News

IRS offers further guidance on employee retention credit, even as Congress may end it soon

August 05, 2021

The IRS and the Treasury guidance in Notice 2021-49 deals with how various issues apply to the employee retention credit in both 2020 and 2021, amplifying earlier guidance offered earlier this year in Notice 2021-20 and Notice 2021-23. The new notice explains changes made by the American Rescue Plan Act of 2021 to the employee retention credit that are applicable to the third and fourth quarters of 2021.

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

Lamont wants legislature to be involved in COVID decisions

August 05, 2021

Gov. Ned Lamont said he would welcome a special legislative session to decide how to respond to the latest wave of the pandemic in Connecticut. Lamont’s latest set of executive orders, including one dictating masks in public schools, expire on Sept. 30.

  • coronavirus

Newly Issued Employee Retention Credit Guidance Punishes Owner Employees If They Have Living Family Members

August 05, 2021

The IRS issued Notice 2021-49 on August 4th which states that the Employee Retention Credit (ERC), made available for businesses suffering from the COVID-19 crisis, will not be available with respect to wages paid to a majority owner, or such owner’s spouse, if the majority owner has a brother or sister (whether by whole or half-blood), ancestor, or lineal descendant.

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

Audit committees benefit from accounting experts

August 02, 2021

Having accountants on the corporate board’s audit committee seems like a no-brainer, and a recent study suggests it helps companies and their investors.

  • accounting and auditing

CT DRS Posts Taxpayer Services Special Bulletin on Sales Tax Relief for Sellers of Meals

August 02, 2021

The Department of Revenue Services (DRS) is making sellers of meals aware that they may be eligible for a benefit that was authorized by legislation that was recently enacted by the Connecticut General Assembly. Under this legislation, certain sellers of meals are allowed to retain the sales tax they collect on sales of meals during a specified period of time.

  • state tax

Deloitte Partner Defies Accounting’s Diversity Gap

August 02, 2021

Thalia Smith, a partner at Deloitte, is using her experience as a Black woman in the Big Four to help students looking to break into accounting.

  • diversity

FASAB releases standard for accounting and reporting for federal land

August 02, 2021

The Federal Accounting Standards Advisory Board released a standard Friday for accounting and financial reporting on government-owned land and delayed the effective date due to the pandemic.

  • accounting and auditing

Baker says Mass. is different as other states impose COVID-19 protocols

July 30, 2021

Many in Massachusetts are waiting with bated breath to see whether Governor Charlie Baker will make any coronavirus-related policy changes following new federal guidance this week surrounding mask-wearing.

  • coronavirus
  • advocacy - state

Governor Lamont Announces Aflac Selected as Claims Administrator for Paid Leave Program, Company Will Bring 150 Jobs to New Offices in Windsor

July 30, 2021

As claims administrator, Aflac will accept applications, determine eligibility, and administer benefits for paid leave. Individuals will have flexible options to submit applications for paid leave, either online, by email, or by calling directly into a customer care advocate.

  • business and industry
  • practice management
  • advocacy - state

SBA Streamlines Forgiveness Process for PPP Loans

July 30, 2021

The Small Business Administration (SBA) issued new guidance yesterday designed to accelerate the end of the Paycheck Protection Program (PPP) by streamlining the process for millions of small businesses and nonprofit employers to have their emergency payroll loans forgiven.

  • accounting and auditing
  • business and industry
  • coronavirus
  • advocacy - federal