News

Today, the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions.

Tax professionals are giving mixed reviews to the wait times and quality of service for the IRS's Practitioner Priority Service (PPS) line, especially since the Service ended its pilot program to thwart line-jumping companies at the end of March.

With labor issues continuing to be top of mind, we asked CFOs what new hires have requested lately.

The blockchain payments provider’s finance chief discusses artificial intelligence’s impact within the blockchain industry.

Senate President Pro Tem Martin M. Looney says CT needs to get child tax credit underway next year.

Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today released its Future of Professionals Report. The survey of more than 1,200 individuals working internationally shares the predicted impact that generative AI will have on the future of professional work. The survey showed 67% of respondents believe AI will have a transformational or high impact on their profession in the next five years.

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”).

To alleviate some of the challenges that arise when funds are left unspent in qualified tuition plans, typically called Sec. 529 plans, once the beneficiary has completed their education, a new rule allows limited rollovers from 529 plans to Roth IRAs. This has also created new wrinkles for families with multiple children who have already started or even completed their educations.

Connecticut businesses with five or more employees have less than two weeks before a deadline to register with a state-run program intended to provide a retirement savings plan to private sector workers who do not receive such benefits from their employers.

Perhaps the biggest development in employment law in 2023 is the federal government’s proposal to ban noncompete clauses. The federal government’s actions coincide with, or in some instances have prompted some states to restrict or outright ban noncompete agreements in their entirety.

Generative AI technologies like ChatGPT and Bard aren't the end of the world, as sci-fi antagonists may make them out to be. But they're not demure wallflowers, either. The truth exists somewhere in between, leaving CFOs with many questions but few answers on how to integrate these game-changing tools to maximize efficiency, accuracy and insight into everyday finance and accounting.

Melissa Braun of Whittlesey and Neha Nathwani of UHY LLP were both named to the Hartford Business Journal’s 2023 “40 Under 40” list.

Advocates predict renewed push in 2024 for ongoing child tax credit.

This spring the National Association of State Boards of Accountancy (NASBA) announced an amendment to the Uniform Accountancy Act Model Rules that extends the CPA Exam testing window from 18 months to 30 months. This means that individuals will now have 30 months from receiving their first CPA Exam section passing score to successfully pass the remaining sections.

Whittlesey was recognized again as a Top 200 Accounting Firm in the country by INSIDE Public Accounting (IPA) for 2023. Whittlesey is the only Connecticut-based firm to make the Top 200 List.

The following is intended to provide an overview of certain legislation enacted during the 2023 regular session of the Connecticut General Assembly. The information below is not intended to be a complete analysis of each and every aspect of recently enacted legislation but is intended to inform and alert taxpayers and practitioners of the enactment of such legislation.

Connecticut officials have debated for years whether raising taxes on its wealthiest families would prompt them to flee the state.

The summer Labour Market Outlook found that employers are increasingly using counteroffers in response to skill shortages, with some planning pay reviews over the next year.

A recent rise in software fees has sparked debate among practice owners about how the cost of multiple, interconnecting cloud applications should be packaged and presented to clients, whether price hikes should be passed on and when this should happen.

The Department of Economic and Community Development overstated the economic impact of its business assistance programs, according to a recent evaluation of their annual reports.