News
Gig workers unaware of lower 1099-K threshold
January 31, 2025
Millions more taxpayers will be receiving the Form 1099-K in the mail this year for the first time if they were paid $5,000 or more last year through a service such as Venmo, PayPal, Cash App, StubHub, Etsy and Airbnb, and most won't be expecting it.
Tong Announces Temporary Restraining Order Against Federal Funding Freeze, Ensuring Continued Services
January 31, 2025
Connecticut Attorney General William Tong on Friday announced an initial victory against the Trump administration and said that the state has successfully secured a temporary restraining order against the federal government’s recent freeze on appropriated funds.
AICPA supports Senate discussion draft to help taxpayers, preparers
January 30, 2025
The AICPA said it supports the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft that two senators released Thursday and especially backs 13 of the 65 provisions designed to reduce burdens on taxpayers and tax preparers.
Connecticut Department of Revenue Services Announces Start of 2025 Tax Season
January 29, 2025
The Connecticut Department of Revenue Services (DRS) today announced that it is currently accepting individual state income tax returns for taxable year 2024. The state and federal income tax filing deadline is Tuesday, April 15, 2025.
CT’s free-spending past leaves some wary of easing budget caps
January 28, 2025
Officials spent billions of potential surplus dollars in mid-2000s.
Connecticut Democrats Advocate for Permanent Child Tax Credit to Ease Family Burden
January 28, 2025
Democratic representatives are once again advocating for a child tax credit after a similar effort came up short during the 2024 legislative session. House Bill 5986, An Act Establishing a Refundable Child Tax Credit Against the Personal Income Tax, has the support of over 60 Democratic legislators and aims to provide much-needed financial relief to Connecticut families.
PCAOB Launches New Resource Page for Smaller Audit Firms
January 28, 2025
As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.
2025 tax filing season starts as IRS begins accepting tax returns today; taxpayers have many options for help
January 27, 2025
The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.
IRS starts tax season with hiring freeze and rescinded job offers
January 27, 2025
The Internal Revenue Service kicked off tax season Monday facing a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day and lingering uncertainty over how to make up for over $20 billion in budget cuts.
AICPA wants bigger safe harbor for corporate AMT
January 23, 2025
The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to increase the safe harbor for companies to avoid determining whether the corporate alternative minimum tax would apply to them.
BOI reporting still on hold despite Supreme Court ruling
January 23, 2025
A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case. But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.
Governor Lamont Announces 2025 Legislative Proposal: Protecting Patients and Ensuring a Stable Healthcare System
January 23, 2025
Governor Ned Lamont today announced that the package of legislative proposals he will ask the Connecticut General Assembly to consider for ratification during the 2025 regular session will include a proposal increasing the oversight and financial stability of Connecticut hospitals, health systems, and medical practices, and ensuring that they continue providing the high quality, accessible, and affordable care that the state’s residents deserve.
FASB Seeks Public Comment on Proposed Codification Improvements
January 22, 2025
The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) focused on targeted improvements to the FASB Accounting Standards Codification®. Stakeholders are encouraged to review and provide input on the proposed ASU by April 22, 2025.
Is Lamont the key to reforming CT’s ‘fiscal guardrails’?
January 22, 2025
The governor circumvented contract rules, like those protecting budget caps, in 2019.
Key Legal Developments on Enforcement of the Corporate Transparency Act
January 22, 2025
For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit.
AICPA: Executive order shouldn’t affect IRS tax season hiring
January 21, 2025
An executive order signed by President Donald Trump regarding IRS hiring should not affect the use of seasonal employees for the tax filing season, an AICPA vice president said Tuesday.
Activities to ease busy season stress
January 21, 2025
Does your firm have fun during busy season? If not, consider scheduling activities that build community, bring levity to the office, and help keep staff stay motivated through the busiest time of the year.
Governor Lamont Announces 2025 Legislative Proposal: Strengthen Resilience Against Extreme Weather Events
January 21, 2025
Governor Ned Lamont today announced that the package of legislative proposals that he will ask the Connecticut General Assembly to consider for ratification during the 2025 regular session will include a proposal containing several initiatives to strengthen Connecticut’s resilience against the impacts of extreme weather events and climate change.
Senate Dems Roll Out Bills to Protect CT Consumers, Public Health; Republicans Cry Foul
January 21, 2025
Democratic Senate leaders announced two more of their high-priority bills Tuesday: a bill to combat price gouging and a bill to protect public health at the state level from federal interference. Republicans, however, are skeptical of what they characterize as “government overreach.”
CFO Peer Audit: What does it take to be a great parent and CFO?
January 17, 2025
Finance leaders with kids share how they have been able to meet the demands of a CFO role while also being attentive to and active in their children’s lives.