference Wednesday morning at the Legislative Office Building.

Plan would leave CT budget $100 million over spending cap.

Connecticut Governor Ned Lamont signed a new law that expands the circumstances in which workers can use state-mandated paid sick leave, effective October 1, 2023. The Connecticut Paid Sick Leave Law, originally passed in 2012, provides “service workers” with certain leave entitlements, including paid sick leave. This leave accrues at a rate of one hour for every 40 hours worked, up to a maximum accrual of 40 hours per year. The law also requires service workers be permitted to roll over at least 40 hours of accrued, unused paid sick leave per calendar year.

Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.

The average small business loan interest rates range from 5% to more than 11%. High-interest rates and limitations on traditional loans can impede small business owners’ ability to borrow money to reinvest in or expand their businesses. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services.

CT repaid $1.2 B borrowed during pandemic to pay jobless benefits.

Connecticut has passed four directives regarding CPA Exam credit retention.

Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.

For Connecticut Public Charity registrations originally due after July 1, 2023, Connecticut Public Acts 23-99 and P.A. 23-98, effectively raise the audit threshold for charitable organizations (subject to registration) to gross revenues greater than $1,000,000 and allows for an audit or review for organizations with gross revenues between $500,001 and $1,000,000. Gross revenue is calculated excluding grants or fees from government agencies or revenue from funds held in trust for the benefit of the organization. Public Acts 23-98 and 99 state that, “For a financial statement [i.e., a charitable registration] that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization's financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report.” With the law effective July 1, 2023, the new provision generally applies to each Connecticut charitable organization subject to registration with a fiscal year ending August 31, 2022 or later. CPAs should consider alerting their not-for-profit clients of the new requirements. The chart below refers to the financial documents required for renewal applications.

Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo is warning Connecticut employers and residents of an uptick in unemployment benefits fraud due to identity theft. Connecticut is among states being targeted by criminals who are flooding the unemployment system using stolen identities to file for benefits. During the pandemic, stolen identities were available on the dark web for about one dollar. Criminals are still mining this resource to purchase names, Social Security Numbers, birth dates, and other personal information that they use to apply for credit cards, bank loans, and unemployment benefits. Connecticut’s unemployment system is currently receiving several thousand claims per day; CTDOL suspects around 75% are fraudulent and is withholding payment.

If you own a business with 5 or more employees and do not offer a qualified retirement savings plan, state law requires that you provide a retirement savings option. Initial registration deadlines have passed, but you can still take action by August 31, 2023. Employers can register with MyCTSavings at no cost to the business, or provide a private retirement plan to comply with the law. Learn more and register at https://myctsavings.com/employers/program-details.

Legislative leaders are considering calling a special session after the November election